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:  April 30, 2024

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Closed-End

Funds

Closed-End

Funds

Nuveen

Municipal

April

30,

2024

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Nuveen

Municipal

Value

Fund,

Inc.

NUV

Nuveen

AMT-Free

Municipal

Value

Fund

NUW

Nuveen

Municipal

Income

Fund,

Inc.

NMI

2

Table

of

Contents

Important

Notices

3

Common

Share

Information

4

About

the

Funds’

Benchmarks

6

Performance

Overview

and

Holding

Summaries

7

Portfolios

of

Investments

13

Statement

of

Assets

and

Liabilities

62

Statement

of

Operations

63

Statement

of

Changes

in

Net

Assets

64

Financial

Highlights

66

Notes

to

Financial

Statements

70

Risk

Considerations

82

Additional

Fund

Information

83

Glossary

of

Terms

Used

in

this

Report

84

Annual

Investment

Management

Agreement

Approval

Process

85

Important

Notices

3

Portfolio

Manager

Commentaries

in

Semi-Annual

Shareholder

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

October

31,

2023

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

NMI

-

Portfolio

Manager

Update

Effective

April

1,

2024,

Christopher

Drahn

retired

from

Nuveen

Asset

Management,

LLC

and

no

longer

serves

as

a

portfolio

manager

of

the

Fund.

Management

Fees

As

of

May

1,

2024,

each

Fund’s

overall

complex-level

fee

begins

at

a

maximum

rate

of

0.1600%

of

each

Fund’s

average

daily

net

assets,

with

breakpoints

for

eligible

complex-level

assets

above

$124.3

billion.

Therefore,

the

maximum

management

fee

rate

for

each

Fund

is

the

fund-level

fee

listed

within

this

report

plus

0.1600%.

Refer

to

the

Notes

to

Financial

Statements

within

this

report

for

further

details

on

the

Funds’

management

fees.

4

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

April

30,

2024.  Each

Fund's

distribution

levels

may

vary

over

time

based

on each

Fund's

investment

activity

and

portfolio

investment

value

changes.

During

the

current

reporting

period, each

Fund's

distributions

to

common

shareholders

were

as

shown

in

the

accompanying

table.

Each

Fund

sought

to

pay

regular

monthly

dividends

out

of

its

net

investment

income

at

a

rate

that

reflected

its

past

and

projected

net

income

performance.

To

permit

each

Fund

to

maintain

a

more

stable

monthly

dividend,

the

Fund

paid

dividends

at

a

rate

that

may

be

more

or

less

than

the

amount

of

net

income

actually

earned

by

the

Fund

during

the

period.

Distributions

to

common

shareholders

are

determined

on

a

tax

basis,

which

may

differ

from

amounts

recorded

in

the

accounting

records.

In

instances

where

the

monthly

dividend

exceeds

the

earned

net

investment

income,

the

Fund

reported

a

negative

undistributed

net

ordinary

income.

Refer

to

the

Notes

to

Financial

Statements

for

additional

information

regarding

the

amounts

of

undistributed

net

ordinary

income

and

undistributed

net

long-term

capital

gains

and

the

character

of

the

actual

distributions

paid

by

the

Fund

during

the

period.

Effective

for

distributions

payable

on

December

1,

2023,

each

Fund's

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

share

dividend

distribution

rate,

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

each

year through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

the

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

the

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

If

a

distribution

includes

anything

other

than

net

investment

income,

the

Fund

provides

a

notice

of

the

best

estimate

of

its

distribution

sources

at

the

time

of

the

distribution

which

may

be

viewed

at

www.nuveen.

com/CEFdistributions.

These

estimates

may

not

match

the

final

tax

characterization

(for

the

full

year’s

distributions)

contained

in

shareholders’

1099-DIV

forms

after

the

end

of

the

year.

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

https://www.nuveen.com/resource-center-

closed-end-funds,

along

with

other

Nuveen

closed-end

fund

product

updates.

To

ensure

timely

access

to

the

latest

information,

shareholders

may

use

a

subscribe

function,

which

can

be

activated

at

this

web

page

(https://www.nuveen.com/subscriptions).

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

NUV

NUW

NMI

November

$0.0290

$0.0425

$0.0315

December

0.0290

0.0425

0.0340

January

0.0290

0.0425

0.0340

February

0.0290

0.0425

0.0340

March

0.0290

0.0425

0.0360

April

0.0290

0.0425

0.0360

Total

Distributions

from

Net

Investment

Income

$0.1740

$0.2550

$0.2055

Yields

NUV

NUW

NMI

Market

Yield

1

4.11%

3.79%

4.72%

Taxable-Equivalent

Yield

1

6.92%

6.40%

7.98%

1

Market

Yield

is

based

on

the

Fund’s

current

annualized

monthly

dividend

divided

by

the

Fund’s

current

market

price

as

of

the

end

of

the

reporting

period.

Taxable-Equivalent

Yield

represents

the

yield

that

must

be

earned

on

a

fully

taxable

investment

in

order

to

equal

the

yield

of

the

Fund

on

an

after-tax

basis.

It

is

based

on

a

federal

income

tax

rate

of

40.8%.

Your

actual

federal

income

tax

rate

may

differ

from

the

assumed

rate.

The

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund’s

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

not

exempt

from

federal

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-Equivalent

Yield

would

be

lower.

5

COMMON

SHARE

EQUITY

SHELF

PROGRAM

During

the

current

reporting

period, NMI was

authorized

by

the

Securities

and

Exchange

Commission

to

issue

additional

common

shares

through

an

equity

shelf

program

(Shelf

Offering).

Under

these

programs,

NMI,

subject

to

market

conditions,

may

raise

additional

capital

from

time

to

time

in

varying

amounts

and

offering

methods

at

a

net

price

at

or

above

the

Fund's

NAV

per

common

share.

The

maximum

aggregate

offering under

these

Shelf

Offerings

are

as

shown

in

the

accompanying

table.

During

the

current

reporting

period,

NMI

did

not

sell

any

common

shares

through

its

Shelf

Offering.

Refer

to

the

Notes

to

Financial

Statements

for

further

details

on

Shelf

Offerings

and

the

Fund’s

transactions.

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Directors/Trustees

reauthorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

 As

of

April

30,

2024,

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

OTHER

COMMON

SHARE

INFORMATION

As

of

April

30,

2024,

the

Funds’

common

share

prices

were

trading

at

a

premium/(discount)

to

their

common

share

NAVs

and

trading

at

an

average

premium/(discount)

to

NAV

during

the

current

reporting

period,

as

follows:

NMI*

Additional

authorized

common

shares

2,200,000

*

Represents

additional

authorized

shares

for

the

period

November

1,

2023

through

March

20,

2024.

NUV

NUW

NMI

Common

shares

cumulatively

repurchased

and

retired

0

0

0

Common

shares

authorized

for

repurchase

20,750,000

1,795,000

1,005,000

NUV

NUW

NMI

Common

share

NAV

$9.23

$15.12

$9.89

Common

share

price

$8.47

$13.46

$9.15

Premium/(Discount)

to

NAV

(8.23)%

(10.98)%

(7.48)%

Average

premium/(discount)

to

NAV

(7.72)%

(10.97)%

(7.58)%

6

About

the

Funds’

Benchmarks

S&P

Municipal

Bond

Index

:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Yield

Index

:

An

index

that

is

structured

so

that

70%

of

the

index

consists

of

bonds

that

are

either

not

rated

or

are

rated

below

investment

grade,

20%

are

rated

BBB/Baa,

and

10%

are

rated

single

A.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Nuveen

Municipal

Value

Fund,

Inc.

Performance

Overview

and

Holding

Summaries

as

of

April

30,

2024

7

NUV

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

April

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NUV

at

Common

Share

NAV

6/17/87

8.20%

2.56%

1.36%

2.99%

NUV

at

Common

Share

Price

6/17/87

8.16%

0.18%

0.37%

2.50%

S&P

Municipal

Bond

Index

—

7.14%

2.35%

1.38%

2.46%

8

Performance

Overview

and

Holdings

Summaries

April

30,

2024

(continued)

Holdings

Summaries

as

of

April

30,

2024

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

99

.1‌

%

Short-Term

Municipal

Bonds

1

.4‌

%

Other

Assets

&

Liabilities,

Net

1.0%

Floating

Rate

Obligations

(1.5)%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

3.5%

AAA

8.7%

AA

39.5%

A

28.4%

BBB

10.6%

BB

or

Lower

2.7%

N/R

(not

rated)

6.6%

Total

100‌

%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

29.9%

Transportation

20.1%

Utilities

15.9%

Tax

Obligation/General

14.6%

Health

Care

7.5%

U.S.

Guaranteed

3.7%

Consumer

Staples

3.5%

Other

4.8%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

Texas

13.3%

Illinois

10.4%

New

York

9.6%

Colorado

6.1%

California

6.0%

Florida

5.9%

New

Jersey

4.4%

Washington

4.3%

Ohio

3.8%

Michigan

3.4%

Georgia

3.2%

Nevada

2.6%

South

Carolina

2.4%

Arizona

1.9%

Puerto

Rico

1.8%

Kentucky

1.8%

District

of

Columbia

1.6%

Oklahoma

1.4%

Utah

1.3%

Tennessee

1.3%

Other

13.5%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

table

above.

Nuveen

AMT-Free

Municipal

Value

Fund

Performance

Overview

and

Holding

Summaries

as

of

April

30,

2024

9

NUW

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Index.

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

April

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NUW

at

Common

Share

NAV

2/25/09

8.26%

3.17%

1.60%

3.04%

NUW

at

Common

Share

Price

2/25/09

8.84%

0.97%

(0.20)%

2.14%

S&P

Municipal

Bond

Index

—

7.14%

2.35%

1.38%

2.46%

10

Performance

Overview

and

Holdings

Summaries

April

30,

2024

(continued)

Holdings

Summaries

as

of

April

30,

2024

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97

.4‌

%

Common

Stocks

0

.3‌

%

Short-Term

Municipal

Bonds

1

.7‌

%

Other

Assets

&

Liabilities,

Net

1.3%

Floating

Rate

Obligations

(0.7)%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

0.9%

AAA

8.3%

AA

42.3%

A

27.5%

BBB

12.1%

BB

or

Lower

2.0%

N/R

(not

rated)

6.5%

N/A

(not

applicable)

0.4%

Total

100‌

%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

25.0%

Utilities

20.0%

Tax

Obligation/General

18.1%

Transportation

10.4%

Health

Care

8.9%

Education

and

Civic

Organizations

7.1%

Consumer

Staples

4.1%

Other

6.1%

Common

Stocks

0.3%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

California

11.3%

Texas

10.2%

Illinois

9.9%

New

York

8.1%

New

Jersey

6.7%

Nevada

5.4%

Ohio

4.3%

Colorado

4.1%

Pennsylvania

3.8%

Florida

3.7%

Tennessee

3.7%

Washington

3.6%

Kentucky

3.4%

Maryland

3.2%

Puerto

Rico

3.1%

Georgia

2.6%

South

Carolina

1.7%

Michigan

1.6%

West

Virginia

1.4%

Arizona

1.2%

Other

7.0%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

table

above.

Nuveen

Municipal

Income

Fund,

Inc.

Performance

Overview

and

Holding

Summaries

as

of

April

30,

2024

11

NMI

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

Fund

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

linked

returns

between

the

S&P

Munici-

pal

Bond

Index

(through

September

29,

2023)

and

the

S&P

Municipal

Yield

Index

(subsequent

to

September

29,

2023).

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Current

per-

formance

may

be

higher

or

lower

than

the

data

shown.

Returns

do

not

reflect

the

deduction

of

taxes

that

shareholders

may

have

to

pay

on

Fund

distributions

or

upon

the

sale

of

Fund

shares.

Returns

at

NAV

are

net

of

Fund

expenses,

and

assume

reinvestment

of

distributions.

Comparative

index

return

information

is

provided

for

the

Fund’s

shares

at

NAV

only.

Indexes

are

not

available

for

direct

investment.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

April

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NMI

at

Common

Share

NAV

4/20/88

10.21%

4.60%

1.27%

2.85%

NMI

at

Common

Share

Price

4/20/88

12.04%

1.46%

(0.06)%

1.81%

S&P

Municipal

Bond

Index

—

7.14%

2.35%

1.38%

2.46%

S&P

Municipal

Yield

Index

—

11.60%

5.83%

2.63%

4.23%

NMI

Linked

Benchmark

—

11.60%

5.44%

1.98%

2.76%

12

Performance

Overview

and

Holdings

Summaries

April

30,

2024

(continued)

Holdings

Summaries

as

of

April

30,

2024

This

data

relates

to

the

securities

held

in

the

Fund’s

portfolio

of

investments

as

of

the

end

of

the

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s

Group,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below-investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

97

.8‌

%

Other

Assets

&

Liabilities,

Net

2.2%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investment

exposure)

U.S.

Guaranteed

0.8%

AA

14.2%

A

24.0%

BBB

14.7%

BB

or

Lower

8.1%

N/R

(not

rated)

38.2%

Total

100‌

%

Portfolio

Composition

(%

of

total

investments)

Tax

Obligation/Limited

26.9%

Transportation

18.3%

Health

Care

15.7%

Education

and

Civic

Organizations

14.6%

Utilities

5.8%

Tax

Obligation/General

4.6%

Long-Term

Care

4.5%

Other

9.6%

Total

100%

States

and

Territories

1

(%

of

total

municipal

bonds)

Florida

11.9%

Colorado

11.9%

Illinois

10.7%

Texas

7.9%

New

York

4.9%

California

4.7%

Arizona

4.4%

Wisconsin

3.7%

Missouri

3.3%

Pennsylvania

2.9%

Ohio

2.8%

North

Carolina

2.8%

Indiana

2.6%

Alabama

2.5%

Virginia

2.3%

Georgia

2.3%

Puerto

Rico

2.1%

Louisiana

2.1%

Minnesota

1.9%

New

Jersey

1.6%

Other

10.7%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

states

comprising

"Other"

and

not

listed

in

the

table

above.

13

Nuveen

Municipal

Value

Fund,

Inc.

Portfolio

of

Investments

April

30,

2024

(Unaudited)

NUV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

99.1% 

X

–

MUNICIPAL

BONDS

-

99

.1

%

X

1,898,647,046

Alabama

-

0.4%

$

255

Birmingham

Airport

Authority,

Alabama,

Airport

Revenue

Bonds,

Series

2020,

4.000%,

7/01/39

-

BAM

Insured

7/30

at

100.00

$

255,012

3,805

(c)

Homewood,

Alabama,

General

Obligation

Warrants,

Series

2016,

5.000%,

9/01/36,

(Pre-refunded

9/01/26)

9/26

at

100.00

3,955,112

2,455

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024,

5.500%,

10/01/53

10/33

at

100.00

2,629,457

Total

Alabama

6,839,581

Alaska

-

0.5%

9,750

Anchorage,

Alaska,

Solid

Waste

Services

Revenue

Bonds,

Refunding

Series

2022A,

4.000%,

11/01/52

11/32

at

100.00

9,101,246

110

Northern

Tobacco

Securitization

Corporation,

Alaska,

Tobacco

Settlement

Asset-Backed

Bonds,

Senior

Series

2021A

Class

1,

4.000%,

6/01/50

6/31

at

100.00

99,411

Total

Alaska

9,200,657

Arizona

-

1.9%

1,915

Chandler

Industrial

Development

Authority,

Arizona,

Industrial

Development

Revenue

Bonds,

Intel

Corporation

Project,

Series

2019,

5.000%,

6/01/49,

(AMT),

(Mandatory

Put

6/03/24)

6/24

at

100.00

1,915,745

2,935

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Senior

Lien

Series

2017A,

5.000%,

7/01/35

7/27

at

100.00

3,084,701

21,745

Salt

River

Project

Agricultural

Improvement

and

Power

District,

Arizona,

Electric

System

Revenue

Bonds,

Series

2023B,

5.250%,

1/01/53

1/34

at

100.00

23,700,012

5,600

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007,

5.000%,

12/01/37

No

Opt.

Call

5,956,210

1,000

Tucson,

Arizona,

Water

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

7/01/34

7/27

at

100.00

1,049,260

Total

Arizona

35,705,928

California

-

6.1%

405

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Los

Angeles

County

Securitization

Corporation,

Series

2020A,

4.000%,

6/01/49

6/30

at

100.00

384,069

1,250

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Sonoma

County

Tobacco

Securitization

Corporation,

Series

2020A,

4.000%,

6/01/49

12/30

at

100.00

1,185,398

4,080

(c)

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B,

5.000%,

11/15/46,

(Pre-refunded

11/15/26)

11/26

at

100.00

4,257,599

5,920

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A,

5.000%,

11/15/48

11/27

at

100.00

6,066,671

1,650

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Children's

Hospital

Los

Angeles,

Series

2017A,

5.000%,

8/15/35

8/27

at

100.00

1,710,561

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A

:

1,635

5.000%,

12/31/43,

(AMT)

6/28

at

100.00

1,608,350

3,495

5.000%,

12/31/47,

(AMT)

6/28

at

100.00

3,431,099

Nuveen

Municipal

Value

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

14

NUV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

California

(continued)

$

1,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018B,

5.000%,

6/01/48,

(AMT)

6/28

at

100.00

$

980,680

2,290

(d)

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

San

Diego

County

Water

Authoriity

Desalination

Project

Pipeline,

Refunding

Series

2019,

5.000%,

7/01/39

1/29

at

100.00

2,365,756

3,500

(d)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A,

5.000%,

12/01/46

6/26

at

100.00

3,506,837

4,505

Covina-Valley

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Series

2003B,

0.000%,

6/01/28

-

FGIC

Insured

No

Opt.

Call

3,884,482

2,180

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A,

6.850%,

1/15/42

1/31

at

100.00

2,583,919

Fresno,

California,

Airport

Revenue

Bonds,

Series

2023A

:

1,000

5.000%,

7/01/48

-

BAM

Insured,

(AMT)

7/33

at

100.00

1,040,925

1,000

5.000%,

7/01/53

-

BAM

Insured,

(AMT)

7/33

at

100.00

1,031,656

49,020

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Capital

Appreciation

Series

2021B-2,

0.000%,

6/01/66

12/31

at

27.75

4,977,633

345

Golden

State

Tobacco

Securitization

Corporation,

California,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Series

2022A-1,

5.000%,

6/01/51

12/31

at

100.00

356,859

2,780

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

Subordinate

Series

2022I,

5.000%,

5/15/48

11/31

at

100.00

2,979,762

2,725

Los

Angeles

Department

of

Water

and

Power,

California,

Water

System

Revenue

Bonds,

Series

2023A,

5.250%,

7/01/53

7/33

at

100.00

3,007,700

2,555

Merced

Union

High

School

District,

Merced

County,

California,

General

Obligation

Bonds,

Series

1999A,

0.000%,

8/01/24

-

FGIC

Insured

No

Opt.

Call

2,531,878

2,365

Montebello

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

1998

Series

2004,

0.000%,

8/01/27

-

FGIC

Insured

No

Opt.

Call

2,091,400

Mount

San

Antonio

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2013A

:

3,060

5.875%,

8/01/28

2/28

at

100.00

3,395,926

2,315

(e)

0.000%,

8/01/43

8/35

at

100.00

2,218,203

3,550

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009C,

6.500%,

11/01/39

No

Opt.

Call

4,432,274

10,150

Placer

Union

High

School

District,

Placer

County,

California,

General

Obligation

Bonds,

Series

2004C,

0.000%,

8/01/33

-

AGM

Insured

No

Opt.

Call

7,381,034

San

Bruno

Park

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Series

2000B

:

2,575

0.000%,

8/01/24

-

FGIC

Insured

No

Opt.

Call

2,550,885

2,660

0.000%,

8/01/25

-

FGIC

Insured

No

Opt.

Call

2,530,227

220

San

Diego

Tobacco

Settlement

Revenue

Funding

Corporation,

California,

Tobacco

Settlement

Bonds,

Subordinate

Series

2018C,

4.000%,

6/01/32

6/28

at

100.00

219,693

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2019D

:

6,000

5.000%,

5/01/36

5/29

at

100.00

6,562,944

4,000

5.000%,

5/01/39

5/29

at

100.00

4,301,696

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Refunding

Senior

Lien

Toll

Road

Revenue

Bonds,

Series

2021A

:

315

4.000%,

1/15/39

1/32

at

100.00

316,683

500

4.000%,

1/15/42

1/32

at

100.00

491,134

15

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

California

(continued)

$

550

4.000%,

1/15/43

1/32

at

100.00

$

535,677

200

4.000%,

1/15/44

1/32

at

100.00

193,298

12,095

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

1997A,

0.000%,

1/15/25

-

NPFG

Insured

No

Opt.

Call

11,756,509

13,220

San

Mateo

County

Community

College

District,

California,

General

Obligation

Bonds,

Series

2006A,

0.000%,

9/01/28

-

NPFG

Insured

No

Opt.

Call

11,458,695

5,000

San

Mateo

Union

High

School

District,

San

Mateo

County,

California,

General

Obligation

Bonds,

Election

of

2000,

Series

2002B,

0.000%,

9/01/24

-

FGIC

Insured

No

Opt.

Call

4,945,337

5,815

San

Ysidro

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Refunding

Series

2015,

0.000%,

8/01/48

8/25

at

29.16

1,661,386

440

Tobacco

Securitization

Authority

of

Northern

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Refunding

Sacramento

County

Tobacco

Securitization

Corporation

Series

2021B  Class

2,

4.000%,

6/01/49

12/30

at

100.00

439,090

575

Vernon,

California,

Electric

System

Revenue

Bonds,

Series

2021A,

5.000%,

4/01/28

No

Opt.

Call

601,163

Total

California

115,975,088

Colorado

-

6.1%

7,500

Arapahoe

County

School

District

6,

Littleton,

Colorado,

General

Obligation

Bonds,

Series

2019A,

5.500%,

12/01/43

12/28

at

100.00

8,042,311

4,155

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

4.000%,

8/01/49

8/29

at

100.00

3,779,275

1,255

Colorado

High

Performance

Transportation

Enterprise,

C-470

Express

Lanes

Revenue

Bonds,

Senior

Lien

Series

2017,

5.000%,

12/31/56

12/24

at

100.00

1,256,214

7,070

Colorado

Mountain

College,

Colorado,

Certificates

of

Participation,

Series

2021,

4.000%,

12/01/46

12/31

at

100.00

6,920,551

4,500

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2018N,

5.000%,

3/15/37

3/28

at

100.00

4,740,716

1,000

Colorado

State,

Building

Excellent

Schools

Today,

Certificates

of

Participation,

Series

2020R,

4.000%,

3/15/45

3/30

at

100.00

962,672

Colorado

State,

Certificates

of

Participation,

Lease

Purchase

Financing

Program,

National

Western

Center,

Series

2018A

:

1,250

5.000%,

9/01/30

3/28

at

100.00

1,331,810

2,000

5.000%,

9/01/31

3/28

at

100.00

2,130,709

1,260

5.000%,

9/01/32

3/28

at

100.00

1,339,540

620

5.000%,

9/01/33

3/28

at

100.00

659,346

3,790

Colorado

State,

Certificates

of

Participation,

Rural

Series

2018A,

5.000%,

12/15/37

12/28

at

100.00

4,026,354

3,400

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Series

2022B,

5.250%,

11/15/53

11/32

at

100.00

3,673,466

2,000

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016,

5.000%,

12/01/35

12/26

at

100.00

2,036,379

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2000B

:

9,660

0.000%,

9/01/29

-

NPFG

Insured

No

Opt.

Call

7,992,255

24,200

0.000%,

9/01/31

-

NPFG

Insured

No

Opt.

Call

18,554,680

17,000

0.000%,

9/01/32

-

NPFG

Insured

No

Opt.

Call

12,512,263

2,905

E-470

Public

Highway

Authority,

Colorado,

Senior

Revenue

Bonds,

Series

2020A,

5.000%,

9/01/40

9/24

at

100.00

2,910,980

Nuveen

Municipal

Value

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

16

NUV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Colorado

(continued)

$

7,600

E-470

Public

Highway

Authority,

Colorado,

Toll

Revenue

Bonds,

Refunding

Series

2006B,

0.000%,

9/01/39

-

NPFG

Insured

9/26

at

52.09

$

3,569,132

8,000

Public

Authority

for

Colorado

Energy,

Natural

Gas

Purchase

Revenue

Bonds,  Colorado

Springs

Utilities,

Series

2008,

6.500%,

11/15/38

No

Opt.

Call

9,661,997

1,400

Regional

Transportation

District,

Colorado,

Private

Activity

Bonds,

Denver

Transit

Partners

Eagle

P3

Project,

Series

2020A,

4.000%,

7/15/34

1/31

at

100.00

1,426,320

4,945

Regional

Transportation

District,

Colorado,

Sales

Tax

Revenue

Bonds,

Fastracks

Project,

Series

2017A,

5.000%,

11/01/40

11/26

at

100.00

5,050,340

State

of

Colorado,

Rural

Colorado,

Certificates

of

Participation,

Series

2022

:

5,355

6.000%,

12/15/38

12/32

at

100.00

6,401,058

3,000

6.000%,

12/15/41

12/32

at

100.00

3,529,754

4,250

(c)

University

of

Colorado,

Enterprise

System

Revenue

Bonds,

Series

2018B,

5.000%,

6/01/43,

(Pre-refunded

6/01/28)

6/28

at

100.00

4,577,004

Total

Colorado

117,085,126

Connecticut

-

0.9%

1,000

Connecticut

Airport

Authority,

Connecticut,

Customer

Facility

Charge

Revenue

Bonds,

Ground

Transportation

Center

Project,

Series

2019A,

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

1,007,532

2,125

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Connecticut

Childrens

Medical

Center

and

Subsidiaries,

Series

2023E,

5.250%,

7/15/48

1/33

at

100.00

2,257,906

8,440

Connecticut

State,

General

Obligation

Bonds,

Series

2015E,

5.000%,

8/01/29

8/25

at

100.00

8,586,964

5,000

Connecticut

State,

General

Obligation

Bonds,

Series

2015F,

5.000%,

11/15/33

11/25

at

100.00

5,093,656

Total

Connecticut

16,946,058

District

of

Columbia

-

1.6%

15,000

District

of

Columbia

Tobacco

Settlement

Corporation,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2006A,

0.000%,

6/15/46

5/24

at

25.76

3,498,976

5,390

District

of

Columbia

Water

and

Sewer

Authority,

Public

Utility

Revenue

Bonds,

Senior

Lien

Series

2018B,

5.000%,

10/01/43

4/28

at

100.00

5,623,196

3,865

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B,

5.000%,

10/01/47

10/29

at

100.00

3,952,349

10,000

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

Capital

Appreciation,

Second

Senior

Lien

Series

2010B,

6.500%,

10/01/44

10/28

at

100.00

10,916,387

Washington

Convention

and

Sports

Authority,

Washington

D.C.,

Dedicated

Tax

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021A

:

670

4.000%,

10/01/36

10/30

at

100.00

682,165

1,060

4.000%,

10/01/38

10/30

at

100.00

1,062,513

1,265

4.000%,

10/01/39

10/30

at

100.00

1,257,073

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Dedicated

Revenue

Bonds,

Series

2020A

:

2,390

4.000%,

7/15/45

7/30

at

100.00

2,295,340

1,775

5.000%,

7/15/45

7/30

at

100.00

1,870,756

Total

District

of

Columbia

31,158,755

17

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Florida

-

5.9%

$

1,000

Babcock

Ranch

Community

Independent

Special

District,

Charlotte

County,

Florida,

Special

Assessment

Bonds,

2022

Project

Series

2022,

5.000%,

5/01/53

5/32

at

100.00

$

941,026

1,240

Broward

County,

Florida,

Half-Cent

Sales

Tax

Revenue

Bonds,

Refunding

Series

2020,

4.000%,

10/01/40

10/30

at

100.00

1,259,745

23,000

Broward

County,

Florida,

Tourist

Development

Tax

Revenue

Bonds,

Convention

Center

Expansion

Project,

Series

2021,

4.000%,

9/01/51

9/31

at

100.00

21,512,408

565

(d)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Renaissance

Charter

School

Income

Projects,

Series

2015A,

6.000%,

6/15/35

6/25

at

100.00

571,224

Florida

Development

Finance

Corporation,

Healthcare

Facilities

Revenue

Bonds,

UF

Health

-

Jacksonville

Project,

Series

2022A

:

1,800

4.000%,

2/01/41

-

AGM

Insured

2/32

at

100.00

1,739,827

1,875

4.000%,

2/01/42

-

AGM

Insured

2/32

at

100.00

1,808,125

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024

:

1,615

5.250%,

7/01/47,

(AMT),

(WI/DD)

7/32

at

100.00

1,664,091

1,500

5.250%,

7/01/47

-

AGM

Insured,

(AMT),

(WI/DD)

7/32

at

100.00

1,581,791

4,390

5.250%,

7/01/53

-

AGM

Insured,

(AMT),

(WI/DD)

7/32

at

100.00

4,577,981

1,400

5.500%,

7/01/53,

(AMT),

(WI/DD)

7/32

at

100.00

1,451,722

14,515

(d)

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Series

2023C,

8.250%,

7/01/57,

(AMT),

(Mandatory

Put

8/15/24)

4/24

at

100.00

14,543,304

4,000

Gainesville,

Florida,

Utilities

System

Revenue

Bonds,

Series

2017A,

5.000%,

10/01/36

10/27

at

100.00

4,192,797

3,500

Gainesville,

Florida,

Utilities

System

Revenue

Bonds,

Series

2019A,

5.000%,

10/01/47

10/29

at

100.00

3,640,500

2,290

(c)

Hillsborough

County

Aviation

Authority,

Florida,

Revenue

Bonds,

Tampa

International

Airport,

Subordinate

Lien

Series

2015B,

5.000%,

10/01/40,

(Pre-refunded

10/01/24)

10/24

at

100.00

2,300,999

2,735

Miami

Beach

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Mount

Sinai

Medical

Center

of

Florida

Project,

Series

2021B,

4.000%,

11/15/46

11/31

at

100.00

2,512,367

5,090

Miami-Dade

County

Expressway

Authority,

Florida,

Toll

System

Revenue

Bonds,

Series

2010A,

5.000%,

7/01/40

5/24

at

100.00

5,034,493

2,000

Miami-Dade

County,

Florida,

Aviation

Revenue

Bonds,

Miami

International

Airport,

Refunding

Series

2014B,

5.000%,

10/01/37

10/24

at

100.00

2,005,505

5,685

Miami-Dade

County,

Florida,

Seaport

Revenue

Bonds,

Refunding

Series

2022A,

5.250%,

10/01/52,

(AMT)

10/32

at

100.00

5,960,036

3,000

Miami-Dade

County,

Florida,

Transit

System

Sales

Surtax

Revenue

Bonds,

Series

2022,

5.000%,

7/01/51

7/32

at

100.00

3,137,685

5,330

Orange

County

Health

Facilities

Authority,

Florida,

Hospital

Revenue

Bonds,

Orlando

Health

Obligated

Group,

Inc.,

Series

2022,

4.000%,

10/01/52

4/32

at

100.00

4,928,291

Orlando

Utilities

Commission,

Florida,

Utility

System

Revenue

Bonds,

Series

2018A

:

3,500

5.000%,

10/01/36

10/27

at

100.00

3,672,148

3,780

5.000%,

10/01/37

10/27

at

100.00

3,978,414

1,120

5.000%,

10/01/38

10/27

at

100.00

1,167,972

Osceola

County,

Florida,

Transportation

Revenue

Bonds,

Osceola

Parkway,

Refunding

&

Improvement

Capital

Appreciation

Series

2019A-2

:

3,500

0.000%,

10/01/43

10/29

at

61.27

1,252,882

Nuveen

Municipal

Value

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

18

NUV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Florida

(continued)

$

3,575

0.000%,

10/01/44

10/29

at

59.08

$

1,199,837

4,000

0.000%,

10/01/45

10/29

at

56.95

1,263,074

750

0.000%,

10/01/49

10/29

at

49.08

184,280

5,000

0.000%,

10/01/50

10/29

at

47.17

1,159,537

11,000

0.000%,

10/01/53

10/29

at

41.97

2,142,369

4,000

Pembroke

Pines,

Florida,

Capital

Improvement

Revenue

Bonds,

Series

2019A,

4.000%,

7/01/38

7/29

at

100.00

4,032,612

1,020

Putnam

County

Development

Authority,

Florida,

Pollution

Control

Revenue

Bonds,

Seminole

Electric

Cooperatice,

Inc.

