Chairman’s Letter to Shareholders
|
4
|
Portfolio Managers’ Comments
|
5
|
Fund Leverage
|
8
|
Common Share Information
|
9
|
Risk Considerations
|
11
|
Performance Overview and Holding Summaries
|
12
|
Portfolios of Investments
|
20
|
Statement of Assets and Liabilities
|
67
|
Statement of Operations
|
68
|
Statement of Changes in Net Assets
|
69
|
Statement of Cash Flows
|
71
|
Financial Highlights
|
72
|
Notes to Financial Statements
|
76
|
Additional Fund Information
|
87
|
Glossary of Terms Used in this Report
|
88
|
Reinvest Automatically, Easily and Conveniently
|
90
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Effective Leverage*
|
1.74
|
%
|
7.07
|
%
|
0.00
|
%
|
36.41
|
%
|
* Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio.
|
|
Per Common Share Amounts | |||||||||||||||
Monthly Distributions (Ex-Dividend Date)
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
November 2018
|
$
|
0.0310
|
$
|
0.0560
|
$
|
0.0360
|
$
|
0.0565
|
||||||||
December
|
0.0310
|
0.0560
|
0.0360
|
0.0565
|
||||||||||||
January
|
0.0310
|
0.0560
|
0.0360
|
0.0565
|
||||||||||||
February
|
0.0310
|
0.0560
|
0.0360
|
0.0565
|
||||||||||||
March
|
0.0310
|
0.0560
|
0.0360
|
0.0565
|
||||||||||||
April 2019
|
0.0310
|
0.0560
|
0.0360
|
0.0565
|
||||||||||||
Total Distributions from Net Investment Income
|
$
|
0.1860
|
$
|
0.3360
|
$
|
0.2160
|
$
|
0.3390
|
||||||||
Total Distributions from Long Term Capital Gains*
|
$
|
—
|
$
|
0.0965
|
$
|
0.0719
|
$
|
—
|
||||||||
Total Distributions
|
$
|
0.1860
|
$
|
0.4325
|
$
|
0.2879
|
$
|
0.3390
|
||||||||
Yields
|
||||||||||||||||
Market Yield**
|
3.73
|
%
|
4.16
|
%
|
3.91
|
%
|
4.86
|
%
|
||||||||
Taxable-Equivalent Yield**
|
4.88
|
%
|
5.37
|
%
|
5.09
|
%
|
6.35
|
%
|
*
|
Distribution paid in December 2018.
|
**
|
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 23.6%, 22.5%, 23.1% and 23.5% for NUV, NUW, NMI and NEV, respectively. 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.
|
|
NUW
|
NMI
|
||||||
Additional authorized common shares
|
1,400,000
|
800,000
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Common shares cumulatively repurchased and retired
|
—
|
—
|
—
|
—
|
||||||||||||
Common shares authorized for repurchase
|
20,690,000
|
1,540,000
|
875,000
|
2,495,000
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Common share NAV
|
$
|
10.29
|
$
|
16.45
|
$
|
11.14
|
$
|
14.85
|
||||||||
Common share price
|
$
|
9.97
|
$
|
16.17
|
$
|
11.06
|
$
|
13.96
|
||||||||
Premium/(Discount) to NAV
|
(3.11
|
)%
|
(1.70
|
)%
|
(0.72
|
)%
|
(5.99
|
)%
|
||||||||
6-month average premium/(discount) to NAV
|
(4.87
|
)%
|
(3.90
|
)%
|
(4.06
|
)%
|
(7.17
|
)%
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
Performance Overview and Holding Summaries as of April 30, 2019
|
|
Cumulative
|
Average Annual
|
||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
NUV at Common Share NAV
|
6.51%
|
6.66%
|
4.65%
|
5.99%
|
NUV at Common Share Price
|
10.71%
|
8.87%
|
4.67%
|
5.47%
|
S&P Municipal Bond Index
|
5.36%
|
5.84%
|
3.55%
|
4.74%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
100.0%
|
Corporate Bonds
|
0.0%
|
Other Assets Less Liabilities
|
1.8%
|
Net Assets Plus Floating Rate
|
|
Obligations
|
101.8%
|
Floating Rate Obligations
|
(1.8)%
|
Net Assets
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
8.5%
|
AAA
|
5.6%
|
AA
|
34.7%
|
A
|
25.0%
|
BBB
|
17.9%
|
BB or Lower
|
5.0%
|
N/R (not rated)
|
3.3%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
22.9%
|
Transportation
|
22.1%
|
Tax Obligation/General
|
12.7%
|
Health Care
|
11.8%
|
U.S. Guaranteed
|
8.6%
|
Utilities
|
7.4%
|
Other
|
14.5%
|
Total
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
Texas
|
16.0%
|
Illinois
|
12.9%
|
California
|
9.1%
|
Colorado
|
7.2%
|
New York
|
5.4%
|
Florida
|
5.1%
|
New Jersey
|
3.9%
|
Ohio
|
3.7%
|
Nevada
|
3.5%
|
Washington
|
2.9%
|
Michigan
|
2.9%
|
Wisconsin
|
2.3%
|
Virginia
|
2.3%
|
Indiana
|
2.3%
|
South Carolina
|
1.7%
|
Other
|
18.8%
|
Total
|
100%
|
NUW
|
Nuveen AMT-Free Municipal Value Fund
|
|
Performance Overview and Holding Summaries as of April 30, 2019
|
|
Cumulative
|
Average Annual
|
||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
NUW at Common Share NAV
|
6.39%
|
6.04%
|
4.50%
|
6.33%
|
NUW at Common Share Price
|
15.79%
|
7.88%
|
4.55%
|
6.26%
|
S&P Municipal Bond Index
|
5.36%
|
5.84%
|
3.55%
|
4.74%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
96.1%
|
Other Assets Less Liabilities
|
7.5%
|
Net Assets Plus Floating Rate
|
|
Obligations
|
103.6%
|
Floating Rate Obligations
|
(3.6)%
|
Net Assets
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
11.7%
|
AAA
|
7.8%
|
AA
|
30.0%
|
A
|
23.8%
|
BBB
|
15.6%
|
BB or Lower
|
9.8%
|
N/R (not rated)
|
1.3%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
17.9%
|
Transportation
|
15.8%
|
Tax Obligation/General
|
14.8%
|
Utilities
|
12.4%
|
Water and Sewer
|
9.1%
|
Health Care
|
9.0%
|
U.S. Guaranteed
|
8.3%
|
Consumer Staples
|
5.1%
|
Other
|
7.6%
|
Total
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
California
|
14.2%
|
Texas
|
12.4%
|
Illinois
|
9.6%
|
Florida
|
8.2%
|
Nevada
|
6.7%
|
Colorado
|
5.9%
|
New Jersey
|
5.1%
|
New York
|
4.2%
|
Maryland
|
3.9%
|
Ohio
|
3.8%
|
Georgia
|
3.5%
|
Kentucky
|
3.3%
|
Other
|
19.2%
|
Total
|
100%
|
NMI
|
Nuveen Municipal Income Fund, Inc.
|
|
Performance Overview and Holding Summaries as of April 30, 2019
|
|
Cumulative
|
Average Annual
|
|||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|
NMI at Common Share NAV
|
4.71%
|
4.87%
|
4.46%
|
6.37%
|
|
NMI at Common Share Price
|
12.64%
|
3.46%
|
3.72%
|
5.82%
|
|
S&P Municipal Bond Index
|
5.36%
|
5.84%
|
3.55%
|
4.74%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
98.9%
|
Other Assets Less Liabilities
|
1.1%
|
Net Assets
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
11.2%
|
AAA
|
0.6%
|
AA
|
17.6%
|
A
|
30.1%
|
BBB
|
27.4%
|
BB or Lower
|
7.7%
|
N/R (not rated)
|
5.4%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Health Care
|
22.1%
|
Tax Obligation/General
|
14.3%
|
Transportation
|
13.7%
|
U.S. Guaranteed
|
10.9%
|
Tax Obligation/Limited
|
10.3%
|
Education and Civic Organizations
|
9.3%
|
Utilities
|
6.6%
|
Long-Term Care
|
5.7%
|
Other
|
7.1%
|
Total
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
California
|
17.1%
|
Illinois
|
10.3%
|
Colorado
|
9.9%
|
Texas
|
8.2%
|
Wisconsin
|
6.5%
|
Florida
|
6.2%
|
Ohio
|
4.0%
|
Missouri
|
3.3%
|
Pennsylvania
|
2.9%
|
Michigan
|
2.7%
|
Arizona
|
2.5%
|
Tennessee
|
2.4%
|
Minnesota
|
2.3%
|
New York
|
2.0%
|
Other
|
19.7%
|
Total
|
100%
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
Performance Overview and Holding Summaries as of April 30, 2019
|
|
Cumulative
|
Average Annual
|
|||
|
|
|
|
Since
|
|
|
6-Month
|
1-Year
|
5-Year
|
Inception
|
|
NEV at Common Share NAV
|
6.73%
|
7.32%
|
5.67%
|
6.59%
|
|
NEV at Common Share Price
|
12.71%
|
10.30%
|
5.60%
|
5.57%
|
|
S&P Municipal Bond Index
|
5.36%
|
5.84%
|
3.55%
|
4.10%
|
Fund Allocation
|
|
(% of net assets)
|
|
Long-Term Municipal Bonds
|
124.0%
|
Other Assets Less Liabilities
|
4.0%
|
Net Assets Plus Floating Rate
|
|
Obligations
|
128.0%
|
Floating Rate Obligations
|
(28.0)%
|
Net Assets
|
100%
|
Portfolio Credit Quality
|
|
(% of total investment exposure)
|
|
U.S. Guaranteed
|
14.2%
|
AAA
|
3.1%
|
AA
|
24.4%
|
A
|
19.8%
|
BBB
|
19.7%
|
BB or Lower
|
11.8%
|
N/R (not rated)
|
7.0%
|
Total
|
100%
|
Portfolio Composition
|
|
(% of total investments)
|
|
Tax Obligation/Limited
|
23.6%
|
Health Care
|
15.5%
|
Transportation
|
13.6%
|
Tax Obligation/General
|
11.6%
|
U.S. Guaranteed
|
9.2%
|
Education and Civic Organizations
|
6.8%
|
Utilities
|
6.3%
|
Other
|
13.4%
|
Total
|
100%
|
States and Territories
|
|
(% of total municipal bonds)
|
|
Illinois
|
16.6%
|
New Jersey
|
8.8%
|
California
|
8.1%
|
Ohio
|
7.9%
|
Wisconsin
|
7.8%
|
Pennsylvania
|
6.6%
|
Louisiana
|
4.8%
|
Florida
|
4.8%
|
Guam
|
4.7%
|
New York
|
3.6%
|
Washington
|
3.4%
|
Georgia
|
3.2%
|
Other
|
19.7%
|
Total
|
100%
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
Portfolio of Investments
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 100.0%
|
|
|
|
|
|
MUNICIPAL BONDS – 100.0%
|
|
|
|
|
|
Alabama – 0.1%
|
|
|
|
|
|
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone
|
|
|
|
|
|
Bonds, Hunt Refining Project, Refunding Series 2019A:
|
|
|
|
|
$ 1,140
|
4.500%, 5/01/32, 144A (WI/DD, Settling 5/16/19)
|
5/29 at 100.00
|
N/R
|
$ 1,203,179
|
|
1,015
|
5.250%, 5/01/44, 144A (WI/DD, Settling 5/16/19)
|
5/29 at 100.00
|
N/R
|
1,089,024
|
|
2,155
|
Total Alabama
|
|
|
2,292,203
|
|
|
Alaska – 0.1%
|
|
|
|
|
2,710
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed
|
5/19 at 100.00
|
B3
|
2,709,892
|
|
|
Bonds, Series 2006A, 5.000%, 6/01/32
|
|
|
|
|
|
Arizona – 0.9%
|
|
|
|
|
2,935
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien
|
7/27 at 100.00
|
AA–
|
3,483,757
|
|
|
Series 2017A, 5.000%, 7/01/35
|
|
|
|
|
5,600
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
|
No Opt. Call
|
A3
|
7,061,712
|
|
|
Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
|
|
|
|
4,240
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale
|
9/20 at 100.00
|
AA
|
4,407,904
|
|
|
Healthcare, Series 2006C Re-offering, 5.000%, 9/01/35 – AGM Insured
|
|
|
|
|
|
Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2017:
|
|
|
|
|
1,000
|
5.000%, 7/01/32
|
7/27 at 100.00
|
AA
|
1,204,780
|
|
1,410
|
5.000%, 7/01/33
|
7/27 at 100.00
|
AA
|
1,690,209
|
|
1,000
|
5.000%, 7/01/34
|
7/27 at 100.00
|
AA
|
1,195,110
|
|
750
|
5.000%, 7/01/35
|
7/27 at 100.00
|
AA
|
893,895
|
|
16,935
|
Total Arizona
|
|
|
19,937,367
|
|
|
California – 9.1%
|
|
|
|
|
4,615
|
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement
|
No Opt. Call
|
AA
|
4,220,925
|
|
|
Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured
|
|
|
|
|
5,000
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
|
4/23 at 100.00
|
AA– (4)
|
5,679,050
|
|
|
Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23)
|
|
|
|
|
4,245
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
5/19 at 44.63
|
CCC
|
1,906,387
|
|
|
Gold Country Settlement Funding Corporation, Refunding Series 2006, 0.000%, 6/01/33
|
|
|
|
|
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
|
|
|
|
|
Los Angeles County Securitization Corporation, Series 2006A:
|
|
|
|
|
3,275
|
5.450%, 6/01/28 (5)
|
5/19 at 100.00
|
B2
|
3,332,738
|
|
4,200
|
5.600%, 6/01/36 (5)
|
5/19 at 100.00
|
B2
|
4,202,898
|
|
1,175
|
California Department of Water Resources, Central Valley Project Water System Revenue
|
12/26 at 100.00
|
AAA
|
1,423,360
|
|
|
Bonds, Refunding Series 2016AW, 5.000%, 12/01/33
|
|
|
|
|
10,000
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
11/26 at 100.00
|
AA–
|
11,492,600
|
|
|
Health, Refunding Series 2016B, 5.000%, 11/15/46
|
|
|
|
|
1,200
|
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los
|
8/27 at 100.00
|
BBB+
|
1,380,108
|
|
|
Angeles, Series 2017A, 5.000%, 8/15/37
|
|
|
|
|
3,850
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health
|
7/23 at 100.00
|
AA–
|
4,312,924
|
|
|
System, Series 2013A, 5.000%, 7/01/33
|
|
|
|
|
2,335
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center,
|
7/20 at 100.00
|
Baa2 (4)
|
2,448,458
|
|
|
Series 2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20)
|
|
|
|
|
6,130
|
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien
|
6/28 at 100.00
|
BBB+
|
7,003,648
|
|
|
Series 2018A, 5.000%, 12/31/43 (AMT)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
California (continued)
|
|
|
|
|
$ 2,725
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San
|
1/29 at 100.00
|
Baa3
|
$ 3,137,183
|
|
|
Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%,
|
|
|
|
|
|
11/21/45, 144A
|
|
|
|
|
1,625
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects,
|
11/23 at 100.00
|
A+
|
1,802,791
|
|
|
Series 2013I, 5.000%, 11/01/38
|
|
|
|
|
5,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
5,375,450
|
|
3,500
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/26 at 100.00
|
BB
|
3,805,900
|
|
|
Linda University Medical Center, Series 2016A, 5.000%, 12/01/46, 144A
|
|
|
|
|
3,125
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital
|
8/19 at 100.00
|
N/R (4)
|
3,165,281
|
|
|
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
|
|
|
|
|
4,505
|
Covina-Valley Unified School District, Los Angeles County, California, General
|
No Opt. Call
|
A+
|
3,589,629
|
|
|
Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured
|
|
|
|
|
5,700
|
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California,
|
6/27 at 100.00
|
AAA
|
6,752,790
|
|
|
Water System Revenue Bonds, Green Series 2017A, 5.000%, 6/01/45
|
|
|
|
|
2,180
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/31 at 100.00
|
A–
|
2,129,991
|
|
|
Refunding Series 2013A, 6.850%, 1/15/42 (5)
|
|
|
|
|
30,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
No Opt. Call
|
AA+ (4)
|
28,783,500
|
|
|
Series 1995A, 0.000%, 1/01/22 (ETM)
|
|
|
|
|
14,100
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
14,194,893
|
|
|
Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47
|
|
|
|
|
|
Merced Union High School District, Merced County, California, General Obligation Bonds,
|
|
|
|
|
|
Series 1999A:
|
|
|
|
|
2,500
|
0.000%, 8/01/23 – FGIC Insured
|
No Opt. Call
|
AA–
|
2,305,200
|
|
2,555
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
AA–
|
2,303,077
|
|
2,365
|
Montebello Unified School District, Los Angeles County, California, General Obligation
|
No Opt. Call
|
A–
|
1,886,513
|
|
|
Bonds, Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured
|
|
|
|
|
|
Mount San Antonio Community College District, Los Angeles County, California, General
|
|
|
|
|
|
Obligation Bonds, Election of 2008, Series 2013A:
|
|
|
|
|
3,060
|
0.000%, 8/01/28 (5)
|
2/28 at 100.00
|
Aa1
|
3,178,728
|
|
2,315
|
6.250%, 8/01/43 (5)
|
8/35 at 100.00
|
Aa1
|
2,103,733
|
|
3,550
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts,
|
No Opt. Call
|
A
|
5,238,486
|
|
|
Series 2009C, 6.500%, 11/01/39
|
|
|
|
|
2,350
|
Palomar Pomerado Health Care District, California, Certificates of Participation,
|
11/19 at 100.00
|
N/R (4)
|
2,410,419
|
|
|
Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
|
|
|
|
10,150
|
Placer Union High School District, Placer County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
6,699,000
|
|
|
Series 2004C, 0.000%, 8/01/33 – AGM Insured
|
|
|
|
|
|
San Bruno Park School District, San Mateo County, California, General Obligation Bonds,
|
|
|
|
|
|
Series 2000B:
|
|
|
|
|
2,575
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
Aa3
|
2,315,080
|
|
2,660
|
0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
Aa3
|
2,327,766
|
|
490
|
San Diego Tobacco Settlement Revenue Funding Corporation, California, Tobacco Settlement
|
6/28 at 100.00
|
BBB
|
500,084
|
|
|
Bonds, Subordinate Series 2018C, 4.000%, 6/01/32
|
|
|
|
|
10,000
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/29 at 100.00
|
A+
|
12,096,000
|
|
|
International Airport, Refunding Second Series 2019D, 5.000%, 5/01/39
|
|
|
|
|
250
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue
|
2/21 at 100.00
|
BBB+ (4)
|
273,938
|
|
|
Bonds, Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41
|
|
|
|
|
|
(Pre-refunded 2/01/21)
|
|
|
|
|
12,095
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road
|
No Opt. Call
|
Baa2
|
10,332,758
|
|
|
Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured
|
|
|
|
|
13,220
|
San Mateo County Community College District, California, General Obligation Bonds,
|
No Opt. Call
|
AAA
|
10,780,910
|
|
|
Series 2006A, 0.000%, 9/01/28 – NPFG Insured
|
|
|
|
|
5,000
|
San Mateo Union High School District, San Mateo County, California, General Obligation
|
No Opt. Call
|
Aaa
|
4,513,300
|
|
|
Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured
|
|
|
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
California (continued)
|
|
|
|
|
$ 5,815
|
San Ysidro School District, San Diego County, California, General Obligation Bonds,
|
8/25 at 29.16
|
AA
|
$ 1,377,399
|
|
|
Refunding Series 2015, 0.000%, 8/01/48
|
|
|
|
|
2,000
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
5/19 at 100.00
|
BB–
|
2,009,940
|
|
|
Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27
|
|
|
|
|
201,435
|
Total California
|
|
|
192,792,835
|
|
|
Colorado – 7.2%
|
|
|
|
|
7,500
|
Arapahoe County School District 6, Littleton, Colorado, General Obligation Bonds,
|
12/28 at 100.00
|
Aa1
|
9,354,000
|
|
|
Series 2019A, 5.500%, 12/01/43
|
|
|
|
|
5,200
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health
|
6/19 at 100.00
|
BBB+
|
5,208,476
|
|
|
Initiatives, Series 2006A, 4.500%, 9/01/38
|
|
|
|
|
7,105
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health
|
1/23 at 100.00
|
BBB+
|
7,639,793
|
|
|
Initiatives, Series 2013A, 5.250%, 1/01/45
|
|
|
|
|
2,845
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
|
1/20 at 100.00
|
AA–
|
2,906,452
|
|
|
Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B,
|
|
|
|
|
|
5.000%, 1/01/21
|
|
|
|
|
15,925
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
|
1/20 at 100.00
|
AA–
|
16,217,861
|
|
|
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
|
|
|
|
1,255
|
Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds,
|
12/24 at 100.00
|
BBB
|
1,359,617
|
|
|
Senior Lien Series 2017, 5.000%, 12/31/51
|
|
|
|
|
2,000
|
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System
|
3/22 at 100.00
|
AA (4)
|
2,188,580
|
|
|
Revenue Bonds, Series 2012A, 5.000%, 3/01/41 (Pre-refunded 3/01/22)
|
|
|
|
|
4,500
|
Colorado State, Building Excellent Schools Today, Certificates of Participation, Series
|
3/28 at 100.00
|
Aa2
|
5,347,305
|
|
|
2018N, 5.000%, 3/15/37
|
|
|
|
|
|
Colorado State, Certificates of Participation, Lease Purchase Financing Program,
|
|
|
|
|
|
National Western Center, Series 2018A:
|
|
|
|
|
1,250
|
5.000%, 9/01/30
|
3/28 at 100.00
|
Aa2
|
1,523,225
|
|
2,000
|
5.000%, 9/01/31
|
3/28 at 100.00
|
Aa2
|
2,425,720
|
|
1,260
|
5.000%, 9/01/32
|
3/28 at 100.00
|
Aa2
|
1,521,702
|
|
620
|
5.000%, 9/01/33
|
3/28 at 100.00
|
Aa2
|
746,387
|
|
3,790
|
Colorado State, Certificates of Participation, Rural Series 2018A, 5.000%, 12/15/37
|
12/28 at 100.00
|
Aa2
|
4,557,134
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B:
|
|
|
|
|
2,750
|
5.000%, 11/15/25
|
11/22 at 100.00
|
AA–
|
3,051,427
|
|
2,200
|
5.000%, 11/15/29
|
11/22 at 100.00
|
AA–
|
2,422,860
|
|
5,160
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien
|
11/23 at 100.00
|
A+
|
5,703,400
|
|
|
Series 2013B, 5.000%, 11/15/43
|
|
|
|
|
2,000
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center
|
12/26 at 100.00
|
Baa2
|
2,275,180
|
|
|
Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/35
|
|
|
|
|
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
|
|
|
|
9,660
|
0.000%, 9/01/29 – NPFG Insured
|
No Opt. Call
|
A
|
7,156,611
|
|
24,200
|
0.000%, 9/01/31 – NPFG Insured
|
No Opt. Call
|
A
|
16,361,136
|
|
17,000
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
A
|
10,991,860
|
|
7,600
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B,
|
9/26 at 52.09
|
A
|
3,048,816
|
|
|
0.000%, 9/01/39 – NPFG Insured
|
|
|
|
|
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
|
|
|
|
|
7,700
|
0.000%, 9/01/27 – NPFG Insured
|
9/20 at 67.94
|
A
|
5,063,982
|
|
10,075
|
0.000%, 3/01/36 – NPFG Insured
|
9/20 at 41.72
|
A
|
4,038,161
|
|
8,000
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado
|
No Opt. Call
|
A+
|
11,934,000
|
|
|
Springs Utilities, Series 2008, 6.500%, 11/15/38
|
|
|
|
|
5,000
|
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds,
|
11/21 at 100.00
|
Baa3
|
5,405,000
|
|
|
Refunding Series 2011, 6.000%, 11/01/26
|
|
|
|
|
3,750
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project
|
7/20 at 100.00
|
BBB+
|
3,892,575
|
|
|
Private Activity Bonds, Series 2010, 6.000%, 1/15/41
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Colorado (continued)
|
|
|
|
|
$ 4,945
|
Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project,
|
11/26 at 100.00
|
AA+
|
$ 5,771,507
|
|
|
Series 2017A, 5.000%, 11/01/40
|
|
|
|
|
4,250
|
University of Colorado, Enterprise System Revenue Bonds, Series 2018B, 5.000%, 6/01/43
|
6/28 at 100.00
|
Aa1
|
5,067,232
|
|
169,540
|
Total Colorado
|
|
|
153,179,999
|
|
|
Connecticut – 0.8%
|
|
|
|
|
1,500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford
|
7/21 at 100.00
|
A
|
1,571,505
|
|
|
HealthCare, Series 2011A, 5.000%, 7/01/41
|
|
|
|
|
8,440
|
Connecticut State, General Obligation Bonds, Series 2015E, 5.000%, 8/01/29
|
8/25 at 100.00
|
A1
|
9,702,033
|
|
5,000
|
Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/33
|
11/25 at 100.00
|
A1
|
5,694,100
|
|
9,898
|
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate
|
No Opt. Call
|
N/R
|
338,992
|
|
|
Series 2013A, 0.190%, 7/01/31 (cash 4.000%, PIK 2.050%)
|
|
|
|
|
24,838
|
Total Connecticut
|
|
|
17,306,630
|
|
|
District of Columbia – 0.4%
|
|
|
|
|
15,000
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed
|
6/19 at 18.94
|
N/R
|
2,315,250
|
|
|
Bonds, Series 2006A, 0.000%, 6/15/46
|
|
|
|
|
5,390
|
District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Senior
|
4/28 at 100.00
|
AAA
|
6,384,671
|
|
|
Lien Series 2018B, 5.000%, 10/01/43
|
|
|
|
|
20,390
|
Total District of Columbia
|
|
|
8,699,921
|
|
|
Florida – 5.1%
|
|
|
|
|
3,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%,
|
10/21 at 100.00
|
AA (4)
|
3,244,260
|
|
|
10/01/41 – AGM Insured (Pre-refunded 10/01/21)
|
|
|
|
|
565
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds,
|
6/25 at 100.00
|
N/R
|
604,256
|
|
|
Renaissance Charter School Income Projects, Series 2015A, 6.000%, 6/15/35, 144A
|
|
|
|
|
|
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds,
|
|
|
|
|
|
Virgin Trains USA Passenger Rail Project , Series 2019A:
|
|
|
|
|
3,400
|
6.250%, 1/01/49, 144A (AMT) (Mandatory Put 1/01/24)
|
1/20 at 104.00
|
N/R
|
3,479,220
|
|
3,400
|
6.375%, 1/01/49, 144A (AMT) (Mandatory Put 1/01/26)
|
1/20 at 105.00
|
N/R
|
3,492,582
|
|
3,400
|
6.500%, 1/01/49, 144A (AMT) (Mandatory Put 1/01/29)
|
1/20 at 105.00
|
N/R
|
3,486,802
|
|
4,000
|
Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37
|
10/27 at 100.00
|
AA–
|
4,764,680
|
|
3,500
|
Gainesville, Florida, Utilities System Revenue Bonds, Series 2019A, 5.000%, 10/01/44
|
10/29 at 100.00
|
AA–
|
4,205,600
|
|
2,845
|
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding
|
10/19 at 100.00
|
AA– (4)
|
2,885,769
|
|
|
Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19)
|
|
|
|
|
2,290
|
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International
|
10/24 at 100.00
|
A+
|
2,582,777
|
|
|
Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40
|
|
|
|
|
5,090
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds,
|
7/20 at 100.00
|
A+
|
5,264,638
|
|
|
Series 2010A, 5.000%, 7/01/40
|
|
|
|
|
9,500
|
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami
|
8/21 at 100.00
|
A+ (4)
|
10,407,725
|
|
|
Children’s Hospital, Series 2010A, 6.000%, 8/01/46 (Pre-refunded 8/01/21)
|
|
|
|
|
2,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport,
|
10/24 at 100.00
|
A
|
2,260,040
|
|
|
Refunding Series 2014B, 5.000%, 10/01/37
|
|
|
|
|
6,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport,
|
10/19 at 100.00
|
A (4)
|
6,097,020
|
|
|
Series 2009B, 5.500%, 10/01/36 (Pre-refunded 10/01/19)
|
|
|
|
|
4,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport,
|
10/20 at 100.00
|
A
|
4,171,560
|
|
|
Series 2010B, 5.000%, 10/01/29
|
|
|
|
|
4,000
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding
|
7/22 at 100.00
|
AA
|
4,326,400
|
|
|
Series 2012, 5.000%, 7/01/42
|
|
|
|
|
9,590
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010,
|
10/20 at 100.00
|
AA (4)
|
10,043,895
|
|
|
5.000%, 10/01/39 – AGM Insured (Pre-refunded 10/01/20)
|
|
|
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Florida (continued)
|
|
|
|
|
|
Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Series 2018A:
|
|
|
|
|
$ 3,500
|
5.000%, 10/01/36
|
10/27 at 100.00
|
AA
|
$ 4,179,175
|
|
3,780
|
5.000%, 10/01/37
|
10/27 at 100.00
|
AA
|
4,496,310
|
|
1,120
|
5.000%, 10/01/38
|
10/27 at 100.00
|
AA
|
1,328,914
|
|
10,725
|
Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A,
|
5/24 at 100.00
|
AA+ (4)
|
12,413,758
|
|
|
5.000%, 11/01/44 (Pre-refunded 5/01/24)
|
|
|
|
|
3,250
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical
|
11/22 at 100.00
|
BBB+
|
3,426,540
|
|
|
Center, Series 2013A, 5.000%, 11/01/43
|
|
|
|
|
1,020
|
Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole
|
5/28 at 100.00
|
A–
|
1,171,541
|
|
|
Electric Cooperative, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42
|
|
|
|
|
6,865
|
South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015,
|
5/25 at 100.00
|
AA
|
7,285,069
|
|
|
4.000%, 5/01/34
|
|
|
|
|
3,300
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A,
|
5/22 at 100.00
|
Aa2
|
3,577,761
|
|
|
5.000%, 11/15/33
|
|
|
|
|
100,140
|
Total Florida
|
|
|
109,196,292
|
|
|
Georgia – 1.2%
|
|
|
|
|
3,325
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015,
|
5/25 at 100.00
|
Aa2
|
3,795,687
|
|
|
5.000%, 11/01/40
|
|
|
|
|
2,290
|
Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health
|
4/27 at 100.00
|
A
|
2,600,867
|
|
|
System, Inc. Project, Series 2017A, 5.000%, 4/01/47
|
|
|
|
|
6,000
|
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation
|
2/27 at 100.00
|
AA
|
7,198,500
|
|
|
Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42
|
|
|
|
|
5,865
|
Municipal Electric Authority of Georgia, General Resolution Projects Subordinated Bonds,
|
1/28 at 100.00
|
A1
|
6,590,618
|
|
|
Series 20188HH, 5.000%, 1/01/44
|
|
|
|
|
2,415
|
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien
|
1/25 at 100.00
|
A2
|
2,659,809
|
|
|
Series 2015A, 5.000%, 1/01/35
|
|
|
|
|
2,000
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University,
|
10/26 at 100.00
|
AA+
|
2,327,860
|
|
|
Refunding Series 2016A, 5.000%, 10/01/46
|
|
|
|
|
21,895
|
Total Georgia
|
|
|
25,173,341
|
|
|
Guam – 0.0%
|
|
|
|
|
330
|
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (AMT)
|
10/23 at 100.00
|
BBB+
|
380,870
|
|
|
Hawaii – 0.4%
|
|
|
|
|
4,830
|
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2018A,
|
9/28 at 100.00
|
Aa1
|
5,765,233
|
|
|
5.000%, 9/01/40
|
|
|
|
|
3,000
|
Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond
|
1/28 at 100.00
|
Aa2
|
3,567,960
|
|
|
Resolution, Senior Series 2018A, 5.000%, 7/01/37
|
|
|
|
|
7,830
|
Total Hawaii
|
|
|
9,333,193
|
|
|
Illinois – 12.9%
|
|
|
|
|
5,000
|
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds,
|
4/27 at 100.00
|
A
|
5,793,700
|
|
|
Series 2016, 6.000%, 4/01/46
|
|
|
|
|
5,000
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/25 at 100.00
|
BB–
|
5,853,850
|
|
|
Series 2016A, 7.000%, 12/01/44
|
|
|
|
|
2,945
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/26 at 100.00
|
BB–
|
3,387,987
|
|
|
Series 2016B, 6.500%, 12/01/46
|
|
|
|
|
4,710
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/27 at 100.00
|
B+
|
5,709,933
|
|
|
Series 2017A, 7.000%, 12/01/46, 144A
|
|
|
|
|
17,725
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated
|
No Opt. Call
|
Baa2
|
14,663,183
|
|
|
Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured
|
|
|
|
|
7,495
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated
|
No Opt. Call
|
Baa2
|
4,502,172
|
|
|
Tax Revenues, Series 1999A, 0.000%, 12/01/31 – NPFG Insured
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Illinois (continued)
|
|
|
|
|
$ 1,500
|
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A,
|
1/22 at 100.00
|
AA+
|
$ 1,562,895
|
|
|
5.000%, 1/01/36
|
|
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
|
|
|
|
|
1,195
|
4.750%, 1/01/30 – AGM Insured
|
6/19 at 100.00
|
AA
|
1,197,438
|
|
2,175
|
4.625%, 1/01/31 – AGM Insured
|
6/19 at 100.00
|
AA
|
2,179,154
|
|
5,000
|
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 –
|
6/19 at 100.00
|
AA
|
5,012,000
|
|
|
AGC Insured
|
|
|
|
|
3,320
|
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General
|
No Opt. Call
|
AA
|
3,218,010
|
|
|
Obligation Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured
|
|
|
|
|
8,875
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA–
|
9,232,307
|
|
1,000
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2018, 5.000%, 11/15/35
|
11/26 at 100.00
|
AA–
|
1,113,300
|
|
3,260
|
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International
|
10/20 at 100.00
|
BB
|
3,388,346
|
|
|
Corporation Project, Series 2010, 6.750%, 10/15/40
|
|
|
|
|
5,000
|
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37
|
11/22 at 100.00
|
AA
|
5,337,550
|
|
3,000
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%,
|
11/19 at 100.00
|
N/R (4)
|
3,053,850
|
|
|
11/01/39 (Pre-refunded 11/01/19)
|
|
|
|
|
1,875
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%,
|
11/19 at 100.00
|
N/R (4)
|
1,910,981
|
|
|
11/01/39 (Pre-refunded 11/01/19)
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A:
|
|
|
|
|
510
|
6.000%, 5/15/39
|
5/20 at 100.00
|
A
|
523,586
|
|
3,110
|
6.000%, 5/15/39 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
N/R (4)
|
3,247,058
|
|
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A:
|
|
|
|
|
45
|
7.750%, 8/15/34 (Pre-refunded 8/15/19)
|
8/19 at 100.00
|
N/R (4)
|
45,777
|
|
4,755
|
7.750%, 8/15/34 (Pre-refunded 8/15/19)
|
8/19 at 100.00
|
N/R (4)
|
4,837,071
|
|
5,000
|
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated
|
5/25 at 100.00
|
AA–
|
5,510,600
|
|
|
Group, Series 2015A, 5.000%, 11/15/38
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
|
|
|
|
|
|
Refunding Series 2015C:
|
|
|
|
|
560
|
5.000%, 8/15/35
|
8/25 at 100.00
|
Baa1
|
622,916
|
|
825
|
5.000%, 8/15/44
|
8/25 at 100.00
|
Baa1
|
904,579
|
|
2,500
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center,
|
2/21 at 100.00
|
AA– (4)
|
2,666,375
|
|
|
Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21)
|
|
|
|
|
3,000
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A,
|
10/21 at 100.00
|
AA+
|
3,170,430
|
|
|
5.000%, 10/01/51
|
|
|
|
|
3,750
|
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%,
|
5/19 at 100.00
|
BBB–
|
3,759,900
|
|
|
6/15/30 – AMBAC Insured
|
|
|
|
|
5,125
|
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/28
|
1/26 at 100.00
|
BBB
|
5,580,664
|
|
1,755
|
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29
|
2/27 at 100.00
|
BBB
|
1,920,637
|
|
655
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
|
8/22 at 100.00
|
BBB
|
689,879
|
|
5,590
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A,
|
1/23 at 100.00
|
AA–
|
6,088,740
|
|
|
5.000%, 1/01/38
|
|
|
|
|
4,000
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B,
|
7/26 at 100.00
|
AA–
|
4,544,920
|
|
|
5.000%, 1/01/41
|
|
|
|
|
5,000
|
Lombard Public Facilities Corporation, Illinois, Conference Center and Hotel Revenue
|
6/19 at 100.00
|
N/R
|
4,626,150
|
|
|
Bonds, First Tier Series 2005A-2, 5.500%, 1/01/36
|
|
|
|
|
16,800
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
No Opt. Call
|
Baa2
|
15,717,576
|
|
|
Expansion Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
|
|
|
|
|
Expansion Project, Refunding Series 2002B:
|
|
|
|
|
495
|
5.500%, 6/15/20
|
6/19 at 100.50
|
BBB
|
496,876
|
|
2,380
|
5.550%, 6/15/21
|
6/19 at 100.50
|
BBB
|
2,389,092
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Illinois (continued)
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
|
|
|
|
|
Expansion Project, Series 1994B:
|
|
|
|
|
$ 3,635
|
0.000%, 6/15/21 – NPFG Insured
|
No Opt. Call
|
BBB
|
$ 3,448,197
|
|
5,190
|
0.000%, 6/15/28 – NPFG Insured
|
No Opt. Call
|
BBB
|
3,867,796
|
|
11,675
|
0.000%, 6/15/29 – FGIC Insured
|
No Opt. Call
|
BBB
|
8,312,366
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
|
|
|
|
|
Expansion Project, Series 2002A:
|
|
|
|
|
2,315
|
5.700%, 6/15/24 (Pre-refunded 6/15/22)
|
6/22 at 101.00
|
N/R (4)
|
2,618,612
|
|
7,685
|
5.700%, 6/15/24
|
6/22 at 101.00
|
BBB
|
8,473,635
|
|
4,950
|
0.000%, 12/15/32 – NPFG Insured
|
No Opt. Call
|
BBB
|
3,000,195
|
|
21,375
|
0.000%, 6/15/34 – NPFG Insured
|
No Opt. Call
|
BBB
|
12,122,617
|
|
21,000
|
0.000%, 12/15/35 – NPFG Insured
|
No Opt. Call
|
BBB
|
11,164,440
|
|
21,970
|
0.000%, 6/15/36 – NPFG Insured
|
No Opt. Call
|
BBB
|
11,359,149
|
|
10,375
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
BBB
|
5,257,427
|
|
10,000
|