Project,

Refunding

Series

2018B,

5.000%,

3/15/42

5/28

at

100.00

1,047,650

6,865

South

Broward

Hospital

District,

Florida,

Hospital

Revenue

Bonds,

Refunding

Series

2015,

4.000%,

5/01/34

5/25

at

100.00

6,888,679

Total

Florida

113,353,371

Georgia

-

3.3%

3,325

Atlanta,

Georgia,

Water

and

Wastewater

Revenue

Bonds,

Refunding

Series

2015,

5.000%,

11/01/40

5/25

at

100.00

3,355,914

2,290

Fulton

County

Development

Authority,

Georgia,

Hospital

Revenue

Bonds,

Wellstar

Health

System,

Inc

Project,

Series

2017A,

5.000%,

4/01/47

4/27

at

100.00

2,312,748

Gainesville

and

Hall

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Northeast

Georgia

Health

Services

Inc.,

Series

2017B

:

3,500

5.500%,

2/15/42

2/27

at

100.00

3,644,291

2,500

5.250%,

2/15/45

2/27

at

100.00

2,568,957

17,010

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Series

2019A,

5.000%,

1/01/49

-

BAM

Insured

7/28

at

100.00

17,237,106

4,025

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

M

Bonds,

Series

19A,

5.000%,

1/01/59

-

AGM

Insured

7/28

at

100.00

4,061,983

17,350

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

M

Bonds,

Series

2022A,

5.000%,

7/01/52

-

AGM

Insured

7/32

at

100.00

17,969,154

2,415

Municipal

Electric

Authority

of

Georgia,

Project

One

Revenue

Bonds,

Subordinate

Lien

Series

2015A,

5.000%,

1/01/35

1/25

at

100.00

2,428,755

Municipal

Electric

Authority

of

Georgia,

Project

One

Revenue

Bonds,

Subordinate

Lien

Series

2020A

:

1,000

5.000%,

1/01/45

1/31

at

100.00

1,036,767

5,500

5.000%,

1/01/50

1/31

at

100.00

5,643,312

2,000

Private

Colleges

and

Universities

Authority,

Georgia,

Revenue

Bonds,

Emory

University,

Refunding

Series

2016A,

5.000%,

10/01/46

10/26

at

100.00

2,025,495

Total

Georgia

62,284,482

Hawaii

-

0.4%

4,830

Honolulu

City

and

County,

Hawaii,

General

Obligation

Bonds,

Series

2018A,

5.000%,

9/01/40

9/28

at

100.00

5,079,064

3,000

Honolulu

City

and

County,

Hawaii,

Wastewater

System

Revenue

Bonds,

First

Bond

Resolution,

Senior

Series

2018A,

5.000%,

7/01/37

1/28

at

100.00

3,160,947

Total

Hawaii

8,240,011

Idaho

-

0.1%

1,550

University

of

Idaho,

General

Revenue

Bonds,

Refunding

Series

2022A,

4.000%,

4/01/45

-

BAM

Insured

4/32

at

100.00

1,516,874

Total

Idaho

1,516,874

19

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Illinois

-

10.5%

$

5,000

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2016,

6.000%,

4/01/46

4/27

at

100.00

$

5,202,441

5,000

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016A,

7.000%,

12/01/44

12/25

at

100.00

5,176,034

2,945

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016B,

6.500%,

12/01/46

12/26

at

100.00

3,060,038

4,710

(d)

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2017A,

7.000%,

12/01/46

12/27

at

100.00

5,072,755

17,775

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1998B-1,

0.000%,

12/01/24

-

FGIC

Insured

No

Opt.

Call

17,331,094

7,495

Chicago

Board

of

Education,

Illinois,

Unlimited

Tax

General

Obligation

Bonds,

Dedicated

Tax

Revenues,

Series

1999A,

0.000%,

12/01/31

-

NPFG

Insured

No

Opt.

Call

5,373,539

Chicago

Greater

Metropolitan

Water

Reclamation

District,

Illinois,

General

Obligation

Bonds,

Limited

Tax

Capital

Improvement

Green

Series

2021A

:

2,325

4.000%,

12/01/46

12/31

at

100.00

2,246,043

4,000

4.000%,

12/01/51

12/31

at

100.00

3,785,967

1,875

Chicago

Transit

Authority,

Illinois,

Capital

Grant

Receipts

Revenue

Bonds,

Federal

Transit

Administration

Section

5307

Urbanized

Area

Formula

Funds,

Refunding

Series

2021,

5.000%,

6/01/29

No

Opt.

Call

1,996,927

5,000

Chicago

Transit

Authority,

Illinois,

Sales

Tax

Receipts

Revenue

Bonds,

Second

Lien

Series

2022A,

5.000%,

12/01/46

-

BAM

Insured

12/31

at

100.00

5,263,621

5,100

Chicago

Transit

Authority,

Illinois,

Sales

Tax

Receipts

Revenue

Bonds,

Series

2014,

5.000%,

12/01/44

12/24

at

100.00

5,109,367

1,000

Cook

County,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2018,

5.000%,

11/15/35

11/26

at

100.00

1,024,891

1,500

Cook

County,

Illinois,

General

Obligation

Bonds,

Refunding

Series

2021A,

5.000%,

11/15/32

11/30

at

100.00

1,647,740

Cook

County,

Illinois,

Sales

Tax

Revenue

Bonds,

Series

2021A

:

2,040

4.000%,

11/15/40

11/30

at

100.00

1,973,509

1,000

4.000%,

11/15/41

11/30

at

100.00

964,797

1,300

Illinois

Finance

Authority,

Revenue

Bonds,

Rush

University

Medical

Center

Obligated

Group,

Series

2015A,

5.000%,

11/15/38

5/25

at

100.00

1,305,794

3,700

Illinois

Finance

Authority,

Revenue

Bonds,

Rush

University

Medical

Center

Obligated

Group,

Series

2015B,

5.000%,

11/15/39

5/25

at

100.00

3,715,563

Illinois

Finance

Authority,

Revenue

Bonds,

Silver

Cross

Hospital

and

Medical

Centers,

Refunding

Series

2015C

:

560

5.000%,

8/15/35

8/25

at

100.00

565,970

825

5.000%,

8/15/44

8/25

at

100.00

829,063

5,125

Illinois

State,

General

Obligation

Bonds,

November

Series

2017C,

5.000%,

11/01/29

11/27

at

100.00

5,351,232

1,755

Illinois

State,

General

Obligation

Bonds,

October

Series

2016,

5.000%,

2/01/27

No

Opt.

Call

1,815,578

4,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2016B,

5.000%,

1/01/41

7/26

at

100.00

4,066,235

5,000

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2020A,

5.000%,

1/01/45

1/31

at

100.00

5,280,946

9,015

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Refunding

Series

2020A,

4.000%,

6/15/50

12/29

at

100.00

8,007,164

Nuveen

Municipal

Value

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

20

NUV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Illinois

(continued)

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

1994B

:

$

5,245

0.000%,

6/15/28

-

NPFG

Insured

No

Opt.

Call

$

4,491,602

11,675

0.000%,

6/15/29

-

FGIC

Insured

No

Opt.

Call

9,635,341

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A

:

4,950

0.000%,

12/15/32

-

NPFG

Insured

No

Opt.

Call

3,555,526

21,375

0.000%,

6/15/34

-

NPFG

Insured

No

Opt.

Call

14,391,024

21,000

0.000%,

12/15/35

-

NPFG

Insured

No

Opt.

Call

13,163,172

21,970

0.000%,

6/15/36

-

NPFG

Insured

No

Opt.

Call

13,364,691

10,375

0.000%,

12/15/36

-

NPFG

Insured

No

Opt.

Call

6,129,485

10,000

0.000%,

12/15/37

-

NPFG

Insured

No

Opt.

Call

5,573,808

25,825

0.000%,

6/15/39

-

NPFG

Insured

No

Opt.

Call

13,141,883

6,095

Regional

Transportation

Authority,

Cook,

DuPage,

Kane,

Lake,

McHenry

and

Will

Counties,

Illinois,

General

Obligation

Bonds,

Series

2002A,

6.000%,

7/01/32

-

NPFG

Insured

No

Opt.

Call

7,301,719

8,000

Regional

Transportation

Authority,

Cook,

DuPage,

Kane,

Lake,

McHenry

and

Will

Counties,

Illinois,

General

Obligation

Bonds,

Series

2003A,

6.000%,

7/01/33

-

NPFG

Insured

No

Opt.

Call

9,426,411

5,000

(c)

Regional

Transportation

Authority,

Cook,

DuPage,

Kane,

Lake,

McHenry

and

Will

Counties,

Illinois,

General

Obligation

Bonds,

Series

2014A,

5.000%,

6/01/44,

(Pre-refunded

6/01/24)

6/24

at

100.00

5,003,643

Total

Illinois

201,344,613

Indiana

-

1.3%

2,250

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Indiana

Unversity

Health

Obligation

Group,

Refunding

2015A,

4.000%,

12/01/40

6/25

at

100.00

2,198,191

2,000

Indiana

Municipal

Power

Agency

Power

Supply

System

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

1/01/42

7/26

at

100.00

2,027,257

4,250

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Community

Justice

Campus

Bonds,

Courthouse

&

Jail

Project,

Series

2019A,

5.000%,

2/01/54

2/29

at

100.00

4,380,386

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Series

1999E

:

2,400

0.000%,

2/01/25

-

AMBAC

Insured

No

Opt.

Call

2,327,079

14,595

0.000%,

2/01/27

-

AMBAC

Insured

No

Opt.

Call

13,137,562

Total

Indiana

24,070,475

Kentucky

-

1.8%

Kenton

County

Airport

Board,

Kentucky,

Airport

Revenue

Bonds,

Cincinnati/Northern

Kentucky

International

Airport,

Refunding

Series

2016

:

1,530

5.000%,

1/01/27

1/26

at

100.00

1,566,199

1,600

5.000%,

1/01/28

1/26

at

100.00

1,636,305

Kentucky

Bond

Development

Corporation,

Transient

Room

Tax

Revenue

Bonds,

Lexington

Center

Corporation

Project,

Series

2018A

:

1,280

5.000%,

9/01/37

9/28

at

100.00

1,344,811

1,435

5.000%,

9/01/38

9/28

at

100.00

1,497,266

4,000

5.000%,

9/01/43

9/28

at

100.00

4,101,543

2,000

5.000%,

9/01/48

9/28

at

100.00

2,044,270

1,000

Kentucky

Economic

Development

Finance

Authority,

Louisville

Arena

Project

Revenue

Bonds,

Louisville

Arena

Authority,

Inc.,

Series

2017A,

5.000%,

12/01/45

-

AGM

Insured

12/27

at

100.00

1,028,078

8,935

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

Next

Generation

Kentucky

Information

Highway

Project,

Senior

Series

2015A,

5.000%,

1/01/45

7/25

at

100.00

8,846,750

21

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Kentucky

(continued)

$

6,000

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

Convertible

Capital

Appreciation

First

Tier

Series

2013C,

6.600%,

7/01/39

7/31

at

100.00

$

6,895,859

5,000

Kentucky

State

Property

and

Buildings

Commission,

Revenue

Bonds,

Project

115,

Series

2017,

5.000%,

4/01/30

4/27

at

100.00

5,221,440

Total

Kentucky

34,182,521

Louisiana

-

0.6%

1,335

East

Baton

Rouge

Sewerage

Commission,

Louisiana,

Revenue

Bonds,

Refunding

Series

2019A,

4.000%,

2/01/45

2/29

at

100.00

1,295,273

9,040

New

Orleans

Aviation

Board,

Louisiana,

General

Airport

Revenue

Bonds,

North

Terminal

Project,

Series

2017A,

5.000%,

1/01/48

-

AGM

Insured

1/27

at

100.00

9,192,489

1,470

New

Orleans

Aviation

Board,

Louisiana,

Special

Facility

Revenue

Bonds,

Parking

Facilities

Corporation

Consolidated

Garage

System,

Series

2018A,

5.000%,

10/01/43

-

AGM

Insured

10/28

at

100.00

1,513,953

Total

Louisiana

12,001,715

Maine

-

0.9%

Maine

Health

and

Higher

Educational

Facilities

Authority

Revenue

Bonds,

MaineHealth

Issue,

Series

2018A

:

5,125

5.000%,

7/01/43

7/28

at

100.00

5,273,810

2,005

5.000%,

7/01/48

7/28

at

100.00

2,048,222

1,805

Maine

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2020,

5.000%,

7/01/50

7/30

at

100.00

1,890,096

7,990

University

of

Maine,

System

Revenue

Bonds,

Series

2022,

5.000%,

3/01/47

3/32

at

100.00

8,323,160

Total

Maine

17,535,288

Maryland

-

1.2%

Baltimore,

Maryland,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

Series

2017

:

1,140

5.000%,

9/01/29

9/27

at

100.00

1,148,709

630

5.000%,

9/01/31

9/27

at

100.00

633,859

1,945

5.000%,

9/01/32

9/27

at

100.00

1,954,734

385

5.000%,

9/01/34

9/27

at

100.00

386,218

2,750

5.000%,

9/01/35

9/27

at

100.00

2,752,860

2,550

5.000%,

9/01/42

9/27

at

100.00

2,380,865

6,665

5.000%,

9/01/46

9/27

at

100.00

6,026,300

1,050

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Maryland,

Revenue

Bonds,

Meritus

Medical

Center,

Series

2015,

5.000%,

7/01/40

7/25

at

100.00

1,055,952

Maryland

Stadium

Authority,

Revenue

Bonds,

Baltimore

City

Public

Schools

Construction

&

Revitalization

Program,

Series

2018A

:

4,375

5.000%,

5/01/47

5/28

at

100.00

4,498,693

2,260

(c)

5.000%,

5/01/47,

(Pre-refunded

5/01/28)

5/28

at

100.00

2,421,298

Total

Maryland

23,259,488

Massachusetts

-

0.5%

1,000

Massachusetts

Department

of

Transportation,

Metropolitan

Highway

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2019A,

5.000%,

1/01/37

1/29

at

100.00

1,070,192

2,905

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Green

Bonds,

Series

2015D,

5.000%,

7/01/44

7/25

at

100.00

2,853,225

1,500

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2016E,

5.000%,

7/01/35

7/26

at

100.00

1,527,666

2,765

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Dana-

Farber

Cancer

Institute

Issue,

Series

2016N,

5.000%,

12/01/46

12/26

at

100.00

2,803,952

Nuveen

Municipal

Value

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

22

NUV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Massachusetts

(continued)

$

980

Massachusetts

Turnpike

Authority,

Metropolitan

Highway

System

Revenue

Bonds,

Senior

Series

1997A,

0.000%,

1/01/29

-

NPFG

Insured

No

Opt.

Call

$

826,974

Total

Massachusetts

9,082,009

Michigan

-

3.4%

Bloomfield

Hills

Schools,

Oakland

County,

Michigan,

General

Obligation

Bonds,

School

Building

&

Site

Series

2023

:

1,475

5.000%,

5/01/44

5/33

at

100.00

1,574,908

625

5.000%,

5/01/48

5/33

at

100.00

657,335

820

5.000%,

5/01/50

5/33

at

100.00

861,743

Detroit

Academy

of

Arts

and

Sciences,

Michigan,

Public

School

Academy

Revenue

Bonds,

Refunding

Series

2013

:

1,405

6.000%,

10/01/33

5/24

at

100.00

1,356,970

2,520

6.000%,

10/01/43

5/24

at

100.00

2,327,217

15

Detroit,

Michigan,

Second

Lien

Sewerage

Disposal

System

Revenue

Bonds,

Series

2005A,

4.500%,

7/01/35

-

NPFG

Insured

5/24

at

100.00

15,011

2,925

Detroit,

Michigan,

Senior

Lien

Sewerage

Disposal

System

Revenue

Bonds,

Series

2001B,

5.500%,

7/01/29

-

NPFG

Insured

No

Opt.

Call

3,027,255

5

Detroit,

Michigan,

Water

Supply

System

Revenue

Bonds,

Second

Lien

Series

2003B,

5.000%,

7/01/34

-

NPFG

Insured

5/24

at

100.00

5,005

5

Detroit,

Michigan,

Water

Supply

System

Revenue

Bonds,

Senior

Lien

Series

2003A,

5.000%,

7/01/34

-

NPFG

Insured

5/24

at

100.00

5,005

4,000

Kalamazoo

County,

Michigan,

General

Obligation

Bonds,

Limitied

Tax

Series

2022,

4.000%,

5/01/45

5/31

at

100.00

3,863,390

3,315

Michigan

Finance

Authority,

Distributable

State

Aid

Revenue

Bonds,

Charter

County

of

Wayne

Criminal

Justice

Center

Project,

Senior

Lien

Series

2018,

5.000%,

11/01/43

11/28

at

100.00

3,434,693

6,385

Michigan

Finance

Authority,

Distributable

State

Aid

Revenue

Bonds,

Charter

County

of

Wayne,

Second

Lien

Refunding

Series

2020,

4.000%,

11/01/55

-

BAM

Insured

11/30

at

100.00

5,786,331

2,000

Michigan

Finance

Authority,

Hospital

Revenue

Bonds,

Henry

Ford

Health

System,

Series

2019A,

5.000%,

11/15/48

11/29

at

100.00

2,056,325

1,565

Michigan

Finance

Authority,

Tobacco

Settlement

Asset-

Backed

Bonds,

2007

Sold

Tobacco

Receipts,

Series

2020B-1-CL2,

5.000%,

6/01/49

12/30

at

100.00

1,597,466

6,000

Michigan

Hospital

Finance

Authority,

Revenue

Bonds,

Ascension

Health

Senior

Credit

Group,

Refunding

&

Project

Series

2010F-6,

4.000%,

11/15/47

11/26

at

100.00

5,572,270

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2015-I

:

9,565

5.000%,

4/15/30

10/25

at

100.00

9,726,940

435

(c)

5.000%,

4/15/30,

(Pre-refunded

10/15/25)

10/25

at

100.00

443,886

2,100

Michigan

State

Building

Authority,

Revenue

Bonds,

Facilities

Program,

Refunding

Series

2023II,

4.000%,

10/15/43

10/33

at

100.00

2,070,553

Michigan

State,

Trunk

Line

Fund

Bonds,

Rebuilding

Michigan

Program,

Series

2021A

:

3,020

4.000%,

11/15/37

11/31

at

100.00

3,104,077

6,510

4.000%,

11/15/38

11/31

at

100.00

6,707,246

Michigan

Technological

University,

General

Revenue

Bonds,

Series

2023A

:

1,515

5.000%,

10/01/47

-

AGM

Insured

10/31

at

100.00

1,571,588

675

5.250%,

10/01/52

-

AGM

Insured

10/31

at

100.00

704,819

1,800

Northern

Michigan

University,

General

Revenue

Bonds,

Series

2021,

4.000%,

6/01/46

6/31

at

100.00

1,655,411

23

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Michigan

(continued)

$

1,100

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Series

2015D,

5.000%,

12/01/45

12/25

at

100.00

$

1,107,137

5,000

Wayne

County

Airport

Authority,

Michigan,

Revenue

Bonds,

Detroit

Metropolitan

Wayne

County

Airport,

Series

2023A,

5.250%,

12/01/48

-

AGM

Insured

12/33

at

100.00

5,492,995

Total

Michigan

64,725,576

Minnesota

-

0.3%

3,200

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Refunding

Series

2016B,

5.000%,

11/15/34

No

Opt.

Call

3,752,510

1,480

University

of

Minnesota,

General

Obligation

Bonds,

Series

2016A,

5.000%,

4/01/41

4/26

at

100.00

1,501,608

Total

Minnesota

5,254,118

Missouri

-

0.2%

3,465

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2013A,

5.000%,

11/15/48

5/24

at

100.00

3,465,105

Total

Missouri

3,465,105

Montana

-

0.6%

1,115

Billings,

Montana,

Sewer

System

Revenue

Bonds,

Series

2017,

5.000%,

7/01/33

7/27

at

100.00

1,164,128

Montana

Facility

Finance

Authority,

Healthcare

Facility

Revenue

Bonds,

Kalispell

Regional

Medical

Center,

Series

2018B

:

1,040

5.000%,

7/01/29

7/28

at

100.00

1,073,053

2,475

5.000%,

7/01/30

7/28

at

100.00

2,557,109

1,415

5.000%,

7/01/31

7/28

at

100.00

1,462,079

1,980

5.000%,

7/01/32

7/28

at

100.00

2,045,406

3,045

Montana

Facility

Finance

Authority,

Revenue

Bonds,

Billings

Clinic

Obligated

Group,

Series

2018A,

5.000%,

8/15/48

8/28

at

100.00

3,101,202

Total

Montana

11,402,977

Nebraska

-

0.8%

Central

Plains

Energy

Project,

Nebraska,

Gas

Project

3

Revenue

Bonds,

Refunding

Crossover

Series

2017A

:

1,710

5.000%,

9/01/35

No

Opt.

Call

1,795,453

1,500

5.000%,

9/01/42

No

Opt.

Call

1,550,688

1,400

Douglas

County

Hospital

Authority

3,

Nebraska,

Health

Facilities

Revenue

Bonds,

Nebraska

Methodist

Health

System,

Refunding

Series

2015,

5.000%,

11/01/45

11/25

at

100.00

1,411,279

10,500

Omaha

Public

Power

District,

Nebraska,

Electric

System

Revenue

Bonds,

Series

2022B,

5.250%,

2/01/52

2/32

at

100.00

11,281,206

Total

Nebraska

16,038,626

Nevada

-

2.6%

490

Clark

County

School

District,

Nevada,

General

Obligation

Bonds,

Limited

Tax

Building

Series

2020A,

4.000%,

6/15/40

-

AGM

Insured

6/30

at

100.00

490,331

Clark

County,

Nevada,

General

Obligation

Bonds,

Transportation

Improvement,

Limited

Tax,

Additionally

Secured

by

Pledged

Revenue

Series

2018B

:

2,000

5.000%,

12/01/33

12/28

at

100.00

2,147,077

5,000

5.000%,

12/01/35

12/28

at

100.00

5,346,902

5,000

Las

Vegas

Convention

and

Visitors

Authority,

Nevada,

Convention

Center

Expansion

Revenue

Bonds,

Series

2018B,

5.000%,

7/01/43

7/28

at

100.00

5,195,816

Nuveen

Municipal

Value

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

24

NUV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Nevada

(continued)

$

8,500

Las

Vegas

Convention

and

Visitors

Authority,

Nevada,

Revenue

Bonds,

Series

2018C,

5.250%,

7/01/43

7/28

at

100.00

$

8,927,005

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Refunding

Series

2015

:

5,220

5.000%,

6/01/33

12/24

at

100.00

5,260,810

10,000

5.000%,

6/01/34

12/24

at

100.00

10,077,031

9,000

5.000%,

6/01/39

12/24

at

100.00

9,036,361

1,205

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Refunding

Water

Improvement

Series

2016A,

5.000%,

6/01/41

6/26

at

100.00

1,229,217

2,000

Reno,

Nevada,

Subordinate

Lien

Sales

Tax

Revenue

Refunding

Bonds,

ReTrac-Reno

Transporation

Rail

Access

Corridor

Project,

Series

2018A,

5.000%,

6/01/48

12/28

at

100.00

2,043,961

250

Reno,

Nevada,

Subordinate

Lien

Sales

Tax

Revenue

Refunding

Bonds,

ReTrac-Reno

Transporation

Rail

Access

Corridor

Project,

Series

2018B,

5.000%,

6/01/33

-

AGM

Insured

12/28

at

100.00

266,167

Total

Nevada

50,020,678

New

Jersey

-

4.5%

2,500

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,

Series

2018A,

5.000%,

1/01/36

1/29

at

100.00

2,685,417

930

New

Jersey

Economic

Development

Authority,

Private

Activity

Bonds,

The

Goethals

Bridge

Replacement

Project,

Series

2013,

5.125%,

1/01/39

-

AGM

Insured,

(AMT)

5/24

at

100.00

929,994

6,000

(c)

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Refunding

Series

2016BBB,

5.500%,

6/15/31,

(Pre-

refunded

12/15/26)

12/26

at

100.00

6,352,456

5,990

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2005N-1,

5.500%,

9/01/25

-

AGM

Insured

No

Opt.

Call

6,155,032

3,380

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022BB,

4.000%,

6/15/46

12/31

at

100.00

3,191,392

9,420

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A,

0.000%,

12/15/31

No

Opt.

Call

7,093,180

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

:

30,000

0.000%,

12/15/30

-

FGIC

Insured

No

Opt.

Call

23,449,707

27,000

0.000%,

12/15/32

-

AGM

Insured

No

Opt.

Call

19,724,701

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA

:

2,750

5.250%,

6/15/32

6/25

at

100.00

2,796,688

2,150

5.250%,

6/15/34

6/25

at

100.00

2,184,176

1,220

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2020AA,

4.000%,

6/15/50

12/30

at

100.00

1,132,040

2,000

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Series

2017B,

5.000%,

1/01/40

1/28

at

100.00

2,084,799

3,760

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2017G,

4.000%,

1/01/43

1/28

at

100.00

3,666,928

1,455

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2020A,

5.000%,

11/01/41

-

BAM

Insured

11/30

at

100.00

1,538,522

2,535

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B,

5.000%,

6/01/46

6/28

at

100.00

2,560,002

Total

New

Jersey

85,545,034

25

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

New

York

-

8.2%

$

4,200

Dormitory

Authority

of

the

State

of

New

York,  State

Personal

Income

Tax

Revenue

Bonds,  General

Purpose,

Series

2021B,

4.000%,

3/15/47

3/31

at

100.00

$

4,024,543

Dormitory

Authority

of

the

State

of

New

York,

Lease

Revenue

Bonds,

State

University

Dormitory

Facilities,

Series

2017A

:

2,970

5.000%,

7/01/42

7/27

at

100.00

3,061,568

780

(c)

5.000%,

7/01/42,

(Pre-refunded

7/01/27)

7/27

at

100.00

822,303

1,950

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2018,

5.000%,

9/01/39

9/28

at

100.00

2,065,787

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2021A

:

1,000

4.000%,

9/01/39

9/31

at

100.00

1,023,014

2,100

4.000%,

9/01/41

9/31

at

100.00

2,119,015

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020C-1

:

3,100

4.750%,

11/15/45

5/30

at

100.00

3,155,925

8,325

5.000%,

11/15/50

5/30

at

100.00

8,600,547

MTA

Hudson

Rail

Yards

Trust

Obligations,

New

York,

MTA

Financing

Agreement

Payable

by

the

Metropolitan

Transportation

Authority,

Series

2016A

:

3,135

5.000%,

11/15/51

5/24

at

100.00

3,110,617

7,380

5.000%,

11/15/56

5/24

at

100.00

7,260,432

1,500

New

York

City

Industrial

Development

Agency,

New

York,

PILOT

Payment

in

Lieu

of

Taxes

Revenue

Bonds,

Queens

Baseball

Stadium

Project,

Refunding

Series

2021A,

5.000%,

1/01/29

-

AGM

Insured

No

Opt.

Call

1,607,746

4,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2019

Series

FF-2,

4.000%,

6/15/37

6/29

at

100.00

4,073,297

17,425

New

York

City

Transitional

Finance

Authority,

New

York,

Building

Aid

Revenue

Bonds,

Fiscal

2019

Subseries

S-3A,

5.000%,

7/15/37

7/28

at

100.00

18,407,422

5,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2022

Subseries

F-1,

5.000%,

2/01/51

2/32

at

100.00

5,266,186

10,000

(f)

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Series

2024F-1,

5.250%,

2/01/53,

(UB)

2/34

at

100.00

10,830,090

3,465

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2021

Series

C,

5.000%,

8/01/42

8/30

at

100.00

3,703,655

11,755

(d)

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

1

Series

2014,

5.000%,

11/15/44

11/24

at

100.00

11,650,501

3,180

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

Secured

by

Port

Authority

Consolidated

Bonds,

Refunding

Series

1WTC-2021,

4.000%,

2/15/43

-

BAM

Insured

2/30

at

100.00

3,142,628

4,000

New

York

State

Power

Authority,

General

Revenue

Bonds,

Series

2020A,

4.000%,

11/15/50

5/30

at

100.00

3,815,470

1,000

New

York

State

Thruway

Authority,

State

Personal

Income

Tax

Revenue

Bonds,

Bidding

Group

1

Series

2022A,

4.000%,

3/15/49

9/32

at

100.00

944,461

8,270

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

5.000%,

7/01/41,

(AMT)

7/24

at

100.00

8,139,982

2,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

New

Terminal

1

John

F

Kennedy

International

Airport

Project,

Green

Series

2023,

5.375%,

6/30/60,

(AMT)

6/31

at

100.00

2,089,502

Nuveen

Municipal

Value

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

26

NUV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

New

York

(continued)

$

5,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

4

John

F

Kennedy

International

Airport

Project,

Series

2022,

5.000%,

12/01/40,

(AMT)

12/32

at

100.00

$

5,227,132

New

York

Transportation

Development

Corporation,

Special

Facility

Revenue

Bonds,

Delta

Air

Lines,

Inc.

-

LaGuardia

Airport

Terminals

C&D

Redevelopment

Project,

Series

2018

:

3,250

5.000%,

1/01/34,

(AMT)

1/28

at

100.00

3,338,361

5,250

5.000%,

1/01/36,

(AMT)

1/28

at

100.00

5,371,877

4,500

Suffolk

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Senior

Series

2021A-2,

4.000%,

6/01/50

6/31

at

100.00

4,042,834

8,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Series

2017A,

5.000%,

11/15/37

5/27

at

100.00

8,347,666

3,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

Refunding

Series

2015A,

5.000%,

11/15/50

5/25

at

100.00

3,021,753

7,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Green

Bonds,

Series

2022D-2,

4.500%,

5/15/52

11/32

at

100.00

7,127,411

5,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Subseries

2021A-1,

5.000%,

5/15/51

5/31

at

100.00

5,259,034

6,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Sales

Tax

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

TBTA

Capital

Lockbox-City

Sales

Tax,

Series

2022A,

5.250%,

5/15/57

11/32

at

100.00

6,446,834

650

TSASC

Inc.,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Fiscal

2017

Series

B,

5.000%,

6/01/24

No

Opt.