0.000%, 12/15/37 – NPFG Insured
|
No Opt. Call
|
BBB
|
4,812,300
|
|
25,825
|
0.000%, 6/15/39 – NPFG Insured
|
No Opt. Call
|
BBB
|
11,438,151
|
|
6,095
|
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,
|
No Opt. Call
|
AA
|
8,301,817
|
|
|
Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured
|
|
|
|
|
8,000
|
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,
|
No Opt. Call
|
AA
|
10,549,040
|
|
|
Illinois, General Obligation Bonds, Series 2003A, 6.000%, 7/01/33 – NPFG Insured
|
|
|
|
|
5,000
|
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,
|
6/24 at 100.00
|
AA
|
5,515,850
|
|
|
Illinois, General Obligation Bonds, Series 2014A, 5.000%, 6/01/44
|
|
|
|
|
5,020
|
Southwestern Illinois Development Authority, Local Government Revenue Bonds,
|
No Opt. Call
|
AA
|
4,435,873
|
|
|
Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 –
|
|
|
|
|
|
AGM Insured
|
|
|
|
|
10,285
|
Springfield, Illinois, Water Revenue Bonds, Refunding, Series 2012, 5.000%, 3/01/37 (UB) (6)
|
3/22 at 100.00
|
AA–
|
11,004,641
|
|
615
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,
|
10/23 at 100.00
|
A–
|
693,050
|
|
|
6.000%, 10/01/42
|
|
|
|
|
|
Will County Community Unit School District 201U, Crete-Monee, Illinois, General
|
|
|
|
|
|
Obligation Bonds, Capital Appreciation Series 2004:
|
|
|
|
|
780
|
0.000%, 11/01/22 – NPFG Insured (ETM)
|
No Opt. Call
|
Baa2 (4)
|
728,567
|
|
2,550
|
0.000%, 11/01/22 – NPFG Insured
|
No Opt. Call
|
A+
|
2,343,705
|
|
329,270
|
Total Illinois
|
|
|
273,906,910
|
|
|
Indiana – 2.3%
|
|
|
|
|
5,010
|
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project,
|
5/23 at 100.00
|
A
|
5,425,680
|
|
|
Series 2012A, 5.000%, 5/01/42
|
|
|
|
|
2,250
|
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation
|
6/25 at 100.00
|
AA
|
2,367,833
|
|
|
Group, Refunding 2015A, 4.000%, 12/01/40
|
|
|
|
|
5,740
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing
|
7/23 at 100.00
|
A–
|
6,182,898
|
|
|
Project, Series 2013A, 5.000%, 7/01/48 (AMT)
|
|
|
|
|
2,000
|
Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding
|
7/26 at 100.00
|
A+
|
2,287,740
|
|
|
Series 2016A, 5.000%, 1/01/42
|
|
|
|
|
5,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Community Justice Campus
|
2/29 at 100.00
|
AAA
|
5,993,800
|
|
|
Bonds, Courthouse & Jail Project, Series 2019A, 5.250%, 2/01/54
|
|
|
|
|
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
|
|
|
|
|
12,550
|
0.000%, 2/01/21 – AMBAC Insured
|
No Opt. Call
|
AA
|
12,157,311
|
|
2,400
|
0.000%, 2/01/25 – AMBAC Insured
|
No Opt. Call
|
AA
|
2,104,224
|
|
14,595
|
0.000%, 2/01/27 – AMBAC Insured
|
No Opt. Call
|
AA
|
12,048,318
|
|
49,545
|
Total Indiana
|
|
|
48,567,804
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Iowa – 0.6%
|
|
|
|
|
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
|
|
|
|
|
$ 175
|
5.375%, 6/01/38
|
6/19 at 100.00
|
B+
|
$ 173,268
|
|
7,000
|
5.625%, 6/01/46
|
6/19 at 100.00
|
B
|
6,927,200
|
|
4,965
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
|
6/19 at 100.00
|
BB–
|
4,937,742
|
|
|
5.600%, 6/01/34
|
|
|
|
|
12,140
|
Total Iowa
|
|
|
12,038,210
|
|
|
Kentucky – 1.4%
|
|
|
|
|
480
|
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue
|
5/19 at 100.00
|
Baa2
|
481,474
|
|
|
Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
|
|
|
|
|
|
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern
|
|
|
|
|
|
Kentucky International Airport, Series 2016:
|
|
|
|
|
1,530
|
5.000%, 1/01/27
|
1/26 at 100.00
|
A1
|
1,828,151
|
|
1,600
|
5.000%, 1/01/28
|
1/26 at 100.00
|
A1
|
1,901,088
|
|
2,000
|
Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington
|
9/28 at 100.00
|
A2
|
2,301,320
|
|
|
Center Corporation Project, Series 2018A, 5.000%, 9/01/48
|
|
|
|
|
1,000
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist
|
8/21 at 100.00
|
A
|
1,054,020
|
|
|
Healthcare System Obligated Group, Series 2011, 5.000%, 8/15/42
|
|
|
|
|
|
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky
|
|
|
|
|
|
Information Highway Project, Senior Series 2015A:
|
|
|
|
|
2,175
|
5.000%, 7/01/40
|
7/25 at 100.00
|
BBB+
|
2,337,538
|
|
6,760
|
5.000%, 1/01/45
|
7/25 at 100.00
|
BBB+
|
7,187,975
|
|
6,000
|
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
|
7/31 at 100.00
|
Baa3
|
6,061,440
|
|
|
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5)
|
|
|
|
|
5,000
|
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 115,
|
4/27 at 100.00
|
A1
|
5,853,500
|
|
|
Series 2017, 5.000%, 4/01/30
|
|
|
|
|
26,545
|
Total Kentucky
|
|
|
29,006,506
|
|
|
Louisiana – 1.2%
|
|
|
|
|
2,310
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
8/20 at 100.00
|
BBB
|
2,431,829
|
|
|
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
|
|
|
|
|
5,450
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
11/20 at 100.00
|
BBB
|
5,796,402
|
|
|
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
|
|
|
|
|
4,420
|
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien
|
7/23 at 100.00
|
AA–
|
4,938,864
|
|
|
Series 2013A, 5.000%, 7/01/28
|
|
|
|
|
1,470
|
New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking
|
10/28 at 100.00
|
AA
|
1,701,613
|
|
|
Facilities Corporation Consolidated Garage System, Series 2018A, 5.000%, 10/01/43 –
|
|
|
|
|
|
AGM Insured
|
|
|
|
|
9,040
|
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal
|
1/27 at 100.00
|
A–
|
10,291,769
|
|
|
Project, Series 2017A, 5.000%, 1/01/48
|
|
|
|
|
22,690
|
Total Louisiana
|
|
|
25,160,477
|
|
|
Maine – 0.6%
|
|
|
|
|
4,250
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine
|
7/23 at 100.00
|
BBB
|
4,550,262
|
|
|
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33
|
|
|
|
|
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth
|
|
|
|
|
|
Issue, Series 2018A:
|
|
|
|
|
1,190
|
5.000%, 7/01/43
|
7/28 at 100.00
|
A+
|
1,369,274
|
|
5,940
|
5.000%, 7/01/48
|
7/28 at 100.00
|
A+
|
6,806,943
|
|
1,050
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General
|
7/21 at 100.00
|
BB
|
1,134,567
|
|
|
Medical Center, Series 2011, 6.750%, 7/01/41
|
|
|
|
|
12,430
|
Total Maine
|
|
|
13,861,046
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Maryland – 1.5%
|
|
|
|
|
|
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017:
|
|
|
|
|
$ 630
|
5.000%, 9/01/31
|
9/27 at 100.00
|
BBB–
|
$ 725,603
|
|
2,330
|
5.000%, 9/01/32
|
9/27 at 100.00
|
BBB–
|
2,679,733
|
|
3,070
|
5.000%, 9/01/34
|
9/27 at 100.00
|
BBB–
|
3,500,475
|
|
1,000
|
5.000%, 9/01/35
|
9/27 at 100.00
|
BBB–
|
1,132,390
|
|
1,000
|
5.000%, 9/01/36
|
9/27 at 100.00
|
BBB–
|
1,125,410
|
|
4,500
|
5.000%, 9/01/39
|
9/27 at 100.00
|
BBB–
|
5,042,610
|
|
3,500
|
5.000%, 9/01/46
|
9/27 at 100.00
|
BBB–
|
3,863,055
|
|
2,350
|
Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple
|
9/26 at 100.00
|
BBB+
|
2,569,231
|
|
|
Line Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/41 (AMT)
|
|
|
|
|
1,050
|
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue
|
7/25 at 100.00
|
BBB+
|
1,155,494
|
|
|
Bonds, Meritus Medical Center, Series 2015, 5.000%, 7/01/40
|
|
|
|
|
1,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist
|
1/22 at 100.00
|
Baa3
|
1,640,460
|
|
|
Healthcare, Series 2011A, 6.125%, 1/01/36
|
|
|
|
|
6,635
|
Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools
|
5/28 at 100.00
|
AA
|
7,727,585
|
|
|
Construction & Revitalization Program, Series 2018A, 5.000%, 5/01/47
|
|
|
|
|
27,565
|
Total Maryland
|
|
|
31,162,046
|
|
|
Massachusetts – 1.1%
|
|
|
|
|
2,100
|
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare
|
11/23 at 100.00
|
A+
|
2,309,454
|
|
|
Obligated Group, Series 2013, 5.250%, 11/15/41
|
|
|
|
|
2,905
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue,
|
7/25 at 100.00
|
BBB
|
3,173,684
|
|
|
Green Bonds, Series 2015D, 5.000%, 7/01/44
|
|
|
|
|
1,105
|
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue,
|
7/26 at 100.00
|
BBB
|
1,240,208
|
|
|
Series 2016E, 5.000%, 7/01/36
|
|
|
|
|
2,765
|
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute
|
12/26 at 100.00
|
A1
|
3,153,372
|
|
|
Issue, Series 2016N, 5.000%, 12/01/46
|
|
|
|
|
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk
|
|
|
|
|
|
University, Refunding Series 2009A:
|
|
|
|
|
1,530
|
5.750%, 7/01/39 (Pre-refunded 7/01/19)
|
7/19 at 100.00
|
N/R (4)
|
1,540,526
|
|
770
|
5.750%, 7/01/39
|
7/19 at 100.00
|
Baa2
|
775,174
|
|
9,110
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior
|
5/23 at 100.00
|
AAA
|
10,014,714
|
|
|
Series 2013A, 5.000%, 5/15/43
|
|
|
|
|
980
|
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior
|
No Opt. Call
|
A+
|
766,723
|
|
|
Series 1997A, 0.000%, 1/01/29 – NPFG Insured
|
|
|
|
|
320
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6,
|
6/19 at 100.00
|
Aaa
|
321,040
|
|
|
5.500%, 8/01/30
|
|
|
|
|
21,585
|
Total Massachusetts
|
|
|
23,294,895
|
|
|
Michigan – 2.9%
|
|
|
|
|
|
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds,
|
|
|
|
|
|
Refunding Series 2013:
|
|
|
|
|
1,855
|
6.000%, 10/01/33
|
10/23 at 100.00
|
N/R
|
1,859,155
|
|
2,520
|
6.000%, 10/01/43
|
10/23 at 100.00
|
N/R
|
2,444,526
|
|
3,090
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series
|
6/19 at 100.00
|
B–
|
3,055,392
|
|
|
1998A, 5.500%, 5/01/21
|
|
|
|
|
1,415
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
A+
|
1,532,601
|
|
|
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
|
|
|
|
15
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A,
|
6/19 at 100.00
|
A
|
15,029
|
|
|
4.500%, 7/01/35 – NPFG Insured
|
|
|
|
|
3,000
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B,
|
No Opt. Call
|
A
|
3,652,950
|
|
|
5.500%, 7/01/29 – NPFG Insured
|
|
|
|
|
5
|
Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B, 5.000%,
|
6/19 at 100.00
|
A+
|
5,013
|
|
|
7/01/34 – NPFG Insured
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Michigan (continued)
|
|
|
|
|
$ 5
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%,
|
6/19 at 100.00
|
A2
|
$ 5,013
|
|
|
7/01/34 – NPFG Insured
|
|
|
|
|
|
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds,
|
|
|
|
|
|
Bronson Methodist Hospital, Remarketed Series 2006:
|
|
|
|
|
1,105
|
5.250%, 5/15/36 – AGM Insured (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
A2 (4)
|
1,145,222
|
|
895
|
5.250%, 5/15/36 – AGM Insured
|
5/20 at 100.00
|
A2
|
920,561
|
|
1,950
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
|
7/22 at 100.00
|
A+
|
2,086,461
|
|
|
Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44
|
|
|
|
|
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding
|
|
|
|
|
|
Series 2011MI:
|
|
|
|
|
15
|
5.000%, 12/01/39 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
N/R (4)
|
16,260
|
|
4,585
|
5.000%, 12/01/39
|
12/21 at 100.00
|
AA–
|
4,903,062
|
|
5,000
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding
|
6/22 at 100.00
|
AA–
|
5,391,000
|
|
|
Series 2015MI, 5.000%, 12/01/35
|
|
|
|
|
3,315
|
Michigan Finance Authority, Senior Lien Distributable State Aid Revenue Bonds, Charter
|
11/28 at 100.00
|
Aa3
|
3,885,876
|
|
|
County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43
|
|
|
|
|
6,000
|
Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit
|
11/26 at 100.00
|
AA+
|
6,313,140
|
|
|
Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47
|
|
|
|
|
2,155
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series
|
10/20 at 100.00
|
AAA
|
2,256,996
|
|
|
2010, 5.000%, 10/01/29 (Pre-refunded 10/01/20)
|
|
|
|
|
5,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/21 at 100.00
|
Aa2
|
5,406,000
|
|
|
2011-II-A, 5.375%, 10/15/41
|
|
|
|
|
10,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/25 at 100.00
|
Aa2
|
11,705,900
|
|
|
2015-I, 5.000%, 4/15/30
|
|
|
|
|
2,890
|
Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42
|
3/22 at 100.00
|
A1
|
3,066,579
|
|
1,100
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne
|
12/25 at 100.00
|
A
|
1,247,444
|
|
|
County Airport, Series 2015D, 5.000%, 12/01/45
|
|
|
|
|
55,915
|
Total Michigan
|
|
|
60,914,180
|
|
|
Minnesota – 0.3%
|
|
|
|
|
1,400
|
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A,
|
6/19 at 100.00
|
BBB+
|
1,416,548
|
|
|
5.000%, 5/01/30
|
|
|
|
|
3,200
|
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding
|
No Opt. Call
|
AA
|
4,233,088
|
|
|
Series 2016B, 5.000%, 11/15/34
|
|
|
|
|
1,480
|
University of Minnesota, General Obligation Bonds, Series 2016A, 5.000%, 4/01/41
|
4/26 at 100.00
|
Aa1
|
1,712,908
|
|
6,080
|
Total Minnesota
|
|
|
7,362,544
|
|
|
Missouri – 0.7%
|
|
|
|
|
3,465
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
|
11/23 at 100.00
|
A2
|
3,743,413
|
|
|
CoxHealth, Series 2013A, 5.000%, 11/15/48
|
|
|
|
|
12,000
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care
|
6/20 at 100.00
|
AA– (4)
|
12,428,640
|
|
|
System, Series 2010B, 5.000%, 6/01/30 (Pre-refunded 6/01/20)
|
|
|
|
|
15,465
|
Total Missouri
|
|
|
16,172,053
|
|
|
Montana – 0.6%
|
|
|
|
|
1,115
|
Billings, Montana, Sewer System Revenue Bonds, Series 2017, 5.000%, 7/01/33
|
7/27 at 100.00
|
AA+
|
1,332,012
|
|
|
Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell
|
|
|
|
|
|
Regional Medical Center, Series 2018B:
|
|
|
|
|
1,340
|
5.000%, 7/01/30
|
7/28 at 100.00
|
BBB
|
1,543,841
|
|
1,415
|
5.000%, 7/01/31
|
7/28 at 100.00
|
BBB
|
1,619,312
|
|
1,980
|
5.000%, 7/01/32
|
7/28 at 100.00
|
BBB
|
2,274,485
|
|
2,135
|
5.000%, 7/01/33
|
7/28 at 100.00
|
BBB
|
2,440,967
|
|
3,045
|
Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group,
|
8/28 at 100.00
|
AA–
|
3,566,274
|
|
|
Series 2018A, 5.000%, 8/15/48
|
|
|
|
|
11,030
|
Total Montana
|
|
|
12,776,891
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Nebraska – 0.2%
|
|
|
|
|
$ 1,855
|
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012,
|
9/22 at 100.00
|
A
|
$ 2,009,670
|
|
|
5.000%, 9/01/42
|
|
|
|
|
1,400
|
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska
|
11/25 at 100.00
|
A
|
1,526,574
|
|
|
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
|
|
|
|
|
3,255
|
Total Nebraska
|
|
|
3,536,244
|
|
|
Nevada – 3.4%
|
|
|
|
|
5,075
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
Aa3
|
5,201,114
|
|
|
Clark County, Nevada, General Obligation Bonds, Limited Tax, Additionally Secured by
|
|
|
|
|
|
Pledged Revenues, Transportation Improvement Series 2018B:
|
|
|
|
|
2,000
|
5.000%, 12/01/33
|
12/28 at 100.00
|
AA+
|
2,445,940
|
|
5,000
|
5.000%, 12/01/35
|
12/28 at 100.00
|
AA+
|
6,075,100
|
|
5,000
|
Humboldt County, Nevada, Pollution Control Revenue Bonds, Sierra Pacific Power Company
|
No Opt. Call
|
A+
|
4,998,350
|
|
|
Projects, Series 2016B, 1.850%, 10/01/29 (Mandatory Put 4/15/22)
|
|
|
|
|
5,000
|
Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue
|
7/28 at 100.00
|
Aa3
|
5,822,650
|
|
|
Bonds, Series 2018B, 5.000%, 7/01/43
|
|
|
|
|
8,500
|
Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C,
|
7/28 at 100.00
|
Aa3
|
10,105,650
|
|
|
5.250%, 7/01/43
|
|
|
|
|
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:
|
|
|
|
|
5,220
|
5.000%, 6/01/33
|
12/24 at 100.00
|
AA+
|
5,995,274
|
|
10,000
|
5.000%, 6/01/34
|
12/24 at 100.00
|
AA+
|
11,459,900
|
|
9,000
|
5.000%, 6/01/39
|
12/24 at 100.00
|
AA+
|
10,282,050
|
|
6,205
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water
|
6/26 at 100.00
|
AA+
|
7,145,058
|
|
|
Improvement Series 2016A, 5.000%, 6/01/41
|
|
|
|
|
2,000
|
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno
|
12/28 at 100.00
|
A3
|
2,323,280
|
|
|
Transportation Rail Access Corridor Project, Series 2018A, 5.000%, 6/01/48
|
|
|
|
|
250
|
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno
|
12/28 at 100.00
|
AA
|
294,545
|
|
|
Transportation Rail Access Corridor Project, Series 2018B, 5.000%, 6/01/33 – AGM Insured
|
|
|
|
|
1,500
|
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales
|
5/19 at 100.00
|
Ba3
|
1,501,545
|
|
|
Tax Revenue Bonds Series 2008A, 6.750%, 6/15/28
|
|
|
|
|
64,750
|
Total Nevada
|
|
|
73,650,456
|
|
|
New Hampshire – 0.1%
|
|
|
|
|
1,500
|
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated
|
10/19 at 100.00
|
Baa1 (4)
|
1,527,795
|
|
|
Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19)
|
|
|
|
|
|
New Jersey – 3.9%
|
|
|
|
|
930
|
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
|
1/24 at 100.00
|
AA
|
1,026,887
|
|
|
Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (AMT)
|
|
|
|
|
6,000
|
New Jersey Economic Development Authority, School Facilities Construction Bonds,
|
12/26 at 100.00
|
A–
|
6,896,040
|
|
|
Refunding Series 2016BBB, 5.500%, 6/15/31
|
|
|
|
|
5,990
|
New Jersey Economic Development Authority, School Facilities Construction Bonds,
|
No Opt. Call
|
AA
|
7,093,717
|
|
|
Series 2005N-1, 5.500%, 9/01/25 – AGM Insured
|
|
|
|
|
4,000
|
New Jersey Economic Development Authority, School Facilities Construction Financing
|
3/23 at 100.00
|
A–
|
4,341,040
|
|
|
Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/25
|
|
|
|
|
3,300
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint
|
6/19 at 100.00
|
BB+
|
3,309,702
|
|
|
Peters University Hospital, Series 2007, 5.750%, 7/01/37
|
|
|
|
|
9,420
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital
|
No Opt. Call
|
A–
|
5,957,020
|
|
|
Appreciation Series 2010A, 0.000%, 12/15/31
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
|
|
|
|
|
|
Series 2006C:
|
|
|
|
|
30,000
|
0.000%, 12/15/30 – FGIC Insured
|
No Opt. Call
|
A–
|
20,298,000
|
|
27,000
|
0.000%, 12/15/32 – AGM Insured
|
No Opt. Call
|
AA
|
16,786,170
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
New Jersey (continued)
|
|
|
|
|
$ 4,500
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds,
|
6/23 at 100.00
|
A–
|
$ 4,872,420
|
|
|
Series 2013AA, 5.000%, 6/15/29
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:
|
|
|
|
|
2,750
|
5.250%, 6/15/32
|
6/25 at 100.00
|
A–
|
3,044,992
|
|
2,150
|
5.250%, 6/15/34
|
6/25 at 100.00
|
A–
|
2,368,418
|
|
2,000
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 5.000%, 1/01/40
|
1/28 at 100.00
|
A+
|
2,350,380
|
|
1,135
|
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L,
|
5/23 at 100.00
|
Aa3
|
1,255,878
|
|
|
5.000%, 5/01/43
|
|
|
|
|
2,720
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed
|
6/28 at 100.00
|
BBB
|
2,840,986
|
|
|
Bonds, Series 2018B, 5.000%, 6/01/46
|
|
|
|
|
101,895
|
Total New Jersey
|
|
|
82,441,650
|
|
|
New Mexico – 0.0%
|
|
|
|
|
245
|
University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21
|
No Opt. Call
|
AA
|
252,308
|
|
|
New York – 5.4%
|
|
|
|
|
3,750
|
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University
|
7/27 at 100.00
|
Aa3
|
4,372,200
|
|
|
Dormitory Facilities, Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
1,950
|
Long Island Power Authority, New York, Electric System General Revenue Bonds,
|
9/28 at 100.00
|
A–
|
2,321,963
|
|
|
Series 2018, 5.000%, 9/01/39
|
|
|
|
|
12,855
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A,
|
5/21 at 100.00
|
A– (4)
|
13,731,711
|
|
|
5.000%, 5/01/38 (Pre-refunded 5/01/21)
|
|
|
|
|
9,850
|
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee
|
6/19 at 100.00
|
Baa1
|
9,860,835
|
|
|
Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
|
|
|
|
|
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System
|
|
|
|
|
|
Revenue Bonds, Second Generation Resolution, Series 2009EE-2:
|
|
|
|
|
3,080
|
5.250%, 6/15/40
|
6/19 at 100.00
|
N/R
|
3,093,460
|
|
445
|
5.250%, 6/15/40
|
6/19 at 100.00
|
Aa1
|
446,838
|
|
10,000
|
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds,
|
7/28 at 100.00
|
AA
|
11,863,800
|
|
|
Fiscal 2018, Series 2017S-3, 5.000%, 7/15/43
|
|
|
|
|
7,000
|
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds,
|
7/28 at 100.00
|
AA
|
8,391,110
|
|
|
Fiscal 2019 Subseries S-3A, 5.000%, 7/15/37
|
|
|
|
|
11,755
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
12,659,782
|
|
|
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A
|
|
|
|
|
5,825
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade
|
11/21 at 100.00
|
A+
|
6,386,355
|
|
|
Center Project, Series 2011, 5.750%, 11/15/51
|
|
|
|
|
8,500
|
New York Transportation Development Corporation, New York, Special Facility Revenue
|
1/28 at 100.00
|
Baa3
|
9,920,775
|
|
|
Bonds, Delta Air Lines, Inc. – LaGuardia Airport Terminals C&D Redevelopment Project,
|
|
|
|
|
|
Series 2018, 5.000%, 1/01/33 (AMT)
|
|
|
|
|
8,270
|
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia
|
7/24 at 100.00
|
BBB
|
8,975,266
|
|
|
Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT)
|
|
|
|
|
9,925
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
BBB+
|
10,505,414
|
|
|
Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
7,550
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA
|
11/27 at 100.00
|
AA–
|
8,927,195
|
|
|
Bridges & Tunnels, Series 2017C-2, 5.000%, 11/15/42
|
|
|
|
|
3,000
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds,
|
5/25 at 100.00
|
AA–
|
3,406,320
|
|
|
Refunding Series 2015A, 5.000%, 11/15/50
|
|
|
|
|
650
|
TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B,
|
No Opt. Call
|
B+
|
702,858
|
|
|
5.000%, 6/01/24
|
|
|
|
|
104,405
|
Total New York
|
|
|
115,565,882
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
North Carolina – 1.0%
|
|
|
|
|
$ 1,500
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
|
1/21 at 100.00
|
AA–
|
$ 1,579,170
|
|
|
Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37
|
|
|
|
|
1,520
|
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University
|
10/26 at 100.00
|
AA+
|
1,782,504
|
|
|
Project, Refunding Series 2016B, 5.000%, 10/01/44
|
|
|
|
|
|
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot
|
|
|
|
|
|
Lanes Project, Series 2015:
|
|
|
|
|
2,155
|
5.000%, 12/31/37 (AMT)
|
6/25 at 100.00
|
BBB–
|
2,356,557
|
|
4,175
|
5.000%, 6/30/54 (AMT)
|
6/25 at 100.00
|
BBB–
|
4,509,000
|
|
1,000
|
North Carolina Medical Care Commission Health Care Facilities Revenue Bonds Novant
|
11/20 at 100.00
|
Aa3
|
1,034,030
|
|
|
Health Inc., Series 2010A, 4.750%, 11/01/43
|
|
|
|
|
2,010
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke
|
6/20 at 100.00
|
N/R (4)
|
2,080,692
|
|
|
University Health System, Series 2010A, 5.000%, 6/01/42 (Pre-refunded 6/01/20)
|
|
|
|
|
2,995
|
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A,
|
7/26 at 100.00
|
BBB–
|
3,272,277
|
|
|
5.000%, 7/01/51
|
|
|
|
|
|
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding
|
|
|
|
|
|
Senior Lien Series 2017:
|
|
|
|
|
1,625
|
5.000%, 1/01/30
|
1/27 at 100.00
|
BBB
|
1,878,971
|
|
1,850
|
5.000%, 1/01/32
|
1/27 at 100.00
|
BBB
|
2,118,361
|
|
18,830
|
Total North Carolina
|
|
|
20,611,562
|
|
|
North Dakota – 0.5%
|
|
|
|
|
7,820
|
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding
|
11/21 at 100.00
|
A+
|
8,692,868
|
|
|
Series 2011, 6.250%, 11/01/31
|
|
|
|
|
1,840
|
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System
|
12/27 at 100.00
|
A–
|
2,077,434
|
|
|
Obligated Group, Series 2017A, 5.000%, 12/01/42
|
|
|
|
|
9,660
|
Total North Dakota
|
|
|
10,770,302
|
|
|
Ohio – 3.7%
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
Revenue Bonds, Senior Lien, Series 2007A-2:
|
|
|
|
|
12,205
|
5.875%, 6/01/30
|
5/19 at 100.00
|
B–
|
11,686,287
|
|
4,020
|
6.000%, 6/01/42
|
5/19 at 100.00
|
B–
|
3,961,710
|
|
11,940
|
5.875%, 6/01/47
|
5/19 at 100.00
|
B–
|
11,343,239
|
|
16,415
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
6/22 at 100.00
|
B–
|
16,204,231
|
|
|
Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
|
|
|
|
|
1,195
|
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project,
|
11/27 at 100.00
|
Aa2
|
1,432,028
|
|
|
Refunding & Improvement Series 2017A, 5.000%, 11/01/32
|
|
|
|
|
3,485
|
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH,
|
6/27 at 100.00
|
AA–
|
3,681,903
|
|
|
4.000%, 12/01/46
|
|
|
|
|
5,000
|
Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018,
|
6/28 at 100.00
|
AAA
|
5,961,450
|
|
|
5.000%, 6/01/43
|
|
|
|
|
1,730
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group,
|
11/21 at 100.00
|
Baa1 (4)
|
1,916,148
|
|
|
Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21)
|
|
|
|
|
13,000
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
13,000,000
|
|
|
FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29
|
|
|
|
|
|
(Mandatory Put 9/15/21) (7)
|
|
|
|
|
4,110
|
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth
|
6/25 at 100.00
|
AA
|
4,565,059
|
|
|
Bypass Project, Series 2015, 5.000%, 12/31/39 – AGM Insured (AMT)
|
|
|
|
|
4,975
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien
|
2/23 at 100.00
|
Aa3
|
5,408,323
|
|
|
Series 2013A-1, 5.000%, 2/15/48
|
|
|
|
|
78,075
|
Total Ohio
|
|
|
79,160,378
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Oklahoma – 1.1%
|
|
|
|
|
$ 1,350
|
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise
|
8/21 at 100.00
|
N/R
|
$ 1,518,561
|
|
|
Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A
|
|
|
|
|
4,000
|
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Refunding
|
7/26 at 100.00
|
AAA
|
4,691,360
|
|
|
Series 2016, 5.000%, 7/01/36
|
|
|
|
|
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist
|
|
|
|
|
|
Medical Center, Refunding Series 2015A:
|
|
|
|
|
1,590
|
5.000%, 8/15/27
|
8/25 at 100.00
|
A+
|
1,867,487
|
|
1,250
|
5.000%, 8/15/29
|
8/25 at 100.00
|
A+
|
1,455,313
|
|
1,935
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine
|
8/28 at 100.00
|
Baa3
|
2,204,758
|
|
|
Project, Series 2018B, 5.250%, 8/15/43
|
|
|
|
|
10,000
|
Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior
|
1/26 at 100.00
|
AA–
|
11,438,800
|
|
|
Series 2017A, 5.000%, 1/01/42
|
|
|
|
|
20,125
|
Total Oklahoma
|
|
|
23,176,279
|
|
|
Oregon – 0.7%
|
|
|
|
|
6,585
|
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding
|
5/27 at 100.00
|
AAA
|
8,102,250
|
|
|
Senior Lien Series 2017B, 5.000%, 11/15/28
|
|
|
|
|
5,330
|
University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48
|
4/28 at 100.00
|
Aa2
|
6,258,539
|
|
11,915
|
Total Oregon
|
|
|
14,360,789
|
|
|
Pennsylvania – 1.1%
|
|
|
|
|
2,500
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A,
|
1/29 at 100.00
|
A+
|
3,016,900
|
|
|
5.000%, 1/01/36
|
|
|
|
|
3,155
|
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds,
|
2/27 at 100.00
|
AA
|
3,623,643
|
|
|
Geisinger Health System, Series 2017A-2, 5.000%, 2/15/39
|
|
|
|
|
|
Pennsylvania State University, Revenue Bonds, Refunding Series 2016A:
|
|
|
|
|
1,325
|
5.000%, 9/01/35
|
9/26 at 100.00
|
Aa1
|
1,566,481
|
|
2,000
|
5.000%, 9/01/41
|
9/26 at 100.00
|
Aa1
|
2,332,240
|
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue
|
|
|
|
|
|
Bonds, Subordinate Series 2011B:
|
|
|
|
|
1,405
|
5.000%, 12/01/41 (Pre-refunded 12/01/21)
|
12/21 at 100.00
|
N/R (4)
|
1,524,903
|
|
1,310
|
5.000%, 12/01/41
|
12/21 at 100.00
|
A2
|
1,383,596
|
|
7,500
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue
|
12/22 at 100.00
|
AA–
|
8,010,150
|
|
|
Bonds, Subordinate Series 2013A, 5.000%, 12/01/43
|
|
|
|
|
1,250
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate
|
12/26 at 100.00
|
AA–
|
1,240,000
|
|
|
Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5)
|
|
|
|
|
1,350
|
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds,
|
1/28 at 100.00
|
Baa3
|
1,501,362
|
|
|
Series 2017, 5.000%, 1/01/38 (AMT)
|
|
|
|
|
21,795
|
Total Pennsylvania
|
|
|
24,199,275
|
|
|
South Carolina – 1.7%
|
|
|
|
|
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
|
|
|
|
|
12,760
|
0.000%, 1/01/28 – AGC Insured
|
No Opt. Call
|
AA
|
10,190,646
|
|
9,535
|
0.000%, 1/01/29 – AGC Insured
|
No Opt. Call
|
AA
|
7,353,964
|
|
8,000
|
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding
|
12/26 at 100.00
|
A+
|
8,974,560
|
|
|
Series 2016B, 5.000%, 12/01/56
|
|
|
|
|
5,500
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding &
|
6/25 at 100.00
|
A+
|
6,086,355
|
|
|
Improvement Series 2015A, 5.000%, 12/01/50
|
|
|
|
|
3,455
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations,
|
6/24 at 100.00
|
A+
|
3,838,436
|
|
|
Series 2014A, 5.500%, 12/01/54
|
|
|
|
|
39,250
|
Total South Carolina
|
|
|
36,443,961
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tennessee – 0.6%
|
|
|
|
|
$ 2,260
|
Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage
|
7/27 at 100.00
|
AA
|
$ 2,651,229
|
|
|
Revenue Bonds, Green Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
3,000
|
Tennessee State School Bond Authority, Higher Educational Facilities Second Program
|
11/27 at 100.00
|
AA+
|
3,562,740
|
|
|
Bonds, Series 2017A, 5.000%, 11/01/42
|
|
|
|
|
7,245
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2017A, 4.000%,
|
5/23 at 100.43
|
A3
|
7,681,221
|
|
|
5/01/48 (Mandatory Put 5/01/23)
|
|
|
|
|
12,505
|
Total Tennessee
|
|
|
13,895,190
|
|
|
Texas – 16.0%
|
|
|
|
|
14,355
|
Bexar County Hospital District, Texas, Certificates of Obligation, Series 2018, 4.000%,
|
2/27 at 100.00
|
Aa1
|
15,359,994
|
|
|
2/15/43, (UB) (6)
|
|
|
|
|
2,420
|
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien
|
1/23 at 100.00
|
A–
|
2,605,469
|
|
|
Series 2013A, 5.000%, 1/01/43
|
|
|
|
|
7,500
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement
|
11/21 at 100.00
|
A+
|
7,953,450
|
|
|
Series 2012D, 5.000%, 11/01/38 (AMT)
|
|
|
|
|
240
|
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System,
|
9/24 at 100.00
|
BBB–
|
259,541
|
|
|
Series 2014A, 5.250%, 9/01/44
|
|
|
|
|
5,000
|
El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of
|
8/23 at 100.00
|
A–
|
5,284,750
|
|
|
Obligation Series 2013, 5.000%, 8/15/39
|
|
|
|
|
|
Fort Bend County Municipal Utility District 50, Texas, General Obligation Bonds, Series 2018A:
|
|
|
|
|
2,600
|
4.000%, 9/01/46 – AGM Insured
|
9/23 at 100.00
|
AA
|
2,659,384
|
|
5,500
|
4.000%, 9/01/48 – AGM Insured
|
9/23 at 100.00
|
AA
|
5,623,750
|
|
27,340
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate
|
10/23 at 100.00
|
AA+
|
29,550,166
|
|
|
Lien Series 2013B, 5.000%, 4/01/53
|
|
|
|
|
2,845
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,
|
6/25 at 100.00
|
AA
|
2,946,111
|
|
|
Houston Methodist Hospital System, Series 2015, 4.000%, 12/01/45
|
|
|
|
|
7,295
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation
|
11/31 at 39.79
|
AA
|
1,875,545
|
|
|
Refunding Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured
|
|
|
|
|
11,900
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H,
|
No Opt. Call
|
Baa2
|
9,055,900
|
|
|
0.000%, 11/15/27 – NPFG Insured
|
|
|
|
|
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien
|
|
|
|
|
|
Series 2014C:
|
|
|
|
|
425
|
5.000%, 11/15/23
|
No Opt. Call
|
A3
|
475,949
|
|
1,845
|
5.000%, 11/15/32
|
11/24 at 100.00
|
A3
|
2,066,179
|
|
14,905
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,
|
11/24 at 59.10
|
Baa2
|
7,286,756
|
|
|
0.000%, 11/15/33 – NPFG Insured
|
|
|
|
|
|
Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B:
|
|
|
|
|
1,590
|
5.000%, 7/01/43
|
7/28 at 100.00
|
A1
|
1,878,203
|
|
2,290
|
5.000%, 7/01/48
|
7/28 at 100.00
|
A1
|
2,694,002
|
|
4,045
|
Houston, Texas, General Obligation Bonds, Refunding Public Improvement Series 2014A,
|
No Opt. Call
|
AA
|
4,290,531
|
|
|
5.000%, 3/01/21
|
|
|
|
|
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and
|
|
|
|
|
|
Entertainment Project, Series 2001B:
|
|
|
|
|
24,755
|
0.000%, 9/01/29 – AMBAC Insured
|
No Opt. Call
|
A
|
18,621,949
|
|
12,940
|
0.000%, 9/01/30 – AMBAC Insured
|
No Opt. Call
|
A
|
9,321,588
|
|
10,000
|
0.000%, 9/01/31 – AMBAC Insured
|
No Opt. Call
|
A
|
6,876,700
|
|
19,500
|
0.000%, 9/01/32 – AMBAC Insured
|
No Opt. Call
|
A
|
12,758,070
|
|
5,120
|
Leander Independent School District, Williamson and Travis Counties, Texas, General
|
8/25 at 100.00
|
AAA
|
5,836,339
|
|
|
Obligation Bonds, Refunding Series 2015A, 5.000%, 8/15/39
|
|
|
|
|
4,510
|
Leander Independent School District, Williamson and Travis Counties, Texas, General
|
8/26 at 100.00
|
AAA
|
5,195,024
|
|
|
Obligation Bonds, Refunding Series 2016A, 5.000%, 8/15/49
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Texas (continued)
|
|
|
|
|
$ 2,000
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
|
11/22 at 100.00
|
A3
|
$ 2,176,820
|
|
|
Southwest Airlines Company – Love Field Modernization Program Project, Series 2012,
|
|
|
|
|
|
5.000%, 11/01/28 (AMT)
|
|
|
|
|
|
Lubbock, Texas, Electric Light and Power System, Revenue Bonds, Series 2018:
|
|
|
|
|
2,170
|
5.000%, 4/15/40
|
4/28 at 100.00
|
AA–
|
2,542,719
|
|
3,930
|
5.000%, 4/15/43
|
4/28 at 100.00
|
AA–
|
4,591,222
|
|
1,750
|
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds,
|
4/21 at 100.00
|
BBB
|
1,862,998
|
|
|
Series 2011A, 7.250%, 4/01/36
|
|
|
|
|
5,420
|
North Texas Municipal Water District, Water System Revenue Bonds, Refunding &
|
3/22 at 100.00
|
AAA
|
5,901,025
|
|
|
Improvement Series 2012, 5.000%, 9/01/26
|
|
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital
|
|
|
|
|
|
Appreciation Series 2008I:
|
|
|
|
|
30,000
|
6.200%, 1/01/42 – AGC Insured
|
1/25 at 100.00
|
AA
|
36,354,000
|
|
5,220
|
6.500%, 1/01/43
|
1/25 at 100.00
|
A+
|
6,410,839
|
|
15,450
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D,
|
No Opt. Call
|
AA
|
9,345,241
|
|
|
0.000%, 1/01/36 – AGC Insured
|
|
|
|
|
9,020
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B,
|
1/23 at 100.00
|
A+
|
9,848,667
|
|
|
5.000%, 1/01/40
|
|
|
|
|
8,000
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2017B,
|
1/27 at 100.00
|
A
|
9,174,000
|
|
|
5.000%, 1/01/43
|
|
|
|
|
9,100
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier,
|
1/25 at 100.00
|
A
|
10,378,459
|
|
|
Series 2015A, 5.000%, 1/01/32
|
|
|
|
|
2,000
|
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue
|
6/19 at 100.00
|
A3
|
2,000,400
|
|
|
Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (AMT)
|
|
|
|
|
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital
|
|
|
|
|
|
Revenue Bonds, Scott & White Healthcare Project, Series 2010:
|
|
|
|
|
355
|
5.500%, 8/15/45 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
N/R (4)
|
372,313
|
|
4,455
|
5.500%, 8/15/45 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
N/R (4)
|
4,672,270
|
|
1,750
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,
|
8/26 at 100.00
|
AA
|
1,996,663
|
|
|
Texas Health Resources System, Series 2016A, 5.000%, 2/15/41
|
|
|
|
|
6,740
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds,
|
No Opt. Call
|
A2
|
7,816,243
|
|
|
Senior Lien Series 2008D, 6.250%, 12/15/26
|
|
|
|
|
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
|
|
|
|
|
|
Series 2012:
|
|
|
|
|
2,500
|
5.000%, 12/15/26
|
12/22 at 100.00
|
A3
|
2,741,075
|
|
10,400
|
5.000%, 12/15/32
|
12/22 at 100.00
|
A3
|
11,237,720
|
|
7,180
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First
|
8/22 at 100.00
|
A–
|
7,697,104
|
|
|
Tier Refunding Series 2012A, 5.000%, 8/15/41
|
|
|
|
|
3,000
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First
|
8/24 at 100.00
|
A–
|
3,358,890
|
|
|
Tier Refunding Series 2015B, 5.000%, 8/15/37
|
|
|
|
|
1,750
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second
|
8/24 at 100.00
|
BBB+
|
1,955,240
|
|
|
Tier Refunding Series 2015C, 5.000%, 8/15/33
|
|
|
|
|
5,500
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series
|
No Opt. Call
|
A–
|
4,761,075
|
|
|
2002A, 0.000%, 8/15/25 – AMBAC Insured
|
|
|
|
|
|
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master
|
|
|
|
|
|
Trust Series 2017A:
|
|
|
|
|
12,500
|
4.000%, 10/15/42 (UB) (6)
|
10/27 at 100.00
|
AAA
|
13,561,125
|
|
6,500
|
5.000%, 10/15/42
|
10/27 at 100.00
|
AAA
|
7,713,680
|
|
10,000
|
4.000%, 10/15/47 (UB) (6)
|
10/27 at 100.00
|
AAA
|
10,785,600
|
|
355,610
|
Total Texas
|
|
|
339,730,738
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Utah – 0.9%
|
|
|
|
|
$ 5,345
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 5.000%, 7/01/42
|
7/27 at 100.00
|
A+
|
$ 6,227,566
|
|
3,500
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, 5.000%, 7/01/43
|
7/28 at 100.00
|
A+
|
4,134,410
|
|
|
Salt Lake County, Utah, Sales Tax Revenue Bonds, TRCC Series 2017:
|
|
|
|
|
695
|
5.000%, 2/01/36
|
2/27 at 100.00
|
AAA
|
822,387
|
|
1,150
|
5.000%, 2/01/37
|
2/27 at 100.00
|
AAA
|
1,353,815
|
|
|
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
|
A
|
1,511,087
|
|
1,000
|
5.000%, 9/01/30
|
3/28 at 100.00
|
A
|
1,200,840
|
|
1,250
|
5.000%, 9/01/31
|
3/28 at 100.00
|
A
|
1,487,488
|
|
660
|
5.000%, 9/01/32
|
3/28 at 100.00
|
A
|
782,641
|
|
540
|
Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017A,
|
3/27 at 100.00
|
AA
|
634,365
|
|
|
5.000%, 3/01/37
|
|
|
|
|
15,390
|
Total Utah
|
|
|
18,154,599
|
|
|
Virginia – 2.3%
|
|
|
|
|
1,805
|
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds,
|
7/26 at 100.00
|
BBB
|
2,024,398
|
|
|
First Tier Series 2016, 5.000%, 7/01/46
|
|
|
|
|
14,110
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
4/22 at 100.00
|
BBB+
|
14,969,158
|
|
|
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A,
|
|
|
|
|
|
5.000%, 10/01/53
|
|
|
|
|
10,000
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
10/28 at 100.00
|
BBB+
|
13,005,200
|
|
|
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44
|
|
|
|
|
4,355
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed
|
5/19 at 100.00
|
B–
|
4,233,191
|
|
|
Bonds, Series 2007B1, 5.000%, 6/01/47
|
|
|
|
|
4,350
|
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform
|
6/27 at 100.00
|
BBB
|
4,761,031
|
|
|
66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/52 (AMT)
|
|
|
|
|
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
|
|
|
|
|
|
Crossing, Opco LLC Project, Series 2012:
|
|
|
|
|
4,180
|
5.250%, 1/01/32 (AMT)
|
7/22 at 100.00
|
BBB
|
4,478,744
|
|
1,355
|
6.000%, 1/01/37 (AMT)
|
7/22 at 100.00
|
BBB
|
1,495,744
|
|
3,770
|
5.500%, 1/01/42 (AMT)
|
7/22 at 100.00
|
BBB
|
4,073,636
|
|
43,925
|
Total Virginia
|
|
|
49,041,102
|
|
|
Washington – 2.9%
|
|
|
|
|
|
Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016:
|
|
|
|
|
1,930
|
5.000%, 2/01/29
|
2/26 at 100.00
|
AA–
|
2,278,635
|
|
1,000
|
5.000%, 2/01/30
|
2/26 at 100.00
|
AA–
|
1,174,390
|
|
|
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
|
A+
|
1,352,425
|
|
5,000
|
5.000%, 12/01/41
|
6/27 at 100.00
|
A+
|
5,724,400
|
|
3,780
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
|
1/21 at 100.00
|
A+
|
3,960,079
|
|
|
Research Center, Series 2011A, 5.625%, 1/01/35
|
|
|
|
|
2,400
|
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical
|
12/20 at 100.00
|
N/R (4)
|
2,538,864
|
|
|
Center, Series 2010, 5.375%, 12/01/33 (Pre-refunded 12/01/20)
|
|
|
|
|
12,000
|
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health &
|
10/22 at 100.00
|
AA–
|
13,098,960
|
|
|
Services, Refunding Series 2012A, 5.000%, 10/01/33
|
|
|
|
|
1,310
|
Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical
|
8/27 at 100.00
|
BBB
|
1,497,592
|
|
|
Center, Series 2017, 5.000%, 8/15/30
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Washington (continued)
|
|
|
|
|
|
Washington State Convention Center Public Facilities District, Lodging Tax Revenue
|
|
|
|
|
|
Bonds, Series 2018:
|
|
|
|
|
$ 2,715
|
5.000%, 7/01/36
|
7/28 at 100.00
|
A1
|
$ 3,191,673
|
|
7,200
|
5.000%, 7/01/48
|
7/28 at 100.00
|
A1
|
8,306,568
|
|
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:
|
|
|
|
|
9,100
|
0.000%, 6/01/29 – NPFG Insured
|
No Opt. Call
|
AA+
|
7,168,070
|
|
16,195
|
0.000%, 6/01/30 – NPFG Insured
|
No Opt. Call
|
AA+
|
12,278,401
|
|
63,805
|
Total Washington
|
|
|
62,570,057
|
|
|
West Virginia – 0.5%
|
|
|
|
|
1,830
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington
|
1/29 at 100.00
|
BBB+
|
2,105,195
|
|
|
Hospital, Inc. Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/36
|
|
|
|
|
3,000
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United
|
6/23 at 100.00
|
A
|
3,329,250
|
|
|
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
|
|
|
|
|
3,570
|
West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018,
|
6/28 at 100.00
|
AA–
|
4,215,349
|
|
|
5.000%, 6/01/43
|
|
|
|
|
8,400
|
Total West Virginia
|
|
|
9,649,794
|
|
|
Wisconsin – 2.4%
|
|
|
|
|
5,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health
|
11/21 at 100.00
|
AA+
|
5,350,100
|
|
|
Alliance Senior Credit Group, Series 2012D, 5.000%, 11/15/41
|
|
|
|
|
3,350
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health
|
5/26 at 100.00
|
AA+
|
3,517,601
|
|
|
Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46
|
|
|
|
|
7,115
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health,
|
11/19 at 100.00
|
AA+
|
7,230,903
|
|
|
Senior Credit Group, Series 2010E, 5.000%, 11/15/33
|
|
|
|
|
2,375
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
|
2/22 at 100.00
|
A–
|
2,473,776
|
|
|
Series 2012B, 5.000%, 2/15/40
|
|
|
|
|
4,410
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance,
|
6/22 at 100.00
|
A3
|
4,671,204
|
|
|
Inc., Series 2012, 5.000%, 6/01/39
|
|
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital,
|
|
|
|
|
|
Inc., Series 2011A:
|
|
|
|
|
3,500
|
5.750%, 5/01/35 (Pre-refunded 5/01/21)
|
5/21 at 100.00
|
N/R (4)
|
3,780,805
|
|
5,000
|
6.000%, 5/01/41 (Pre-refunded 5/01/21)
|
5/21 at 100.00
|
N/R (4)
|
5,425,600
|
|
6,600
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health
|
8/22 at 100.00
|
N/R (4)
|
7,297,554
|
|
|
Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22)
|
|
|
|
|
10,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare
|
6/20 at 100.00
|
AA– (4)
|
10,357,200
|
|
|
System, Series 2010A, 5.000%, 6/01/30 (Pre-refunded 6/01/20)
|
|
|
|
|
47,350
|
Total Wisconsin
|
|
|
50,104,743
|
|
|
Wyoming – 0.2%
|
|
|
|
|
2,035
|
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power
|
7/19 at 100.00
|
A
|
2,050,853
|
|
|
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
|
|
|
|
|
1,850
|
West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40
|
6/21 at 100.00
|
BBB
|
1,981,886
|
|
3,885
|
Total Wyoming
|
|
|
4,032,739
|
|
$ 2,185,028
|
Total Municipal Bonds (cost $1,942,362,830)
|
|
|
2,128,101,948
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
|
|
|
|
|
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
|
|
CORPORATE BONDS – 0.0%
|
|
|
|
|
|
|
Transportation – 0.0%
|
|
|
|
|
|
$ 782
|
Las Vegas Monorail Company, Senior Interest Bonds (8), (9)
|
5.500%
|
7/15/19
|
N/R
|
$ 519,995
|
|
224
|
Las Vegas Monorail Company, Senior Interest Bonds (7), (8), (9)
|
5.500%
|
7/15/55
|
N/R
|
111,543
|
|
$ 1,006
|
Total Corporate Bonds (cost $36,752)
|
|
|
|
631,538
|
|
|
Total Long-Term Investments (cost $1,942,399,582)
|
|
|
|
2,128,733,486
|
|
|
Floating Rate Obligations – (1.8)%
|
|
|
|
(37,705,000)
|
|
|
Other Assets Less Liabilities – 1.8%
|
|
|
|
37,558,881
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
|
$ 2,128,587,367
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(5)
|
Step-up coupon bond, a bond with a coupon that Increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(7)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
(8)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
(9)
|
The tax-exempt municipal bonds previously held by the Fund were surrendered in conjunction with the issuer’s bankruptcy reorganization plan. In return, the Fund received one or more senior interest corporate bonds.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax.
|
ETM
|
Escrowed to maturity.
|
PIK
|
Payment-in-kind (“PIK”) security. Depending on the terms of the security, Income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
NUW
|
Nuveen AMT-Free Municipal Value Fund
|
|
Portfolio of Investments
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 96.1%
|
|
|
|
|
|
MUNICIPAL BONDS – 96.1%
|
|
|
|
|
|
Alaska – 0.2%
|
|
|
|
|
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
Bonds, Series 2006A:
|
|
|
|
|
$ 115
|
4.625%, 6/01/23
|
5/19 at 100.00
|
A3
|
$ 115,032
|
|
385
|
5.000%, 6/01/46
|
5/19 at 100.00
|
B3
|
376,823
|
|
500
|
Total Alaska
|
|
|
491,855
|
|
|
Arizona – 1.5%
|
|
|
|
|
3,045
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
|
No Opt. Call
|
BBB+
|
3,839,806
|
|
|
Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
|
|
|
|
|
California – 13.6%
|
|
|
|
|
1,790
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second
|
10/26 at 100.00
|
BBB+
|
2,015,021
|
|
|
Subordinate Lien Series 2016B, 5.000%, 10/01/37
|
|
|
|
|
1,730
|
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement
|
No Opt. Call
|
AA
|
1,258,835
|
|
|
Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured
|
|
|
|
|
340
|
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San
|
1/29 at 100.00
|
Baa3
|
391,428
|
|
|
Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%,
|
|
|
|
|
|
11/21/45, 144A
|
|
|
|
|
500
|
California State, General Obligation Bonds, Tender Option Bond Trust 2016-XG0039, 12.990%,
|
3/20 at 100.00
|
AA
|
558,455
|
|
|
3/01/40 – AGM Insured, 144A (IF) (4)
|
|
|
|
|
540
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
6/22 at 100.00
|
N/R
|
543,634
|
|
|
Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47
|
|
|
|
|
2,040
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/29 at 100.00
|
AA–
|
2,630,315
|
|
|
Airport, Refunding Series 2019C, 5.000%, 5/15/30
|
|
|
|
|
450
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts,
|
No Opt. Call
|
A
|
664,034
|
|
|
Series 2009A, 6.500%, 11/01/39
|
|
|
|
|
10,200
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%,
|
8/29 at 100.00
|
BB+
|
13,505,922
|
|
|
8/01/38 – AGC Insured (5)
|
|
|
|
|
1,030
|
Poway Unified School District, San Diego County, California, General Obligation Bonds,
|
No Opt. Call
|
AA–
|
633,759
|
|
|
School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35
|
|
|
|
|
2,470
|
San Francisco Airports Commission, California, Revenue Bonds, San Francisco
|
5/27 at 100.00
|
A+
|
2,869,078
|
|
|
International Airport, Governmental Purpose Second Series 2017B, 5.000%, 5/01/47
|
|
|
|
|
12,955
|
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997
|
No Opt. Call
|
AA
|
7,312,061
|
|
|
Election Series 2012G, 0.000%, 8/01/35 – AGM Insured
|
|
|
|
|
5,185
|
San Ysidro School District, San Diego County, California, General Obligation Bonds,
|
8/25 at 36.88
|
AA
|
1,562,603
|
|
|
Refunding Series 2015, 0.000%, 8/01/44
|
|
|
|
|
700
|
Victor Elementary School District, San Bernardino County, California, General Obligation
|
No Opt. Call
|
Aa3
|
625,436
|
|
|
Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured
|
|
|
|
|
39,930
|
Total California
|
|
|
34,570,581
|
|
|
Colorado – 5.6%
|
|
|
|
|
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center
|
|
|
|
|
|
Hotel, Refunding Senior Lien Series 2016:
|
|
|
|
|
1,000
|
5.000%, 12/01/30
|
12/26 at 100.00
|
Baa2
|
1,136,980
|
|
1,500
|
5.000%, 12/01/36
|
12/26 at 100.00
|
Baa2
|
1,699,065
|
|
5,885
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%,
|
No Opt. Call
|
BBB+
|
3,491,453
|
|
|
9/01/34 – NPFG Insured
|
|
|
|
NUW
|
Nuveen AMT-Free Municipal Value Fund
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Colorado (continued)
|
|
|
|
|
$ 3,605
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%,
|
9/20 at 67.94
|
A
|
$ 2,370,864
|
|
|
9/01/27 – NPFG Insured
|
|
|
|
|
4,000
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue
|
12/19 at 100.00
|
AA (6)
|
4,110,800
|
|
|
Bonds, Refunding Series 2009, 6.375%, 12/01/37 (Pre-refunded 12/01/19) – AGC Insured
|
|
|
|
|
1,000
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado
|
No Opt. Call
|
A+
|
1,491,750
|
|
|
Springs Utilities, Series 2008, 6.500%, 11/15/38
|
|
|
|
|
16,990
|
Total Colorado
|
|
|
14,300,912
|
|
|
Florida – 7.9%
|
|
|
|
|
500
|
Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37
|
10/27 at 100.00
|
AA–
|
595,585
|
|
1,605
|
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015,
|
11/24 at 100.00
|
A2
|
1,767,940
|
|
|
5.000%, 11/15/45
|
|
|
|
|
535
|
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City
|
2/24 at 100.00
|
A1
|
597,969
|
|
|
Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured
|
|
|
|
|
9,500
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport,
|
10/19 at 100.00
|
A2 (6)
|
9,653,615
|
|
|
Series 2009A, 5.500%, 10/01/41 (Pre-refunded 10/01/19) (UB) (4)
|
|
|
|
|
3,350
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding
|
10/25 at 100.00
|
AA–
|
3,903,487
|
|
|
Series 2017B, 5.000%, 10/01/32
|
|
|
|
|
510
|
Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole
|
5/28 at 100.00
|
A–
|
585,771
|
|
|
Electric Cooperative, Inc Project, Refunding Series 2018B, 5.000%, 3/15/42
|
|
|
|
|
860
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
6/19 at 100.00
|
N/R
|
860,413
|
|
|
Capital Appreciation, Series 2012A-3, 6.610%, 5/01/40 (5)
|
|
|
|
|
375
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
5/22 at 100.00
|
N/R
|
313,012
|
|
|
Capital Appreciation, Series 2012A-4, 6.610%, 5/01/40 (5)