Call

649,669

Total

New

York

157,747,262

North

Carolina

-

1.1%

1,520

North

Carolina

Capital

Facilities

Finance

Agency,

Revenue

Bonds,

Duke

University

Project,

Refunding

Series

2016B,

5.000%,

10/01/44

10/26

at

100.00

1,557,564

North

Carolina

Department

of

Transportation,

Private

Activity

Revenue

Bonds,

I-77

Hot

Lanes

Project,

Series

2015

:

2,155

5.000%,

12/31/37,

(AMT)

6/25

at

100.00

2,165,401

4,175

5.000%,

6/30/54,

(AMT)

6/25

at

100.00

3,925,989

2,995

North

Carolina

Turnpike

Authority,

Monroe

Expressway

Toll  Revenue

Bonds,

Series

2017A,

5.000%,

7/01/54

7/26

at

100.00

3,004,387

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Capital

Appreciation

Series

2019

:

2,000

0.000%,

1/01/41

1/30

at

71.45

942,188

1,500

0.000%,

1/01/42

1/30

at

68.97

668,056

14,500

0.000%,

1/01/49

1/30

at

54.10

4,381,100

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2017

:

1,625

5.000%,

1/01/30

1/27

at

100.00

1,675,836

1,850

5.000%,

1/01/32

1/27

at

100.00

1,907,137

Total

North

Carolina

20,227,658

North

Dakota

-

0.1%

1,840

Grand

Forks,

North

Dakota,

Health

Care

System

Revenue

Bonds,

Altru

Health

System

Obligated

Group,

Series

2017A,

5.000%,

12/01/42

12/27

at

100.00

1,826,303

Total

North

Dakota

1,826,303

Ohio

-

3.8%

4,710

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1,

4.000%,

6/01/48

6/30

at

100.00

4,200,078

27

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Ohio

(continued)

$

44,100

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2,

5.000%,

6/01/55

6/30

at

100.00

$

39,982,012

4,975

Central

Ohio

Transit

Authority,

Ohio,

General

Obligation

Bonds,

Capital

Facilities

Limited

Tax

Series

2023,

5.000%,

12/01/53

12/33

at

100.00

5,269,012

1,195

Franklin

County,

Ohio,

Hospital

Revenue

Bonds,

Nationwide

Children's

Hospital

Project,

Refunding

&

Improvement

Series

2017A,

5.000%,

11/01/32

11/27

at

100.00

1,259,771

3,485

Franklin

County,

Ohio,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2017OH,

4.000%,

12/01/46

6/27

at

100.00

3,289,104

14,500

Ohio

Air

Quality

Development

Authority,

Ohio,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Corporation

Project,

Refunding

Series

2009D,

3.375%,

8/01/29,

(Mandatory

Put

9/15/21)

No

Opt.

Call

13,653,667

4,110

Ohio

State,

Private

Activity

Bonds,

Portsmouth

Gateway

Group,

LLC

-

Borrower,

Portsmouth

Bypass

Project,

Series

2015,

5.000%,

12/31/39

-

AGM

Insured,

(AMT)

6/25

at

100.00

4,121,824

1,940

(d)

Port

of

Greater

Cincinnati

Development

Authority,

Ohio,

Public

Improvement

TOT

Revenue

Bonds,

Series

2021,

4.250%,

12/01/50

12/28

at

100.00

1,673,559

Total

Ohio

73,449,027

Oklahoma

-

1.4%

4,000

(c)

Oklahoma

City

Water

Utilities

Trust,

Oklahoma,

Water

and

Sewer

Revenue

Bonds,

Refunding

Series

2016,

5.000%,

7/01/36,

(Pre-refunded

7/01/26)

7/26

at

100.00

4,140,252

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

Integris

Baptist

Medical

Center,

Refunding

Series

2015A

:

1,590

5.000%,

8/15/27

8/25

at

100.00

1,602,960

1,250

5.000%,

8/15/29

8/25

at

100.00

1,260,009

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B

:

1,790

5.250%,

8/15/43

8/28

at

100.00

1,826,846

7,040

5.500%,

8/15/57

8/28

at

100.00

7,164,906

1,000

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Taxable

Series

2022,

5.500%,

8/15/37

8/32

at

100.00

1,030,742

10,000

Oklahoma

State

Turnpike

Authority,

Turnpike

System

Revenue

Bonds,

Second

Senior

Series

2017A,

5.000%,

1/01/42

1/26

at

100.00

10,123,018

Total

Oklahoma

27,148,733

Oregon

-

0.9%

6,585

Oregon

State

Department

of

Transportation,

Highway

User

Tax

Revenue

Bonds,

Refunding

Senior

Lien

Series

2017B,

5.000%,

11/15/28

5/27

at

100.00

6,933,198

2,000

Oregon

State,

General

Obligation

Bonds,

Article

XI-Q

State

Projects

Series

2021A,

4.000%,

5/01/40

5/31

at

100.00

2,007,346

7,500

Portland,

Oregon,

Sewer

System

Revenue

Bonds,

Second

Lien

Refunding

Series

2023A,

5.000%,

12/01/47

6/33

at

100.00

8,135,199

Total

Oregon

17,075,743

Pennsylvania

-

0.9%

3,155

Geisinger

Authority,

Montour

County,

Pennsylvania,

Health

System

Revenue

Bonds,

Geisinger

Health

System,

Series

2017A-1,

5.000%,

2/15/45

2/27

at

100.00

3,199,109

3,035

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2022B,

4.000%,

5/01/52

5/32

at

100.00

2,726,760

Nuveen

Municipal

Value

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

28

NUV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Pennsylvania

(continued)

$

2,000

Pennsylvania

State

University,

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

9/01/41

9/26

at

100.00

$

2,043,651

1,250

Pennsylvania

Turnpike

Commission,

Motor

License

Fund-Enhanced

Turnpike

Special

Revenue

Bonds,

Subordinate

Series

2014A,

4.750%,

12/01/37

12/26

at

100.00

1,278,729

3,000

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2018A-2,

5.000%,

12/01/48

12/28

at

100.00

3,102,884

1,025

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2019A,

4.000%,

12/01/49

12/29

at

100.00

962,514

2,620

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2021A,

4.000%,

12/01/50

12/30

at

100.00

2,436,764

1,350

Susquehanna

Area

Regional

Airport

Authority,

Pennsylvania,

Airport

System

Revenue

Bonds,

Series

2017,

5.000%,

1/01/38,

(AMT)

1/28

at

100.00

1,359,653

Total

Pennsylvania

17,110,064

Puerto

Rico

-

1.8%

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

:

10,046

0.000%,

7/01/33

7/28

at

86.06

6,944,491

5,985

4.500%,

7/01/34

7/25

at

100.00

6,008,258

5,125

5.000%,

7/01/58

7/28

at

100.00

5,125,604

5,320

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

Cofina

Project

Series

2019A-2A,

4.550%,

7/01/40

7/28

at

100.00

5,327,699

12,119

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.329%,

7/01/40

7/28

at

100.00

11,868,514

Total

Puerto

Rico

35,274,566

South

Carolina

-

2.4%

Patriots

Energy

Group,

South

Carolina,

Gas

System

Revenue

Bonds,

Improvement

and

Refunding

Series

2021A

:

3,750

4.000%,

6/01/46

6/31

at

100.00

3,400,926

1,500

4.000%,

6/01/51

6/31

at

100.00

1,317,232

Piedmont

Municipal

Power

Agency,

South

Carolina,

Electric

Revenue

Bonds,

Series

2004A-2

:

12,760

0.000%,

1/01/28

-

AGC

Insured

No

Opt.

Call

11,004,790

9,535

0.000%,

1/01/29

-

AGC

Insured

No

Opt.

Call

7,911,051

4,000

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

&

Improvement

Series

2020A,

4.000%,

12/01/39

12/30

at

100.00

3,932,316

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2016B

:

5,500

5.000%,

12/01/46

12/26

at

100.00

5,538,382

8,000

5.000%,

12/01/56

12/26

at

100.00

8,004,945

1,500

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Refunding

Series

2022A,

5.000%,

12/01/55

6/32

at

100.00

1,518,591

3,455

South

Carolina

Public

Service

Authority,

Santee

Cooper

Revenue

Obligations,

Series

2014A,

5.500%,

12/01/54

6/24

at

100.00

3,454,783

Total

South

Carolina

46,083,016

South

Dakota

-

0.1%

2,630

Baltic

School

District

No.

49-1,

South

Dakota,

General

Obligation

Bonds,

Series

2022,

5.250%,

12/01/47

-

AGM

Insured

12/31

at

100.00

2,802,130

Total

South

Dakota

2,802,130

29

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Tennessee

-

1.3%

$

760

Hallsdale-Powell

Utility

District,

Knox

County,

Tennessee,

Water

and

Sewer

Revenue

Bonds,

Refunding

&

Improvement

Series

2022A,

4.000%,

4/01/37

4/31

at

100.00

$

778,643

Loudon,

Tennessee,

Water

and

Sewer

Revenue

Bonds,

Series

2023

:

1,000

5.000%,

3/01/40

3/33

at

100.00

1,090,100

1,000

5.000%,

3/01/41

3/33

at

100.00

1,085,478

1,495

5.000%,

3/01/42

3/33

at

100.00

1,616,556

4,250

4.375%,

3/01/48

3/33

at

100.00

4,064,480

2,260

Metropolitan

Government

of

Nashville-Davidson

County,

Tennessee,

Water

and

Sewerage

Revenue

Bonds,

Green

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

2,337,839

2,000

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Improvement

Revenue

Bonds,

Series

2022A,

5.250%,

7/01/47

7/32

at

100.00

2,167,649

1,375

New

Memphis

Arena

Public

Building

Authority,

Memphis

and

Shelby

County,

Tennessee,

Local

Government

Public

Improvement

Bonds,

Capital

Appreciation

Series

2021,

0.000%,

4/01/40

4/31

at

81.47

637,466

3,000

Tennessee

State

School

Bond

Authority,

Higher

Educational

Facilities

Second

Program

Bonds,

Series

2017A,

5.000%,

11/01/42

11/27

at

100.00

3,086,429

5,000

Tennessee

State,

General

Obligation

Bonds,

Series

2023A,

5.000%,

5/01/40

5/33

at

100.00

5,599,498

3,240

West

Wilson

Utility

District,

Wilson

County,

Tennessee,

Water

Revenue

Bonds,

Improvement

Series

2022,

4.000%,

6/01/52

6/32

at

100.00

3,091,200

Total

Tennessee

25,555,338

Texas

-

13.4%

240

Baytown

Municipal

Development

District,

Texas,

Hotel

Revenue

Bonds,

Baytown

Convention

Center

Hotel,

First-Lien

Series

2021A,

4.000%,

10/01/50

10/31

at

100.00

150,759

14,355

(f)

Bexar

County

Hospital

District,

Texas,

Certificates

of

Obligation,

Series

2018,

4.000%,

2/15/43,

(UB)

2/27

at

100.00

13,767,552

4,750

Bexar

County

Hospital

District,

Texas,

Certificates

of

Obligation,

Series

2023,

5.000%,

2/15/48

8/32

at

100.00

5,006,189

710

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien

Series

2020A,

5.000%,

1/01/39

1/30

at

100.00

749,743

240

(c)

Decatur

Hospital

Authority,

Texas,

Revenue

Bonds,

Wise

Regional

Health

System,

Series

2014A,

5.250%,

9/01/44,

(Pre-refunded

9/01/24)

9/24

at

100.00

240,827

5,000

El

Paso

County

Hospital

District,

Texas,

General

Obligtion

Bonds,

Certificates

of

Obligation

Series

2013,

5.000%,

8/15/39

5/24

at

100.00

4,947,869

Fort

Bend

County

Municipal

Utility

District

50,

Texas,

General

Obligation

Bonds,

Series

2018A

:

2,600

4.000%,

9/01/46

-

AGM

Insured

5/24

at

100.00

2,280,332

5,500

4.000%,

9/01/48

-

AGM

Insured

5/24

at

100.00

4,736,436

2,845

Harris

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Houston

Methodist

Hospital

System,

Series

2015,

4.000%,

12/01/45

6/25

at

100.00

2,634,523

7,295

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Capital

Appreciation

Refunding

Senior

Lien

Series

2014A,

0.000%,

11/15/50

-

AGM

Insured

11/31

at

39.79

1,896,696

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Junior

Lien

Series

2001H

:

11,055

0.000%,

11/15/27

No

Opt.

Call

9,542,001

845

(c)

0.000%,

11/15/27,

(ETM)

No

Opt.

Call

737,864

Nuveen

Municipal

Value

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

30

NUV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Texas

(continued)

$

1,565

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Refunding

Second

Lien

Series

2014C,

5.000%,

11/15/31

11/24

at

100.00

$

1,570,488

14,905

Harris

County-Houston

Sports

Authority,

Texas,

Revenue

Bonds,

Third

Lien

Series

2004A-3,

0.000%,

11/15/33

-

NPFG

Insured

11/24

at

59.10

8,592,068

1,000

Hidalgo

County

Regional

Mobility

Authority,

Texas,

Toll

and

Vehicle

Registration

Fee

Revenue

Bonds,

Senior

Lien

Series

2022A,

4.000%,

12/01/40

12/31

at

100.00

946,297

Houston,

Texas,

Airport

System

Revenue

Bonds,

Refunding

&

Subordinate

Lien

Series

2018B

:

1,590

5.000%,

7/01/43

7/28

at

100.00

1,652,693

2,290

5.000%,

7/01/48

7/28

at

100.00

2,361,797

Houston,

Texas,

Hotel

Occupancy

Tax

and

Special

Revenue

Bonds,

Convention

and

Entertainment

Project,

Series

2001B

:

24,755

0.000%,

9/01/29

-

AMBAC

Insured

No

Opt.

Call

20,183,274

12,940

0.000%,

9/01/30

-

AMBAC

Insured

No

Opt.

Call

10,140,984

10,000

0.000%,

9/01/31

-

AMBAC

Insured

No

Opt.

Call

7,514,326

19,500

0.000%,

9/01/32

-

AMBAC

Insured

No

Opt.

Call

14,027,586

5,120

Leander

Independent

School

District,

Williamson

and

Travis

Counties,

Texas,

General

Obligation

Bonds,

Refunding

Series

2015A,

5.000%,

8/15/39

8/25

at

100.00

5,175,770

4,510

Leander

Independent

School

District,

Williamson

and

Travis

Counties,

Texas,

General

Obligation

Bonds,

Refunding

Series

2016A,

5.000%,

8/15/49

8/26

at

100.00

4,600,664

1,705

Love

Field

Airport

Modernization

Corporation,

Texas,

Special

Facilities

Revenue

Bonds,

Southwest

Airlines

Company

-

Love

Field

Modernization

Program

Project,

Series

2012,

5.000%,

11/01/28,

(AMT)

5/24

at

100.00

1,704,926

3,570

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2021A,

5.000%,

5/15/51

5/31

at

100.00

3,732,777

Lubbock,

Texas,

Electric

Light

and

Power

System

Revenue

Bonds,

Series

2018

:

2,170

5.000%,

4/15/40

4/28

at

100.00

2,248,115

3,930

5.000%,

4/15/43

4/28

at

100.00

4,046,259

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier

Capital

Appreciation

Series

2008I

:

30,000

(c)

6.200%,

1/01/42,

(Pre-refunded

1/01/25)

-

AGC

Insured

1/25

at

100.00

30,509,985

5,220

(c)

6.500%,

1/01/43,

(Pre-refunded

1/01/25)

1/25

at

100.00

5,317,176

15,450

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier,

Series

2008D,

0.000%,

1/01/36

-

AGC

Insured

No

Opt.

Call

9,762,546

5,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier,

Series

2017A,

4.000%,

1/01/43

1/28

at

100.00

4,901,627

8,000

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

Second

Tier

Series

2017B,

5.000%,

1/01/43

1/27

at

100.00

8,148,719

9,100

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

Second

Tier,

Series

2015A,

5.000%,

1/01/32

1/25

at

100.00

9,168,153

3,855

Pasadena

Economic

Development

Corporation,

Harris

County,

Texas,

Sales

Tax

Revenue

Bonds,

Series

2023,

5.000%,

8/15/53

-

BAM

Insured

8/33

at

100.00

4,022,808

1,750

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Texas

Health

Resources

System,

Series

2016A,

5.000%,

2/15/41

8/26

at

100.00

1,780,626

5,000

Temple,

Texas,

General

Obligation

Bonds,

Combination

Tax

and

Revenue

Series

2022B,

4.000%,

8/01/47

8/31

at

100.00

4,764,306

31

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Texas

(continued)

$

3,120

Texas

Municipal

Gas

Acquisition

and

Supply

Corporation

I,

Gas

Supply

Revenue

Bonds,

Senior

Lien

Series

2008D,

6.250%,

12/15/26

No

Opt.

Call

$

3,218,567

5,400

Texas

Private

Activity

Bond

Surface

Transporation

Corporation,

Revenue

Bonds,

NTE

Mobility

Partners

LLC

North

Tarrant

Express

Managed

Lanes

Project,

Refunding

Senior

Lien

Series

2019A,

5.000%,

12/31/35

12/29

at

100.00

5,748,477

3,000

Texas

Transportation

Commission,

Central

Texas

Turnpike

System

Revenue

Bonds,

Refunding

First

Tier

Series

2015B,

5.000%,

8/15/37

8/24

at

100.00

3,007,210

1,750

Texas

Transportation

Commission,

Central

Texas

Turnpike

System

Revenue

Bonds,

Refunding

Second

Tier

Series

2015C,

5.000%,

8/15/33

8/24

at

100.00

1,754,484

5,500

Texas

Turnpike

Authority,

Central

Texas

Turnpike

System

Revenue

Bonds,

First

Tier

Series

2002A,

0.000%,

8/15/25

-

AMBAC

Insured

No

Opt.

Call

5,223,078

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2017A

:

12,500

(f)

4.000%,

10/15/42,

(UB)

10/27

at

100.00

12,323,839

1,500

5.000%,

10/15/42

10/27

at

100.00

1,554,019

5,000

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2018B,

5.000%,

10/15/38

10/28

at

100.00

5,295,747

5,500

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2023A,

5.000%,

10/15/58

10/33

at

100.00

5,821,572

Total

Texas

257,511,754

Utah

-

1.3%

5,345

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017B,

5.000%,

7/01/42

7/27

at

100.00

5,495,370

3,500

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2018B,

5.000%,

7/01/43

7/28

at

100.00

3,646,192

9,550

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2023A,

5.250%,

7/01/48,

(AMT)

7/33

at

100.00

10,118,874

Salt

Lake

County,

Utah,

Sales

Tax

Revenue

Bonds,

TRCC

Series

2017

:

695

5.000%,

2/01/36

2/27

at

100.00

720,125

1,150

5.000%,

2/01/37

2/27

at

100.00

1,187,011

Utah

Associated

Municipal

Power

Systems,

Revenue

Bonds,

Horse

Butte

Wind

Project,

Refunding

Series

2017A

:

1,250

5.000%,

9/01/29

3/28

at

100.00

1,331,048

1,000

5.000%,

9/01/30

3/28

at

100.00

1,064,454

1,250

5.000%,

9/01/31

3/28

at

100.00

1,327,825

660

5.000%,

9/01/32

3/28

at

100.00

699,707

Total

Utah

25,590,606

Virginia

-

0.6%

1,805

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016,

5.000%,

7/01/51

7/26

at

100.00

1,807,352

4,355

Tobacco

Settlement

Financing

Corporation

of

Virginia,

Tobacco

Settlement

Asset

Backed

Bonds,

Series

2007B1,

5.000%,

6/01/47

5/24

at

100.00

4,018,607

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

66

P3

Project,

Senior

Lien

Series

2017

:

2,000

5.000%,

12/31/47,

(AMT)

6/27

at

100.00

2,014,388

4,100

5.000%,

12/31/49,

(AMT)

6/27

at

100.00

4,121,134

Total

Virginia

11,961,481

Washington

-

4.3%

8,825

Central

Puget

Sound

Regional

Transit

Authority,

Washington,

Sales

Tax

and

Motor

Vehicle

Excise

Tax

Bonds,

Refunding

&

Improvement,

Green

Series

2021S-1,

4.000%,

11/01/46

11/31

at

100.00

8,506,120

Nuveen

Municipal

Value

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

32

NUV

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Washington

(continued)

$

2,235

Pierce

County

School

District

10,

Tacoma,

Washington,

General

Obligation

Bonds,

Series

2020B,

4.000%,

12/01/43

12/30

at

100.00

$

2,172,296

Port

of

Seattle,

Washington,

Revenue

Bonds,

Refunding

Intermediate

Lien

Series

2016

:

1,930

5.000%,

2/01/29

2/26

at

100.00

1,974,243

1,000

5.000%,

2/01/30

2/26

at

100.00

1,022,583

5,000

Snohomish

County

Public

Utility

District

1,

Washington,

Electric

System

Revenue

Bonds,

Series

2021A,

5.000%,

12/01/51

12/31

at

100.00

5,279,087

Spokane

Public

Facilities

District,

Washington,

Hotel,

Motel,

and

Sales

Use

Tax

Revenue

Bonds,

Series

2017

:

1,175

5.000%,

12/01/38

6/27

at

100.00

1,188,780

5,000

5.000%,

12/01/41

6/27

at

100.00

5,078,732

1,390

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

4.000%,

8/01/44

8/29

at

100.00

1,306,346

12,000

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Refunding

Series

2012A,

5.000%,

10/01/33

5/24

at

100.00

11,944,842

1,310

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Virginia

Mason

Medical

Center,

Series

2017,

5.000%,

8/15/30

8/27

at

100.00

1,342,272

6,030

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Refunding

Series2021B.

Exchange

Purchase,

4.000%,

7/01/37

7/31

at

100.00

5,833,816

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Refunding

Subordinate

Series

2021B.  Exchange

Purchase

:

4,615

4.000%,

7/01/43

7/31

at

100.00

4,257,937

7,830

3.000%,

7/01/48

7/31

at

100.00

5,699,953

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Series

2018

:

3,240

4.000%,

7/01/58

7/28

at

100.00

2,771,696

3,000

5.000%,

7/01/58

7/28

at

100.00

3,042,269

Washington

State,

Motor

Vehicle

Fuel

Tax

General

Obligation

Bonds,

Series

2002-03C

:

9,100

0.000%,

6/01/29

-

NPFG

Insured

No

Opt.

Call

7,672,147

16,195

0.000%,

6/01/30

-

NPFG

Insured

No

Opt.

Call

13,194,368

Total

Washington

82,287,487

West

Virginia

-

0.7%

1,830

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Cabell

Huntington

Hospital,

Inc.

Project,

Refunding

&

Improvement

Series

2018A,

5.000%,

1/01/34

1/29

at

100.00

1,830,426

2,750

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Charleston

Area

Medical

Center,

Refunding

&

Improvement

Series

2019A,

5.000%,

9/01/38

9/29

at

100.00

2,788,766

3,570

West

Virginia

Parkways

Authority,

Turnpike

Toll

Revenue

Bonds,

Senior

Lien

Series

2018,

5.000%,

6/01/43

6/28

at

100.00

3,711,857

4,135

West

Virginia

Parkways

Authority,

Turnpike

Toll

Revenue

Bonds,

Senior

Lien

Series

2021,

5.000%,

6/01/47

6/31

at

100.00

4,372,538

Total

West

Virginia

12,703,587

Wisconsin

-

0.4%

4,410

Wisconsin

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Mercy

Alliance,

Inc.,

Series

2012,

5.000%,

6/01/39

5/24

at

100.00

4,411,008

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Ascension

Health

Alliance

Senior

Credit

Group,

Series

2016A

:

33

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Wisconsin

(continued)

$

2,870

4.000%,

11/15/46

5/26

at

100.00

$

2,701,814

935

(c)

4.000%,

11/15/46,

(Pre-refunded

5/15/26)

5/26

at

100.00

945,315

Total

Wisconsin

8,058,137

Total

Municipal

Bonds

(cost

$1,871,866,231)

1,898,647,046

Total

Long-Term

Investments

(cost

$1,871,866,231)

1,898,647,046

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

1.4% 

X

–

MUNICIPAL

BONDS

-

1

.4

%

X

26,465,000

New

York

-

1.4%

$

18,000

(g)

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

3.300%,

8/01/45,

(Mandatory

Put

4/30/2024)

5/24

at

100.00

$

18,000,000

8,465

(g)

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2021

Series

2,

3.900%,

4/01/42,

(Mandatory

Put

4/8/2024)

4/24

at

100.00

8,465,000

Total

New

York

26,465,000

Total

Municipal

Bonds

(cost

$26,465,000)

26,465,000

Total

Short-Term

Investments

(cost

$26,465,000)

26,465,000

Total

Investments

(cost

$

1,898,331,231

)

-

100

.5

%

1,925,112,046

Floating

Rate

Obligations

-

(1.5)%

(

29,480,000

)

Other

Assets

&

Liabilities,

Net

-   1.0%

20,037,169

Net

Assets

Applicable

to

Common

Shares

-

100%

$

1,915,669,215

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(d)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$39,383,934

or

2.0%

of

Total

Investments.

(e)

Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

reporting

period.

(f)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(g)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

34

Nuveen

AMT-Free

Municipal

Value

Fund

Portfolio

of

Investments

April

30,

2024

(Unaudited)

NUW

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

97.7% 

X

–

MUNICIPAL

BONDS

-

97.4%

X

264,313,931

Alaska

-

0.3%

$

800

Northern

Tobacco

Securitization

Corporation,

Alaska,

Tobacco

Settlement

Asset-Backed

Bonds,

Senior

Series

2021A

Class

1,

5.000%,

6/01/31

No

Opt.

Call

$

874,135

Total

Alaska

874,135

Arizona

-

1.2%

3,045

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007,

5.000%,

12/01/37

No

Opt.

Call

3,238,689

Total

Arizona

3,238,689

California

-

11.2%

1,730

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C,

0.000%,

9/01/30

-

AGM

Insured

No

Opt.

Call

1,408,392

45

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Los

Angeles

County

Securitization

Corporation,

Series

2020A,

4.000%,

6/01/49

6/30

at

100.00

42,674

340

(c)

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

San

Diego

County

Water

Authoriity

Desalination

Project

Pipeline,

Refunding

Series

2019,

5.000%,

7/01/39

1/29

at

100.00

351,248

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Private

Activity/Non

AMT

Refunding

Subordinate

Series

2019C

:

1,280

(d)

5.000%,

5/15/30,

(Pre-refunded

5/15/29)

5/29

at

100.00

1,408,789

760

5.000%,

5/15/30

5/29

at

100.00

842,591

450

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009A,

6.500%,

11/01/39

No

Opt.

Call

561,838

10,200

Palomar

Pomerado

Health,

California,

General

Obligation

Bonds,

Series

2009A,

7.000%,

8/01/38

-

AGC

Insured

8/29

at

100.00

11,598,360

1,030

Poway

Unified

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

School

Facilities

Improvement

District

2007-1,

Series

2011A,

0.000%,

8/01/35

No

Opt.

Call

692,918

2,470

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Governmental

Purpose

Second

Series

2017B,

5.000%,

5/01/47

5/27

at

100.00

2,541,657

12,955

San

Ysidro

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

1997

Election

Series

2012G,

0.000%,

8/01/35

-

AGM

Insured

No

Opt.

Call

8,368,631

5,185

San

Ysidro

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Refunding

Series

2015,

0.000%,

8/01/44

8/25

at

36.88

1,860,720

115

Vernon,

California,

Electric

System

Revenue

Bonds,

Series

2021A,

5.000%,

4/01/28

No

Opt.

Call

120,233

700

Victor

Elementary

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

Series

2002A,

0.000%,

8/01/24

-

FGIC

Insured

No

Opt.

Call

693,767

Total

California

30,491,818

35

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Colorado

-

4.1%

Denver

Convention

Center

Hotel

Authority,

Colorado,

Revenue

Bonds,

Convention

Center

Hotel,

Refunding

Senior

Lien

Series

2016

:

$

1,000

5.000%,

12/01/30

12/26

at

100.00

$

1,022,618

1,500

5.000%,

12/01/36

12/26

at

100.00

1,522,825

Denver

Health

and

Hospitals

Authority,

Colorado,

Healthcare

Revenue

Bonds,

Series

2019A

:

1,750

4.000%,

12/01/38

12/29

at

100.00

1,584,471

2,000

4.000%,

12/01/39

12/29

at

100.00

1,779,594

5,885

E-470

Public

Highway

Authority,

Colorado,

Toll

Revenue

Bonds,

Series

2004A,

0.000%,

9/01/34

-

NPFG

Insured

No

Opt.

Call

3,983,419

1,000

Public

Authority

for

Colorado

Energy,

Natural

Gas

Purchase

Revenue

Bonds,  Colorado

Springs

Utilities,

Series

2008,

6.500%,

11/15/38

No

Opt.

Call

1,207,750

Total

Colorado

11,100,677

District

of

Columbia

-

0.9%

1,735

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B,

5.000%,

10/01/47

10/29

at

100.00

1,774,211

725

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Dedicated

Revenue

Bonds,

Series

2020A,

5.000%,

7/15/45

7/30

at

100.00

764,112

Total

District

of

Columbia

2,538,323

Florida

-

3.7%

1,655

Fort

Myers,

Florida,

Utility

System

Revenue

Bonds,

Refunding

Series

2019A,

4.000%,

10/01/49

10/28

at

100.00

1,555,646

500

Gainesville,

Florida,

Utilities

System

Revenue

Bonds,

Series

2017A,

5.000%,

10/01/36

10/27

at

100.00

524,100

1,000

JEA,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Series

2020A,

5.000%,

10/01/34

4/30

at

100.00

1,107,035

1,605

Lakeland,

Florida,

Hospital

System

Revenue

Bonds,

Lakeland

Regional

Health,

Series

2015,

5.000%,

11/15/45

11/24

at

100.00

1,610,276

535

Miami

Beach

Redevelopment

Agency,

Florida,

Tax

Increment

Revenue

Bonds,

City

Center/Historic

Convention

Village,

Series

2015A,

5.000%,

2/01/44

-

AGM

Insured

5/24

at

100.00

534,973

3,350

Miami-Dade

County,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

10/01/32

10/25

at

100.00

3,400,571

510

Putnam

County

Development

Authority,

Florida,

Pollution

Control

Revenue

Bonds,

Seminole

Electric

Cooperatice,

Inc.

Project,

Refunding

Series

2018B,

5.000%,

3/15/42

5/28

at

100.00

523,825

805

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-2,

6.610%,

5/01/40

5/24

at

100.00

780,351

880

(e)

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-3,

6.610%,

5/01/40

5/24

at

100.00

9

Total

Florida

10,036,786

Georgia

-

2.5%

2,000

Gainesville

and

Hall

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Northeast

Georgia

Health

Services

Inc.,

Series

2017B,

5.250%,

2/15/45

2/27

at

100.00

2,055,166

1,470

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Series

2019A,

5.000%,

1/01/49

-

BAM

Insured

7/28

at

100.00

1,489,626

Municipal

Electric

Authority

of

Georgia,

Project

One

Revenue

Bonds,

Subordinate

Lien

Series

2015A

:

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

36

NUW

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Georgia

(continued)

$

1,790

0.000%,

1/01/32

No

Opt.

Call

$

1,302,259

2,000

5.000%,

1/01/35

1/25

at

100.00

2,011,391

Total

Georgia

6,858,442

Illinois

-

9.8%

2,000

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2016,

6.000%,

4/01/46

4/27

at

100.00

2,080,976

2,000

Cook

County,

Illinois,

Sales

Tax

Revenue

Bonds,

Series

2017,

5.000%,

11/15/38

11/27

at

100.00

2,070,458

1,800

Evanston,

Cook

County,

Illinois,

General

Obligation

Bonds,

Corporate

Purpose

Series

2019A,

5.000%,

12/01/43

12/29

at

100.00

1,874,938

7,500

Illinois

Finance

Authority,

Revenue

Bonds,

University

of

Chicago,

Series

2023A,

5.250%,

5/15/54

5/33

at

100.00

8,004,138

Illinois

Finance

Authority,

State

of

Illinois

Clean

Water

Initiative

Revolving

Fund

Revenue

Bonds,

Series

2017

:

3,125

5.000%,

7/01/37

1/27

at

100.00

3,228,104

375

(d)

5.000%,

7/01/37,

(Pre-refunded

1/01/27)

1/27

at

100.00

390,427

1,500

Illinois

State,

General

Obligation

Bonds,

November

Series

2017D,

5.000%,

11/01/27

No

Opt.

Call

1,569,433

525

Illinois

State,

General

Obligation

Bonds,

October

Series

2016,

5.000%,

2/01/27

No

Opt.

Call

543,121

495

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Refunding

Series

2020A,

4.000%,

6/15/50

12/29

at

100.00

439,661

11,420

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A,

0.000%,

12/15/37

-

NPFG

Insured

No

Opt.

Call

6,365,289

Total

Illinois

26,566,545

Indiana

-

0.5%

1,500

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Series

1999E,

0.000%,

2/01/25

-

AMBAC

Insured

No

Opt.

Call

1,454,424

Total

Indiana

1,454,424

Kentucky

-

3.4%

1,150

Kenton

County

Airport

Board,

Kentucky,

Airport

Revenue

Bonds,

Cincinnati/Northern

Kentucky

International

Airport,

Refunding

Series

2016,

5.000%,

1/01/29

1/26

at

100.00

1,176,776

1,000

Kentucky

Bond

Development

Corporation,

Transient

Room

Tax

Revenue

Bonds,

Lexington

Center

Corporation

Project,

Series

2018A,

5.000%,

9/01/43

9/28

at

100.00

1,025,386

1,185

Kentucky

Economic

Development

Finance

Authority,

Louisville

Arena

Project

Revenue

Bonds,

Louisville

Arena

Authority,

Inc.,

Series

2017A,

5.000%,

12/01/47

-

AGM

Insured

5/24

at

100.00

1,169,787

1,000

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

5.000%,

8/01/32

8/29

at

100.00

1,073,257

3,750

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

Next

Generation

Kentucky

Information

Highway

Project,

Senior

Series

2015A,

5.000%,

1/01/45

7/25

at

100.00

3,712,962

1,080

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

Refunding

First

Tier

Series

2021B,

4.000%,

7/01/53

-

AGM

Insured

7/31

at

100.00

963,122

Total

Kentucky

9,121,290

37

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Maine

-

0.9%

$

2,425

University

of

Maine,

System

Revenue

Bonds,

Series

2022,

5.000%,

3/01/47

3/32

at

100.00

$

2,526,116

Total

Maine

2,526,116

Maryland

-

3.1%

3,420

Baltimore,

Maryland,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

9/01/33

9/27

at

100.00

3,434,232

5,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

MedStar

Health

Issue,

Series

2017A,

5.000%,

5/15/45

5/27

at

100.00

5,084,438

Total

Maryland

8,518,670

Michigan

-

1.5%

1,000

Michigan

Finance

Authority,

Distributable

State

Aid

Revenue

Bonds,

Charter

County

of

Wayne

Criminal

Justice

Center

Project,

Senior

Lien

Series

2018,

5.000%,

11/01/43

11/28

at

100.00

1,036,106

2,500

Michigan

Finance

Authority,

Distributable

State

Aid

Revenue

Bonds,

Charter

County

of

Wayne,

Second

Lien

Refunding

Series

2020,

4.000%,

11/01/55

-

BAM

Insured

11/30

at

100.00

2,265,596

850

Michigan

Finance

Authority,

Tobacco

Settlement

Asset-

Backed

Bonds,

2007

Sold

Tobacco

Receipts,

Series

2020B-1-CL2,

5.000%,

6/01/49

12/30

at

100.00

867,633

Total

Michigan

4,169,335

Minnesota

-

1.1%

1,145

Rochester,

Minnesota,

Electric

Utility

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

12/01/47

12/26

at

100.00

1,155,919

700

Southern

Minnesota

Municipal

Power

Agency,

Badger

Coulee

Project

Revenue

Bonds,

Series

2019A,

5.000%,

1/01/32

1/30

at

100.00

774,758

1,000

University

of

Minnesota,

General

Obligation

Bonds,

Series

2017A,

5.000%,

9/01/36

9/27

at

100.00

1,046,193

Total

Minnesota

2,976,870

Montana

-

0.4%

Montana

Facility

Finance

Authority,

Montana,

Health

Facilities

Reveue

Bonds,

Bozeman

Deaconess

Health

Services

Obligated

Group,

Series

2021A

:

500

5.000%,

6/01/31

No

Opt.

Call

535,157

640

4.000%,

6/01/38

6/31

at

100.00

626,614

Total

Montana

1,161,771

Nevada

-

5.3%

3,000

Clark

County,

Nevada,

General

Obligation

Bonds,

Transportation

Improvement,

Limited

Tax,

Additionally

Secured

by

Pledged

Revenue

Series

2018B,

5.000%,

12/01/33

12/28

at

100.00

3,220,615

4,000

Las

Vegas

Convention

and

Visitors

Authority,

Nevada,

Revenue

Bonds,

Series

2018C,

5.250%,

7/01/43

7/28

at

100.00

4,200,944

Las

Vegas

Convention

and

Visitors

Authority,

Nevada,

Revenue

Bonds,

Series

2019B

:

3,015

5.000%,

7/01/36

7/29

at

100.00

3,232,517

1,665

5.000%,

7/01/37

7/29

at

100.00

1,774,843

2,000

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Refunding

Series

2015,

5.000%,

6/01/39

12/24

at

100.00

2,008,080

50

(c)

Sparks,

Nevada,

Sales

Tax

Revenue

Bonds,

Tourism

Improvement

District

1

Legends

at

Sparks

Marina,

Refunding

Senior

Series

2019A,

2.750%,

6/15/28

No

Opt.

Call

47,649

Total

Nevada

14,484,648

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

38

NUW

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

New

Jersey

-

6.6%

$

80

Cumberland

County

Improvement

Authority,

New

Jersey,

Guaranteed

Lease

Revenue

Bonds,

County

Correctional

Facility

Project,

Series

2018,

4.000%,

10/01/43

-

BAM

Insured

10/28

at

100.00

$

78,002

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,

Series

2018A

:

175

5.000%,

1/01/37

1/29

at

100.00

187,335

125

5.000%,

1/01/38

1/29

at

100.00

133,574

245

Garden

State

Preservation

Trust,

New

Jersey,

Open

Space

and

Farmland

Preservation

Bonds,

Series

2005A,

5.750%,

11/01/28

-

AGM

Insured

No

Opt.

Call

259,055

Harrison,

New

Jersey,

General

Obligation

Bonds,

Parking

Utility

Series

2018

:

35

3.125%,

3/01/31

-

BAM

Insured

3/28

at

100.00

34,154

30

3.250%,

3/01/32

-

BAM

Insured

3/28

at

100.00

29,332

50

3.500%,

3/01/36

-

BAM

Insured

3/28

at

100.00

48,710

150

Hudson

County

Improvement

Authority,

New

Jersey,

County

Secured

Lease

Revenue

Bonds,

Hudson

County

Vocational

Technical

Schools

Project,

Series

2016,

5.250%,

5/01/51

5/26

at

100.00

153,153

100

Jersey

City,

New

Jersey,

General

Obligation

Bonds,

Refunding

General

Improvement

Series

2017A,

5.000%,

11/01/29

11/27

at

100.00

106,336

100

(e)

Middlesex

County

Improvement

Authority,

New

Jersey,

Senior

Revenue

Bonds,

Heldrich

Center

Hotel/Conference

Center

Project,

Series

2005A,

5.000%,

1/01/32

5/24

at

100.00

71,000

20

Montclair

Township,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

Parking

Utility

Series

2014A,

5.000%,

1/01/37

5/24

at

100.00

20,013

100

Montclair

Township,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

School

Series

2017B,

4.000%,

3/01/25

No

Opt.

Call

100,477

300

New

Brunswick

Parking

Authority,

Middlesex

County,

New

Jersey,

Guaranteed

Parking

Revenue

Bonds,

Refunding

Series

2016A,

5.000%,

9/01/32

-

BAM

Insured

9/26

at

100.00

309,249

25

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Foundation

Academy

Charter

School,

Series

2018A,

5.000%,

7/01/38

1/28

at

100.00

25,053

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

North

Star

Academy

Charter

School

of

Newark,

Series

2017

:

220

4.000%,

7/15/37

7/27

at

100.00

209,531

25

5.000%,

7/15/47

7/27

at

100.00

25,010

100

(c)

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Teaneck

Community

Charter

School,

Series

2017A,

5.125%,

9/01/52

9/27

at

100.00

95,190

35

New

Jersey

Economic

Development

Authority,

Fixed

Rate

Revenue

Bonds,

Lions

Gate

Project,

Series

2014,

5.250%,

1/01/44

5/24

at

100.00

32,640

100

New

Jersey

Economic

Development

Authority,

Lease

Revenue

Bonds,

State

House

Project,

Series

2017B,

4.500%,

6/15/40

12/28

at

100.00

100,954

215

New

Jersey

Economic

Development

Authority,

Natural

Gas

Facilities

Revenue

Bonds,

New

Jersey

Natural

Gas

Company

Project,

Refunding

Series

2011A,

2.750%,

8/01/39

8/24

at

100.00

171,495

125

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Motor

Vehicle

Surcharge,

Refunding

Subordinate

Series

2017A,

3.375%,

7/01/30

7/27

at

100.00

119,062

55

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Kean

Properties

LLC

-

Kean

University

Student

Housing

Project,

Series

2017A,

5.000%,

7/01/47

1/27

at

100.00

51,900

39

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

New

Jersey

(continued)

$

100

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Rowan

Properties

LLC

-

Rowan

University

Student

Housing

Project,

Series

2015A,

5.000%,

1/01/48

1/25

at

100.00

$

93,169

115

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2015,

5.000%,

3/01/25

No

Opt.

Call

116,104

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2017

:

20

3.000%,

6/01/32

12/27

at

100.00

19,024

15

5.000%,

6/01/32

12/27

at

100.00

15,630

40

(d)

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

United

Methodist

Homes

of

New

Jersey

Obligated

Group

Issue,

Refunding

Series

2014A,

5.000%,

7/01/29,

(Pre-refunded

7/01/24)

7/24

at

100.00

40,032

155

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

West

Campus

Housing

LLC

-

New

Jersey

City

University

Student

Housing

Project,

Series

2015,

5.000%,

7/01/47

7/25

at

100.00

129,615

100

(c),(e)

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

White

Horse

HMT

Urban

Renewal

LLC

Project,

Series

2020,

5.000%,

1/01/40

1/28

at

102.00

68,306

935

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2005N-1,

5.500%,

9/01/27

-

NPFG

Insured

No

Opt.

Call

996,068

145

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

College

of

New

Jersey,

Refunding

Series

2016F,

3.000%,

7/01/40

7/26

at

100.00

118,692

100

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Kean

University,

Refunding

Series

2015H,

4.000%,

7/01/39

-

AGM

Insured

7/25

at

100.00

97,838

50

(d)

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Montclair

State

University,

Series

2014A,

5.000%,

7/01/44,

(Pre-refunded

7/01/24)

7/24

at

100.00

50,081

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Rider

University,

Series   2017F

:

5

3.750%,

7/01/37

7/27

at

100.00

3,837

100

4.000%,

7/01/42

7/27

at

100.00

72,287

100

5.000%,

7/01/47

7/27

at

100.00

77,130

75

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2013D,

5.000%,

7/01/38

5/24

at

100.00

75,032

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2016C

:

435

3.000%,

7/01/41

7/26

at

100.00

330,566

50

3.000%,

7/01/46

7/26

at

100.00

35,322

25

4.000%,

7/01/46

7/26

at

100.00

21,468

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology,

Series

2017A

:

200

4.000%,

7/01/47

7/27

at

100.00

177,924

30

5.000%,

7/01/47

7/27

at

100.00

30,222

80

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Refunding

Series

2016,

4.000%,

7/01/41

1/27

at

100.00

77,982

230

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Barnabas

Health,

Refunding

Series

2014A,

5.000%,

7/01/44

7/24

at

100.00

230,139

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hackensack

Meridian

Health

Obligated

Group,

Refunding

Series

2017A

:

150

5.000%,

7/01/28

7/27

at

100.00

156,941

150

5.000%,

7/01/57

7/27

at

100.00

151,552

110

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hunterdon

Medical

Center,

Refunding

Series

2014A,

4.000%,

7/01/45

7/24

at

100.00

99,727

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

40

NUW

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

New

Jersey

(continued)

$

50

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Refunding

Series

2016A,

4.000%,

7/01/41

7/26

at

100.00

$

48,560

360

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

366,590

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Princeton

HealthCare

System,

Series

2016A

:

25

5.000%,

7/01/32

7/26

at

100.00

25,751

40

5.000%,

7/01/33

7/26

at

100.00

41,185

30

5.000%,

7/01/34

7/26

at

100.00

30,871

130

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Robert

Wood

Johnson

University

Hospital

Issue,

Series

2014A,

5.000%,

7/01/39

7/24

at

100.00

130,109

110

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Robert

Wood

Johnson

University

Hospital,

Series

2013A,

5.500%,

7/01/43

5/24

at

100.00

110,284

125

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Refunding

Series

2016A,

5.000%,

7/01/43

7/26

at

100.00

127,095

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Joseph's

Healthcare

System

Obligated

Group

Issue,

Refunding

Series

2016

:

10

3.000%,

7/01/32

7/26

at

100.00

8,743

405

4.000%,

7/01/48

7/26

at

100.00

354,701

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

University

Hospital

Issue,

Refunding

Series

2015A

:

130

4.125%,

7/01/38

-

AGM

Insured

7/25

at

100.00

125,403

110

5.000%,

7/01/46

-

AGM

Insured

7/25

at

100.00

110,179

50

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2019,

4.000%,

7/01/44

7/29

at

100.00

47,858

50

(c),(e)

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Village

Drive

Healthcare

Urban

Renewal

LLC,

Series

2018,

5.750%,

10/01/38

10/26

at

102.00

36,501

120

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2015A,

4.000%,

11/01/45

11/24

at

100.00

110,553

270

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2016B,

3.600%,

11/01/40

11/25

at

100.00

245,179

435

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2018A,

3.875%,

11/01/38

11/27

at

100.00

411,999

100

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2019A,

2.900%,

11/01/39

11/28

at

100.00

82,203

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018A

:

125

3.600%,

4/01/33

10/27

at

100.00

119,014

75

3.750%,

10/01/35

10/27

at

100.00

73,009

665

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2019C,

3.950%,

10/01/44

4/28

at

100.00

606,460

235

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2020E,

2.250%,

10/01/40

4/29

at

100.00

171,605

200

New

Jersey

Institute

of

Technology,

New

Jersey,

General

Obligation

Bonds,

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

200,719

70

New

Jersey

State,

General

Obligation

Bonds,

Covid-19

Emergency

Series

2020A,

4.000%,

6/01/32

No

Opt.

Call

74,827

41

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

New

Jersey

(continued)

$

100

New

Jersey

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020,

2.250%,

6/01/35

12/27

at

100.00

$

82,250

5,020

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A,

0.000%,

12/15/31

No

Opt.

Call

3,780,017

2,170

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2009A,

0.000%,

12/15/39

No

Opt.

Call

1,108,298

255

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA,

5.250%,

6/15/41

6/25

at

100.00

257,749

50

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019A,

4.000%,

12/15/39

12/29

at

100.00

49,548

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019BB

:

225

3.500%,

6/15/46

12/28

at

100.00

189,014

100

4.000%,

6/15/50

12/28

at

100.00

92,790

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2020AA

:

40

3.000%,

6/15/50

12/30

at

100.00

29,199

30

4.000%,

6/15/50

12/30

at

100.00

27,837

70

5.000%,

6/15/50

12/30

at

100.00

71,738

255

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Refunding

Series

2015E,

5.000%,

1/01/45

1/25

at

100.00

256,154

200

Ocean

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2019,

2.250%,

9/15/33

9/26

at

100.00

171,262

300

Salem

County

Pollution

Control

Financing

Authority,

New

Jersey,

Revenue

Bonds,

Atlantic

City

Electric

Company

Project,

Refunding

Series

2020,

2.250%,

6/01/29

No

Opt.

Call

270,268

250

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Refunding

Series

2019A,

5.000%,

11/01/31

-

AGM

Insured

11/29

at

100.00

270,847

30

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2020A,

5.000%,

11/01/45

11/30

at

100.00

30,841

125

Sussex

County,

New

Jersey,

General

Obligation

Bonds,

Series

2019,

3.000%,

6/01/27

6/26

at

100.00

123,085

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

:

215

4.000%,

6/01/37

6/28

at

100.00

215,372

305

5.250%,

6/01/46

6/28

at

100.00

315,843

450

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B,

5.000%,

6/01/46

6/28

at

100.00

454,438

535

Union

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Bonds,

Juvenile

Detention

Center

Facility

Project,

Refunding

Series

2015A,

5.500%,

5/01/30

No

Opt.

Call

613,956

170

Union

County

Utilities

Authority,

New

Jersey,

Solid

Waste

System

County

Deficiency

Revenue

Bonds,

Series

2011A,

5.000%,

6/15/41

5/24

at

100.00

170,018

Total

New

Jersey

17,885,835

New

York

-

6.3%

500

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

School

Districts

Financing

Program,

Series

2021A,

5.000%,

10/01/32

-

AGM

Insured

10/29

at

100.00

543,775

3,000

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarters

Revenue

Bonds

Series

2007,

5.500%,

10/01/37

No

Opt.

Call

3,495,969

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

42

NUW

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

New

York

(continued)

$

1,500

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2017,

5.000%,

9/01/42

9/27

at

100.00

$

1,549,950

2,050

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2018,

5.000%,

9/01/39

9/28

at

100.00

2,171,725

1,390

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020C-1,

5.000%,

11/15/50

5/30

at

100.00

1,436,007

750

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Green

Climate

Certified

Series

2020E,

5.000%,

11/15/30

No

Opt.

Call

831,447

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2024A-1

:

1,450

4.000%,

5/01/53

5/33

at

100.00

1,363,985

1,510

5.000%,

5/01/53

5/33

at

100.00

1,597,134

1,230

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2021

Series

C,

5.000%,

8/01/42

8/30

at

100.00

1,314,718

3,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Subseries

2021A-1,

2.000%,

5/15/45,

(Mandatory

Put

5/15/26)

No

Opt.

Call

2,859,135

Total

New

York

17,163,845

North

Carolina

-

1.1%

1,000

North

Carolina

Capital

Facilities

Finance

Agency,

Revenue

Bonds,

Duke

University

Project,

Refunding

Series

2016B,

5.000%,

7/01/42

10/26

at

100.00

1,027,267

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2017

:

1,095

5.000%,

1/01/31

-

AGM

Insured

1/27

at

100.00

1,142,731

700

5.000%,

1/01/32

1/27

at

100.00

721,619

Total

North

Carolina

2,891,617

Ohio

-

4.3%

570

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1,

4.000%,

6/01/48

6/30

at

100.00

508,290

8,560

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2,

5.000%,

6/01/55

6/30

at

100.00

7,760,681

3,095

Central

Ohio

Transit

Authority,

Ohio,

General

Obligation

Bonds,

Capital

Facilities

Limited

Tax

Series

2023,

5.000%,

12/01/48

12/33

at

100.00

3,308,578

Total

Ohio

11,577,549

Oklahoma

-

0.2%

500

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B,

5.500%,

8/15/57

8/28

at

100.00

508,871

Total

Oklahoma

508,871

Pennsylvania

-

3.8%

160

Adams

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2017B,

2.500%,

11/15/29

11/25

at

100.00

148,189

50

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Robert

Morris

University,

Series

2017,

5.000%,

10/15/37

10/27

at

100.00

47,690

465

Allegheny

County

Hospital

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Allegheny

Health

Network

Obligated

Group

Issue,

Series

2018A,

4.000%,

4/01/44

4/28

at

100.00

430,043

43

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Pennsylvania

(continued)

$

115

Allegheny

County

Hospital

Development

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2019A,

4.000%,

7/15/35

7/29

at

100.00

$

117,269

230

(c)

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Refunding

Project,

Series

2017,

5.000%,

5/01/42

5/27

at

100.00

226,989

105

Avon

Grove

School

District,

Chester

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A,

4.000%,

11/15/37

5/29

at

100.00

106,099

380

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Tower

Health

Project,

Series

2017,

5.000%,

11/01/50

11/27

at

100.00

195,333

155

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Healthcare

Facilities

Revenue

Bonds,

Highlands

at

Wyomissing,

Series

2017A,

5.000%,

5/15/42

5/27

at

100.00

151,397

125

Bethel

Park

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2016,

4.000%,

8/01/33

8/26

at

100.00

126,806

70

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

School

Lane

Charter

School

Project,

Series

2016,

5.125%,

3/15/36

3/27

at

100.00

70,554

115

Canon-McMillan

School

District,

Washington

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2014D,

5.000%,

12/15/39

12/24

at

100.00

115,326

100

(d)

Centre

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Mount

Nittany

Medical

Center

Project,

Series

2016A,

5.000%,

11/15/46,

(Pre-refunded

11/15/25)

11/25

at

100.00

102,181

75

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2017A,

4.000%,

10/01/37

10/27

at

100.00

75,157

35

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2019,

5.000%,

12/01/51

12/25

at

103.00

21,193

20

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Avon

Grove

Charter

School

Revenue

Bonds,

Series

2017A,

5.000%,

12/15/47

12/27

at

100.00

18,928

15

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Student

Housing

Revenue

Bonds,

University

Student

Housing,

LLC

Project

at

West

Chester

University

Series

2013A,

5.000%,

8/01/45

5/24

at

100.00

14,030

35

Clarion

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Clarion

University

Foundation

Inc.

Student

Housing

Project

at

Clarion

University,

Series

2014A,

5.000%,

7/01/45

7/24

at

100.00

35,003

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Master

Settlement,

Series

2018

:

40

5.000%,

6/01/33

6/28

at

100.00

42,309

355

4.000%,

6/01/39

-

AGM

Insured

6/28

at

100.00

350,701

70

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Asbury

Pennsylvania

Obligated

Group,  Refunding

Series

2019,

5.000%,

1/01/45

1/25

at

104.00

61,842

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2015

:

60

(d)

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00

60,038

45

4.000%,

1/01/33

1/25

at

100.00

43,587

20

(d)

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00

20,012

65

5.000%,

1/01/38

1/25

at

100.00

65,151

55

(d)

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00

55,391

15

(d)

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00

15,107

100

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2016,

5.000%,

1/01/29

1/26

at

100.00

101,043

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

44

NUW

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Pennsylvania

(continued)

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019A

:

$

25

4.125%,

1/01/38

1/29

at

100.00

$

23,609

20

(d)

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00

21,553

5

(d)

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00

5,388

5

5.000%,

1/01/39

1/29

at

100.00

5,050

100

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Dickinson

College

Project,

Second

Series

2017A,

5.000%,

11/01/39

11/27

at

100.00

103,617

200

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

State

Health,

Series

2019,

4.000%,

11/01/44

11/29

at

100.00

188,108

30

Dallas

Area

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Misericordia

University

Project,

Series

2019,

5.000%,

5/01/48

5/29

at

100.00

25,633

30

Dallas

Area

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Misericordia

University,

Series

2014,

5.000%,

5/01/37

5/24

at

100.00

28,440

55

Dauphin

County

General

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Pinnacle

Health

System

Project,

Refunding

Series

2016A,

5.000%,

6/01/35

6/26

at

100.00

56,338

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017

:

245

5.000%,

7/01/42

7/27

at

100.00

254,696

540

5.000%,

7/01/47

7/27

at

100.00

553,126

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2016A

:

185

5.000%,

7/01/41

7/26

at

100.00

177,573

40

(d)

5.000%,

7/01/41,

(Pre-refunded

7/01/26)

7/26

at

100.00

41,276

25

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2019A,

4.000%,

7/01/45

7/29

at

100.00

20,235

150

Dubois

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Penn

Highlands

Healthcare,

Series

2018,

5.000%,

7/15/48

1/28

at

100.00

148,801

30

(d)

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Student

Services

Inc

-

Student

Housing

Project

at

Millersville

University,

Series

2014,

5.000%,

7/01/46,

(Pre-refunded

7/01/24)

7/24

at

100.00

30,031

100

(d)

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Student

Services

Inc

-

Student

Housing

Project

at

Millersville

University,

Series

2015,

5.000%,

7/01/47,

(Pre-refunded

7/01/25)

7/25

at

100.00

101,473

25

Easton

Area

School

District,

Northampton

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020B,

5.000%,

2/01/31

2/28

at

100.00

26,756

60

Erie

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Gannon

University,

Series

2016,

4.000%,

5/01/46

11/26

at

100.00

46,748

75

General

Authority

of

Southcentral

Pennsylvania,

Revenue

Bonds,

AICUP

Financing

Program-York

College

of

Pennsylvania,

Series

2017

PP4,

3.375%,

11/01/37

10/27

at

100.00

68,354

Huntingdon

County

General

Authority,

Pennsylvania,

Revenue

Bonds,

Juniata

College,

Series

2016OO2

:

15

3.250%,

5/01/36

5/26

at

100.00

12,829

35

3.500%,

5/01/41

5/26

at

100.00

27,669

20

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Masonic

Villages

Project,

Series

2015,

5.000%,

11/01/35

5/25

at

100.00

20,089

40

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Saint

Anne's

Retirement

Community,

Inc.,

Series

2020,

5.000%,

3/01/50

3/27

at

102.00

31,820

100

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Refunding

Series

2016B,

5.000%,

8/15/46

8/26

at

100.00

101,130

45

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Pennsylvania

(continued)

$

155

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2016A,

5.000%,

8/15/42

8/26

at

100.00

$

157,634

25

Lancaster

School

District,

Lancaster

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020,

4.000%,

6/01/35

-

AGM

Insured

12/28

at

100.00

25,469

95

(d)

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Series

2013A,

5.125%,

12/01/47,

(Pre-refunded

6/18/24)

6/24

at

100.00

95,126

100

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Good

Shepherd

Group,

Refunding

Series

2016,

4.000%,

11/01/41

5/26

at

100.00

91,231

100

(c)

Monroe

County

Industrial

Development

Authority,

Pennsylvania,

Special

Obligation

Revenue

Bonds,

Tobyhanna

Township

Project,

Series

2014,

6.875%,

7/01/33

7/24

at

100.00

98,808

50

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2018A,

5.000%,

9/01/48

9/28

at

100.00

50,420

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2019

:

50

4.000%,

9/01/44

9/29

at

100.00

46,579

25

4.000%,

9/01/49

9/29

at

100.00

22,589

200

(d)

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Albert

Einstein

Healthcare

Network

Issue,

Series

2015A,

5.250%,

1/15/45,

(Pre-refunded

1/15/25)

1/25

at

100.00

201,985

200

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Series

2016,

5.000%,

11/15/36

11/26

at

100.00

205,115

90

Northampton

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Lafayette

College,

Refunding

Series

2018,

4.000%,

11/01/38

11/28

at

100.00

90,075

55

Northampton

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Morningstar

Senior

Living,

Inc.,

Series

2019,

5.000%,

11/01/44

11/26

at

103.00

48,034

140

Pennsylvania

Economic

Development

Financing

Authority,

Parking

System

Revenue

Bonds,

Capitol

Region

Parking

System,

Series

2013A,

5.250%,

1/01/44

-

AGM

Insured

6/24

at

100.00

140,172

250

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

Pennsylvania-American

Water

Company,

Refunding

Series

2019,

3.000%,

4/01/39

10/29

at

100.00

210,846

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Sciences

in

Philadelphia,

Series

2012

:

35

4.000%,

11/01/39

5/24

at

100.00

30,653

60

5.000%,

11/01/42

5/24

at

100.00

58,572

300

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

Properties

Inc.

Student

Housing

Project

at

East

Stroudsburg

University

of

Pennsylvania,

Series

2016A,

5.000%,

7/01/35

7/26

at

100.00

290,066

45

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-119,

3.500%,

10/01/36

4/25

at

100.00

41,314

350

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-120,

3.200%,

4/01/40

10/25

at

100.00

295,089

450

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-121,

3.200%,

10/01/41

10/25

at

100.00

379,373

65

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-123B,

3.450%,

10/01/32

10/26

at

100.00

61,411

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

46

NUW

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Pennsylvania

(continued)

$

45

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-125B,

3.700%,

10/01/47

4/27

at

100.00

$

37,903

250

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-129,

3.350%,

10/01/45

10/28

at

100.00

203,931

45

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-133,

2.500%,

10/01/45

10/29

at

100.00

31,078

100

Pennsylvania

Turnpike

Commission,

Motor

License

Fund-Enhanced

Turnpike

Special

Revenue

Bonds,

Subordinate

Series

2014A,

4.750%,

12/01/37

12/26

at

100.00

102,298

100

Pennsylvania

Turnpike

Commission,

Oil

Franchise

Tax

Revenue

Bonds,

Subordinate

Series

2018B,

5.000%,

12/01/48

12/28

at

100.00

103,051

585

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2015B,

5.000%,

12/01/45

12/25

at

100.00

591,340

50

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2019A,

4.000%,

12/01/49

12/29

at

100.00

46,952

25

(c)

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Charter

School

Revenue

Bonds,

Philadelphia

Performing

Arts:

A

String

Theory

Charter

School,

Series

2020,

5.000%,

6/15/50

6/28

at

100.00

23,674

70

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

La

Salle

University,

Series

2017,

3.625%,

5/01/35

11/27

at

100.00

54,407

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

University

of

the

Arts,

Series

2017

:

45

(c)

5.000%,

3/15/45

3/28

at

100.00

37,256

5

(c),(d)

5.000%,

3/15/45,

(Pre-refunded

3/15/28)

3/28

at

100.00

5,342

150

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Fifteenth

Series

2017,

5.000%,

8/01/47

8/27

at

100.00

152,309

125

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

Refunding

Thirteenth

Series

2015,

5.000%,

8/01/30

8/25

at

100.00

126,606

100

Philadelphia

Hospitals

and

Higher

Education

Facilities

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Temple

University

Health

System

Obligated

Group,

Series

of

2017,

5.000%,

7/01/30

7/27

at

100.00

101,724

100

Pittsburgh

and

Allegheny

County

Sports

and

Exhibition

Authority,

Pennsylvania,

Parking

Revenue

Bonds,

Series

2017,

5.000%,

12/15/34

12/27

at

100.00

104,360

200

Pottsville

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2016B,

5.000%,

7/01/45

1/27

at

100.00

202,601

35

Rostraver

Township,

Westmoreland

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2018,

3.500%,

9/01/34

-

AGM

Insured

9/25

at

100.00

33,990

100

Scranton-Lackawanna

Health

and

Welfare

Authority,

Pennsylvania,

University

Revenue

Bonds,

Marywood

University,

Series

2016,

5.000%,

6/01/46

6/26

at

100.00

87,404

210

Southcentral

Pennsylvania

General

Authority,

Revenue

Bonds,

Wellspan

Health

Obligated

Group,

Series

2019A,

5.000%,

6/01/49

6/29

at

100.00

213,811

10

The

Redevelopment

Authority

of

the

City

of

Scranton,

Lackawanna

county,

Pennsylvania,

Guaranteed

Lease

Revenue

Bonds,

Series

2016A,

5.000%,

11/15/28

5/24

at

100.00

10,003

40

Upper

Allegheny

Joint

Sanitary

Authority,

Allegheny

County,

Pennsylvania,

Sewer

Revenue

Bonds,

Refunding

Series

2019A,

3.000%,

9/01/44

-

AGM

Insured

9/29

at

100.00

31,305

100

Upper

Dublin

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A,

4.000%,

9/15/38

3/29

at

100.00

100,967

47

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Pennsylvania

(continued)

$

145

Washington

County

Industrial

Development

Authority,

Pennsylvania,

College

Revenue

Bonds,

AICUP

Financing

Program-Washington

and

Jefferson

College

Project,

Series

2017-PP5,

3.375%,

11/01/36

11/27

at

100.00

$

127,163

15

Washington

County

Redevelopment

Authority,

Pennsylvania,

Tanger

Outlet

Victory

Center

Tax

Increment

Bonds,

Series

2018,

5.000%,

7/01/35

1/28

at

100.00

14,886

15

Westmoreland

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Excela

Health

Project,

Series

2020A,

4.000%,

7/01/37

1/31

at

100.00

13,516

Williamsport

Sanitary

Authority,

Lycoming

County,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2021.