|
|
|
|
|
525
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note,
|
6/19 at 100.00
|
N/R
|
5
|
|
|
Series 2007-3, 6.450%, 5/01/23 (7)
|
|
|
|
|
30
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Non
|
6/19 at 100.00
|
N/R
|
29,997
|
|
|
Performing Parcel Series 2007-1 RMKT, 6.450%, 5/01/23
|
|
|
|
|
1,315
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/19 at 100.00
|
N/R
|
1,079,720
|
|
|
Series 2015-1, 6.610%, 5/01/40
|
|
|
|
|
805
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/19 at 100.00
|
N/R
|
543,077
|
|
|
Series 2015-2, 6.610%, 5/01/40
|
|
|
|
|
880
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/19 at 100.00
|
N/R
|
9
|
|
|
Series 2015-3, 6.610%, 5/01/40 (7)
|
|
|
|
|
20,790
|
Total Florida
|
|
|
19,930,600
|
|
|
Georgia – 3.4%
|
|
|
|
|
1,000
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta
|
6/20 at 100.00
|
Baa3
|
1,071,640
|
|
|
Air Lines, Inc Project, Series 2009A, 8.750%, 6/01/29
|
|
|
|
|
2,000
|
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation
|
2/27 at 100.00
|
AA
|
2,399,500
|
|
|
Certificates, Northeast Georgia Health Services Inc, Series 2017B, 5.500%, 2/15/42
|
|
|
|
|
1,470
|
Municipal Electric Authority of Georgia, General Resolution Projects Subordinated Bonds,
|
1/28 at 100.00
|
A1
|
1,651,868
|
|
|
Series 20188HH, 5.000%, 1/01/44
|
|
|
|
|
2,000
|
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien
|
1/25 at 100.00
|
A2
|
2,202,740
|
|
|
Series 2015A, 5.000%, 1/01/35
|
|
|
|
|
1,000
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University,
|
10/26 at 100.00
|
AA+
|
1,163,930
|
|
|
Refunding Series 2016A, 5.000%, 10/01/46
|
|
|
|
|
7,470
|
Total Georgia
|
|
|
8,489,678
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Illinois – 9.2%
|
|
|
|
|
$ 2,000
|
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds,
|
4/27 at 100.00
|
A
|
$ 2,317,480
|
|
|
Series 2016, 6.000%, 4/01/46
|
|
|
|
|
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
|
|
|
|
|
470
|
0.000%, 1/01/33 – FGIC Insured
|
No Opt. Call
|
BBB–
|
276,069
|
|
3,000
|
0.000%, 1/01/37 – FGIC Insured
|
No Opt. Call
|
BBB–
|
1,452,780
|
|
2,000
|
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2017, 5.000%, 11/15/38
|
11/27 at 100.00
|
AA
|
2,291,240
|
|
5,035
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A,
|
8/19 at 100.00
|
N/R (6)
|
5,097,635
|
|
|
6.000%, 8/15/39 (Pre-refunded 8/15/19)
|
|
|
|
|
3,500
|
Illinois Finance Authority, State of Illinois Clean Water Initiative Revolving Fund
|
1/27 at 100.00
|
AAA
|
4,095,980
|
|
|
Revenue Bonds, Series 2017, 5.000%, 7/01/37
|
|
|
|
|
525
|
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29
|
2/27 at 100.00
|
BBB–
|
574,549
|
|
11,420
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
No Opt. Call
|
BBB
|
5,495,647
|
|
|
Expansion Project, Series 2002A, 0.000%, 12/15/37 – NPFG Insured
|
|
|
|
|
615
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,
|
10/23 at 100.00
|
Baa1
|
693,050
|
|
|
6.000%, 10/01/42
|
|
|
|
|
|
Will County Community Unit School District 201U, Crete-Monee, Illinois, General
|
|
|
|
|
|
Obligation Bonds, Capital Appreciation Series 2004:
|
|
|
|
|
300
|
0.000%, 11/01/23 – NPFG Insured (ETM)
|
No Opt. Call
|
Baa2 (6)
|
273,951
|
|
745
|
0.000%, 11/01/23 – FGIC Insured
|
No Opt. Call
|
A+
|
664,860
|
|
29,610
|
Total Illinois
|
|
|
23,233,241
|
|
|
Indiana – 0.5%
|
|
|
|
|
1,500
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%,
|
No Opt. Call
|
AA
|
1,315,140
|
|
|
2/01/25 – AMBAC Insured
|
|
|
|
|
|
Iowa – 1.2%
|
|
|
|
|
3,075
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
|
6/19 at 100.00
|
B2
|
3,044,557
|
|
|
5.375%, 6/01/38
|
|
|
|
|
|
Kentucky – 3.2%
|
|
|
|
|
1,150
|
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern
|
1/26 at 100.00
|
A1
|
1,359,818
|
|
|
Kentucky International Airport, Series 2016, 5.000%, 1/01/29
|
|
|
|
|
2,500
|
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds,
|
12/22 at 100.00
|
AA
|
2,710,500
|
|
|
Louisville Arena Authority, Inc, Series 2017A, 5.000%, 12/01/47 – AGM Insured
|
|
|
|
|
3,750
|
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky
|
7/25 at 100.00
|
Baa2
|
3,987,412
|
|
|
Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45
|
|
|
|
|
7,400
|
Total Kentucky
|
|
|
8,057,730
|
|
|
Maine – 1.3%
|
|
|
|
|
3,335
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin
|
No Opt. Call
|
Aa2 (6)
|
3,381,957
|
|
|
College, Tender Option Bond Trust 2016-XL0014, 9.209%, 7/01/39, 144A
|
|
|
|
|
|
(Pre-refunded 7/01/19) (IF) (4)
|
|
|
|
|
|
Maryland – 3.7%
|
|
|
|
|
|
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017:
|
|
|
|
|
1,000
|
5.000%, 9/01/32
|
9/27 at 100.00
|
BBB–
|
1,150,100
|
|
2,250
|
5.000%, 9/01/34
|
9/27 at 100.00
|
BBB–
|
2,565,495
|
|
5,000
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar
|
5/27 at 100.00
|
A
|
5,656,600
|
|
|
Health Issue, Series 2017A, 5.000%, 5/15/42
|
|
|
|
|
8,250
|
Total Maryland
|
|
|
9,372,195
|
|
|
Massachusetts – 0.4%
|
|
|
|
|
1,000
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option
|
8/19 at 100.00
|
AAA
|
1,023,150
|
|
|
Bond Trust 2015-XF2186, 9.208%, 8/01/38, 144A (IF) (4)
|
|
|
|
NUW
|
Nuveen AMT-Free Municipal Value Fund
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Michigan – 1.7%
|
|
|
|
|
$ 3,000
|
Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group,
|
12/22 at 100.00
|
AA–
|
$ 3,241,620
|
|
|
Refunding Series 2017A-MI, 5.000%, 12/01/47
|
|
|
|
|
1,000
|
Michigan Finance Authority, Senior Lien Distributable State Aid Revenue Bonds, Charter
|
11/28 at 100.00
|
Aa3
|
1,172,210
|
|
|
County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43
|
|
|
|
|
4,000
|
Total Michigan
|
|
|
4,413,830
|
|
|
Minnesota – 1.0%
|
|
|
|
|
1,145
|
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47
|
12/26 at 100.00
|
Aa3
|
1,323,986
|
|
1,000
|
University of Minnesota, General Obligation Bonds, Series 2017A, 5.000%, 9/01/36
|
9/27 at 100.00
|
Aa1
|
1,199,320
|
|
2,145
|
Total Minnesota
|
|
|
2,523,306
|
|
|
Montana – 0.5%
|
|
|
|
|
|
Missoula City, Montana, Water System Revenue Bonds, Series 2019A:
|
|
|
|
|
685
|
5.000%, 7/01/25
|
No Opt. Call
|
A+
|
812,150
|
|
300
|
5.000%, 7/01/26
|
No Opt. Call
|
A+
|
362,829
|
|
985
|
Total Montana
|
|
|
1,174,979
|
|
|
Nebraska – 0.2%
|
|
|
|
|
500
|
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012,
|
9/22 at 100.00
|
A
|
541,690
|
|
|
5.000%, 9/01/42
|
|
|
|
|
|
Nevada – 6.4%
|
|
|
|
|
3,000
|
Clark County, Nevada, General Obligation Bonds, Limited Tax, Additionally Secured by
|
12/28 at 100.00
|
AA+
|
3,668,910
|
|
|
Pledged Revenues, Transportation Improvement Series 2018B, 5.000%, 12/01/33
|
|
|
|
|
4,000
|
Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C,
|
7/28 at 100.00
|
Aa3
|
4,755,600
|
|
|
5.250%, 7/01/43
|
|
|
|
|
5,415
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A,
|
6/19 at 100.00
|
BBB+ (6)
|
5,455,342
|
|
|
8.000%, 6/15/30 (Pre-refunded 6/15/19)
|
|
|
|
|
2,000
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding
|
12/24 at 100.00
|
AA+
|
2,284,900
|
|
|
Series 2015, 5.000%, 6/01/39
|
|
|
|
|
14,415
|
Total Nevada
|
|
|
16,164,752
|
|
|
New Jersey – 4.9%
|
|
|
|
|
935
|
New Jersey Economic Development Authority, School Facilities Construction Bonds,
|
No Opt. Call
|
BBB+
|
1,134,211
|
|
|
Series 2005N-1, 5.500%, 9/01/27 – NPFG Insured
|
|
|
|
|
1,000
|
New Jersey Economic Development Authority, School Facilities Construction Financing
|
3/21 at 100.00
|
A–
|
1,048,370
|
|
|
Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22
|
|
|
|
|
1,250
|
New Jersey Economic Development Authority, School Facility Construction Bonds,
|
No Opt. Call
|
A–
|
1,278,025
|
|
|
Series 2005K, 5.500%, 12/15/19 – AMBAC Insured
|
|
|
|
|
|
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and
|
|
|
|
|
|
Dentistry of New Jersey, Refunding Series 2009B:
|
|
|
|
|
2,135
|
7.125%, 12/01/23 (Pre-refunded 6/01/19)
|
6/19 at 100.00
|
N/R (6)
|
2,144,501
|
|
3,000
|
7.500%, 12/01/32 (Pre-refunded 6/01/19)
|
6/19 at 100.00
|
N/R (6)
|
3,014,250
|
|
5,020
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital
|
No Opt. Call
|
A–
|
3,174,548
|
|
|
Appreciation Series 2010A, 0.000%, 12/15/31
|
|
|
|
|
255
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds,
|
6/25 at 100.00
|
BBB+
|
277,320
|
|
|
Series 2015AA, 5.250%, 6/15/41
|
|
|
|
|
355
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed
|
6/28 at 100.00
|
BBB
|
370,790
|
|
|
Bonds, Series 2018B, 5.000%, 6/01/46
|
|
|
|
|
13,950
|
Total New Jersey
|
|
|
12,442,015
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
New York – 4.1%
|
|
|
|
|
$ 3,000
|
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds
|
No Opt. Call
|
A
|
$ 3,979,530
|
|
|
Series 2007, 5.500%, 10/01/37
|
|
|
|
|
1,500
|
Long Island Power Authority, New York, Electric System General Revenue Bonds,
|
9/27 at 100.00
|
A–
|
1,745,940
|
|
|
Series 2017, 5.000%, 9/01/42
|
|
|
|
|
2,050
|
Long Island Power Authority, New York, Electric System General Revenue Bonds,
|
9/28 at 100.00
|
A–
|
2,441,038
|
|
|
Series 2018, 5.000%, 9/01/39
|
|
|
|
|
1,500
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World
|
11/21 at 100.00
|
A
|
1,644,555
|
|
|
Trade Center Project, Series 2011, 5.750%, 11/15/51
|
|
|
|
|
430
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
BBB+
|
455,146
|
|
|
Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
8,480
|
Total New York
|
|
|
10,266,209
|
|
|
North Carolina – 1.7%
|
|
|
|
|
1,000
|
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University
|
10/26 at 100.00
|
AA+
|
1,174,900
|
|
|
Project, Refunding Series 2016B, 5.000%, 7/01/42
|
|
|
|
|
2,360
|
North Carolina Medical Care Commission Health Care Facilities Revenue Bonds Novant
|
11/20 at 100.00
|
Aa3
|
2,440,311
|
|
|
Health Inc, Series 2010A, 4.750%, 11/01/43
|
|
|
|
|
700
|
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding
|
1/27 at 100.00
|
BBB
|
801,542
|
|
|
Senior Lien Series 2017, 5.000%, 1/01/32
|
|
|
|
|
4,060
|
Total North Carolina
|
|
|
4,416,753
|
|
|
Ohio – 3.7%
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
Revenue Bonds, Senior Lien, Series 2007A-2:
|
|
|
|
|
2,115
|
5.875%, 6/01/30
|
5/19 at 100.00
|
Caa3
|
2,025,112
|
|
5,910
|
6.500%, 6/01/47
|
5/19 at 100.00
|
B–
|
5,895,934
|
|
1,305
|
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH,
|
6/27 at 100.00
|
AA–
|
1,378,733
|
|
|
4.000%, 12/01/46
|
|
|
|
|
9,330
|
Total Ohio
|
|
|
9,299,779
|
|
|
Oklahoma – 0.1%
|
|
|
|
|
255
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine
|
8/28 at 100.00
|
Baa3
|
290,550
|
|
|
Project, Series 2018B, 5.250%, 8/15/43
|
|
|
|
|
|
South Carolina – 1.7%
|
|
|
|
|
5,435
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2,
|
No Opt. Call
|
AA
|
4,191,798
|
|
|
0.000%, 1/01/29 – AGC Insured
|
|
|
|
|
|
Tennessee – 0.3%
|
|
|
|
|
605
|
Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage
|
7/27 at 100.00
|
AA
|
709,731
|
|
|
Revenue Bonds, Green Series 2017A, 5.000%, 7/01/42
|
|
|
|
|
|
Texas – 12.0%
|
|
|
|
|
1,000
|
Austin Community College District Public Facility Corporation, Texas, Lease Revenue
|
8/27 at 100.00
|
AA
|
1,146,680
|
|
|
Bonds, Highland Campus – Building 3000 Project, Series 2018A, 5.000%, 8/01/42
|
|
|
|
|
2,000
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2017, 5.000%, 11/15/35
|
11/26 at 100.00
|
AA
|
2,361,900
|
|
1,855
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier
|
10/23 at 100.00
|
A+
|
2,069,809
|
|
|
Series 2013A, 5.500%, 4/01/53
|
|
|
|
|
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and
|
|
|
|
|
|
Entertainment Project, Series 2001B:
|
|
|
|
|
3,000
|
0.000%, 9/01/32 – AMBAC Insured
|
No Opt. Call
|
A
|
1,962,780
|
|
7,935
|
0.000%, 9/01/33 – AMBAC Insured
|
No Opt. Call
|
A
|
4,928,111
|
|
2,000
|
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA
|
No Opt. Call
|
A+
|
2,254,460
|
|
|
Transmission Services Corporation Project, Refunding Series 2019, 5.000%, 5/15/23
|
|
|
|
NUW
|
Nuveen AMT-Free Municipal Value Fund
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Texas (continued)
|
|
|
|
|
$ 915
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B,
|
1/25 at 100.00
|
A+
|
$ 1,023,217
|
|
|
5.000%, 1/01/45
|
|
|
|
|
250
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,
|
8/26 at 100.00
|
AA
|
285,238
|
|
|
Texas Health Resources System, Series 2016A, 5.000%, 2/15/41
|
|
|
|
|
1,500
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
|
12/22 at 100.00
|
BBB
|
1,620,825
|
|
|
Series 2012, 5.000%, 12/15/32
|
|
|
|
|
7,635
|
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master
|
10/26 at 100.00
|
AAA
|
8,232,821
|
|
|
Trust Series 2016, 4.000%, 10/15/41
|
|
|
|
|
2,500
|
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master
|
10/27 at 100.00
|
AAA
|
2,712,225
|
|
|
Trust Series 2017A, 4.000%, 10/15/42 (UB) (4)
|
|
|
|
|
|
Wylie Independent School District, Collin County, Texas, General Obligation Bonds,
|
|
|
|
|
|
School Building Series 2010:
|
|
|
|
|
2,000
|
0.000%, 8/15/33
|
8/20 at 50.47
|
AAA
|
975,920
|
|
1,945
|
0.000%, 8/15/38
|
8/20 at 37.79
|
AAA
|
708,777
|
|
34,535
|
Total Texas
|
|
|
30,282,763
|
|
|
Utah – 0.7%
|
|
|
|
|
1,405
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 5.000%, 7/01/42
|
7/27 at 100.00
|
A+
|
1,636,994
|
|
|
Virginia – 1.4%
|
|
|
|
|
1,160
|
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds,
|
7/26 at 100.00
|
BBB
|
1,293,029
|
|
|
First Tier Series 2016, 5.000%, 7/01/51
|
|
|
|
|
1,400
|
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital
|
7/28 at 100.00
|
BBB
|
1,305,556
|
|
|
Appreciation Series 2012B, 4.875%, 7/15/40 (5)
|
|
|
|
|
1,000
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
4/22 at 100.00
|
BBB+
|
1,060,890
|
|
|
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A,
|
|
|
|
|
|
5.000%, 10/01/53
|
|
|
|
|
3,560
|
Total Virginia
|
|
|
3,659,475
|
|
|
Washington – 2.2%
|
|
|
|
|
3,330
|
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island
|
No Opt. Call
|
AA+
|
2,578,985
|
|
|
Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29 – NPFG Insured
|
|
|
|
|
690
|
Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical
|
8/27 at 100.00
|
BBB
|
788,808
|
|
|
Center, Series 2017, 5.000%, 8/15/30
|
|
|
|
|
2,015
|
Washington State Convention Center Public Facilities District, Lodging Tax Revenue
|
7/28 at 100.00
|
A1
|
2,324,685
|
|
|
Bonds, Series 2018, 5.000%, 7/01/48
|
|
|
|
|
6,035
|
Total Washington
|
|
|
5,692,478
|
|
|
West Virginia – 1.4%
|
|
|
|
|
235
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington
|
1/29 at 100.00
|
BBB+
|
270,339
|
|
|
Hospital, Inc Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/36
|
|
|
|
|
1,500
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United
|
6/23 at 100.00
|
A
|
1,664,625
|
|
|
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
|
|
|
|
|
1,430
|
West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018,
|
6/28 at 100.00
|
AA–
|
1,688,501
|
|
|
5.000%, 6/01/43
|
|
|
|
|
3,165
|
Total West Virginia
|
|
|
3,623,465
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Wisconsin – 0.4%
|
|
|
|
|
$ 1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
|
2/22 at 100.00
|
A–
|
$ 1,066,840
|
|
|
Series 2012B, 5.000%, 2/15/27
|
|
|
|
|
$ 256,755
|
Total Long-Term Investments (cost $219,088,442)
|
|
|
243,448,809
|
|
|
Floating Rate Obligations – (3.6)%
|
|
|
(9,125,000)
|
|
|
Other Assets Less Liabilities – 7.5% (8)
|
|
|
19,063,634
|
|
|
Net Assets Applicable to Common Shares–100%
|
|
|
$ 253,387,443
|
|
|
|
|
|
|
|
Variation
|
|
|
|
|
|
|
Unrealized
|
Margin
|
|
Contract
|
Number of
|
Expiration
|
Notional
|
|
Appreciation
|
Receivable/
|
Description
|
Position
|
Contracts
|
Date
|
Amount
|
Value
|
(Depreciation)
|
(Payable)
|
U.S. Treasury 10-Year Note
|
Short
|
(84)
|
6/19
|
$(10,338,070)
|
$(10,388,438)
|
$(50,368)
|
$(19,688)
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(6)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(7)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
(8)
|
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at broker and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
ETM
|
Escrowed to maturity.
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
NMI
|
Nuveen Municipal Income Fund, Inc.