:

100

5.000%,

1/01/25

-

BAM

Insured

No

Opt.

Call

100,809

25

5.000%,

1/01/28

-

BAM

Insured

No

Opt.

Call

26,579

Total

Pennsylvania

10,263,536

Puerto

Rico

-

3.1%

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

:

1,170

0.000%,

7/01/33

7/28

at

86.06

808,785

1,739

4.500%,

7/01/34

7/25

at

100.00

1,745,758

3,812

5.000%,

7/01/58

7/28

at

100.00

3,812,449

710

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

Cofina

Project

Series

2019A-2A,

4.550%,

7/01/40

7/28

at

100.00

711,028

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

:

1,360

4.329%,

7/01/40

7/28

at

100.00

1,331,890

10

4.329%,

7/01/40

7/28

at

100.00

9,793

49

4.784%,

7/01/58

7/28

at

100.00

48,059

Total

Puerto

Rico

8,467,762

South

Carolina

-

1.7%

5,435

Piedmont

Municipal

Power

Agency,

South

Carolina,

Electric

Revenue

Bonds,

Series

2004A-2,

0.000%,

1/01/29

-

AGC

Insured

No

Opt.

Call

4,509,341

Total

South

Carolina

4,509,341

Tennessee

-

3.7%

3,090

Chattanooga

Health,

Educational

and

Housing

Facility

Board,

Tennessee,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

5.000%,

8/01/44

8/29

at

100.00

3,176,724

605

Metropolitan

Government

of

Nashville-Davidson

County,

Tennessee,

Water

and

Sewerage

Revenue

Bonds,

Green

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

625,837

4,000

The

Tennessee

Energy

Acquisition

Corporation,

Gas

Revenue

Bonds,

Series

2006B,

5.625%,

9/01/26

No

Opt.

Call

4,042,033

2,160

West

Wilson

Utility

District,

Wilson

County,

Tennessee,

Water

Revenue

Bonds,

Improvement

Series

2022,

4.000%,

6/01/47

6/32

at

100.00

2,070,628

Total

Tennessee

9,915,222

Texas

-

10.1%

1,000

Austin

Community

College

District

Public

Facility

Corporation,

Texas,

Lease

Revenue

Bonds,

Highland

Campus

-

Building

3000

Project,

Series

2018A,

5.000%,

8/01/42

8/27

at

100.00

1,036,597

1,000

Austin,

Texas,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

11/15/35

11/26

at

100.00

1,032,576

500

Bexar

County

Hospital

District,

Texas,

Certificates

of

Obligation,

Series

2020,

5.000%,

2/15/45

2/29

at

100.00

518,989

1,000

Bexar

County

Hospital

District,

Texas,

Certificates

of

Obligation,

Series

2023,

5.000%,

2/15/48

8/32

at

100.00

1,053,934

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

48

NUW

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Texas

(continued)

$

745

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien

Series

2020A,

5.000%,

1/01/40

1/30

at

100.00

$

783,186

Houston,

Texas,

Hotel

Occupancy

Tax

and

Special

Revenue

Bonds,

Convention

and

Entertainment

Project,

Series

2001B

:

3,000

0.000%,

9/01/32

-

AMBAC

Insured

No

Opt.

Call

2,158,090

7,935

0.000%,

9/01/33

-

AMBAC

Insured

No

Opt.

Call

5,458,011

1,430

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2021A,

5.000%,

5/15/51

5/31

at

100.00

1,495,202

915

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier,

Series

2015B,

5.000%,

1/01/45

1/25

at

100.00

917,710

250

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Texas

Health

Resources

System,

Series

2016A,

5.000%,

2/15/41

8/26

at

100.00

254,375

1,600

Texas

Private

Activity

Bond

Surface

Transporation

Corporation,

Revenue

Bonds,

NTE

Mobility

Partners

LLC

North

Tarrant

Express

Managed

Lanes

Project,

Refunding

Senior

Lien

Series

2019A,

5.000%,

12/31/35

12/29

at

100.00

1,703,252

1,000

Texas

Transportation

Commission,

State

Highway

249

System

Revenue

Bonds,

First

Tier

Toll

Series

2019A,

5.000%,

8/01/57

2/29

at

100.00

1,009,914

7,635

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2016,

4.000%,

10/15/41

10/26

at

100.00

7,537,568

2,500

(f)

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2017A,

4.000%,

10/15/42,

(UB)

10/27

at

100.00

2,464,768

Total

Texas

27,424,172

Utah

-

0.6%

1,500

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017B,

5.000%,

7/01/47

7/27

at

100.00

1,533,612

Total

Utah

1,533,612

Virginia

-

1.0%

1,160

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016,

5.000%,

7/01/51

7/26

at

100.00

1,161,511

1,400

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Capital

Appreciation

Series

2012B,

4.875%,

7/15/40

7/28

at

100.00

1,418,781

Total

Virginia

2,580,292

Washington

-

3.6%

3,330

Chelan

County

Public

Utility

District

1,

Washington,

Columbia

River-Rock

Island

Hydro-Electric

System

Revenue

Refunding

Bonds,

Series

1997A,

0.000%,

6/01/29

-

NPFG

Insured

No

Opt.

Call

2,793,512

690

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Virginia

Mason

Medical

Center,

Series

2017,

5.000%,

8/15/30

8/27

at

100.00

706,998

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Refunding

Series2021B.

Exchange

Purchase

:

2,165

4.000%,

7/01/37

7/31

at

100.00

2,094,563

2,140

4.000%,

7/01/43

7/31

at

100.00

2,008,165

2,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Series

2018,

5.000%,

7/01/58

7/28

at

100.00

2,028,180

Total

Washington

9,631,418

49

Investments

in

Derivatives

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

West

Virginia

-

1.4%

$

530

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Cabell

Huntington

Hospital,

Inc.

Project,

Refunding

&

Improvement

Series

2018A,

5.000%,

1/01/34

1/29

at

100.00

$

530,124

1,800

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Charleston

Area

Medical

Center,

Refunding

&

Improvement

Series

2019A,

5.000%,

9/01/38

9/29

at

100.00

1,825,374

1,430

West

Virginia

Parkways

Authority,

Turnpike

Toll

Revenue

Bonds,

Senior

Lien

Series

2018,

5.000%,

6/01/43

6/28

at

100.00

1,486,822

Total

West

Virginia

3,842,320

Total

Municipal

Bonds

(cost

$261,684,307)

264,313,931

Shares

Description

(a)

Value

X

–

COMMON

STOCKS

-

0.3%

X

957,995

Utilities

-

0.3%

250

(g),(h)

Talen

Energy

Supply

LLC

$

24,729

420

(h),(i),(j)

Vistra

Vision

933,266

Total

Utilities

957,995

Total

Common

Stocks

(cost

$415,801)

957,995

Total

Long-Term

Investments

(cost

$262,100,108)

265,271,926

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

SHORT-TERM

INVESTMENTS

-

1.7% 

–

MUNICIPAL

BONDS

-

1.7%

X

4,555,000

New

York

-

1.7%

$

2,000

(k)

New

York

City

Transitional

Finance

Authority

Future

Tax

Secured

Revenue,

3.300%,

8/01/45,

(Mandatory

Put

4/30/2024)

5/24

at

100.00

$

2,000,000

2,555

(k)

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2021

Series

2,

3.900%,

4/01/42,

(Mandatory

Put

4/8/2024)

4/24

at

100.00

2,555,000

Total

New

York

4,555,000

Total

Municipal

Bonds

(cost

$4,555,000)

4,555,000

Total

Short-Term

Investments

(cost

$4,555,000)

4,555,000

Total

Investments

(cost

$266,655,108

)

-

99.4%

269,826,926

Floating

Rate

Obligations

-

(0.7)%

(2,000,000)

Other

Assets

&

Liabilities,

Net

-   1.3%

3,537,809

Net

Assets

Applicable

to

Common

Shares

-

100%

$

271,364,735

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

(142)

6/24

$

(15,633,021)

$

(15,256,125)

$

376,896

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$990,963

or

0.4%

of

Total

Investments.

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

50

NUW

(d)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(e)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(f)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(g)

In

May

2023,

Talen

Energy

completed

a

Chapter

11

plan

of

reorganization

whereby

the

Fund

received

Talen

Energy

Common

Stock

in

exchange

for

the

following

portfolio

holding:

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Refunding

Bonds,

PPL

Energy

Supply,

LLC

Project,

Series

2009A,

6.400%,

12/01/38.

(h)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(i)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(j)

On

March

1,

2024,

Vistra

Corp.

(“Vistra”)

completed

its

acquisition

of

Energy

Harbor

Corp

(“ENGH”).  ENGH

has

been

merged

into

a

newly

formed

subsidiary

of

Vistra,

Vistra

Vision.  In

connection

with

the

transaction,

holders

of

ENGH

common

stock

received

a

combination

of

cash

and

membership

interests

in

Vistra

Vision.  

These

Vistra

Vision

interests

were

issued

in

a

private

transaction

and

may

have

reduced

secondary

market

liquidity.

(k)

Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

See

Notes

to

Financial

Statements

51

Nuveen

Municipal

Income

Fund,

Inc.

Portfolio

of

Investments

April

30,

2024

(Unaudited)

NMI

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

LONG-TERM

INVESTMENTS

-

97.8% 

X

–

MUNICIPAL

BONDS

-

97.8%

X

97,153,548

Alabama

-

2.5%

$

260

Jefferson

County,

Alabama,

Sewer

Revenue

Warrants,

Series

2024,

5.250%,

10/01/49

10/33

at

100.00

$

273,963

1,000

Southeast

Energy

Authority,

Alabama,

Commodity

Supply

Revenue

Bonds,

Project

4,

Series

2022B-1,

5.000%,

5/01/53,

(Mandatory

Put

8/01/28)

5/28

at

100.34

1,032,236

1,000

Southeast

Energy

Authority,

Alabama,

Commodity

Supply

Revenue

Bonds,

Project

5,

Series

2023A,

5.250%,

1/01/54,

(Mandatory

Put

7/01/29)

4/29

at

100.18

1,050,238

100

(c)

Tuscaloosa

County

Industrial

Development

Authority,

Alabama,

Gulf

Opportunity

Zone

Bonds,

Hunt

Refining

Project,

Refunding

Series

2019A,

5.250%,

5/01/44

5/29

at

100.00

100,217

Total

Alabama

2,456,654

Arizona

-

4.3%

275

Arizona

Industrial

Development

Authority

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2023,

5.250%,

7/01/43

7/31

at

100.00

272,684

1,000

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

Academies

of

Math

&

Science

Projects,

Series

2018A,

5.000%,

7/01/48

1/28

at

100.00

1,001,574

1,000

Arizona

Industrial

Development

Authority,

Arizona,

Education

Revenue

Bonds,

KIPPC

NYC

Public

Charter

Schools

-

Macombs

Facility

Project,

Series

2021A,

4.000%,

7/01/41

7/31

at

100.00

899,703

1,495

Phoenix

Civic

Improvement

Corporation,

Arizona,

Airport

Revenue

Bonds,

Junior

Lien

Series

2019A,

5.000%,

7/01/49

7/29

at

100.00

1,549,781

515

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007,

5.250%,

12/01/28

No

Opt.

Call

535,795

Total

Arizona

4,259,537

Arkansas

-

0.4%

200

(c)

Arkansas

Development

Finance

Authority,

Arkansas,

Environmental

Improvement

Revenue

Bonds,

United

States

Steel

Corporation,

Green

Series

2022,

5.450%,

9/01/52,

(AMT)

9/25

at

105.00

202,543

200

Arkansas

Development

Finance

Authority,

Arkansas,

Environmental

Improvement

Revenue

Bonds,

United

States

Steel

Corporation,

Green

Series

2023,

5.700%,

5/01/53,

(AMT)

5/26

at

105.00

205,685

Total

Arkansas

408,228

California

-

4.6%

625

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2023B,

5.500%,

9/01/43

9/30

at

103.00

643,235

374

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2024A,

5.000%,

9/01/48

9/30

at

103.00

357,206

500

(c)

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A,

5.250%,

12/01/56

6/26

at

100.00

502,395

11

(d),(e)

California

Statewide

Community

Development

Authority,

Revenue

Bonds,

Daughters

of

Charity

Health

System,

Series

2005A,

5.500%,

7/01/39

1/22

at

100.00

10,617

300

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009A,

7.000%,

11/01/34

No

Opt.

Call

369,043

Nuveen

Municipal

Income

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

52

NMI

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

California

(continued)

$

525

Palm

Desert,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1

University

Park,

Series

2024,

5.000%,

9/01/53

9/30

at

103.00

$

498,479

500

(c)

San

Francisco

City

and

County

Special

Tax

District

2020-1,

California,

Special

Tax

Bonds,

Mission

Rock

Facilities

and

Services,

Shoreline

Tax

Zone

1

Series

2023C,

5.750%,

9/01/53

9/30

at

103.00

504,538

San

Francisco

City

and

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Treasure

Island

Improvement

Area

2,

Series

2023A

:

710

(c)

5.000%,

9/01/38

9/30

at

103.00

708,038

490

(c)

5.000%,

9/01/43

9/30

at

103.00

469,914

500

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B,

5.250%,

1/15/44

1/25

at

100.00

503,315

Total

California

4,566,780

Colorado

-

11.5%

500

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

Christian

Living

Neighborhoods

Project,

Refunding

Series

2016,

5.000%,

1/01/37

5/24

at

102.00

500,124

1,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

5.000%,

8/01/44

8/29

at

100.00

1,028,066

1,395

Denver

City

and

County,

Colorado,

Airport

System

Revenue

Bonds,

Subordinate

Lien

Series

2018A,

5.000%,

12/01/43,

(AMT)

12/28

at

100.00

1,424,570

360

Erie

Farm

Metropolitan

District,

Erie,

Boulder

County,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Refunding

&

Improvement,

Series

2021,

5.000%,

12/01/46

-

AGM

Insured

12/31

at

100.00

379,459

700

(c)

Falcon

Area

Water

and

Wastewater

Authority

(El

Paso

County,

Colorado),

Tap

Fee

Revenue

Bonds,

Series

2022A,

6.750%,

12/01/34

9/27

at

103.00

689,548

200

Hess

Ranch

Metropolitan

District

5,

Parker,

Colorado,

Special

Assessment

Revenue

Bonds,

Special

Improvement

District

1,

Series

2024A-2,

6.500%,

12/01/43,

(WI/DD)

3/29

at

103.00

197,356

500

(c)

Kremmling

Memorial

Hospital

District,

Colorado,

Certificates

of

Participation,

Series

2024,

6.625%,

12/01/56

12/31

at

103.00

469,209

1,000

Lewis

Pointe

Metropolitan

District,

Thornton,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Refunding

Series

2021,

4.000%,

12/01/47

-

BAM

Insured

12/31

at

100.00

915,326

500

Park

Creek

Metropolitan

District,

Colorado,

Senior

Limited

Property

Tax

Supported

Revenue

Bonds,

Series

2017A,

5.000%,

12/01/46

12/25

at

100.00

488,413

500

(c)

Parkdale

Community

Authority,

Erie

County,

Colorado,

Limited

Tax

Supported

Convertible

Capital

Appreciation

Revenue

Bonds,

District

2,

Series

2024A,

7.750%,

12/01/53

3/29

at

103.00

363,935

500

(c)

Peak

Metropolitan

District

1,

Colorado

Springs,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2021A,

5.000%,

12/01/41

3/26

at

103.00

444,840

1,000

(c)

Platte

River

Metropolitan

District,

Weld

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

Series

2023A,

6.500%,

8/01/53

8/29

at

103.00

1,016,602

500

Raindance

Metropolitan

District

1,

Acting

by

and

through

its

Water

Activity

Enterprise

In

the

Town

of

Windsor,

Weld

County,

Colorado,

Non-Potable

Water

Enterprise

Revenue

Bonds,

Series

2020,

5.250%,

12/01/50

12/25

at

103.00

477,005

750

Silverstone

Metropolitan

District

3,

Weld

County,

Colorado,

General

Obligation

and

Special

Revenue

Bonds,

Limited

Tax

Series

2023,

7.750%,

12/01/45

12/28

at

103.00

756,698

1,275

(c)

Ventana

Metropolitan

District,

El

Paso

County,

Colorado,

General

Obligation

Bonds,

Limited

Tax

Refunding

and

Improvement

Series

2023A,

6.500%,

9/01/53

12/28

at

103.00

1,317,632

53

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Colorado

(continued)

$

525

Waterview

II

Metropolitan

District,

El

Paso

County,

Colorado,

Limited

Tax

General

Obligation

Bonds,

Series

2022A,

4.500%,

12/01/31

3/27

at

103.00

$

483,169

500

West

Globeville

Metropolitan

District

1,

Denver,

Colorado,

General

Obligation

Limited

Tax

Bonds,

Series

2022,

6.750%,

12/01/52

12/29

at

103.00

469,172

Total

Colorado

11,421,124

Delaware

-

0.1%

100

Delaware

Health

Facilities

Authroity,

Revenue

Bonds,

Beebe

Medical

Center

Project,

Series

2018,

5.000%,

6/01/48

12/28

at

100.00

95,543

Total

Delaware

95,543

District

of

Columbia

-

0.1%

105

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B,

4.000%,

10/01/49

10/29

at

100.00

95,877

Total

District

of

Columbia

95,877

Florida

-

11.5%

815

Bay

County,

Florida,

Educational

Facilities

Revenue

Refunding

Bonds,

Bay

Haven

Charter

Academy,

Inc.

Project,

Series

2013A,

5.000%,

9/01/33

5/24

at

100.00

815,592

500

(c)

Bridgewalk

Community

Development

District,

Osceola

County,

Florida,

Special

Assessment

Bonds,

Assessment

Area

2

Series

2023,

6.500%,

12/15/53

12/33

at

100.00

523,233

550

(c)

Capital

Projects

Finance

Authority,

Florida,

Educational

Revenue

Bonds,

Imagine

Kissimmee

Charter

Academy

Project,

Series

2024,

6.500%,

6/15/54

6/34

at

100.00

551,159

1,000

(c)

Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

IPS

Enterprises,

Inc.

Projects,

Refunding

Series

2023A,

6.250%,

6/15/53

6/30

at

100.00

1,033,209

140

Capital

Trust

Authority,

Florida,

Educational

Facilities

Revenue

Bonds,

KIPP

Miami

North

Campus

Project,

Refunding

Series

2024A,

6.000%,

6/15/54

6/29

at

103.00

142,235

210

(c)

Florida

Development

Finance

Corporation,

Educational

Facilities

Revenue

Bonds,

Renaissance

Charter

School

Income

Projects,

Series

2023A,

6.500%,

6/15/38

6/30

at

103.00

229,786

1,000

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Brightline

Trains

Florida

LLC

Issue,

Series

2024,

5.500%,

7/01/53,

(AMT),

(WI/DD)

7/32

at

100.00

1,036,944

485

(c)

Florida

Development

Finance

Corporation,

Revenue

Bonds,

Brightline

Florida

Passenger

Rail

Expansion

Project,

Series

2023C,

8.250%,

7/01/57,

(AMT),

(Mandatory

Put

8/15/24)

4/24

at

100.00

485,946

500

Greater

Orlando

Aviation

Authority,

Florida,

Orlando

Airport

Facilities

Revenue

Bonds,

Priority

Subordinated

Series

2017A,

5.000%,

10/01/42,

(AMT)

10/27

at

100.00

509,047

255

(c)

Hamilton

Bluff

Community

Development

District,

Lake

Hamilton,

Florida,

Special

Assessment

Bonds,

Area

1

Project,

Series

2024,

5.800%,

5/01/54

5/34

at

100.00

251,081

885

(c)

Highland

Trails

Community

Development

District,

Pasco

County,

Florida,

Special

Assessment

Revenue

Bonds,

Assessment

Area

One

Capital

Improvement

Series

2024,

5.850%,

5/01/54

5/34

at

100.00

882,514

1,145

Hillsborough

County

Industrial

Development

Authority,

Florida,

Hospital

Revenue

Bonds,

Florida

Health

Sciences

Center

Inc

D/B/A

Tampa

General

Hospital,

Series

2020A,

4.000%,

8/01/55

2/31

at

100.00

975,696

150

Hobe-Saint

Lucie

Conservancy

District,

Florida,

Special

Assessment

Revenue

Bonds,

Improvement

Unit

1A,

Series

2024,

5.875%,

5/01/55

5/34

at

100.00

151,945

1,000

Lakeside

Preserve

Community

Development

District,

Lakeland,

Florida,

Special

Assessment

Bonds,

2023

Project

Series

2023,

6.375%,

5/01/54

5/34

at

100.00

1,040,530

Nuveen

Municipal

Income

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

54

NMI

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Florida

(continued)

$

300

Lakewood

Ranch

Stewardship

District,

Florida,

Special

Assessment

Revenue

Bonds,

Taylor

Ranch

Project,

Series

2023,

6.125%,

5/01/43

5/33

at

100.00

$

314,577

135

(c)

North

AR-1

of

Pasco

Community

Development

District,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

4,

Series

2024,

5.750%,

5/01/54

5/34

at

100.00

132,973

1,000

(c)

River

Hall

Community

Development

District,

Lee

County,

Florida,

Capital

Improvement

Revenue

Bonds,

Assessment

Area

4

Series

2023A,

6.500%,

5/01/54

5/34

at

100.00

1,046,417

225

Sawgrass

Village

Community

Development

District,

Manatee

County,

Florida,

Special

Assessment

Bonds,

Assessment

Area

2

Series

2023,

6.125%,

11/01/43

11/33

at

100.00

233,544

400

Stonegate

Preserve

Community

Development

District,

Florida,

Manatee

County,

Special

Assessment

Revenue

Bonds,

2023

Project

Area

Series

2023,

6.125%,

12/15/53

12/33

at

100.00

413,321

645

(c)

Woodsdale

Community

Development

District,

Pasco

County,

Florida,

Revenue

Bonds,

Capital

Improvement

Series

2023,

6.125%,

11/01/43

11/33

at

100.00

671,608

Total

Florida

11,441,357

Georgia

-

2.3%

130

Atlanta

Urban

Residential

Finance

Authority,

Georgia,

Multifamily

Housing

Revenue

Bonds,

Testletree

Village

Apartments,

Series

2013A,

4.000%,

11/01/25

5/24

at

100.00

124,334

600

Cobb

County

Development

Authority,

Georgia,

Charter

School

Revenue

Bonds,

Northwest

Classical

Academy,

Inc.

Project,

Series

2023A,

6.400%,

6/15/53

6/31

at

100.00

604,380

500

Fulton

County

Development

Authority,

Georgia,

Hospital

Revenue

Bonds,

Wellstar

Health

System,

Inc

Project,

Series

2017A,

4.000%,

4/01/50

4/30

at

100.00

460,598

1,000

Main

Street

Natural

Gas

Inc.,

Georgia,

Gas

Supply

Revenue

Bonds,

Series

2023B,

5.000%,

7/01/53,

(Mandatory

Put

3/01/30)

12/29

at

100.31

1,050,303

Total

Georgia

2,239,615

Hawaii

-

0.3%

250

(c)

Hawaii

Department

of

Budget

and

Finance,

Special

Purpose

Revenue

Bonds,

Hawaii

Pacific

University,

Series

2013A,

6.625%,

7/01/33

5/24

at

100.00

250,261

Total

Hawaii

250,261

Idaho

-

0.5%

500

(c)

Idaho

Housing

and

Finance

Association,

Nonprofit

Facilities

Revenue

Bonds,

The

College

of

Idaho

Project,

Series

2023,

5.875%,

11/01/53

11/33

at

100.00

506,991

Total

Idaho

506,991

Illinois

-

10.4%

250

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2016,

6.000%,

4/01/46

4/27

at

100.00

260,122

500

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2023,

5.750%,

4/01/48

4/33

at

100.00

548,149

435

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Refunding

Series

2018D,

5.000%,

12/01/46

12/28

at

100.00

427,470

650

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2016A,

7.000%,

12/01/44

12/25

at

100.00

672,884

500

Chicago

Board

of

Education,

Illinois,

General

Obligation

Bonds,

Dedicated

Revenues,

Series

2023A,

6.000%,

12/01/49

12/33

at

100.00

547,783

1,000

Chicago,

Illinois,

General

Airport

Revenue

Bonds,

O'Hare

International

Airport,

Senior

Lien

Series

2022A,

5.500%,

1/01/55

1/32

at

100.00

1,058,009

55

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Illinois

(continued)

$

200

Illinois

Educational

Facilities

Authority,

Revenue

Bonds,

Field

Museum

of

Natural

History,

Series

2002.RMKT,

4.500%,

11/01/36

11/24

at

100.00

$

200,202

500

Illinois

Finance

Authority,

Revenue

Bonds,

Bradley

University,

Refunding

Series

2021A,

4.000%,

8/01/51

8/31

at

100.00

420,605

1,105

Illinois

Finance

Authority,

Revenue

Bonds,

OSF

Healthcare

System,

Series

2015A,

5.000%,

11/15/45

11/25

at

100.00

1,111,960

200

Illinois

Finance

Authority,

Revenue

Bonds,

Silver

Cross

Hospital

and

Medical

Centers,

Refunding

Series

2015C,

5.000%,

8/15/44

8/25

at

100.00

200,985

540

Illinois

State,

General

Obligation

Bonds,

June

Series

2022A,

5.500%,

3/01/47

3/32

at

100.00

576,968

500

Illinois

State,

General

Obligation

Bonds,

March

Series

2021A,

5.000%,

3/01/46

3/31

at

100.00

514,668

400

Illinois

State,

General

Obligation

Bonds,

May

Series

2020,

5.500%,

5/01/39

5/30

at

100.00

432,367

1,000

Illinois

State,

General

Obligation

Bonds,

October

Series

2022C,

5.500%,

10/01/41

10/32

at

100.00

1,097,141

1,900

Illinois

Toll

Highway

Authority,

Toll

Highway

Revenue

Bonds,

Senior

Lien

Series

2019A,

5.000%,

1/01/44

7/29

at

100.00

1,984,226

200

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Series

2015A,

5.500%,

6/15/53

12/25

at

100.00

202,168

205

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A,

0.000%,

12/15/35

-

NPFG

Insured

No

Opt.

Call

128,498

Total

Illinois

10,384,205

Indiana

-

2.5%

735

(c)

Gary

Local

Public

Improvement

Bond

Bank,

Indiana,

Economic

Development

Revenue

Bonds,

Drexel

Foundation

for

Educational

Excellence

Project,

Refunding

Series

2020A,

5.875%,

6/01/55

6/30

at

100.00

668,527

1,000

Indiana

Finance

Authority,

Hospital

Revenue

Bonds,

Indiana

University

Health

Obligation

Group,

Fixed

Rate

Series

2023A,

5.000%,

10/01/46

10/33

at

100.00

1,067,414

500

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Revenue

Bonds,

Convention

Center

Hotel

Senior

Series

2023E,

6.000%,

3/01/53

3/33

at

100.00

542,645

250

(c)

Valparaiso,

Indiana,

Exempt

Facilities

Revenue

Bonds,

Pratt

Paper

LLC

Project,

Refunding

Series

2024,

5.000%,

1/01/54,

(AMT),

(WI/DD)

1/34

at

100.00

253,616

Total

Indiana

2,532,202

Iowa

-

0.5%

500

Iowa

Finance

Authority,

Iowa,

Midwestern

Disaster

Area

Revenue

Bonds,

Iowa

Fertilizer

Company

Project,

Refunding

Series

2022,

5.000%,

12/01/50

12/29

at

103.00

520,867

Total

Iowa

520,867

Louisiana

-

2.1%

1,000

Louisiana

Local

Government

Environmental

Facilities

and

Community

Development

Authority,

Louisiana,

Revenue

Bonds,

Womans

Hospital

Foundation

Project,

Refunding

Series

2017A,

5.000%,

10/01/44

10/27

at

100.00

1,014,001

1,000

Louisiana

Public

Facilities

Authority,

Louisiana,

Revenue

Bonds,

Loyola

University

of

New

Orleans

Project,

Refunding

Series

2023A,

5.250%,

10/01/53

4/33

at

100.00

1,029,909

Total

Louisiana

2,043,910

Nuveen

Municipal

Income

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

56

NMI

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Minnesota

-

1.9%

$

75

Baytown

Township,

Minnesota

Charter

School

Lease

Revenue

Bonds,

Saint

Croix

Preparatory

Academy,

Refunding

Series

2016A,

4.250%,

8/01/46

8/26

at

100.00

$

62,624

1,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A,

5.000%,

2/15/48

2/28

at

100.00

1,012,888

555

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Twin

Cities

German

Immersion

School

Project,

Series

2019,

5.000%,

7/01/49

7/27

at

102.00

499,270

300

Saint

Paul

Park,

Minnesota,

Senior

Housing

and

Health

Care

Revenue

Bonds,

Presbyterian

Homes

Bloomington

Project,

Refunding

Series

2017,

4.250%,

9/01/37

9/24

at

100.00

279,110

Total

Minnesota

1,853,892

Mississippi

-

1.0%

1,000

Mississippi

Hospital

Equipment

and

Facilities

Authority,

Revenue

Bonds,

Baptist

Memorial

Healthcare,

Series

2016A,

5.000%,

9/01/41

9/26

at

100.00

1,004,768

Total

Mississippi

1,004,768

Missouri

-

3.2%

1,000

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Southwest

Baptist

University

Project,

Series

2012,

5.000%,

10/01/33

5/24

at

100.00

995,403

1,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mosaic

Health

System,

Series

2019A,

4.000%,

2/15/54

2/29

at

100.00

909,442

500

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016A,

5.000%,

2/01/46

2/26

at

100.00

484,494

100

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

Saint

Louis

Obligated

Group,

Series

2017,

5.000%,

9/01/48

9/27

at

100.00

93,203

215

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

Saint

Louis

Obligated

Group,

Series

2018A,

5.250%,

9/01/53

9/25

at

103.00

204,205

335

Saline

County

Industrial

Development

Authority,

Missouri,

First

Mortgage

Revenue

Bonds,

Missouri

Valley

College,

Series

2017,

4.500%,

10/01/40

5/24

at

100.00

288,955

225

(c)

Taney

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Improvement

Bonds,

Big

Cedar

Infrastructure

Project

Series

2023,

6.000%,

10/01/49

10/30

at

100.00

218,585

Total

Missouri

3,194,287

Nebraska

-

0.5%

500

Central

Plains

Energy

Project,

Nebraska,

Gas

Project

3

Revenue

Bonds,

Refunding

Crossover

Series

2017A,

5.000%,

9/01/42

No

Opt.