|
|
Portfolio of Investments
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 98.9%
|
|
|
|
|
|
MUNICIPAL BONDS – 98.9%
|
|
|
|
|
|
Alabama – 0.8%
|
|
|
|
|
$ 500
|
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A,
|
No Opt. Call
|
A3
|
$ 643,005
|
|
|
5.000%, 9/01/46
|
|
|
|
|
100
|
Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone
|
5/29 at 100.00
|
N/R
|
107,293
|
|
|
Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A
|
|
|
|
|
|
(WI/DD, Settling 5/16/19)
|
|
|
|
|
600
|
Total Alabama
|
|
|
750,298
|
|
|
Arizona – 2.5%
|
|
|
|
|
600
|
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals
|
12/24 at 100.00
|
A2
|
662,940
|
|
|
Project, Refunding Series 2014A, 5.000%, 12/01/39
|
|
|
|
|
1,000
|
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of
|
1/28 at 100.00
|
AA–
|
1,120,500
|
|
|
Math & Science Projects, Series 2018A, 5.000%, 7/01/48
|
|
|
|
|
515
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
|
No Opt. Call
|
A3
|
630,128
|
|
|
Inc. Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28
|
|
|
|
|
2,115
|
Total Arizona
|
|
|
2,413,568
|
|
|
California – 16.9%
|
|
|
|
|
5,000
|
Adelanto School District, San Bernardino County, California, General Obligation Bonds,
|
No Opt. Call
|
A+
|
4,692,450
|
|
|
Series 1997A, 0.000%, 9/01/22 – NPFG Insured
|
|
|
|
|
|
Brea Olinda Unified School District, Orange County, California, General Obligation
|
|
|
|
|
|
Bonds, Series 1999A:
|
|
|
|
|
2,000
|
0.000%, 8/01/21 – FGIC Insured
|
No Opt. Call
|
AA
|
1,924,240
|
|
2,070
|
0.000%, 8/01/22 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,948,946
|
|
2,120
|
0.000%, 8/01/23 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,947,411
|
|
255
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,
|
5/19 at 100.00
|
A3
|
259,146
|
|
|
Los Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21
|
|
|
|
|
500
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter
|
11/27 at 100.00
|
AA–
|
536,510
|
|
|
Health, Series 2018A, 4.000%, 11/15/42
|
|
|
|
|
365
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/28 at 100.00
|
BB–
|
415,049
|
|
|
Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A
|
|
|
|
|
375
|
California Statewide Communities Development Authority, Revenue Bonds, American Baptist
|
10/19 at 100.00
|
BBB+
|
381,562
|
|
|
Homes of the West, Series 2010, 6.000%, 10/01/29
|
|
|
|
|
275
|
California Statewide Communities Development Authority, Revenue Bonds, Front Porch
|
4/27 at 100.00
|
A
|
292,033
|
|
|
Communities and Services Project, Series 2017A, 4.000%, 4/01/36
|
|
|
|
|
1,000
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of
|
6/19 at 100.00
|
CC
|
982,980
|
|
|
Charity Health System, Series 2005A, 5.500%, 7/01/39
|
|
|
|
|
250
|
Madera County, California, Certificates of Participation, Children’s Hospital Central
|
3/20 at 100.00
|
A1 (5)
|
258,443
|
|
|
California, Series 2010, 5.375%, 3/15/36 (Pre-refunded 3/15/20)
|
|
|
|
|
300
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts,
|
No Opt. Call
|
BBB+
|
442,119
|
|
|
Series 2009A, 7.000%, 11/01/34
|
|
|
|
|
250
|
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax
|
6/20 at 100.00
|
A– (5)
|
263,343
|
|
|
Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 (Pre-refunded 6/30/20)
|
|
|
|
|
385
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
A– (5)
|
415,592
|
|
|
Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24 (Pre-refunded 2/01/21)
|
|
|
|
|
500
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road
|
1/25 at 100.00
|
BBB–
|
554,860
|
|
|
Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
California (continued)
|
|
|
|
|
$ 1,000
|
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds,
|
12/21 at 100.00
|
A+ (5)
|
$ 1,116,440
|
|
|
Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22 (Pre-refunded 12/01/21)
|
|
|
|
|
16,645
|
Total California
|
|
|
16,431,124
|
|
|
Colorado – 9.8%
|
|
|
|
|
|
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds,
|
|
|
|
|
|
Refunding Series 2013A:
|
|
|
|
|
150
|
5.125%, 12/01/29
|
12/23 at 100.00
|
BBB
|
168,333
|
|
250
|
5.375%, 12/01/33
|
12/23 at 100.00
|
BBB–
|
281,118
|
|
350
|
Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The
|
6/27 at 100.00
|
BBB
|
389,827
|
|
|
Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, 5.000%, 6/01/42
|
|
|
|
|
500
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living
|
1/24 at 102.00
|
N/R
|
535,345
|
|
|
Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37
|
|
|
|
|
1,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
|
1/20 at 100.00
|
AA–
|
1,018,390
|
|
|
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
|
|
|
|
750
|
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1,
|
11/23 at 100.00
|
AA
|
836,475
|
|
|
5.000%, 11/15/38
|
|
|
|
|
1,000
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B,
|
11/22 at 100.00
|
AA–
|
1,095,560
|
|
|
5.000%, 11/15/32
|
|
|
|
|
1,395
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series
|
12/28 at 100.00
|
A+
|
1,620,906
|
|
|
2018A, 5.000%, 12/01/48 (AMT)
|
|
|
|
|
110
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported
|
12/25 at 100.00
|
A
|
121,125
|
|
|
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45
|
|
|
|
|
1,000
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported
|
12/20 at 100.00
|
A2 (5)
|
1,070,330
|
|
|
Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured
|
|
|
|
|
520
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado
|
No Opt. Call
|
A+
|
578,620
|
|
|
Springs Utilities, Series 2008, 6.125%, 11/15/23
|
|
|
|
|
1,100
|
Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and
|
12/27 at 100.00
|
AA
|
1,271,325
|
|
|
Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/42
|
|
|
|
|
499
|
Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding
|
12/23 at 100.00
|
N/R
|
526,305
|
|
|
and Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33
|
|
|
|
|
8,624
|
Total Colorado
|
|
|
9,513,659
|
|
|
Delaware – 0.1%
|
|
|
|
|
100
|
Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project,
|
12/28 at 100.00
|
BBB
|
112,013
|
|
|
Series 2018, 5.000%, 6/01/48
|
|
|
|
|
|
Florida – 6.1%
|
|
|
|
|
850
|
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter
|
9/23 at 100.00
|
BBB
|
898,628
|
|
|
Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33
|
|
|
|
|
500
|
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova
|
4/21 at 100.00
|
Baa1
|
535,765
|
|
|
Southeastern University, Refunding Series 2011, 6.375%, 4/01/31
|
|
|
|
|
|
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds,
|
|
|
|
|
|
Virgin Trains USA Passenger Rail Project , Series 2019A:
|
|
|
|
|
350
|
6.375%, 1/01/49, 144A (AMT) (Mandatory Put 1/01/26)
|
1/20 at 105.00
|
N/R
|
359,530
|
|
350
|
6.500%, 1/01/49, 144A (AMT) (Mandatory Put 1/01/29)
|
1/20 at 105.00
|
N/R
|
358,936
|
|
500
|
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds,
|
10/27 at 100.00
|
A+
|
575,360
|
|
|
Priority Subordinated Series 2017, 5.000%, 10/01/47 (AMT)
|
|
|
|
|
800
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series
|
10/20 at 100.00
|
AA
|
835,800
|
|
|
2010B, 5.000%, 10/01/35 – AGM Insured
|
|
|
|
|
1,000
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A,
|
10/22 at 100.00
|
AA–
|
1,089,110
|
|
|
5.000%, 10/01/42
|
|
|
|
|
515
|
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series
|
10/20 at 100.00
|
AA
|
540,436
|
|
|
2010, 5.375%, 10/01/40
|
|
|
|
NMI
|
Nuveen Municipal Income Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Florida (continued)
|
|
|
|
|
$ 310
|
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando
|
4/22 at 100.00
|
A+
|
$ 328,045
|
|
|
Health, Inc., Series 2012A, 5.000%, 10/01/42
|
|
|
|
|
405
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006,
|
6/19 at 100.00
|
N/R
|
405,470
|
|
|
5.400%, 5/01/37
|
|
|
|
|
5,580
|
Total Florida
|
|
|
5,927,080
|
|
|
Georgia – 1.9%
|
|
|
|
|
455
|
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium
|
7/25 at 100.00
|
Aa3
|
524,065
|
|
|
Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40
|
|
|
|
|
490
|
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds,
|
11/23 at 100.00
|
BBB+
|
505,690
|
|
|
Testletree Village Apartments, Series 2013A, 4.000%, 11/01/25
|
|
|
|
|
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B:
|
|
|
|
|
175
|
5.250%, 11/01/34 – AGM Insured
|
11/19 at 100.00
|
AA–
|
178,036
|
|
325
|
5.250%, 11/01/34 (Pre-refunded 11/01/19) – AGM Insured
|
11/19 at 100.00
|
AA (5)
|
330,918
|
|
300
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B,
|
No Opt. Call
|
A+
|
323,394
|
|
|
5.000%, 3/15/22
|
|
|
|
|
1,745
|
Total Georgia
|
|
|
1,862,103
|
|
|
Hawaii – 0.3%
|
|
|
|
|
250
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific
|
7/23 at 100.00
|
BB
|
265,465
|
|
|
University, Series 2013A, 6.625%, 7/01/33
|
|
|
|
|
|
Illinois – 10.2%
|
|
|
|
|
250
|
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds,
|
4/27 at 100.00
|
A
|
289,685
|
|
|
Series 2016, 6.000%, 4/01/46
|
|
|
|
|
435
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/28 at 100.00
|
B+
|
456,598
|
|
|
Refunding Series 2018D, 5.000%, 12/01/46
|
|
|
|
|
650
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/25 at 100.00
|
BB–
|
761,000
|
|
|
Series 2016A, 7.000%, 12/01/44
|
|
|
|
|
185
|
Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.500%, 1/01/49
|
1/29 at 100.00
|
BBB–
|
204,395
|
|
1,000
|
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural
|
11/24 at 100.00
|
A
|
1,056,310
|
|
|
History, Series 2002RMKT, 4.500%, 11/01/36
|
|
|
|
|
280
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C,
|
5/20 at 100.00
|
AA–
|
287,090
|
|
|
5.125%, 5/15/35
|
|
|
|
|
80
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series
|
7/23 at 100.00
|
A–
|
89,992
|
|
|
2013A, 5.500%, 7/01/28
|
|
|
|
|
200
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
|
8/25 at 100.00
|
Baa1
|
219,292
|
|
|
Refunding Series 2015C, 5.000%, 8/15/44
|
|
|
|
|
500
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
|
8/19 at 100.00
|
N/R (5)
|
507,570
|
|
|
Series 2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19)
|
|
|
|
|
250
|
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises,
|
3/20 at 100.00
|
A2 (5)
|
257,430
|
|
|
Inc., Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured
|
|
|
|
|
990
|
Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31
|
7/23 at 100.00
|
BBB–
|
1,047,826
|
|
1,555
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
6/22 at 100.00
|
BBB
|
1,604,138
|
|
|
Bonds, Refunding Series 2012B, 5.000%, 6/15/52
|
|
|
|
|
6,000
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
No Opt. Call
|
BBB
|
1,085,580
|
|
|
Bonds, Series 2017A, 0.000%, 12/15/56
|
|
|
|
|
205
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
|
No Opt. Call
|
BBB
|
108,986
|
|
|
Expansion Project, Series 2002A, 0.000%, 12/15/35 – NPFG Insured
|
|
|
|
|
450
|
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana
|
10/22 at 100.00
|
Baa1
|
492,475
|
|
|
College, Series 2012, 5.000%, 10/01/27
|
|
|
|
|
800
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds,
|
6/21 at 100.00
|
N/R (5)
|
870,872
|
|
|
Series 2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Illinois (continued)
|
|
|
|
|
$ 490
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,
|
10/23 at 100.00
|
A–
|
$ 556,317
|
|
|
6.000%, 10/01/32
|
|
|
|
|
14,320
|
Total Illinois
|
|
|
9,895,556
|
|
|
Indiana – 1.9%
|
|
|
|
|
525
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For
|
10/19 at 100.00
|
B
|
528,439
|
|
|
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
|
|
|
|
|
655
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing
|
7/23 at 100.00
|
BBB+
|
707,040
|
|
|
Project, Series 2013A, 5.000%, 7/01/44 (AMT)
|
|
|
|
|
500
|
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc.,
|
9/21 at 100.00
|
N/R (5)
|
571,040
|
|
|
Series 2011, 8.000%, 9/01/41 (Pre-refunded 9/01/21)
|
|
|
|
|
1,680
|
Total Indiana
|
|
|
1,806,519
|
|
|
Iowa – 0.9%
|
|
|
|
|
835
|
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University
|
10/21 at 100.00
|
BBB
|
884,666
|
|
|
of Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26
|
|
|
|
|
|
Kansas – 0.2%
|
|
|
|
|
220
|
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park
|
6/19 at 100.00
|
BB+
|
220,359
|
|
|
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
|
|
|
|
|
|
Kentucky – 0.5%
|
|
|
|
|
500
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro
|
6/20 at 100.00
|
Baa3 (5)
|
525,800
|
|
|
Medical Health System, Series 2010A, 6.500%, 3/01/45 (Pre-refunded 6/01/20)
|
|
|
|
|
|
Louisiana – 0.2%
|
|
|
|
|
200
|
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal
|
1/27 at 100.00
|
A–
|
224,054
|
|
|
Project, Series 2017B, 5.000%, 1/01/48 (AMT)
|
|
|
|
|
|
Maine – 0.5%
|
|
|
|
|
500
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine
|
7/23 at 100.00
|
Ba1
|
530,225
|
|
|
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
|
|
|
|
|
|
Maryland – 1.8%
|
|
|
|
|
1,000
|
Maryland Economic Development Corporation, Economic Development Revenue Bonds,
|
6/20 at 100.00
|
N/R (5)
|
1,044,270
|
|
|
Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 (Pre-refunded 6/01/20)
|
|
|
|
|
210
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson
|
7/19 at 100.00
|
BB+
|
210,531
|
|
|
Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40
|
|
|
|
|
500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula
|
7/24 at 100.00
|
A3
|
549,350
|
|
|
Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45
|
|
|
|
|
1,710
|
Total Maryland
|
|
|
1,804,151
|
|
|
Massachusetts – 0.6%
|
|
|
|
|
500
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care,
|
7/26 at 100.00
|
A–
|
556,700
|
|
|
Series 2016I, 5.000%, 7/01/46
|
|
|
|
|
|
Michigan – 2.7%
|
|
|
|
|
355
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
A2
|
384,504
|
|
|
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
|
|
|
|
1,100
|
Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series
|
11/29 at 100.00
|
A
|
1,154,538
|
|
|
2019A, 4.000%, 11/15/50 (WI/DD, Settling 5/02/19)
|
|
|
|
|
1,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/21 at 100.00
|
AA–
|
1,080,200
|
|
|
2011-II-A, 5.375%, 10/15/36
|
|
|
|
|
2,455
|
Total Michigan
|
|
|
2,619,242
|
NMI
|
Nuveen Municipal Income Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Minnesota – 2.3%
|
|
|
|
|
$ 300
|
City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds,
|
11/22 at 100.00
|
N/R
|
$ 297,321
|
|
|
Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31
|
|
|
|
|
1,000
|
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds,
|
2/28 at 100.00
|
A–
|
1,125,730
|
|
|
Essentia Health Obligated Group, Series 2018A, 5.000%, 2/15/53
|
|
|
|
|
300
|
Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian
|
9/24 at 100.00
|
N/R
|
309,957
|
|
|
Homes Bloomington Project, Refunding Series 2017, 4.250%, 9/01/37
|
|
|
|
|
500
|
West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County,
|
2/27 at 100.00
|
AAA
|
538,385
|
|
|
Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39
|
|
|
|
|
2,100
|
Total Minnesota
|
|
|
2,271,393
|
|
|
Mississippi – 1.1%
|
|
|
|
|
1,000
|
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial
|
9/26 at 100.00
|
BBB+
|
1,117,370
|
|
|
Healthcare, Series 2016A, 5.000%, 9/01/36
|
|
|
|
|
|
Missouri – 3.3%
|
|
|
|
|
265
|
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood,
|
10/19 at 100.00
|
A–
|
268,148
|
|
|
Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
|
|
|
|
|
135
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue
|
5/23 at 100.00
|
BBB
|
145,010
|
|
|
Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33
|
|
|
|
|
1,000
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue
|
10/22 at 100.00
|
BBB–
|
1,046,530
|
|
|
Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33
|
|
|
|
|
125
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue
|
10/23 at 100.00
|
A+
|
139,655
|
|
|
Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34
|
|
|
|
|
965
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional
|
2/22 at 100.00
|
BBB+
|
1,033,390
|
|
|
Health System, Series 2012, 5.000%, 2/15/26
|
|
|
|
|
215
|
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship
|
9/25 at 103.00
|
BB+
|
233,135
|
|
|
Village Saint Louis Obligated Group, Series 2018A, 5.250%, 9/01/53
|
|
|
|
|
335
|
Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds,
|
10/23 at 100.00
|
N/R
|
336,186
|
|
|
Missouri Valley College, Series 2017, 4.500%, 10/01/40
|
|
|
|
|
3,040
|
Total Missouri
|
|
|
3,202,054
|
|
|
Nebraska – 0.4%
|
|
|
|
|
400
|
Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project,
|
5/21 at 100.00
|
Aa3
|
425,860
|
|
|
Refunding Series 2011, 5.050%, 9/01/30
|
|
|
|
|
|
New Jersey – 1.8%
|
|
|
|
|
100
|
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control
|
No Opt. Call
|
BBB–
|
107,123
|
|
|
Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (AMT)
|
|
|
|
|
110
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University
|
7/25 at 100.00
|
AA
|
121,806
|
|
|
Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured
|
|
|
|
|
545
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
6/25 at 100.00
|
BBB+
|
583,303
|
|
|
2015AA, 5.000%, 6/15/45
|
|
|
|
|
830
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed
|
6/28 at 100.00
|
BBB+
|
929,791
|
|
|
Bonds, Series 2018A, 5.250%, 6/01/46
|
|
|
|
|
1,585
|
Total New Jersey
|
|
|
1,742,023
|
|
|
New York – 2.0%
|
|
|
|
|
630
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue
|
1/20 at 100.00
|
AA+ (5)
|
651,048
|
|
|
Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 (Pre-refunded 1/15/20)
|
|
|
|
|
60
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue
|
7/25 at 100.00
|
BBB+
|
69,081
|
|
|
Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35
|
|
|
|
|
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012
|
|
|
|
|
|
Series 2011A:
|
|
|
|
|
155
|
5.750%, 2/15/47
|
2/21 at 100.00
|
AA–
|
165,515
|
|
245
|
5.750%, 2/15/47 (Pre-refunded 2/15/21)
|
2/21 at 100.00
|
Aa2 (5)
|
263,187
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
New York (continued)
|
|
|
|
|
$ 500
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
$ 538,485
|
|
|
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A
|
|
|
|
|
265
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
BBB+
|
280,497
|
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
1,855
|
Total New York
|
|
|
1,967,813
|
|
|
North Carolina – 1.2%
|
|
|
|
|
1,000
|
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding
|
1/29 at 100.00
|
BBB
|
1,148,570
|
|
|
Series 2018, 5.000%, 1/01/40
|
|
|
|
|
|
North Dakota – 0.7%
|
|
|
|
|
200
|
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center
|
7/21 at 100.00
|
N/R (5)
|
213,960
|
|
|
Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21)
|
|
|
|
|
300
|
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series
|
11/21 at 100.00
|
A+
|
333,486
|
|
|
2011, 6.250%, 11/01/31
|
|
|
|
|
100
|
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley
|
12/26 at 100.00
|
N/R
|
104,090
|
|
|
Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36
|
|
|
|
|
600
|
Total North Dakota
|
|
|
651,536
|
|
|
Ohio – 3.9%
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
Revenue Bonds, Senior Lien, Series 2007A-2:
|
|
|
|
|
500
|
5.125%, 6/01/24
|
5/19 at 100.00
|
Caa3
|
470,015
|
|
285
|
5.375%, 6/01/24
|
5/19 at 100.00
|
Caa3
|
270,354
|
|
725
|
6.000%, 6/01/42
|
5/19 at 100.00
|
B–
|
714,487
|
|
1,750
|
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health
|
8/21 at 100.00
|
A2
|
1,862,945
|
|
|
Center Project, Refunding Series 2011, 5.250%, 8/01/36
|
|
|
|
|
500
|
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint
|
4/20 at 100.00
|
BBB–
|
515,315
|
|
|
Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30
|
|
|
|
|
3,760
|
Total Ohio
|
|
|
3,833,116
|
|
|
Oklahoma – 0.3%
|
|
|
|
|
250
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine
|
8/28 at 100.00
|
BB+
|
287,903
|
|
|
Project, Series 2018B, 5.500%, 8/15/52
|
|
|
|
|
|
Oregon – 1.3%
|
|
|
|
|
300
|
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project,
|
5/22 at 100.00
|
BBB
|
316,218
|
|
|
Refunding Series 2014A, 5.000%, 5/01/40
|
|
|
|
|
850
|
Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C,
|
6/22 at 100.00
|
A1
|
924,758
|
|
|
5.000%, 6/15/29
|
|
|
|
|
1,150
|
Total Oregon
|
|
|
1,240,976
|
|
|
Pennsylvania – 2.8%
|
|
|
|
|
1,000
|
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital &
|
5/22 at 100.00
|
A
|
1,058,630
|
|
|
Medical Center Project, Series 2012A, 5.000%, 11/01/40
|
|
|
|
|
560
|
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue
|
1/25 at 100.00
|
Ba1
|
615,658
|
|
|
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36
|
|
|
|
|
1,000
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student
|
7/22 at 100.00
|
N/R (5)
|
1,100,230
|
|
|
Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41 (Pre-refunded 7/01/22)
|
|
|
|
|
2,560
|
Total Pennsylvania
|
|
|
2,774,518
|
|
|
South Dakota – 0.1%
|
|
|
|
|
100
|
Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project,
|
11/26 at 100.00
|
BB
|
102,914
|
|
|
Series 2017, 5.125%, 11/01/47
|
|
|
|
NMI
|
Nuveen Municipal Income Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Tennessee – 2.4%
|
|
|
|
|
$ 1,250
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds,
|
1/23 at 100.00
|
BBB+
|
$ 1,344,087
|
|
|
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
|
|
|
|
|
870
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds,
|
9/26 at 100.00
|
BBB
|
959,523
|
|
|
University Health System, Inc., Series 2016, 5.000%, 9/01/47
|
|
|
|
|
2,120
|
Total Tennessee
|
|
|
2,303,610
|
|
|
Texas – 8.1%
|
|
|
|
|
670
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A,
|
7/25 at 100.00
|
A–
|
748,202
|
|
|
5.000%, 1/01/40
|
|
|
|
|
335
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier
|
10/23 at 100.00
|
BBB
|
366,818
|
|
|
Series 2013A, 5.125%, 10/01/43
|
|
|
|
|
500
|
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA
|
5/25 at 100.00
|
A
|
566,685
|
|
|
Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40
|
|
|
|
|
125
|
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project,
|
10/21 at 105.00
|
BB–
|
130,455
|
|
|
Senior Lien Series 2018, 4.625%, 10/01/31, 144A (AMT)
|
|
|
|
|
200
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible
|
9/31 at 100.00
|
N/R (5)
|
235,588
|
|
|
Capital Appreciation Series 2011C, 7.000%, 9/01/43 (Pre-refunded 9/01/31) (4)
|
|
|
|
|
410
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B,
|
1/23 at 100.00
|
A+
|
447,667
|
|
|
5.000%, 1/01/40
|
|
|
|
|
500
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series
|
1/25 at 100.00
|
A
|
562,840
|
|
|
2015A, 5.000%, 1/01/38
|
|
|
|
|
240
|
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series
|
2/24 at 100.00
|
Ba2
|
250,054
|
|
|
2014A, 5.000%, 2/01/34
|
|
|
|
|
295
|
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds,
|
No Opt. Call
|
A
|
356,183
|
|
|
Series 2007, 5.500%, 8/01/27
|
|
|
|
|
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
|
|
|
|
|
|
Series 2012:
|
|
|
|
|
1,165
|
5.000%, 12/15/27
|
12/22 at 100.00
|
BBB
|
1,274,895
|
|
505
|
5.000%, 12/15/28
|
12/22 at 100.00
|
A3
|
551,303
|
|
405
|
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE
|
12/19 at 100.00
|
BBB–
|
417,968
|
|
|
Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009,
|
|
|
|
|
|
6.875%, 12/31/39
|
|
|
|
|
770
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue
|
6/20 at 100.00
|
Baa3
|
813,944
|
|
|
Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010,
|
|
|
|
|
|
7.000%, 6/30/40
|
|
|
|
|
1,000
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second
|
8/24 at 100.00
|
BBB+
|
1,120,080
|
|
|
Tier Refunding Series 2015C, 5.000%, 8/15/32
|
|
|
|
|
45
|
West Texas Independent School District, McLennan and Hill Counties, General Obligation
|
6/19 at 71.22
|
AAA
|
31,969
|
|
|
Refunding Bonds, Series 1998, 0.000%, 8/15/25
|
|
|
|
|
7,165
|
Total Texas
|
|
|
7,874,651
|
|
|
Virginia – 1.7%
|
|
|
|
|
1,265
|
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform
|
6/27 at 100.00
|
BBB
|
1,384,530
|
|
|
66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/52 (AMT)
|
|
|
|
|
205
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
|
7/22 at 100.00
|
BBB
|
226,293
|
|
|
Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (AMT)
|
|
|
|
|
1,470
|
Total Virginia
|
|
|
1,610,823
|
|
|
West Virginia – 1.2%
|
|
|
|
|
1,000
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United
|
6/28 at 100.00
|
A
|
1,125,490
|
|
|
Health System Obligated Group, Series 2018A, 5.000%, 6/01/52
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Wisconsin – 6.4%
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds,
|
|
|
|
|
|
Lombard Public Facilities Corporation, Second Tier Series 2018B:
|
|
|
|
|
$ 4
|
0.000%, 1/01/46, 144A
|
No Opt. Call
|
N/R
|
$ 116
|
|
4
|
0.000%, 1/01/47, 144A
|
No Opt. Call
|
N/R
|
114
|
|
4
|
0.000%, 1/01/48, 144A
|
No Opt. Call
|
N/R
|
112
|
|
4
|
0.000%, 1/01/49, 144A
|
No Opt. Call
|
N/R
|
110
|
|
3
|
0.000%, 1/01/50, 144A
|
No Opt. Call
|
N/R
|
108
|
|
4
|
0.000%, 1/01/51, 144A
|
No Opt. Call
|
N/R
|
117
|
|
99
|
3.750%, 7/01/51, 144A
|
3/28 at 100.00
|
N/R
|
89,929
|
|
4
|
0.000%, 1/01/52, 144A
|
No Opt. Call
|
N/R
|
116
|
|
4
|
0.000%, 1/01/53, 144A
|
No Opt. Call
|
N/R
|
114
|
|
4
|
0.000%, 1/01/54, 144A
|
No Opt. Call
|
N/R
|
112
|
|
4
|
0.000%, 1/01/55, 144A
|
No Opt. Call
|
N/R
|
110
|
|
4
|
0.000%, 1/01/56, 144A
|
No Opt. Call
|
N/R
|
108
|
|
4
|
0.000%, 1/01/57, 144A
|
No Opt. Call
|
N/R
|
106
|
|
4
|
0.000%, 1/01/58, 144A
|
No Opt. Call
|
N/R
|
104
|
|
3
|
0.000%, 1/01/59, 144A
|
No Opt. Call
|
N/R
|
103
|
|
3
|
0.000%, 1/01/60, 144A
|
No Opt. Call
|
N/R
|
102
|
|
3
|
0.000%, 1/01/61, 144A
|
No Opt. Call
|
N/R
|
100
|
|
3
|
0.000%, 1/01/62, 144A
|
No Opt. Call
|
N/R
|
98
|
|
3
|
0.000%, 1/01/63, 144A
|
No Opt. Call
|
N/R
|
96
|
|
3
|
0.000%, 1/01/64, 144A
|
No Opt. Call
|
N/R
|
95
|
|
3
|
0.000%, 1/01/65, 144A
|
No Opt. Call
|
N/R
|
94
|
|
3
|
0.000%, 1/01/66, 144A
|
No Opt. Call
|
N/R
|
92
|
|
42
|
0.000%, 1/01/67, 144A
|
No Opt. Call
|
N/R
|
1,193
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority Revenue Bonds, PHW Oconomowoc,
|
10/23 at 102.00
|
N/R
|
1,039,530
|
|
|
Inc. Project, Series 2018, 5.125%, 10/01/48
|
|
|
|
|
290
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health
|
4/20 at 100.00
|
A–
|
295,762
|
|
|
System, Inc., Series 2010B, 5.000%, 4/01/30
|
|
|
|
|
500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette
|
10/22 at 100.00
|
A2
|
525,365
|
|
|
University, Series 2012, 4.000%, 10/01/32
|
|
|
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital,
|
5/21 at 100.00
|
N/R (5)
|
1,075,330
|
|
|
Inc., Series 2011A, 5.500%, 5/01/31 (Pre-refunded 5/01/21)
|
|
|
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care,
|
8/24 at 100.00
|
A+
|
1,097,090
|
|
|
Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39
|
|
|
|
|
500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial
|
7/24 at 100.00
|
A
|
543,320
|
|
|
Hospital, Inc., Series 2014B, 5.000%, 7/01/44
|
|
|
|
|
545
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John’s
|
9/23 at 100.00
|
BBB–
|
563,971
|
|
|
Communities Inc., Series 2018A, 5.000%, 9/15/50
|
|
|
|
|
755
|
Wisconsin Health and Educational Facilities Authority, Revenues Bonds, Gundersen
|
10/21 at 100.00
|
A1
|
802,656
|
|
|
Lutheran, Series 2011A, 5.250%, 10/15/39
|
|
|
|
|
200
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson
|
10/22 at 102.00
|
N/R
|
212,186
|
|
|
Hollow Project Series 2014, 5.125%, 10/01/34
|
|
|
|
|
6,006
|
Total Wisconsin
|
|
|
6,248,559
|
|
$ 95,740
|
Total Long-Term Investments (cost $89,532,568)
|
|
|
96,271,761
|
|
|
Other Assets Less Liabilities – 1.1%
|
|
|
1,071,988
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 97,343,749
|
NMI
|
Nuveen Municipal Income Fund, Inc.