Call

516,896

Total

Nebraska

516,896

Nevada

-

0.4%

350

Las

Vegas

Special

Improvement

District

817,

Nevada,

Local

Improvement

Revenue

Bonds,

Summerlin

Village

29

Series

2023,

6.000%,

6/01/48

6/33

at

100.00

357,016

Total

Nevada

357,016

New

Jersey

-

1.6%

25

(f)

Gloucester

County

Pollution

Control

Financing

Authority,

New

Jersey,

Pollution

Control

Revenue

Bonds,

Logan

Project,

Refunding

Series

2014A,

5.000%,

12/01/24,

(AMT),

(ETM)

No

Opt.

Call

24,995

57

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

New

Jersey

(continued)

$

545

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA,

5.000%,

6/15/45

6/25

at

100.00

$

548,091

1,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A,

5.000%,

6/01/46

6/28

at

100.00

1,022,527

Total

New

Jersey

1,595,613

New

York

-

4.8%

60

Buffalo

and

Erie

County

Industrial

Land

Development

Corporation,

New

York,

Revenue

Bonds,

Catholic

Health

System,

Inc.

Project,

Series

2015,

5.250%,

7/01/35

7/25

at

100.00

53,636

1,500

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose

Series

2022A,

5.000%,

3/15/46

3/32

at

100.00

1,599,510

250

Genesee

County

Funding

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2022A,

5.250%,

12/01/52

12/32

at

100.00

255,137

315

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020C-1,

5.250%,

11/15/55

5/30

at

100.00

327,405

500

(c)

New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

3

World

Trade

Center

Project,

Class

1

Series

2014,

5.000%,

11/15/44

11/24

at

100.00

495,555

445

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

New

Terminal

1

John

F

Kennedy

International

Airport

Project,

Green

Series

2023,

6.000%,

6/30/54,

(AMT)

6/31

at

100.00

487,944

500

New

York

Transportation

Development

Corporation,

Special

Facility

Revenue

Bonds,

Delta

Air

Lines,

Inc.

-

LaGuardia

Airport

Terminals

C&D

Redevelopment

Project,

Series

2023,

6.000%,

4/01/35,

(AMT)

4/31

at

100.00

566,950

100

Oneida

Indian

Nation,

New

York,

Tax

Revenue

Bonds,

Series

2024B,

6.000%,

9/01/43

9/31

at

102.00

105,771

1,000

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006,

5.000%,

6/01/48

6/27

at

100.00

889,716

Total

New

York

4,781,624

North

Carolina

-

2.7%

685

North

Carolina

Medical

Care

Commission,  Retirement

Facilities

First

Mortgage

Revenue

Bonds,

Southminster

Project,

Refunding

Series

2016,

5.000%,

10/01/31

10/24

at

102.00

687,440

2,000

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Senior

Lien

Series

2019,

5.000%,

1/01/49

1/30

at

100.00

2,033,186

Total

North

Carolina

2,720,626

North

Dakota

-

0.1%

100

Grand

Forks,

North

Dakota,

Senior

Housing

&

Nursing

Facilities

Revenue

Bonds,

Valley

Homes

and

Services

Obligated

Group,

Series

2017,

5.000%,

12/01/36

12/26

at

100.00

93,855

Total

North

Dakota

93,855

Ohio

-

2.8%

1,000

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2,

5.000%,

6/01/55

6/30

at

100.00

906,622

1,000

Cleveland-Cuyahoga

County

Port

Authroity,

Ohio,

Cultural

Facility

Revenue

Bonds,

The

Cleveland

Museum

of

Natural

History

Project,

Series

2021,

4.000%,

7/01/51

7/31

at

100.00

894,457

500

(c)

Jefferson

County

Port

Authority,

Ohio,

Economic

Development

Revenue

Bonds,

JSW

Steel

USA

Ohio,

Inc.

Project,

Series

2023,

5.000%,

12/01/53,

(AMT),

(Mandatory

Put

12/01/28)

9/28

at

100.00

505,202

Nuveen

Municipal

Income

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

58

NMI

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Ohio

(continued)

$

500

(c)

Ohio

Air

Quality

Development

Authority,

Ohio,

Exempt

Facilities

Revenue

Bonds,

AMG

Vanadium

Project,

Series

2019,

5.000%,

7/01/49,

(AMT)

7/29

at

100.00

$

460,368

Total

Ohio

2,766,649

Oklahoma

-

0.7%

670

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B,

5.500%,

8/15/52

8/28

at

100.00

681,369

Total

Oklahoma

681,369

Oregon

-

0.0%

55

Clackamas

County

Hospital

Facility

Authority,

Oregon,

Revenue

Bonds,

Rose

Villa

Inc.,

Series

2020A,

5.250%,

11/15/50

11/25

at

102.00

50,510

Total

Oregon

50,510

Pennsylvania

-

2.9%

400

(c)

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

Neuweiler

Lofts

Project,

Series

2023,

6.250%,

5/01/42

5/33

at

100.00

391,466

1,000

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Reading

Hospital

&

Medical

Center

Project,

Series

2012A,

5.000%,

11/01/40

5/24

at

100.00

517,347

500

Lancaster

County

Hospital

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

State

Health,

Series

2021,

5.000%,

11/01/51

11/29

at

100.00

509,798

495

Lehigh

County,

Pennsylvania,

Revenue

Bonds,

Lehigh

Valley

Dual

Language

Charter

School,

General

Purpose

Authority,

Series

2023,

7.000%,

6/01/53

6/30

at

103.00

518,998

560

(f)

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Albert

Einstein

Healthcare

Network

Issue,

Series

2015A,

5.250%,

1/15/36,

(Pre-refunded

1/15/25)

1/25

at

100.00

565,558

350

Montgomery

County

Redevelopment

Authority,

Pennsylvania,

Special

Obligation

Revenue

Bonds,

River

Pointe

Project

Series

2023,

6.500%,

9/01/43

9/33

at

100.00

351,440

Total

Pennsylvania

2,854,607

Puerto

Rico

-

2.1%

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

:

1,760

0.000%,

7/01/51

7/28

at

30.01

403,557

500

4.750%,

7/01/53

7/28

at

100.00

489,228

1,000

5.000%,

7/01/58

7/28

at

100.00

1,000,118

200

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2,

4.329%,

7/01/40

7/28

at

100.00

195,866

Total

Puerto

Rico

2,088,769

South

Carolina

-

1.1%

620

South

Carolina

Jobs-Economic

Development

Authority,

Economic

Development

Revenue

Bonds,

Bishop

Gadsden

Episcopal

Retirement

Community,

Series

2019A,

4.000%,

4/01/49

4/26

at

103.00

477,920

560

South

Carolina

Jobs-Economic

Development

Authority,

Educational

Facilities

Revenue

Bonds,

Riverwalk

Academy

Project

Series

2023A,

7.000%,

6/15/43

6/33

at

100.00

575,494

Total

South

Carolina

1,053,414

59

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

South

Dakota

-

0.1%

$

100

Sioux

Falls,

South

Dakota,

Health

Facilities

Revenue

Bonds,

Dow

Rummel

Village

Project,

Series

2017,

5.125%,

11/01/47

11/26

at

100.00

$

85,691

Total

South

Dakota

85,691

Tennessee

-

1.1%

870

Knox

County

Health,

Educational

and

Housing

Facilities

Board,

Tennessee,

Revenue

Bonds,

University

Health

System,

Inc.,

Series

2016,

5.000%,

9/01/47

9/26

at

100.00

824,762

250

Metropolitan

Nashville

Airport

Authority,

Tennessee,

Airport

Improvement

Revenue

Bonds,

Series

2022B,

5.500%,

7/01/42,

(AMT)

7/32

at

100.00

273,663

Total

Tennessee

1,098,425

Texas

-

7.7%

1,000

Dallas-Fort

Worth

International

Airport,

Texas,

Joint

Revenue

Bonds,

Refunding

Series

2021A,

4.000%,

11/01/46

11/30

at

100.00

958,693

500

(c)

Kyle,

Texas,

Special

Assessment

Revenue

Bonds,

Southwest

Kyle

Public

Improvement

District

1

Improvement

Area

2

Project,

Series

2023,

6.750%,

9/01/48

9/33

at

100.00

518,451

125

(c)

Mission

Economic

Development

Corporation,

Texas,

Revenue

Bonds,

Natgasoline

Project,

Senior

Lien

Series

2018,

4.625%,

10/01/31,

(AMT)

5/24

at

103.00

123,721

1,000

(c)

Mustang

Ridge,

Travis

and

Caldwell

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Durango

Public

Improvement

District

Improvement

Area

1

Series

2023,

6.375%,

9/01/53

9/31

at

100.00

1,010,711

1,000

New

Hope

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Student

Housing

Revenue

Bonds,

CHF-Collegiate

Housing

Foundation

-

College

Station

I

LLC

-

Texas

A&M

University

Project,

Series

2014A,

5.000%,

4/01/46

-

AGM

Insured

5/24

at

100.00

993,635

200

(f)

North

Texas

Tollway

Authority,

Special

Projects

System

Revenue

Bonds,

Convertible

Capital

Appreciation

Series

2011C,

7.000%,

9/01/43,

(Pre-

refunded

9/01/31)

9/31

at

100.00

244,372

535

(c)

Plano,

Collin

and

Denton

Counties,

Texas,

Special

Assessment

Revenue

Bonds,

Haggard

Farm

Public

Improvement

District

Project,

Area

1

Project

Series

2023,

7.500%,

9/15/53

9/33

at

100.00

556,818

240

Reagan

Hospital

District

of

Reagan

County,

Texas,

Limited

Tax

Revenue

Bonds,

Series

2014A,

5.000%,

2/01/34

5/24

at

100.00

235,751

295

SA

Energy

Acquisition

Public

Facilities

Corporation,

Texas,

Gas

Supply

Revenue

Bonds,

Series

2007,

5.500%,

8/01/27

No

Opt.

Call

303,865

1,000

Texas

Private

Activity

Bond

Surface

Transporation

Corporation,

Senior

Lien

Revenue

Bonds,

NTE

Mobility

Partners

Segments

3

LLC

Segments

3C

Project,

Series

2019,

5.000%,

6/30/58,

(AMT)

6/29

at

100.00

1,007,619

1,000

Texas

Transportation

Commission,

Central

Texas

Turnpike

System

Revenue

Bonds,

Refunding

Second

Tier

Series

2015C,

5.000%,

8/15/32

8/24

at

100.00

1,002,556

250

(c)

Travis

County

Development

Authority,

Texas,

Contract

Assessment

Revenue

Bonds,

Bella

Fortuna

Public

Improvement

District,

Series

2024,

5.625%,

9/01/51

9/32

at

100.00

239,098

500

(c)

Vista

Lago,

Travis

County,

Texas,

Special

Assessment

Revenue

Bonds,

Tessera

on

Lake

Travis

Public

Improvement

District

Improvement

Area

#3

Project,

Series

2024,

6.000%,

9/01/54

9/34

at

100.00

494,273

Total

Texas

7,689,563

Utah

-

0.4%

410

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2023A,

5.250%,

7/01/53,

(AMT)

7/33

at

100.00

430,581

Total

Utah

430,581

Nuveen

Municipal

Income

Fund,

Inc.

(continued)

Portfolio

of

Investments

April

30,

2024

(Unaudited)

60

NMI

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Virgin

Islands

-

0.4%

$

380

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A,

5.000%,

10/01/32

No

Opt.

Call

$

408,345

Total

Virgin

Islands

408,345

Virginia

-

2.3%

100

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Series

2024A,

6.875%,

12/01/58

12/30

at

103.00

108,439

100

Virginia

Beach

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

on

Chesapeake

Bay,

Series

2023A,

7.000%,

9/01/53

9/30

at

103.00

110,900

1,265

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

66

P3

Project,

Senior

Lien

Series

2017,

5.000%,

12/31/56,

(AMT)

6/27

at

100.00

1,267,478

750

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

5.000%,

12/31/47,

(AMT)

12/32

at

100.00

760,278

Total

Virginia

2,247,095

Washington

-

1.5%

1,000

Grays

Harbor

Public

Hospital

District

1,

Washington,

Revenue

Bonds,

Summit

Pacific

Medial

Center

Series

2023,

6.750%,

12/01/44

12/33

at

100.00

1,033,931

500

Jefferson

County

Public

Hospital

District

2,

Washington,

Hospital

Revenue

Bonds,

Refunding

Series

2023A,

6.875%,

12/01/53

12/30

at

103.00

495,129

Total

Washington

1,529,060

West

Virginia

-

1.3%

225

(c)

Monongalia

County

Commission,

West

Virginia,

Special

District

Excise

Tax

Revenue

Bonds,

University

Town

Centre

Economic

Opportunity

Development

District,

Subordinate

Improvement

Series

2023A,

7.000%,

6/01/43

6/30

at

103.00

236,925

1,000

West

Virginia

Hospital

Finance

Authority,

Revenue

Bonds,

West

Virginia

University

Health

System

Obligated

Group,

Improvement

Series

2017A,

5.000%,

6/01/47

6/27

at

100.00

1,016,872

Total

West

Virginia

1,253,797

Wisconsin

-

3.6%

Public

Finance

Authority

of

Wisconsin,

Conference

Center

and

Hotel

Revenue

Bonds,

Lombard

Public

Facilities

Corporation,

Second

Tier

Series

2018B

:

4

(c),(d)

0.000%,

1/01/46

No

Opt.

Call

98

4

(c),(d)

0.000%,

1/01/47

No

Opt.

Call

89

4

(c),(d)

0.000%,

1/01/48

No

Opt.

Call

84

4

(c),(d)

0.000%,

1/01/49

No

Opt.

Call

78

3

(c),(d)

0.000%,

1/01/50

No

Opt.

Call

72

4

(c),(d)

0.000%,

1/01/51

No

Opt.

Call

74

98

(c),(d)

3.750%,

7/01/51

3/28

at

100.00

68,344

4

(c),(d)

0.000%,

1/01/52

No

Opt.

Call

69

4

(c),(d)

0.000%,

1/01/53

No

Opt.

Call

64

4

(c),(d)

0.000%,

1/01/54

No

Opt.

Call

60

4

(c),(d)

0.000%,

1/01/55

No

Opt.

Call

56

4

(c),(d)

0.000%,

1/01/56

No

Opt.

Call

52

4

(c),(d)

0.000%,

1/01/57

No

Opt.

Call

49

4

(c),(d)

0.000%,

1/01/58

No

Opt.

Call

45

3

(c),(d)

0.000%,

1/01/59

No

Opt.

Call

43

3

(c),(d)

0.000%,

1/01/60

No

Opt.

Call

40

3

(c),(d)

0.000%,

1/01/61

No

Opt.

Call

37

61

Principal

Amount

(000)

Description

(a)

Optional

Call

Provisions

(b)

Value

Wisconsin

(continued)

$

3

(c),(d)

0.000%,

1/01/62

No

Opt.

Call

$

35

3

(c),(d)

0.000%,

1/01/63

No

Opt.

Call

33

3

(c),(d)

0.000%,

1/01/64

No

Opt.

Call

31

3

(c),(d)

0.000%,

1/01/65

No

Opt.

Call

29

3

(c),(d)

0.000%,

1/01/66

No

Opt.

Call

26

42

(c),(d)

0.000%,

1/01/67

No

Opt.

Call

308

1,000

(c)

Public

Finance

Authority

of

Wisconsin,

Multifamily

Housing

Revenue

Bonds,

Promenade

Apartments

Project,

Series

2024,

6.250%,

2/01/39

2/29

at

103.00

1,018,894

500

(c)

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Revolution

Academy,

Refunding

Series

2023A,

6.250%,

10/01/53

10/31

at

100.00

505,871

535

(c)

Public

Finance

Authority

of

Wisconsin,

Revenue

Bonds,

Unity

Classical

Charter

School,

A

Challenge

Foundation

Academy,

Series

2023,

6.625%,

7/01/43

7/30

at

100.00

550,852

250

(c)

Public

Finance

Authority

of

Wisconsin,

Tax

Increment

Revenue

Senior

Bonds,

Miami

World

Center

Project,

Series

2024A,

5.000%,

6/01/41

6/29

at

103.00

249,131

200

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Dickson

Hollow

Project.

Series

2014,

5.125%,

10/01/34

5/24

at

101.00

192,417

200

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

Oakwood

Lutheran

Senior

Ministries,

Series

2021,

4.000%,

1/01/57

1/27

at

103.00

115,702

1,000

Wisconsin

Health

and

Educational

Facilities

Authority,

Wisconsin,

Revenue

Bonds,

PHW

Oconomowoc,

Inc.

Project,

Series

2018,

5.125%,

10/01/48

5/24

at

102.00

871,262

Total

Wisconsin

3,573,945

Total

Municipal

Bonds

(cost

$96,820,197)

97,153,548

Total

Long-Term

Investments

(cost

$96,820,197)

97,153,548

Other

Assets

&

Liabilities,

Net

-   2.2%

2,218,680

Net

Assets

Applicable

to

Common

Shares

-

100%

$

99,372,228

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(b)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(c)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

these

securities

is

$21,922,466

or

22.6%

of

Total

Investments.

(d)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(e)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

(f)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

WI/DD

When-issued

or

delayed

delivery

security.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

62

April

30,

2024

(Unaudited)

NUV

NUW

NMI

ASSETS

Long-term

investments,

at

value

†

$

1,898,647,046‌

$

265,271,926‌

$

97,153,548‌

Short-term

investments,

at

value

◊

26,465,000‌

4,555,000‌

–‌

Cash

collateral

at

broker

for

investments

in

futures

contracts

(1)

–‌

301,762‌

–‌

Receivables:

Interest

23,379,789‌

3,303,997‌

1,519,306‌

Investments

sold

25,021,032‌

1,616,060‌

3,148,890‌

Variation

margin

on

futures

contracts

–‌

73,219‌

–‌

Deferred

offering

costs

–‌

–‌

130,000‌

Other

216,302‌

11,006‌

6,933‌

Total

assets

1,973,729,169‌

275,132,970‌

101,958,677‌

LIABILITIES

Cash

overdraft

12,260,228‌

815,382‌

625,627‌

Floating

rate

obligations

29,480,000‌

2,000,000‌

–‌

Payables:

Management

fees

718,446‌

124,311‌

49,845‌

Dividends

5,550,447‌

749,924‌

344,255‌

Interest

373,295‌

7,758‌

–‌

Investments

purchased

-

when-issued/delayed-delivery

settlement

9,216,314‌

–‌

1,473,540‌

Accrued

expenses:

Custodian

fees

126,416‌

35,669‌

16,188‌

Investor

relations

27,149‌

4,078‌

927‌

Directors/Trustees

fees

178,106‌

7,522‌

2,103‌

Professional

fees

20,377‌

11,170‌

11,908‌

Shareholder

reporting

expenses

85,479‌

12,398‌

8,081‌

Shareholder

servicing

agent

fees

23,697‌

23‌

468‌

Shelf

offering

costs

–‌

–‌

53,507‌

Total

liabilities

58,059,954‌

3,768,235‌

2,586,449‌

Commitments

and

contingencies

(2)

Net

assets

applicable

to

common

shares

$

1,915,669,215‌

$

271,364,735‌

$

99,372,228‌

Common

shares

outstanding

207,541,595‌

17,951,336‌

10,051,095‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

9

.23‌

$

15

.12‌

$

9

.89‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

2,075,416‌

$

179,513‌

$

100,511‌

Paid-in

capital

1,963,547,908‌

268,620,421‌

105,335,456‌

Total

distributable

earnings

(loss)

(

49,954,109‌

)

2,564,801‌

(

6,063,739‌

)

Net

assets

applicable

to

common

shares

$

1,915,669,215‌

$

271,364,735‌

$

99,372,228‌

Authorized

shares:

Common

350,000,000

Unlimited

200,000,000

†

Long-term

investments,

cost

$

1,871,866,231‌

$

262,100,108‌

$

96,820,197‌

◊

Short-term

investments,

cost

$

26,465,000‌

$

4,555,000‌

$

—‌

(1)

Cash

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

derivatives.

(2)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements

63

Six

Months

Ended

April

30,

2024

(Unaudited)

NUV

NUW

NMI

INVESTMENT

INCOME

Dividends

$

—‌

$

2,102‌

$

—‌

Interest

41,910,459‌

5,448,127‌

2,511,760‌

Total

investment

income

41,910,459‌

5,450,229‌

2,511,760‌

EXPENSES

–

–

–

Management

fees

4,353,103‌

755,327‌

302,172‌

Shareholder

servicing

agent

fees

145,197‌

39‌

2,648‌

Interest

expense

456,459‌

44,861‌

681‌

Directors/Trustees

fees

32,734‌

4,627‌

1,689‌

Custodian

expenses,

net

46,180‌

14,811‌

10,026‌

Investor

relations

expenses

47,288‌

6,765‌

2,702‌

Professional

fees

52,224‌

18,537‌

21,660‌

Shareholder

reporting

expenses

81,309‌

14,002‌

11,961‌

Stock

exchange

listing

fees

31,208‌

3,667‌

3,669‌

Other

22,574‌

15,747‌

94,994‌

Total

expenses

5,268,276‌

878,383‌

452,202‌

Net

investment

income

(loss)

36,642,183‌

4,571,846‌

2,059,558‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

3,277,654‌

)

(

313,941‌

)

(

145,622‌

)

Futures

contracts

—‌

182,061‌

—‌

Net

realized

gain

(loss)

(

3,277,654‌

)

(

131,880‌

)

(

145,622‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

113,963,502‌

16,819,812‌

7,390,878‌

Futures

contracts

—‌

(

277,948‌

)

—‌

Net

change

in

unrealized

appreciation

(depreciation)

113,963,502‌

16,541,864‌

7,390,878‌

Net

realized

and

unrealized

gain

(loss)

110,685,848‌

16,409,984‌

7,245,256‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

147,328,031‌

$

20,981,830‌

$

9,304,814‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

64

NUV

NUW

Unaudited

Six

Months

Ended

4/30/24

Year

Ended

10/31/23

Unaudited

Six

Months

Ended

4/30/24

Year

Ended

10/31/23

OPERATIONS

Net

investment

income

(loss)

$

36,642,183‌

$

72,002,159‌

$

4,571,846‌

$

8,981,752‌

Net

realized

gain

(loss)

(

3,277,654‌

)

(

21,685,836‌

)

(

131,880‌

)

236,748‌

Net

change

in

unrealized

appreciation

(depreciation)

113,963,502‌

4,622,056‌

16,541,864‌

(

585,238‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

147,328,031‌

54,938,379‌

20,981,830‌

8,633,262‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

36,112,238‌

)

(

69,941,517‌

)

(

4,577,591‌

)

(

8,625,617‌

)

Total

distributions

(

36,112,238‌

)

(

69,941,517‌

)

(

4,577,591‌

)

(

8,625,617‌

)

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

111,215,793‌

(

15,003,138‌

)

16,404,239‌

7,645‌

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

1,804,453,422‌

1,819,456,560‌

254,960,496‌

254,952,851‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

1,915,669,215‌

$

1,804,453,422‌

$

271,364,735‌

$

254,960,496‌

See

Notes

to

Financial

Statements

65

NMI

Unaudited

Six

Months

Ended

4/30/24

Year

Ended

10/31/23

OPERATIONS

Net

investment

income

(loss)

$

2,059,558‌

$

3,781,686‌

Net

realized

gain

(loss)

(

145,622‌

)

(

1,348,719‌

)

Net

change

in

unrealized

appreciation

(depreciation)

7,390,878‌

483,356‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

9,304,814‌

2,916,323‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

2,065,500‌

)

(

3,678,642‌

)

Total

distributions

(

2,065,500‌

)

(

3,678,642‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Proceeds

from

shelf

offering,

net

of

offering

costs

15,506‌

49,338‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

15,506‌

49,338‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

7,254,820‌

(

712,981‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

92,117,408‌

92,830,389‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

99,372,228‌

$

92,117,408‌

Financial

Highlights

66

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NUV

NUW

4/30/24(d)

0.05

%

0.03

%

10/31/23

0.04

0.03

10/31/22

0.01

0.01

10/31/21

0.01

0.01

10/31/20

0.02

0.01

10/31/19

0.04

0.07

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Premium

per

Share

Sold

through

Shelf

Offering

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NUV

4/30/24(d)

$

8.69

$

0.18

$

0.53

$

0.71

$

(0.17)

$

—

$

(0.17)

$

—

$

9.23

$

8.47

10/31/23

8.77

0.35

(0.09)

0.26

(0.34)

—

(0.34)

—

8.69

7.99

10/31/22

10.62

0.33

(1.84)

(1.51)

(0.34)

—

(0.34)

—

8.77

8.35

10/31/21

10.48

0.35

0.15

0.50

(0.36)

—

(0.36)

—

10.62

11.21

10/31/20

10.57

0.37

(0.09)

0.28

(0.37)

—

(0.37)

—

10.48

10.81

10/31/19

9.84

0.37

0.73

1.10

(0.37)

—

(0.37)

—

10.57

10.43

NUW

4/30/24(d)

14.20

0.25

0.93

1.18

(0.26)

—

(0.26)

—

15.12

13.46

10/31/23

14.20

0.50

(0.02)

0.48

(0.48)

—

(0.48)

—

14.20

12.60

10/31/22

17.33

0.46

(2.93)

(2.47)

(0.47)

(0.19)

(0.66)

—

14.20

13.19

10/31/21

16.81

0.45

0.54

0.99

(0.47)

—

(0.47)

—(f)

17.33

16.76

10/31/20

16.90

0.47

(0.08)

0.39

(0.48)

—

(0.48)

—

16.81

16.21

10/31/19

15.88

0.60

1.16

1.76

(0.65)

(0.10)

(0.75)

0.01

16.90

16.83

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

(c)

•

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund

(as

described

in

Notes

to

Financial

Statements),

where

applicable,

as

follows:

See

Notes

to

Financial

Statements

67

Ratios

to

Average

Net

Assets

NUW

Expenses

NII

(Loss)

10/31/21

0.68%

2.60%

10/31/20

0.82

2.75

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

8.20‌

%

8.16‌

%

$

1,915,669

0.55‌

%

(e)

3.81‌

%

(e)

6‌

%

2.79‌

(0.52‌)

1,804,453

0.53‌

3.77‌

17‌

(14.52‌)

(22.80‌)

1,819,457

0.50‌

3.36‌

29‌

4.79‌

7.19‌

2,203,176

0.48‌

3.27‌

11‌

2.72‌

7.41‌

2,171,104

0.51‌

3.52‌

11‌

11.35‌

17.92‌

2,186,923

0.54‌

3.63‌

13‌

8.26‌

8.84‌

271,365

0.64‌

(e)

3.37‌

(e)

1‌

3.27‌

(1.08‌)

254,960

0.63‌

3.35‌

14‌

(14.65‌)

(17.84‌)

254,953

0.64‌

2.90‌

17‌

5.89‌

6.31‌

311,092

0.68‌

(g)

2.60‌

(g)

10‌

2.33‌

(0.77‌)

260,790

0.78‌

(g)

2.79‌

(g)

13‌

11.38‌

22.81‌

262,190

0.73‌

3.61‌

31‌

(d)

Unaudited.

(e)

Annualized.

(f)

Value

rounded

to

zero.

(g)

During

the

period

ended

October

31,

2021

and

October

31,

2020,

the

Adviser

voluntarily

reimbursed

the

Fund

for

certain

expenses

incurred

in

connection

with

a

common

shares

equity

shelf

program.

As

a

result,

the

Expenses

and

Net

Investment

Income

(Loss)

Ratios

to

Average

Net

Assets

reflect

the

voluntary

expense

reimbursement

from

Adviser.

The

Expenses

and

Net

Investment

Income

(Loss)

Ratios

to

Average

Net

Assets

excluding

this

expense

reimbursement

from

Adviser

were

as

follows:

Financial

Highlights

(continuted)

68

The

following

data

is

for

a

common

share

outstanding for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

to

Common

Shareholders

Common

Share

Common

Share

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Premium

per

Share

Sold

through

Shelf

Offering

Net

Asset

Value,

End

of

Period

Share

Price,

End

of

Period

NMI

4/30/24(d)

$

9.16

$

0.20

$

0.74

$

0.94

$

(0.21)

$

—

$

(0.21)

$

—

$

9.89

$

9.15

10/31/23

9.24

0.38

(0.09)

0.29

(0.37)

—

(0.37)

—(f)

9.16

8.35

10/31/22

11.27

0.34

(2.05)

(1.71)

(0.32)

—(f)

(0.32)

—

9.24

8.53

10/31/21

11.08

0.37

0.20

0.57

(0.38)

—

(0.38)

—

11.27

11.65

10/31/20

11.32

0.41

(0.20)

0.21

(0.41)

(0.04)

(0.45)

—(f)

11.08

11.31

10/31/19

10.92

0.43

0.47

0.90

(0.43)

(0.07)

(0.50)

—(f)

11.32

11.33

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

NAV.

The

actual

reinvest

price

for

the

last

dividend

declared

in

the

period

may

often

be

based

on

the

Fund’s

market

price

(and

not

its

NAV),

and

therefore

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

Total

Return

Based

on

Common

Share

Price

is

the

combination

of

changes

in

the

market

price

per

share

and

the

effect

of

reinvested

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

declared

in

the

period,

which

is

typically

paid

on

the

first

business

day

of

the

following

month,

is

assumed

to

be

reinvested

at

the

ending

market

price.

The

actual

reinvestment

for

the

last

dividend

declared

in

the

period

may

take

place

over

several

days,

and

in

some

instances

may

not

be

based

on

the

market

price,

so

the

actual

reinvestment

price

may

be

different

from

the

price

used

in

the

calculation.

Total

returns

are

not

annualized.

See

Notes

to

Financial

Statements

69

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NMI

4/30/24(d)

—

%

10/31/23

—

10/31/22

—

10/31/21

—

10/31/20

—

10/31/19

—

Common

Share

Supplemental

Data/

Ratios

Applicable

to

Common

Shares

Common

Share

Total

Returns

Ratios

to

Average

Net

Assets

Based

on

Net

Asset

Value(b)

Based

on

Share

Price(b)

Net

Assets,

End

of

Period

(000)

Expenses(c)

Net

Investment

Income

(Loss)(c)

Portfolio

Turnover

Rate

10.21‌

%

12.04‌

%

$

99,372

0.

82‌

%

(e)

4.25‌

%

(e)

28‌

%

2.94‌

1.80‌

92,117

0.74‌

3.87‌

33‌

(15.39‌)

(24.32‌)

92,830

0.72‌

3.29‌

61‌

5.18‌

6.51‌

113,191

0.73‌

3.23‌

15‌

1.86‌

3.87‌

101,924

0.74‌

3.70‌

15‌

8.45‌

17.61‌

99,822

0.79‌

3.83‌

10‌

(c)

•

The

expense

ratios

reflect,

among

other

things,

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund

(as

described

in

Notes

to

Financial

Statements),

where

applicable,

as

follows:

(d)

Unaudited.

(e)

Annualized.

(f)

Value

rounded

to

zero.

70

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information 

Fund

Information:

The

funds

covered

in

this

report

and

their

corresponding

New

York

Stock

Exchange

(“NYSE”)

symbols

are

as

follows

(each

a

“Fund”

and

collectively,

the

“Funds”):

Nuveen

Municipal

Value

Fund,

Inc.

(NUV)

Nuveen

AMT-Free

Municipal

Value

Fund

(NUW)

Nuveen

Municipal

Income

Fund,

Inc.

(NMI)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended,

as

closed-end

management

investment

companies.

NUV

and

NMI

were

incorporated

under

the

state

laws

of

Minnesota

on

April

8,

1987

and

February

26,

1988,

respectively.

NUW

was

organized

as

a

Massachusetts

business

trust

on

November

19,

2008.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

April

30,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

April

30,

2024

(the

“current

fiscal

period”).

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-

advisory

agreements

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Developments

Regarding

the

Funds’

Control

Share

By-Law:

On

October

5,

2020,

the

Funds

and

certain

other

closed-end

funds

in

the

Nuveen

fund

complex

amended

their

by-laws.

Among

other

things,

the

amended

by-laws

included

provisions

pursuant

to

which,

in

summary,

a

shareholder

who

obtains

beneficial

ownership

of

common

shares

in

a

Control

Share

Acquisition

(as

defined

in

the

by-laws)

shall

have

the

same

voting

rights

as

other

common

shareholders

only

to

the

extent

authorized

by

the

other

disinterested

shareholders

(the

“Control

Share

By-Law”).

On

January

14,

2021,

a

shareholder

of

certain

Nuveen

closed-end

funds

filed

a

civil

complaint

in

the

U.S.

District

Court

for

the

Southern

District

of

New

York

(the

“District

Court”)

against

certain

Nuveen

funds

and

their

trustees,

seeking

a

declaration

that

such

funds’

Control

Share

By-Laws

violate

the

1940

Act,

rescission

of

such

fund’s

Control

Share

By-Laws

and

a

permanent

injunction

against

such

funds

applying

the

Control

Share

By-Laws.

On

February

18,

2022,

the

District

Court

granted

judgment

in

favor

of

the

plaintiff’s

claim

for

rescission

of

such

funds’

Control

Share

By-Laws

and

the

plaintiff’s

declaratory

judgment

claim,

and

declared

that

such

funds’

Control

Share

By-Laws

violate

Section

18(i)

of

the

1940

Act.

Following

review

of

the

judgment

of

the

District

Court,

on

February

22,

2022,

the

Board

of

Directors/Trustees

(the

“Board”)

amended

the

Funds’

by-laws

to

provide

that

the

Funds’

Control

Share

By-Law

shall

be

of

no

force

and

effect

for

so

long

as

the

judgment

of

the

District

Court

is

effective

and

that

if

the

judgment

of

the

District

Court

is

reversed,

overturned,

vacated,

stayed,

or

otherwise

nullified,

the

Funds’

Control

Share

By-Law

will

be

automatically

reinstated

and

apply

to

any

beneficial

owner

of

common

shares

acquired

in

a

Control

Share

Acquisition,

regardless

of

whether

such

Control

Share

Acquisition

occurs

before

or

after

such

reinstatement,

for

the

duration

of

the

stay

or

upon

issuance

of

the

mandate

reversing,

overturning,

vacating

or

otherwise

nullifying

the

judgment

of

the

District

Court.

On

February

25,

2022,

the

Board

and

the

Funds

appealed

the

District

Court’s

decision

to

the

U.S.

Court

of

Appeals

for

the

Second

Circuit.

On

November

30,

2023,

the

U.S.

Court

of

Appeals

for

the

Second

Circuit

upheld

the

opinion

of

the

District

Court.

On

February

28,

2024,

the

Board

of

the

Funds

Amended

and

Restated

By-Laws

to

eliminate

the

“control

share”

provisions.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

–

Investment

Companies.

The

net

asset

value

(“NAV”)

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Funds pay

no

compensation

directly

to

those

of

its

officers,

all

of

whom

receive

remuneration

for

their

services

to

each

Fund

from

the

Adviser

or

its

affiliates.

The Board has

adopted

a

deferred

compensation

plan

for

independent

directors/trustees

that

enables

directors/

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Custodian

Fee

Credit:

As

an

alternative

to

overnight

investments,

each

Fund

has

an

arrangement

with

its

custodian

bank,

State

Street

Bank

and

Trust

Company,

(the

“Custodian”)

whereby

certain

custodian

fees

and

expenses

are

reduced

by

net

credits

earned

on

each

Fund’s

cash

on

deposit

with

the

bank.

Credits

for

cash

balances

may

be

offset

by

charges

for

any

days

on

which

a

Fund

overdraws

its

account

at

the

Custodian.

The

amount

of

custodian

fee

credit

earned

by

a

Fund

is

recognized

on

the

Statement

of

Operations

as

a

component

of

“Custodian

expenses,

net.”

During

the

current

reporting

period,

the

custodian

fee

credit

earned

by

each

Fund

was

as

follows:

71

Distributions

to

Common

Shareholders:

Distributions

to

common shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

The

Funds’

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

their

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distributions

rate

which

may

be

set

from

time

to

time).

Each

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

each

year through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

a

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

a

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

Indemnifications:

Under

the

Funds'

organizational

documents, their

officers

and

directors/trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expect

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Investment

income

also

reflects

dividend

income,

which

is

recorded

on

the

ex-dividend

date.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged

,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financials.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Fund

Gross

Custodian

Fee

Credits

NUV

$

36,030

NUW

12,337

NMI

3,306

72

Notes

to

Financial

Statements

(Unaudited)

(continued)

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported

sales

price

or

official

closing

price

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported

sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

valuation

date.

For

events

affecting

the

value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1.

When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price,

these

securities

are

generally

classified

as

Level

2.

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Futures

contracts

are

valued

using

the

closing

settlement

price

or,

in

the

absence

of

such

a

price,

the

last

traded

price

and

are

generally

classified

as

Level

1. 

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

The

Funds

hold

liabilities

in

floating

rate

obligations,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds'

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

in

these

Notes

to

Financial

Statements.

NUV

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,898,647,046

$

–

$

1,898,647,046

Short-Term

Investments:

Municipal

Bonds

–

26,465,000

–

26,465,000

Total

$

–

$

1,925,112,046

$

–

$

1,925,112,046

NUW

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

264,313,931

$

–

$

264,313,931

Common

Stocks

–

24,729

933,266

957,995

Short-Term

Investments:

Municipal

Bonds

–

4,555,000

–

4,555,000

Investments

in

Derivatives:

Futures

Contracts*

376,896

–

–

376,896

Total

$

376,896

$

268,893,660

$

933,266

$

270,203,822

NMI

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

97,142,931

$

10,617

$

97,153,548

Total

$

–

$

97,142,931

$

10,617

$

97,153,548

*

Represents

net

unrealized

appreciation

(depreciation)

as

reported

in

Fund's

Portfolio

of

Investments.

73

4.

Portfolio

Securities

Inverse

Floating

Rate

Securities:

Each

Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

one

or

more

Funds.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by

a

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

period

are

recognized

as

components

of

“Receivable

for

interest”

and

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(IF)

–

Inverse

floating

rate

investment.”

For

an

externally-deposited

Inverse

Floater,

a

Fund’s

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

“Investment

Income”

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

reporting

period,

the

aggregate

value

of

Floaters

issued

by

each

Fund’s

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

NUV

$

29,480,000

$

—

$

29,480,000

NUW

2,000,000

—

2,000,000

NMI

—

—

—

74

Notes

to

Financial

Statements

(Unaudited)

(continued)

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a)

tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b)

subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust’s

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any such

facility.

Each

Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

“recourse

arrangement”)

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

“Recourse

Trusts”),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust’s

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows.

Under

these

agreements,

a

Fund’s

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

“Unrealized

depreciation

on

Recourse

Trusts”

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

reporting

period, each

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current

fiscal

period

were

as

follows:

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

NUV

$

23,036,164

3.82

%

NUW

2,000,000

3.93

NMI

—

—

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

NUV

$

29,480,000

$

—

$

29,480,000

NUW

2,000,000

—

2,000,000

NMI

—

—

—

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

NUV

$

112,650,972

$

125,456,850

NUW

3,785,986

7,630,821

NMI

28,422,630

27,386,850

75

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Futures

Contracts:

During

the

current

fiscal

period,

NUW

managed

the

duration

of

its

portfolio

by

shorting

interest

rate

futures

contracts.

A

futures

contract

is

an

agreement

between

two

parties

to

buy

and

sell

a

financial

instrument

for

a

set

price

on

a

future

date.

Upon

execution

of

a

futures

contract,

the

Fund

is

obligated

to

deposit

cash

or

eligible

securities,

also

known

as

“initial

margin,”

into

an

account

at

its

clearing

broker

equal

to

a

specified

percentage

of

the

contract

amount.

Securities

deposited

for

initial

margin,

if

any,

are

identified

in

the

Portfolio

of

Investments

and

cash

deposited

for

initial

margin,

if

any,

is

reflected

on

the

Statement

of

Assets

and

Liabilities.

During

the

period

the

futures

contract

is

open,

changes

in

the

market

value

of

the

contract

are

recognized

as

an

unrealized

gain

or

loss

by

“marking-

to-market”

on

a

daily

basis.

The

Fund

and

the

clearing

broker

are

obligated

to

settle

monies

on

a

daily

basis

representing

the

changes

in

the

value

of

the

contracts.

These

daily

cash

settlements

are

known

as

“variation

margin”

and

is

recognized

on

the

Statement

of

Assets

and

Liabilities

as

a

receivable

or

payable

for

variation

margin

on

futures

contracts.

When

the

contract

is

closed

or

expired,

the

Fund

records

a

realized

gain

or

loss

equal

to

the

difference

between

the

value

of

the

contract

on

the

closing

date

and

value

of

the

contract

when

originally

entered

into.

The

net

realized

gain

or

loss

and

the

change

in

unrealized

appreciation

(depreciation)

on

futures

contracts

held

during

the

period

is

included

on

the

Statement

of

Operations.

Risks

of

investments

in

futures

contracts

include

the

possible

adverse

movement

in

the

price

of

the

securities

or

indices

underlying

the

contracts,

the

possibility

that

there

may

not

be

a

liquid

secondary

market

for

the

contracts

and/or

that

a

change

in

the

value

of

the

contract

may

not

correlate

with

a

change

in

the

value

of

the

underlying

securities

or

indices.

The

average

notional

amount

of

futures

contracts

outstanding

during

the

current

fiscal

period

was

as

follows:

As

of

the

end

of

the

reporting

period,

the

following

Fund

has

invested

in

derivative

contracts

which

are

reflected

in

the

Statement

of

Assets

and

Liabilities

as

follows:.

During

the

current

fiscal

period,

the

effect

of

derivative

contracts

on

the

Fund’s

Statement

of

Operations

was

as

follows:

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

Fund

Average

Notional

Amount

of

Futures

Contracts

Outstanding

*

NUW

$

16,623,618

*

The

average

notional

amount

is

calculated

based

on

the

absolute

aggregate

notional

amount

of

contracts

outstanding

at

the

beginning

of

the

current

fiscal

period

and

at

the

end

of

each

fiscal

quarter

within

the

current

fiscal

period.

Asset

Derivatives

Liability

Derivatives

Derivative

Instrument

Risk

Exposure

Location

Value

Location

Value

NUW

Futures

Contracts

Interest

rate

Unrealized

appreciation

on

futures

contracts

*

$

376,896

-

$

–

1

1

1

1

1

1

1

1

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

in

the

accompanying

Statements

of

Assets

and

Liabilities

is

only

the

receivable

or

payable

for

variation

margin

on

open

futures

contacts.

Derivative

Instrument

Risk

Exposure

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

NUW

Futures

contracts

Interest

rate

$

182,061

$

(277,948)

76

Notes

to

Financial

Statements

(Unaudited)

(continued)

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

6.

Fund

Shares

Common

Shares

Equity

Shelf

Programs

and

Offering

Costs:

The

following

Fund

has

filed

a

registration

statement

with

the

Securities

and

Exchange

Commission

(“SEC”)

authorizing

the

Fund

to

issue

additional

common

shares

through

one

or

more

equity

shelf

programs

(“Shelf

Offering”),

which

became

effective

with

the

SEC

during

the current

and

prior

fiscal

periods.

Under

this

Shelf

Offering,

the

Fund,

subject

to

market

conditions,

may

raise

additional

equity

capital

by

issuing

additional

common

shares

from

time

to

time

in

varying

amounts

and

by

different

offering

methods

at

a

net

price

at

or

above

the

Fund’s

NAV

per

common

share.

In

the

event

the

Fund’s

Shelf

Offering

registration

statement

is

no

longer

current,

the

Fund

may

not

issue

additional

common

shares

until

a

post-effective

amendment

to

the

registration

statement

has

been

filed

with

the

SEC.

Additional

authorized

common

shares,

common

shares

sold

and

offering

proceeds,

net

of

offering

costs

under

the

Fund’s

Shelf

Offering

during

the

Fund’s

current

fiscal

period

were

as

follows:

Costs

incurred

by

the

Fund

in

connection

with

its

initial

shelf

registration

are

recorded

as

a

prepaid

expense

and

recognized

as

“Deferred

offering

costs”

on

the

Statement

of

Assets

and

Liabilities.

These

costs

are

amortized

pro

rata

as

common

shares

are

sold

and

are

recognized

as

a

component

of

“Proceeds

from

shelf

offering,

net

of

offering

costs”

on

the

Statement

of

Changes

in

Net

Assets.

Any

deferred

offering

costs

remaining

one

year

after

effectiveness

of

the

initial

shelf

registration

will

be

expensed.

Costs

incurred

by

the

Fund

to

keep

the

shelf

registration

current

are

expensed

as

incurred

and

recognized

as

a

component

of

“Other

expenses”

on

the

Statement

of

Operations.

Common Share

Transactions:

Transactions

in common

shares

for

the

Funds

during

the

Funds’

current

and

prior

fiscal

period,

where

applicable,

were

as

follows:

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

income

tax,

and

in

the

case

of

NUW

the

AMT

applicable

to

individuals

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation.

NMI

Year

Ended

4/30/24*

Year

Ended

10/31/23

Additional

authorized

common

shares

2,200,000

2,200,000

Common

shares

sold

–

–

Offering

proceeds,

net

of

offering

costs

15,506

49,338

*

For

the

period

November

1,

2023

through

March

20,

2024.

NMI

Six

Months

Ended

4/30/24

Year

Ended

10/31/23

Common

Shares:

Sold

through

shelf

offering

—

4,954

Total

—

4,954

Weighted

average

common

share:

Premium

to

NAV

per

shelf

offering

common

share

sold

–%

1.11%

77

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees: 

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser

and

for

NUV

a

gross

interest

income

component.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

NUV

is

calculated

according

to

the

following

schedule:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NUV

$

1,860,624,765

$

73,885,550

$

(38,878,269)

$

35,007,281

NUW

264,593,922

9,417,958

(5,808,058)

3,609,900

NMI

96,777,767

2,332,285

(1,956,504)

375,781

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NUV

$

8,960,607

$

5,789

$

—

$

(79,538,289)

$

(84,579,303)

$

—

$

(6,018,706)

$

(161,169,902)

NUW

1,387,709

1,864

—

(13,259,182)

(542,698)

—

(1,427,131)

(13,839,438)

NMI

433,537

—

—

(7,020,129)

(6,399,852)

—

(316,609)

(13,303,053)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividends

declared

on

October

2,

2023

and

paid

on

November

1,

2023.

Fund

Short-Term

Long-Term

Total

NUV

$

39,918,409

$

44,660,894

$

84,579,303

NUW

—

542,698

542,698

NMI

3,319,863

3,079,989

6,399,852

NUV

Average

Daily

Net

Assets

Fund-Level

Fee

Rate

For

the

first

$500

million

0.1500

%

For

the

next

$500

million

0.1250

For

net

assets

over

$1

billion

0.1000

78

Notes

to

Financial

Statements

(Unaudited)

(continued)

In

addition,

NUV

pays

an

annual

management

fee,

payable

monthly,

based

on

gross

interest

income

(excluding

interest

on

bonds

underlying

a

“self-

deposited

inverse

floater”

trust

that

is

attributed

to

the

Fund

over

and

above

the

net

interest

earned

on

the

inverse

floater

itself)

as

follows:

The

annual

fund-level

fee,

payable

monthly,

for

NUW

and

NMI

is

calculated

according

to

the

following

schedules:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

by

multiplying

the

current

complex-wide

fee

rate,

determined

according

to

the

following

schedule

by

the

Fund’s

daily

managed

assets:

*

For

the

complex-level

fees,

managed

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

managed

assets

in

certain

circumstances.

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

managed

assets

of

all

Nuveen

open-end

and

closed-end

funds

that

constitute

‘’eligible

assets.”

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

NUV

Gross

Interest

Income

Gross

Income

Fee

Rate

For

the

first

$50

million

4.125

%

For

the

next

$50

million

4.000

For

gross

income

over

$100

million

3.875

NUW

Average

Daily

Managed

Assets*

Fund-Level

Fee

Rate

For

the

first

$125

million

0.4000

%

For

the

next

$125

million

0.3875

For

the

next

$250

million

0.3750

For

the

next

$500

million

0.3625

For

the

next

$1

billion

0.3500

For

the

next

$3

billion

0.3250

For

managed

assets

over

$5

billion

0.3125

NMI

Average

Daily

Net

Assets

Fund-Level

Fee

Rate

For

the

first

$125

million

0.4500

%

For

the

next

$125

million

0.4375

For

the

next

$250

million

0.4250

For

the

next

$500

million

0.4125

For

the

next

$1

billion

0.4000

For

the

next

$3

billion

0.3750

For

net

assets

over

$5

billion

0.3625

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

79

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

not

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

As

of

April

30,

2024,

the

complex-level

fee

for

each

Fund

was

as

follows:

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

or

by

an

affiliate

of

the

Adviser

(each

an

, “Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows: 

9.

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Funds

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote.

As

of

the

end

of

the

reporting

period,

the

Funds

did

not

have

any

unfunded

commitments

other

than

those

disclosed

in

the

Notes

to

Financial

Statements,

when

applicable.

From

time

to

time,

the

Funds

may

be

a

party

to

certain

legal

proceedings

in

the

ordinary

course

of

business,

including

proceedings

relating

to

the

enforcement

of

the

Funds’

rights

under

contracts.

As

of

the

end

of

the

reporting

period,

the

Funds

are

not

subject

to

any

material

legal

proceedings.

10.

Borrowing

Arrangements

Committed

Line

of

Credit:

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-

going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2025

unless

extended

or

renewed. 

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

following

Funds

utilized

this

facility.

Each

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

Fund

Complex-Level

Fee

NUV

0.1604%

NUW

0.1604%

NMI

0.1604%

Fund

Purchases

Sales

Realized

Gain

(Loss)

NUV

$

—

$

—

$

—

NUW

—

—

—

NMI

—

3,518,751

(55,619)

80

Notes

to

Financial

Statements

(Unaudited)

(continued)

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities,

where

applicable.

11.

Inter-Fund

Lending

Inter-Fund

Borrowing

and

Lending:

The

SEC

has

granted

an

exemptive

order

permitting

registered

open-end

and

closed-end

Nuveen

funds

to

participate

in

an

inter-fund

lending

facility

whereby

the

Nuveen

funds

may

directly

lend

to

and

borrow

money

from

each

other

for

temporary

purposes

(e.g.,

to

satisfy

redemption

requests

or

when

a

sale

of

securities

“fails,”

resulting

in

an

unanticipated

cash

shortfall)

(the

“Inter-Fund

Program”).

The

closed-end

Nuveen

funds,

including

the

Funds

covered

by

this

shareholder

report,

will

participate

only

as

lenders,

and

not

as

borrowers,

in

the

Inter-Fund

Program

because

such

closed-end

funds

rarely,

if

ever,

need

to

borrow

cash

to

meet

redemptions.

The

Inter-Fund

Program

is

subject

to

a

number

of

conditions,

including,

among

other

things,

the

requirements

that

(1)

no

fund

may

borrow

or

lend

money

through

the

Inter-Fund

Program

unless

it

receives

a

more

favorable

interest

rate

than

is

typically

available

from

a

bank

or

other

financial

institution

for

a

comparable

transaction;

(2)

no

fund

may

borrow

on

an

unsecured

basis

through

the

Inter-Fund

Program

unless

the

fund’s

outstanding

borrowings

from

all

sources

immediately

after

the

inter-fund

borrowing

total

10%

or

less

of

its

total

assets;

provided

that

if

the

borrowing

fund

has

a

secured

borrowing

outstanding

from

any

other

lender,

including

but

not

limited

to

another

fund,

the

inter-fund

loan

must

be

secured

on

at

least

an

equal

priority

basis

with

at

least

an

equivalent

percentage

of

collateral

to

loan

value;

(3)

if

a

fund’s

total

outstanding

borrowings

immediately

after

an

inter-fund

borrowing

would

be

greater

than

10%

of

its

total

assets,

the

fund

may

borrow

through

the

inter-fund

loan

on

a

secured

basis

only;

(4)

no

fund

may

lend

money

if

the

loan

would

cause

its

aggregate

outstanding

loans

through

the

Inter-Fund

Program

to

exceed

15%

of

its

net

assets

at

the

time

of

the

loan;

(5)

a

fund’s

inter-fund

loans

to

any

one

fund

shall

not

exceed

5%

of

the

lending

fund’s

net

assets;

(6)

the

duration

of

inter-

fund

loans

will

be

limited

to

the

time

required

to

receive

payment

for

securities

sold,

but

in

no

event

more

than

seven

days;

and

(7)

each

inter-fund

loan

may

be

called

on

one

business

day’s

notice

by

a

lending

fund

and

may

be

repaid

on

any

day

by

a

borrowing

fund.

In

addition,

a

Nuveen

fund

may

participate

in

the

Inter-Fund

Program

only

if

and

to

the

extent

that

such

participation

is

consistent

with

the

fund’s

investment

objective

and

investment

policies.

The

Board

is

responsible

for

overseeing

the

Inter-Fund

Program.

The

limitations

detailed

above

and

the

other

conditions

of

the

SEC

exemptive

order

permitting

the

Inter-Fund

Program

are

designed

to

minimize

the

risks

associated

with

Inter-Fund

Program

for

both

the

lending

fund

and

the

borrowing

fund.

However,

no

borrowing

or

lending

activity

is

without

risk.

When

a

fund

borrows

money

from

another

fund,

there

is

a

risk

that

the

loan

could

be

called

on

one

day’s

notice

or

not

renewed,

in

which

case

the

fund may

have

to

borrow

from

a

bank

at

a

higher

rate

or

take

other

actions

to

payoff

such

loan

if

an

inter-fund

loan

is

not

available

from

another

fund.

Any

delay

in

repayment

to

a

lending

fund

could

result

in

a

lost

investment

opportunity

or

additional

borrowing

costs.

During

the

current

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

12.

Subsequent

Events

Management

Fees:

As

of

May

1,

2024,

each

Fund’s

overall

complex-level

fee

begins

at

a

maximum

rate

of

0.1600%

of

each

Fund’s

average

daily

managed

assets,

with

breakpoints

for

eligible

complex-level

assets

above

$124.3

billion.

Therefore,

the

maximum

management

fee

rate

for

each

Fund

is

the

fund-level

fee

listed

within

this

report

plus

0.1600%.

The

overall

complex-level

fee

schedule

is

as

follows:

Fund

Maximum

Outstanding

Balance

NUV

$

2,787,274

NUW

—

NMI

331,261

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

NUV

4

$

2,787,274

6.53

%

NUW

—

—

—

NMI

4

331,261

6.53

Complex-Level

Asset

Breakpoint

Level*

Complex-Level

Fee

For

the

first

$124.3

billion

0.1600

%

For

the

next

$75.7

billion

0.1350

For

the

next

$200

billion

0.1325

For

eligible

assets

over

$400

billion

0.1300

81

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

branded

open-end

funds

(“Nuveen

Mutual

Funds”).

Except

as

described

below,

eligible

assets

include

the

assets

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

Mutual

Funds

organized

in

the

United

States.

Eligible

assets

do

not

include

the

net

assets

of:

Nuveen

fund-of-funds,

Nuveen

money

market

funds,

Nuveen

index

funds,

Nuveen

Large

Cap

Responsible

Equity

Fund

or

Nuveen

Life

Large

Cap

Responsible

Equity

Fund.

In

addition,

eligible

assets

include

a

fixed

percentage

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

the

Adviser’s

affiliate,

Teachers

Advisors,

LLC

(except

those

identified

above).

The

fixed

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

Teachers

Advisors,

LLC

(except

those

identified

above).

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances. 

Update

to

the

Shelf

Offering

Program

for

NMI:

NMI

filed

a

registration

statement

authorizing

the

Fund

to

issue

2,000,000

additional

common

shares,

which

became

effective

with

the

SEC

during

May

2024.

82

Risk

Considerations

(Unaudited)

Fund

shares

are

not

guaranteed

or

endorsed

by

any

bank

or

other

insured

depository

institution,

and

are

not

federally

insured

by

the

Federal

Deposit

Insurance

Corporation.

Nuveen

Municipal

Value

Fund,

Inc.

(NUV)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

These

and

other

risk

considerations

such

as

tax

risk

are

described

in

more

detail

on

the

Fund’s

web

page

at

www.nuveen.com/NUV

.

Nuveen

AMT-Free

Municipal

Value

Fund

(NUW)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

These

and

other

risk

considerations

such

as

tax

risk

are

described

in

more

detail

on

the

Fund’s

web

page

at

www.nuveen.com/NUW

.

Nuveen

Municipal

Income

Fund,

Inc.

(NMI)

Investing

in

closed-end

funds

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Closed-end

fund

shares

may

frequently

trade

at

a

discount

or

premium

to

their

net

asset

value.

Debt

or

fixed

income

securities

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

credit

risk,

interest

rate

risk,

derivatives

risk,

liquidity

risk,

and

income

risk.

As

interest

rates

rise,

bond

prices

fall.

These

and

other

risk

considerations

such

as

tax

risk

are

described

in

more

detail

on

the

Fund’s

web

page

at

www.nuveen.com/NMI

.

83

Additional

Fund

Information

(Unaudited)

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

Each

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Directors/Trustees

Joseph

A.

Boateng

Michael

A.

Forrester

Thomas

J.

Kenny

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Loren

M.

Starr

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Independent

Registered

Public

Accounting

Firm

KPMG

LLP

200

East

Randolph

Street

Chicago,

IL

60601

Transfer

Agent

and

Shareholder

Services

Computershare

Trust

Company,

N.A.

150

Royall

Street

Canton,

MA

02021

(800)

257-8787

NUV

NUW

NMI

Common

shares

repurchased

0

0

0

84

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Duration:

Duration

is

a

measure

of

the

expected

period

over

which

a

bond’s

principal

and

interest

will

be

paid,

and

consequently

is

a

measure

of

the

sensitivity

of

a

bond’s

or

bond

fund’s

value

to

changes

when

market

interest

rates

change.

Generally,

the

longer

a

bond

or

fund’s

duration,

the

more

the

price

of

the

bond

or

fund

will

change

as

interest

rates

change.

Industrial

Development

Revenue

Bond

(IDR):

A

unique

type

of

revenue

bond

issued

by

a

state

or

local

government

agency

on

behalf

of

a

private

sector

company

and

intended

to

build

or

acquire

factories

or

other

heavy

equipment

and

tools.

Inverse

Floating

Rate

Securities:

Inverse

floating

rate

securities,

are

the

residual

interest

in

a

tender

option

bond

(TOB)

trust,

sometimes

referred

to

as

“inverse

floaters”,

are

created

by

depositing

a

municipal

bond,

typically

with

a

fixed

interest

rate,

into

a

special

purpose

trust.

This

trust,

in

turn,

(a)

issues

floating

rate

certificates

typically

paying

short-term

tax-exempt

interest

rates

to

third

parties

in

amounts

equal

to

some

fraction

of

the

deposited

bond’s

par

amount

or

market

value,

and

(b)

issues

an

inverse

floating

rate

certificate

(sometimes

referred

to

as

an

“inverse

floater”)

to

an

investor

(such

as

a

Fund)

interested

in

gaining

investment

exposure

to

a

long-term

municipal

bond.

The

income

received

by

the

holder

of

the

inverse

floater

varies

inversely

with

the

short-term

rate

paid

to

the

floating

rate

certificates’

holders,

and

in

most

circumstances

the

holder

of

the

inverse

floater

bears

substantially

all

of

the

underlying

bond’s

downside

investment

risk.

The

holder

of

the

inverse

floater

typically

also

benefits

disproportionately

from

any

potential

appreciation

of

the

underlying

bond’s

value.

Hence,

an

inverse

floater

essentially

represents

an

investment

in

the

underlying

bond

on

a

leveraged

basis.

Leverage:

Leverage

is

created

whenever

a

fund

has

investment

exposure

(both

reward

and/or

risk)

equivalent

to

more

than

100%

of

the

investment

capital.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash,

accrued

earnings

and

receivables)

less

its

total

liabilities.

NAV

per

share

is

equal

to

the

fund’s

Net

Assets

divided

by

its

number

of

shares

outstanding.

Pre-Refunded

Bond/Pre-Refunding:

Pre-Refunded

Bond/Pre-Refunding,

also

known

as

advanced

refundings

or

refinancings,

is

a

procedure

used

by

state

and

local

governments

to

refinance

municipal

bonds

to

lower

interest

expenses.

The

issuer

sells

new

bonds

with

a

lower

yield

and

uses

the

proceeds

to

buy

U.S.

Treasury

securities,

the

interest

from

which

is

used

to

make

payments

on

the

higher-yielding

bonds.

Because

of

this

collateral,

pre-refunding

generally

raises

a

bond’s

credit

rating

and

thus

its

value.

Tax

Obligation/General

Bonds:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

has

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Tax

Obligation/Limited

Bonds

:

Bonds

backed

by

the

general

revenues

of

an

issuer,

including

taxes,

where

the

issuer

doesn’t

have

the

ability

to

increase

taxes

by

an

unlimited

amount

to

pay

the

bonds

back.

Total

Investment

Exposure:

Total

investment

exposure

is

a

fund’s

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

a

fund’s

use

of

preferred

stock

and

borrowings

and

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities.

Zero

Coupon

Bond:

A

zero

coupon

bond

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

bond.

Income

to

the

holder

of

the

bond

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

bond

at

issuance

and

the

par

value

of

the

bond

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

bonds

generally

are

more

volatile

than

the

market

prices

of

bonds

that

pay

interest

periodically.

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

85

Nuveen

Municipal

Value

Fund,

Inc.

(NUV)

Nuveen

AMT-Free

Municipal

Value

Fund

(NUW)

Nuveen

Municipal

Income

Fund,

Inc.

(NMI)

The

Approval

Process

At

meetings

held

on

April

18

and

19,

2024

(the

“Meeting”),

the

Boards

of

Directors

or

Trustees

(as

the

case

may

be)

(collectively,

the

“Board”

and

each

Director

or

Trustee

(as

the

case

may

be),

a

“Board

Member”)

of

the

Funds

approved,

for

their

respective

Fund,

the

renewal

of

the

investment

management

agreement

(each

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(“NFAL”;

NFAL

is

an

“Adviser”)

pursuant

to

which

NFAL

serves

as

investment

adviser

to

such

Fund.

Similarly,

for

each

Fund,

the

Board

approved

the

renewal

of

the

sub-advisory

agreement

(each

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund.

The

Board

Members

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

and,

therefore,

the

Board

is

deemed

to

be

comprised

of

all

disinterested

Board

Members.

References

to

the

Board

and

the

Board

Members

are

interchangeable.

Below

is

a

summary

of

the

annual

review

process

the

Board

undertook

related

to

its

most

recent

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund.

In

accordance

with

applicable

law,

following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-

Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

NFAL

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each

a

“Fund

Adviser.”

In

addition,

the

fund

complex

consists

of

the

group

of

funds

advised

by

NFAL

(collectively

referred

to

as

the

“Nuveen

funds”)

and

the

group

of

funds

advised

by

Teachers

Advisors,

LLC

(“TAL”

and

such

funds

are

collectively,

the

“TC

funds”).

For

clarity,

NFAL

serves

as

Adviser

to

the

Nuveen

funds,

including

the

Funds,

and

TAL

serves

as

“Adviser”

to

the

TC

funds.

The

Board

Members

considered

that

the

prior

separate

boards

of

the

TC

funds

and

Nuveen

funds

were

consolidated

effective

in

January

2024.

Accordingly,

at

the

Meeting,

the

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

as

well

as

reviewed

the

investment

management

agreements

for

the

TC

funds.

Depending

on

the

appropriate

context,

references

to

“the

Adviser”

may

be

to

NFAL

with

respect

to

the

Nuveen

funds

and/or

TAL

with

respect

to

the

TC

funds.

The

Board

Members

considered

the

review

of

the

advisory

agreements

of

the

Nuveen

funds

and

the

TC

funds

to

be

an

ongoing

process.

The

Board

Members

therefore

employed

the

accumulated

information,

knowledge

and

experience

they

had

gained

during

their

tenure

on

the

respective

board

of

the

TC

funds

or

Nuveen

funds

(as

the

case

may

be)

governing

the

applicable

funds

and

working

with

the

respective

investment

advisers

and

sub-

advisers,

as

applicable,

in

their

review

of

the

advisory

agreements

for

the

fund

complex.

During

the

course

of

the

year

prior

to

the

Meeting,

the

Board

and/or

its

committees

received

a

wide

variety

of

materials

that

covered

a

range

of

topics

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements,

including

reports

on

fund

investment

results

over

various

periods;

product

initiatives

for

various

funds;

fund

expenses;

compliance,

regulatory

and

risk

management

matters;

trading

practices

including

soft

dollar

arrangements

(as

applicable);

the

liquidity

and

derivatives

risk

management

programs;

management

of

distributions;

valuation

of

securities;

payments

to

financial

intermediaries

(as

applicable);

securities

lending

(as

applicable);

overall

market

and

regulatory

developments;

and

with

respect

to

closed-end

funds,

capital

management

initiatives,

institutional

ownership,

management

of

leverage

financing

and

the

secondary

market

trading

of

the

closed-end

funds

and

any

actions

to

address

discounts.

The

Board

also

met

periodically

with

and/or

received

presentations

by

key

investment

professionals

managing

a

fund’s

portfolio.

In

particular,

at

the

Board

meeting

held

on

February

27-29,

2024

(the

“February

Meeting”),

the

Board

and/or

its

Investment

Committee

received

the

annual

performance

review

of

the

funds

as

described

in

further

detail

below.

The

presentations,

discussions

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

and

consider

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

sub-advisers,

as

applicable,

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

the

advisory

agreements.

The

materials

provided

at

the

Meeting

and/or

prior

meetings

covered

a

wide

range

of

matters

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

the

consolidation

of

the

Nuveen

fund

family

and

TC

fund

family;

a

review

of

product

actions

advanced

in

2023

for

the

benefit

of

particular

funds

and/or

the

fund

complex;

a

review

of

each

sub-adviser,

if

applicable,

and/or

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

funds

considered

to

have

met

certain

challenged

performance

measurements;

an

analysis

of

the

fees

and

expense

ratios

of

the

funds

with

a

focus

on

funds

considered

to

have

certain

expense

characteristics;

a

list

of

management

fee

and,

if

applicable,

sub-advisory

fee

schedules;

a

description

of

portfolio

manager

compensation;

an

overview

of

the

primary

and

secondary

markets

for

the

Nuveen

closed-end

funds

(including,

among

other

things,

premium

or

discount

data

and

commentary

regarding

the

leverage

management,

share

repurchase

and

shelf

offering

programs

during

2023);

a

description

of

the

profitability

and/or

financial

data

of

Nuveen,

TAL

and

the

sub-advisers;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

funds,

as

applicable.

The

Board

also

considered

information

provided

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

comparing

fee

and

expense

levels

of

each

respective

fund

to

those

of

a

peer

universe.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

fund

complex

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

over

time.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Board

Members.

86

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

As

part

of

their

review,

the

Board

Members

and

independent

legal

counsel

met

by

videoconference

in

executive

session

on

April

10,

2024

(the

“April

Executive

Session”)

to

review

and

discuss

materials

provided

in

connection

with

their

annual

review

of

the

advisory

agreements

for

the

fund

complex.

After

reviewing

this

information,

the

Board

Members

requested,

directly

or

through

independent

legal

counsel,

additional

information,

and

the

Board

subsequently

reviewed

and

discussed

the

responses

to

these

follow-up

questions

and

requests.

The

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

of

management

were

present.

In

connection

with

their

annual

review,

the

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decisions

to

renew

each

Advisory

Agreement

were

not

based

on

a

single

identified

factor,

but

rather

each

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

annual

review

process.

The

contractual

arrangements

may

reflect

the

results

of

prior

year(s)

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

funds’

advisory

arrangements

and

oversight

of

the

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

annual

review

process

and

may

have

placed

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

each

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

roles

of

NFAL

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

considered

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

other

services

to

manage

and

operate

the

applicable

funds.

The

Board

considered

the

Adviser’s

and

its

affiliates’

dedication

of

resources,

time,

people

and

capital

as

well

as

continual

program

of

improvement

and

innovation

aimed

at

enhancing

the

funds

and

fund

complex

for

investors

and

meeting

the

needs

of

an

increasingly

complex

regulatory

environment.

In

particular,

over

the

past

several

years,

the

Board

considered

the

significant

resources,

both

financial

and

personnel,

the

Adviser

and

its

affiliates

have

committed

in

working

to

consolidate

the

Nuveen

fund

family

and

TC

fund

family

under

one

centralized

umbrella.

The

Board

considered

that

the

organizational

changes

in

bringing

together

Nuveen,

its

affiliates

and

TIAA’s

(as

defined

below)

asset

management

businesses,

consolidating

the

Nuveen

and

TC

fund

families

and

other

initiatives

were

anticipated

to

provide

various

benefits

for

the

funds

through,

among

other

things,

enhanced

operating

efficiencies,

centralized

investment

leadership

and

a

centralized

shared

resources

and

support

model.

As

part

of

these

efforts,

the

boards

of

the

TC

funds

and

Nuveen

funds

were

consolidated

effective

in

January

2024.

In

addition,

in

conjunction

with

these

consolidation

efforts,

the

Board

approved

at

the

Meeting

changes

to

fee

and

breakpoint

structures

(as

applicable)

that

could

provide

cost

savings

to

participating

funds,

as

described

in

further

detail

below.

The

Board

also

reviewed

information

regarding

other

product

actions

undertaken

or

continued

by

management

in

the

2023

calendar

year

in

seeking

to

improve

the

effectiveness

of

the

organization,

the

product

line-up

as

well

as

particular

funds

through,

among

other

things,

continuing

to

review

and

optimize

the

product

line

and

gaining

efficiencies

through

mergers

and

liquidations;

reviewing

and

updating

investment

policies

and

benchmarks;

implementing

fee

waivers

and/or

expense

cap

changes

for

certain

funds;

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

considered.

In

its

review,

the

Board

considered

that

the

funds

operated

in

a

highly

regulated

industry

and

the

scope

and

complexity

of

the

services

and

resources

that

the

Adviser

and

its

affiliates

must

provide

to

manage

and

operate

the

applicable

funds

have

expanded

over

the

years

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments,

such

as

the

adoption

of

the

tailored

shareholder

report

or

the

revised

fund

name

rule.

In

considering

the

breadth

and

quality

of

services

the

Adviser

and

its

various

teams

provide,

the

Board

considered

that

the

Adviser

provides

investment

advisory

services.

With

respect

to

the

Nuveen

funds,

such

funds

utilize

sub-advisers

to

manage

the

portfolios

of

the

funds

subject

to

the

supervision

of

NFAL.

Accordingly,

the

Board

considered

that

NFAL

and

its

affiliates,

among

other

things,

oversee

and

review

the

performance

of

the

respective

sub-adviser

and

its

investment

team(s);

evaluate

Nuveen

fund

performance

and

market

conditions;

evaluate

investment

strategies

and

recommend

changes

thereto;

set

and

manage

distributions

consistent

with

the

respective

Nuveen

fund’s

product

design;

oversee

trade

execution

and,

as

applicable,

securities

lending;

evaluate

investment

risks;

and

manage

valuation

matters.

With

respect

to

closed-end

Nuveen

funds,

such

services

also

include

managing

leverage;

monitoring

asset

coverage

levels

for

leveraged

funds

and

compliance

with

rating

agency

criteria;

providing

capital

management

and

secondary

market

services

(such

as

implementing

common

share

shelf

offerings,

capital

return

programs

and

common

share

repurchases);

and

maintaining

a

closed-end

fund

investor

relations

program.

The

Board

considered

that,

with

respect

to

such

funds,

management

actively

monitors

any

discount

from

net

asset

value

per

share

at

which

the

respective

Nuveen

fund’s

common

stock

trades

and

evaluates

potential

avenues

to

mitigate

the

discount,

including

evaluating

the

level

of

distributions

that

the

fund

pays.

The

Board

further

considered

that

over

the

course

of

the

2023

calendar

year,

the

Nuveen

global

public

product

team

which

supports

the

funds

in

the

fund

complex

and

their

shareholders

assessed

the

investment

personnel

across

the

investment

leadership

teams

which

resulted

in

additions

or

other

modifications

to

the

portfolio

management

teams

of

various

funds.

The

Board

also

reviewed

a

description

of

the

compensation

structure

applicable

to

certain

portfolio

managers.

87

In

addition

to

the

above

investment

advisory

services,

the

Board

further

considered

the

extensive

compliance,

regulatory,

administrative

and

other

services

the

Adviser

and

its

various

teams

or

affiliates

provide

to

manage

and

operate

the

applicable

funds.

Given

the

highly

regulated

industry

in

which

the

funds

operate,

the

Board

considered

the

breadth

of

the

Adviser’s

compliance

program

and

related

policies

and

procedures.

The

Board

reviewed

various

initiatives

the

Adviser’s

compliance

team

undertook

or

continued

in

2023,

in

part,

to

address

new

regulatory

requirements,

support

international

business

growth

and

product

development,

enhance

international

trading

capabilities,

enhance

monitoring

capabilities

in

light

of

the

new

regulatory

requirements

and

guidance

and

maintain

a

comprehensive

training

program.

The

Board

further

considered,

among

other

things,

that

other

non-advisory

services

provided

included,

among

other

things,

board

support

and

reporting;

establishing

and

reviewing

the

services

provided

by

other

fund

service

providers

(such

as

a

fund’s

custodian,

accountant,

and

transfer

agent);

risk

management,

including

reviews

of

the

liquidity

risk

management

and

derivatives

risk

management

programs;

legal

support

services;

regulatory

advocacy;

and

cybersecurity,

business

continuity

and

disaster

recovery

planning

and

testing.

Aside

from

the

services

provided,

the

Board

considered

the

financial

resources

of

the

Adviser

and/or

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

funds,

including

to

enhance

global

talent,

middle

office

systems,

software

and

international

and

internal

capabilities.

The

Board

considered

the

access

provided

by

the

Adviser

and

its

affiliates

to

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

considered

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

funds

including

during

stressed

times.

The

Board

considered

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates

and

the

Adviser’s

continuing

commitment

to

provide

high

quality

services.

In

its

review,

the

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

applicable

funds,

including

entrepreneurial

risks

in

sponsoring

and

supporting

new

funds

and

smaller

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

With

respect

to

the

Funds,

the

Board

considered

the

division

of

responsibilities

between

NFAL

and

the

Sub-Adviser

and

considered

that

the

Sub-

Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

NFAL

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

NFAL

which

included,

among

other

things,

a

summary

of

changes

in

the

leadership

teams

and/or

portfolio

manager

teams;

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

of

time;

and

data

reflecting

product

changes

(if

any)

taken

with

respect

to

certain

Nuveen

funds.

The

Board

considered

that

NFAL

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Funds.

In

this

regard,

the

Board

and/or

its

Investment

Committee

reviewed,

among

other

things,

performance

of

the

Funds

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December

31,

2023

and

March

31,

2024.

The

Board

performed

its

annual

review

of

fund

performance

at

its

February

Meeting

and

an

additional

review

at

the

April

Executive

Session

and

also

reviewed

and

discussed

performance

data

at

its

other

regularly

scheduled

quarterly

meetings

throughout

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

were

provided

at

the

Meeting

and

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

management’s

analysis

of

a

fund’s

performance

with

particular

focus

on

funds

that

met

certain

challenged

performance

measurements

as

determined

pursuant

to

a

methodology

approved

by

the

Board

or

additional

measurements

as

determined

by

management’s

investment

analysts.

As

various

Nuveen

funds

have

modified

their

portfolio

teams

and/or

made

significant

changes

to

their

portfolio

strategies

over

time,

the

Board

reviewed,

among

other

things,

certain

tracking

performance

data

over

specific

periods

comparing

performance

before

and

after

such

changes.

The

Board

considered

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

considered

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

over

the

various

time

periods

and

considered

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”),

subject

to

certain

exceptions,

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies,

dates

of

fund

inception

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

fund.

With

respect

to

relative

performance

of

a

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

management

generally

has

ranked

the

relevancy

of

the

Performance

Peer

Groups

to

the

Funds

as

low,

medium

or

high.

In

its

review

of

relative

performance,

the

Board

considered

a

Fund’s

performance

relative

to

its

Performance

Peer

Group,

among

other

things,

by

evaluating

its

quartile

ranking

with

the

1st

quartile

representing

the

top

performing

funds

within

the

Performance

Peer

Group

and

the

4th

quartile

representing

the

lowest

performing

funds.

88

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

The

Board

also

considered

that

secondary

market

trading

of

shares

of

the

Nuveen

closed-end

funds

also

continues

to

be

a

priority

for

the

Board

given

its

importance

to

shareholders,

and

therefore,

the

Board

and/or

its

Closed-end

Fund

committee

reviews

certain

performance

data

reflecting,

among

other

things,

the

premiums

and

discounts

at

which

the

shares

of

the

Nuveen

closed-end

funds

have

traded

at

various

periods

throughout

the

year.

In

its

review,

the

Board

considers,

among

other

things,

changes

to

investment

mandates

and

guidelines,

distribution

policies,

leverage

levels

and

types;

share

repurchases

and

similar

capital

market

actions;

and

effective

communications

programs

to

build

greater

awareness

and

deepen

understanding

of

closed-end

funds.

As

applicable,

the

Board

considered

the

impact

of

leverage

on

a

Nuveen

fund’s

performance.

The

Board

further

considered

that

performance

results

should

include

the

distribution

yields

of

funds

that

seek

to

provide

income

as

part

of

their

investment

objective(s)

to

shareholders.

In

this

regard,

the

Board

considered

that

the

use

of

leverage

by

various

funds

may

have

detracted

from

total

return

performance

of

such

funds

over

various

periods

in

current

market

conditions,

but

the

leverage

also

was

accretive

in

providing

higher

levels

of

income.

The

Board

evaluated

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-

specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

considered

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

considered

that

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

considered

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

more

closely

until

performance

improves,

discuss

with

the

Adviser

the

reasons

for

such

results,

consider

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

discuss

and

evaluate

the

potential

consequences

of

such

steps

and

review

the

results

of

any

steps

undertaken.

The

performance

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

Municipal

Value

Fund,

Inc.

(the

“Municipal

Value

Fund”),

the

Board

considered

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-year

period

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

one-

and

five-year

periods

ended

December

31,

2023

and

ranked

in

the

first

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December

31,

2023.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-year

period

ended

March

31,

2024,

the

Fund

outperformed

its

benchmark

for

the

one-

and

five-year

periods

ended

March

31,

2024

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

first

quartile

for

the

three-

and

five-year

periods

ended

March

31,

2024.

In

its

review,

the

Board

considered

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

AMT-Free

Municipal

Value

Fund

(the

“AMT-Free

Municipal

Value

Fund”),

the

Board

considered

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-year

periods

ended

December

31,

2023

and

March

31,

2024,

the

Fund

outperformed

its

benchmark

for

the

one-

and

five-year

periods

ended

December

31,

2023

and

March

31,

2024.

The

Fund

also

ranked

in

first

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

third

quartile

for

the

three-year

period

and

second

quartile

for

the

five-year

period

ended

December

31,

2023.

In

addition,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

third

quartile

for

the

three-

and

five-year

periods

ended

March

31,

2024.

In

its

review,

the

Board

considered

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Municipal

Income

Fund,

Inc.

(the

“Municipal

Income

Fund”),

the

Board

considered

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

December

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

December

31,

2023

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-

and

five-year

periods

and

the

first

quartile

for

the

three-year

period

ended

December

31,

2023.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

March

31,

2024,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period,

first

quartile

for

the

three-year

period

and

second

quartile

for

the

five-year

period

ended

March

31,

2024.

In

its

review,

the

Board

considered

that

the

Performance

Peer

Group

was

classified

as

low

for

relevancy.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

89

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

closed-end

funds,

the

contractual

management

fee

and

the

actual

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

Fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

reviewed

information

about

other

expenses

and

the

total

operating

expense

ratio

of

each

Fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Board

Members

reviewed,

among

other

things,

each

Fund’s

management

fee

rates

and

net

total

expense

ratio

in

relation

to

similar

data

for

a

comparable

universe

of

funds

(the

“Expense

Universe”)

established

by

Broadridge.

The

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Expense

Universe

and

considered

that

differences

between

the

applicable

fund

and

its

respective

Expense

Universe

as

well

as

changes

to

the

composition

of

the

Expense

Universe

from

year

to

year,

may

limit

some

of

the

value

of

the

comparative

data.

The

Board

Members

also

considered

that

it

can

be

difficult

to

compare

management

fees

among

funds

as

there

are

variations

in

the

services

that

are

included

for

the

fees

paid.

The

Board

Members

took

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

a

shareholder’s

total

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Board

Members

considered,

in

particular,

each

fund

with

a

net

total

expense

ratio

(based

on

common

assets

and

excluding

investment-related

costs

such

as

the

costs

of

leverage

and

taxes

for

closed-end

funds)

meeting

certain

expense

or

fee

criteria

when

compared

to

its

Expense

Universe

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

relative

net

total

expense

ratio.

In

addition,

although

the

Board

reviewed

a

fund’s

net

total

expense

ratio

both

including

and

excluding

investment-related

expenses

(e.g.,

leverage

costs)

for

certain

of

the

closed-end

funds,

the

Board

considered

that

leverage

expenses

will

vary

across

funds

and

peers

because

of

differences

in

the

forms

and

terms

of

leverage

employed

by

the

respective

fund.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

excluding

investment-related

costs

and

taxes

for

the

closed-end

funds.

The

Board

also

considered

that

the

use

of

leverage

for

closed-end

funds

may

create

a

conflict

of

interest

for

NFAL

and

the

applicable

sub-adviser

given

the

increase

of

assets

from

leverage

upon

which

an

advisory

or

sub-advisory

fee

is

based.

The

Board

Members

considered,

however,

that

NFAL

and

the

sub-advisers

(as

applicable)

would

seek

to

manage

the

potential

conflict

by

recommending

to

the

Board

to

leverage

the

applicable

fund

or

increase

such

leverage

when

NFAL

and/or

a

sub-adviser,

as

applicable,

has

determined

that

such

action

would

be

in

the

best

interests

of

the

respective

fund

and

its

common

shareholders

and

by

periodically

reviewing

with

the

Board

the

fund’s

performance

and

the

impact

of

the

use

of

leverage

on

that

performance.

The

Board

Members

also

considered,

in

relevant

part,

a

Fund’s

management

fee

and

net

total

expense

ratio

in

light

of

the

Fund’s

performance

history,

including

reviewing

certain

funds

identified

by

management

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

their

evaluation

of

the

fee

arrangements

for

the

Funds,

the

Board

Members

also

reviewed

the

management

fee

schedules

and

the

expense

reimbursements

and/or

fee

waivers

agreed

to

by

the

Adviser

for

the

respective

fund

(if

any).

In

its

review,

the

Board

considered

that

the

management

fees

of

the

Nuveen

funds

were

generally

comprised

of

two

components,

a

fund-level

component

and

a

complex-level

component,

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

As

indicated

above,

the

Board

approved

a

revised

fee

schedule

which

would

reduce

and

streamline

the

asset

thresholds

necessary

to

meet

breakpoints

in

the

complex-level

fee

component.

The

Board

considered

that

management

anticipated

approximately

$50

million

in

savings

for

Nuveen

fund

shareholders

as

a

result

of

the

revised

fee

schedule

as

well

as

additional

estimated

savings

over

time.

The

Board

further

considered

management’s

representation

that

there

will

be

no

increase

to

any

Nuveen

fund’s

respective

advisory

agreement

fee

rate

as

a

result

of

the

revised

complex-level

fee

schedule.

In

its

review,

the

Board

considered

that

across

the

Nuveen

fund

and

TC

fund

complex,

management

estimated

that

fund-level

breakpoints

resulted

in

approximately

$82.5

million

in

reduced

fees

overall

in

2023.

In

addition,

the

Board

considered

that

management

determined

that

the

Nuveen

funds

achieved

additional

fee

reductions

of

approximately

$49

million

due

to

the

complex-wide

management

fee

structure

in

2023.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund.

In

its

review,

the

Board

considered

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

NFAL,

not

the

Funds.

The

Board’s

considerations

regarding

the

comparative

fee

data

for

each

of

the

Funds

are

set

forth

below.

For

the

Municipal

Value

Fund,

the

Fund’s

contractual

management

fee

rate,

actual

management

fee

rate

and

net

total

expense

ratio

were

each

below

the

Expense

Universe

median.

For

the

AMT-Free

Municipal

Value

Fund,

the

Fund’s

contractual

management

fee

rate,

actual

management

fee

rate

and

net

total

expense

ratio

were

each

below

the

Expense

Universe

median.

For

the

Municipal

Income

Fund,

the

Fund’s

contractual

management

fee

rate,

actual

management

fee

rate

and

net

total

expense

ratio

were

each

below

the

Expense

Universe

median.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

90

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

that

the

Adviser,

affiliated

sub-advisers

and/or

their

affiliate(s)

provide

investment

management

services

to

other

types

of

clients

which

may

include:

separately

managed

accounts,

retail

managed

accounts,

foreign

funds

(UCITS),

other

investment

companies

(as

sub-advisers),

limited

partnerships

and

collective

investment

trusts.

The

Board

reviewed

the

equal

weighted

average

fee

or

other

fee

data

for

the

other

types

of

clients

managed

in

a

similar

manner

to

certain

of

the

Nuveen

funds

and

TC

funds.

The

Board

considered

the

Adviser’s

rationale

for

the

differences

in

the

management

fee

rates

of

the

funds

compared

to

the

management

fee

rates

charged

to

these

other

types

of

clients.

In

this

regard,

the

Board

considered

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

regulatory,

disclosure

and

governance

requirements;

servicing

relationships

with

vendors;

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

and

account

sizes

all

may

contribute

to

variations

in

relative

fee

rates.

Further,

differences

in

the

client

base,

governing

bodies,

distribution,

jurisdiction

and

operational

complexities

also

would

contribute

to

variations

in

management

fees

assessed

the

funds

compared

to

foreign

fund

clients.

In

addition,

differences

in

the

level

of

advisory

services

required

for

passively

managed

funds

also

contribute

to

differences

in

the

management

fee

levels

of

such

funds

compared

to

actively

managed

funds.

As

a

general

matter,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

considered

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

funds.

The

Board

further

considered

that

a

sub-adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

that

the

varying

levels

of

fees

were

reasonable

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Board

Members

considered

various

profitability

data

relating

to

the

Fund

Advisers’

services

to

the

Nuveen

funds.

With

respect

to

the

Nuveen

funds,

the

Board

Members

reviewed

the

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

overall

as

well

as

profitability

data

of

certain

other

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2023

and

2022

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution)

for

the

2023

and

2022

calendar

years.

The

Board

Members

also

considered

the

rationale

for

the

change

in

Nuveen’s

profitability

from

2022

to

2023.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

NFAL

derived

from

its

exchange-traded

fund

product

line

for

the

2023

and

2022

calendar

years.

In

developing

the

profitability

data,

the

Board

Members

considered

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

single

universally

recognized

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

refinements

Nuveen

had

made

to

the

methodology

that

had

occurred

over

the

years

from

2010

through

2021

to

provide

Nuveen’s

profitability

analysis,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2023.

The

Board

of

the

Nuveen

funds

had

also

appointed

two

Board

Members

to

serve

as

the

Board’s

liaisons

to

meet

with

representatives

of

NFAL

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

considered

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2014

to

2023.

In

their

review

of

the

comparative

data,

the

Board

Members

considered

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

the

profitability

data,

the

Board

considered

that

NFAL

and

TAL

are

affiliates

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

NFAL

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

TIAA,

and

TAL

is

an

indirect

wholly

owned

subsidiary

of

TIAA.

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2023

and

2022

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

considered

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

considered

the

reinvestments

the

Adviser,

its

parent

and/

or

other

affiliates

made

into

their

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

funds,

initiatives

in

international

expansion,

investments

in

infrastructure

and

continued

investments

in

enhancements

to

technological

capabilities.

91

The

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December

31,

2023

and

December

31,

2022.

The

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

grouped

by

similar

types

of

funds

(such

as

municipal,

taxable

fixed

income,

equity,

real

assets

and

index/asset

allocation)

for

the

Sub-Adviser

for

the

calendar

years

ending

December

31,

2023

and

December

31,

2022.

In

evaluating

the

reasonableness

of

the

compensation,

the

Board

Members

also

considered

the

indirect

benefits

NFAL

or

the

Sub-Adviser

received

that

were

directly

attributable

to

the

management

of

the

applicable

funds

as

discussed

in

further

detail

below.

Based

on

its

review,

the

Board

was

satisfied

that

each

Fund

Adviser’s

level

of

profitability

from

its

relationship

with

each

Nuveen

fund

was

not

unreasonable

over

various

time

frames

in

light

of

the

nature,

extent

and

quality

of

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

funds

in

the

fund

complex,

whether

these

economies

of

scale

have

been

appropriately

shared

with

such

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

considered

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

the

rates

at

which

certain

expenses

are

incurred

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

there

are

various

methods

that

may

be

employed

to

help

share

the

benefits

of

economies

of

scale,

including,

among

other

things,

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

the

Adviser’s

business

which

can

enhance

the

services

provided

to

the

applicable

funds

for

the

fees

paid.

The

Board

considered

that

the

Adviser

has

generally

employed

one

or

more

of

these

various

methods

among

the

applicable

funds.

In

this

regard,

the

Board

considered,

as

noted

above,

that

the

management

fee

of

NFAL

generally

was

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

With

this

structure,

the

Board

considered

that

the

complex-level

breakpoint

schedule

was

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

assets

of

eligible

funds

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

were

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

As

summarized

above,

the

Board

approved

a

new

complex-level

breakpoint

schedule

which

would

simplify

and

reduce

the

complex-level

fee

rates

at

various

thresholds

and

expanded

the

eligible

funds

whose

assets

would

be

included

in

calculating

the

complex-level

fee,

effective

May

1,

2024.

Among

other

things,

the

assets

of

certain

TC

funds

advised

by

TAL

would

be

phased

into

the

calculation

of

the

complex-wide

assets

in

determining

the

complex-level

fee

over

a

ten-year

period.

The

Board

considered

the

cost

savings

and

additional

potential

sharing

of

economies

of

scale

as

a

result

of

the

reduced

complex-level

breakpoint

schedule

and

the

additional

assets

from

more

eligible

funds

in

calculating

the

assets

of

the

complex

for

determining

the

complex-level

fee

component.

The

Board

reviewed

the

projected

shareholder

savings

derived

from

such

modifications

over

a

ten-year

period

from

2024

to

2033.

The

Board

considered

management’s

representation

that

there

will

be

no

increase

to

any

fund’s

respective

advisory

agreement

fee

rate.

The

Board

also

considered

that

with

respect

to

Nuveen

closed-end

funds,

although

closed-end

funds

may

make

additional

share

offerings

from

time

to

time,

the

closed-end

funds

have

a

more

limited

ability

to

increase

their

assets

because

the

growth

of

their

assets

will

occur

primarily

from

the

appreciation

of

their

investment

portfolios.

The

Board

Members

also

considered

the

continued

reinvestment

in

Nuveen/TIAA’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

were

not

specific

to

individual

funds

but

rather

incurred

across

a

variety

of

products

and

services

pursuant

to

which

the

family

of

funds

as

a

whole

may

benefit.

The

Board

further

considered

that

the

Adviser

and

its

affiliates

have

provided

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

without

raising

advisory

fees

to

the

funds,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

The

Board

considered

the

Adviser’s

and/or

its

affiliates’

ongoing

efforts

to

streamline

the

product

line-up,

among

other

things,

to

create

more

scaled

funds

which

may

help

improve

both

expense

and

trading

economies.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

management’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Board

Members

received

and

considered

information

regarding

various

indirect

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

funds

in

the

fund

complex.

These

benefits

included,

among

other

things,

economies

of

scale

to

the

extent

the

Adviser

or

its

affiliates

share

investment

resources

and/or

personnel

with

other

clients

of

the

Adviser.

The

funds

may

also

be

used

as

investment

options

for

other

products

or

businesses

offered

by

the

Adviser

and/or

its

affiliates,

such

as

variable

products,

fund

of

funds

and

529

education

savings

plans,

and

affiliates

of

the

Adviser

may

serve

as

sub-advisers

to

various

funds

in

which

case

all

advisory

and

sub-advisory

fees

generated

by

such

funds

stay

within

Nuveen.

The

Board

considered

that

an

affiliate

of

the

Adviser

received

compensation

in

2023

for

serving

as

an

underwriter

on

shelf

offerings

of

existing

Nuveen

closed-end

funds

and

reviewed

the

amounts

paid

for

such

services

in

2023

and

2022.

In

addition,

the

Board

Members

considered

that

the

Adviser

and

Sub-Adviser

may

utilize

soft

dollar

brokerage

arrangements

attributable

to

the

respective

funds

to

obtain

research

and

other

services

for

any

or

all

of

their

clients,

although

the

Board

Members

also

considered

reimbursements

of

such

costs

by

the

Adviser

and/or

Sub-Adviser.

92

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

The

Adviser

and

its

affiliates

may

also

benefit

from

the

advisory

relationships

with

the

funds

in

the

fund

complex

to

the

extent

this

relationship

results

in

potential

investors

viewing

the

TIAA

group

of

companies

as

a

leading

retirement

plan

provider

in

the

academic

and

nonprofit

market

and

a

single

source

for

all

their

financial

service

needs.

The

Adviser

and/or

its

affiliates

may

further

benefit

to

the

extent

that

they

have

pricing

or

other

information

regarding

vendors

the

funds

utilize

in

establishing

arrangements

with

such

vendors

for

other

products.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

ESA-A-0424P

3614398-INV-B-06/25

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this filing.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

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

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

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

SIGNATURES

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

(Registrant) Nuveen AMT-Free Municipal Value Fund

By (Signature and Title)	/s/ David J. Lamb
	David J. Lamb
	Chief Administrative Officer

Date: July 2, 2024

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

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

Date: July 2, 2024

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

Date: July 2, 2024