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
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.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
Portfolio of Investments
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 124.0%
|
|
|
|
|
|
MUNICIPAL BONDS – 124.0%
|
|
|
|
|
|
Alabama – 0.4%
|
|
|
|
|
$ 1,350
|
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%,
|
10/23 at 102.00
|
AA
|
$ 1,500,930
|
|
|
10/01/48 – AGM Insured
|
|
|
|
|
|
Arizona – 2.9%
|
|
|
|
|
1,585
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems,
|
1/22 at 100.00
|
AA–
|
2,020,764
|
|
|
Tender Option Bond Trust 3256 As of 6/4/2015 Converted to Trust 2015-XF2046, 11.330%,
|
|
|
|
|
|
7/01/36, 144A (IF) (4)
|
|
|
|
|
2,000
|
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured
|
10/19 at 100.00
|
Aa3
|
2,030,300
|
|
|
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation
|
|
|
|
|
|
Bonds, Series 2009:
|
|
|
|
|
1,205
|
6.500%, 7/15/31 – BAM Insured
|
7/19 at 100.00
|
AA
|
1,216,809
|
|
1,295
|
6.500%, 7/15/31 – BAM Insured
|
7/19 at 100.00
|
AA
|
1,302,731
|
|
1,030
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds,
|
7/21 at 100.00
|
N/R (5)
|
1,137,676
|
|
|
Great Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47 (Pre-refunded 7/01/21)
|
|
|
|
|
1,480
|
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development
|
5/22 at 100.00
|
BB–
|
1,631,049
|
|
|
Bonds, Series 2012A, 9.750%, 5/01/25
|
|
|
|
|
50
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy
|
No Opt. Call
|
BBB+
|
61,788
|
|
|
Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32
|
|
|
|
|
1,459
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds,
|
6/19 at 100.00
|
N/R
|
1,441,361
|
|
|
Series 2005, 6.000%, 7/01/30
|
|
|
|
|
10,104
|
Total Arizona
|
|
|
10,842,478
|
|
|
California – 10.1%
|
|
|
|
|
180
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second
|
10/26 at 100.00
|
BBB+
|
202,628
|
|
|
Subordinate Lien Series 2016B, 5.000%, 10/01/37
|
|
|
|
|
2,040
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health &
|
10/19 at 100.00
|
AA–
|
2,200,528
|
|
|
Services, Tender Option Bond Trust 2015-XF0120, 15.711%, 10/01/39, 144A (IF) (4)
|
|
|
|
|
|
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender
|
|
|
|
|
|
Option Bond Trust 2016-XG0048:
|
|
|
|
|
300
|
16.110%, 8/15/26, 144A (IF) (4)
|
8/20 at 100.00
|
AA–
|
376,698
|
|
1,700
|
16.110%, 8/15/26, 144A (IF) (4)
|
8/20 at 100.00
|
AA–
|
2,134,622
|
|
1,000
|
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project,
|
11/19 at 100.00
|
A3 (5)
|
1,031,670
|
|
|
Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)
|
|
|
|
|
3,450
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma
|
6/26 at 100.00
|
BB–
|
3,791,929
|
|
|
Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A
|
|
|
|
|
500
|
California Statewide Communities Development Authority, Revenue Bonds, American Baptist
|
10/19 at 100.00
|
BBB+
|
508,235
|
|
|
Homes of the West, Series 2010, 5.750%, 10/01/25
|
|
|
|
|
400
|
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment
|
12/21 at 100.00
|
A+
|
452,444
|
|
|
Project, Subordinate Series 2011A, 7.000%, 12/01/36
|
|
|
|
|
490
|
Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community
|
9/19 at 100.00
|
N/R (5)
|
498,051
|
|
|
Facilities District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32
|
|
|
|
|
|
(Pre-refunded 9/01/19)
|
|
|
|
|
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
|
|
|
|
|
Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038:
|
|
|
|
|
2,445
|
10.836%, 6/01/40, 144A (IF) (4)
|
6/25 at 100.00
|
A+
|
3,697,476
|
|
1,250
|
10.843%, 6/01/40, 144A (IF) (4)
|
6/25 at 100.00
|
A+
|
1,890,875
|
|
5,240
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement
|
5/19 at 19.59
|
CCC+
|
836,566
|
|
|
Asset-Backed Revenue Bonds, First Subordinate Series 2007B-1, 0.000%, 6/01/47
|
|
|
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
California (continued)
|
|
|
|
|
$ 2,550
|
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond
|
7/21 at 100.00
|
AAA
|
$ 4,087,777
|
|
|
Trust 2017-XF2453, 22.387%, 7/15/40, 144A (Pre-refunded 7/15/21) (IF) (4)
|
|
|
|
|
770
|
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement
|
5/19 at 100.00
|
N/R
|
770,008
|
|
|
Asset-Backed Bonds, Series 2007A Turbo Current Interest, 4.625%, 6/01/21
|
|
|
|
|
225
|
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds,
|
No Opt. Call
|
A+
|
226,501
|
|
|
Series 2007B, 3.248%, 11/15/27 (3-month LIBOR* 67% reference rate +1.45% Spread) (6)
|
|
|
|
|
1,600
|
Los Angeles County, California, Community Development Commission Headquarters Office
|
9/21 at 100.00
|
Aa3
|
2,198,240
|
|
|
Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc.,
|
|
|
|
|
|
Tender Option Bond Trust 2016-XL0022, 14.228%, 9/01/42, 144A (IF) (4)
|
|
|
|
|
525
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/20 at 100.00
|
AA
|
544,477
|
|
|
Airport, Senior Lien Series 2010A, 5.000%, 5/15/31
|
|
|
|
|
1,080
|
National City Community Development Commission, California, Tax Allocation Bonds,
|
8/21 at 100.00
|
A (5)
|
1,212,700
|
|
|
National City Redevelopment Project, Series 2011, 7.000%, 8/01/32 (Pre-refunded 8/01/21)
|
|
|
|
|
1,165
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field
|
9/21 at 100.00
|
A–
|
1,281,814
|
|
|
Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
|
|
|
|
675
|
Palm Drive Health Care District, Sonoma County, California, Certificates of
|
6/19 at 102.00
|
CCC+
|
660,933
|
|
|
Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25
|
|
|
|
|
265
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series
|
11/19 at 100.00
|
N/R (5)
|
271,813
|
|
|
2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
|
|
|
|
250
|
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax
|
6/20 at 100.00
|
A– (5)
|
263,342
|
|
|
Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 (Pre-refunded 6/30/20)
|
|
|
|
|
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
|
|
|
|
|
Mission Bay North Redevelopment Project, Series 2011C:
|
|
|
|
|
500
|
6.500%, 8/01/27 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A– (5)
|
543,940
|
|
700
|
6.750%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A– (5)
|
764,526
|
|
500
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue
|
2/21 at 100.00
|
BBB+ (5)
|
545,015
|
|
|
Bonds, Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27
|
|
|
|
|
|
(Pre-refunded 2/01/21)
|
|
|
|
|
360
|
Santee Community Development Commission, California, Santee Redevelopment Project Tax
|
2/21 at 100.00
|
A (5)
|
394,470
|
|
|
Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21)
|
|
|
|
|
1,000
|
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County,
|
12/19 at 100.00
|
A+ (5)
|
1,020,260
|
|
|
California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 (Pre-refunded 12/01/19)
|
|
|
|
|
2,400
|
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County,
|
12/19 at 100.00
|
A+ (5)
|
2,643,024
|
|
|
California, Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 12.676%,
|
|
|
|
|
|
12/01/34, 144A (Pre-refunded 12/01/19) (IF) (4)
|
|
|
|
|
1,045
|
Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment
|
6/21 at 100.00
|
A+
|
1,143,836
|
|
|
Project, Series 2011A, 6.500%, 12/01/28
|
|
|
|
|
1,020
|
Western Placer Unified School District, Placer County, California, Certificates of
|
8/19 at 100.00
|
AA (5)
|
1,029,425
|
|
|
Participation, Refunding Series 2009, 5.250%, 8/01/35 (Pre-refunded 8/01/19) – AGM Insured
|
|
|
|
|
35,625
|
Total California
|
|
|
37,223,823
|
|
|
Colorado – 2.7%
|
|
|
|
|
|
Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017:
|
|
|
|
|
750
|
4.000%, 12/31/30 (AMT)
|
12/27 at 100.00
|
A–
|
820,942
|
|
250
|
4.000%, 6/30/31 (AMT)
|
12/27 at 100.00
|
A–
|
272,900
|
|
26
|
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project,
|
No Opt. Call
|
N/R
|
–
|
|
|
Series 2007, 5.000%, 6/01/18 (8), (9)
|
|
|
|
|
250
|
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project,
|
No Opt. Call
|
N/R
|
31,513
|
|
|
Series 2017, 0.000%, 4/01/22 (AMT) (8), (9)
|
|
|
|
|
4,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B,
|
9/26 at 52.09
|
A
|
1,604,640
|
|
|
0.000%, 9/01/39 – NPFG Insured
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Colorado (continued)
|
|
|
|
|
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado
|
|
|
|
|
|
Springs Utilities, Series 2008:
|
|
|
|
|
$ 475
|
6.250%, 11/15/28
|
No Opt. Call
|
A+
|
$ 602,091
|
|
4,030
|
6.500%, 11/15/38
|
No Opt. Call
|
A+
|
6,011,752
|
|
815
|
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax
|
12/20 at 100.00
|
N/R
|
832,694
|
|
|
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
|
|
|
|
|
10,596
|
Total Colorado
|
|
|
10,176,532
|
|
|
Connecticut – 0.1%
|
|
|
|
|
534
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation
|
4/20 at 100.00
|
N/R (5)
|
559,595
|
|
|
Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 (Pre-refunded 4/01/20)
|
|
|
|
|
|
District of Columbia – 0.4%
|
|
|
|
|
1,355
|
District of Columbia, Revenue Bonds, Center for Strategic and International Studies,
|
3/21 at 100.00
|
N/R (5)
|
1,466,747
|
|
|
Inc., Series 2011, 6.375%, 3/01/31 (Pre-refunded 3/01/21)
|
|
|
|
|
|
Florida – 5.9%
|
|
|
|
|
1,590
|
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds,
|
6/19 at 100.00
|
N/R
|
1,590,080
|
|
|
Series 2006A, 5.125%, 5/01/38
|
|
|
|
|
1,000
|
Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds,
|
5/27 at 100.00
|
N/R
|
1,024,300
|
|
|
Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34
|
|
|
|
|
2,000
|
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria
|
6/23 at 100.00
|
BBB–
|
2,128,140
|
|
|
University, Refunding Series 2013A, 5.625%, 6/01/33
|
|
|
|
|
880
|
Copperstone Community Development District, Manatee County, Florida, Capital Improvement
|
6/19 at 100.00
|
N/R
|
880,510
|
|
|
Revenue Bonds, Series 2007, 5.200%, 5/01/38
|
|
|
|
|
1,000
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds,
|
6/21 at 100.00
|
BB
|
1,077,780
|
|
|
Renaissance Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33
|
|
|
|
|
5,000
|
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds,
|
1/20 at 105.00
|
N/R
|
5,127,650
|
|
|
Virgin Trains USA Passenger Rail Project , Series 2019A, 6.500%, 1/01/49, 144A (AMT)
|
|
|
|
|
|
(Mandatory Put 1/01/29)
|
|
|
|
|
|
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami
|
|
|
|
|
|
Children’s Hospital, Series 2010A:
|
|
|
|
|
265
|
6.000%, 8/01/30
|
8/20 at 100.00
|
A+
|
277,794
|
|
735
|
6.000%, 8/01/30 (Pre-refunded 8/01/20)
|
8/20 at 100.00
|
N/R (5)
|
773,345
|
|
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport,
|
|
|
|
|
|
Series 2010A-1:
|
|
|
|
|
340
|
5.375%, 10/01/35
|
10/20 at 100.00
|
A
|
356,497
|
|
1,285
|
5.375%, 10/01/35 (Pre-refunded 10/01/20)
|
10/20 at 100.00
|
N/R (5)
|
1,352,527
|
|
1,500
|
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series
|
10/20 at 100.00
|
AA
|
1,574,085
|
|
|
2010, 5.375%, 10/01/40
|
|
|
|
|
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical
|
|
|
|
|
|
Center, Series 2013A:
|
|
|
|
|
1,000
|
5.000%, 11/01/33
|
11/22 at 100.00
|
BBB+
|
1,064,930
|
|
2,000
|
5.000%, 11/01/43
|
11/22 at 100.00
|
BBB+
|
2,108,640
|
|
230
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
6/19 at 100.00
|
N/R
|
230,110
|
|
|
Capital Appreciation, Series 2012A-3, 6.610%, 5/01/40 (7)
|
|
|
|
|
95
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
5/22 at 100.00
|
N/R
|
79,297
|
|
|
Capital Appreciation, Series 2012A-4, 6.610%, 5/01/40 (7)
|
|
|
|
|
135
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note,
|
6/19 at 100.00
|
N/R
|
1
|
|
|
Series 2007-3, 6.650%, 5/01/40 (9)
|
|
|
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Florida (continued)
|
|
|
|
|
$ 15
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Non
|
6/19 at 100.00
|
N/R
|
$ 15,015
|
|
|
Performing Parcel Series 2007-1 RMKT, 6.650%, 5/01/40
|
|
|
|
|
350
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/19 at 100.00
|
N/R
|
287,378
|
|
|
Series 2015-1, 6.610%, 5/01/40
|
|
|
|
|
215
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/19 at 100.00
|
N/R
|
145,046
|
|
|
Series 2015-2, 6.610%, 5/01/40
|
|
|
|
|
235
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
|
6/19 at 100.00
|
N/R
|
2
|
|
|
Series 2015-3, 6.610%, 5/01/40 (9)
|
|
|
|
|
705
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006,
|
6/19 at 100.00
|
N/R
|
705,818
|
|
|
5.400%, 5/01/37
|
|
|
|
|
1,080
|
Venetian Community Development District, Sarasota County, Florida, Capital Improvement
|
5/22 at 100.00
|
N/R
|
1,123,567
|
|
|
Revenue Bonds, Series 2012-A2, 5.500%, 5/01/34
|
|
|
|
|
21,655
|
Total Florida
|
|
|
21,922,512
|
|
|
Georgia – 4.0%
|
|
|
|
|
12,000
|
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30 (UB)
|
1/21 at 100.00
|
AA
|
12,682,320
|
|
1,250
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta
|
6/20 at 100.00
|
Baa3
|
1,339,550
|
|
|
Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
|
|
|
|
|
90
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B,
|
No Opt. Call
|
A+
|
97,018
|
|
|
5.000%, 3/15/22
|
|
|
|
|
260
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A,
|
No Opt. Call
|
A+
|
314,790
|
|
|
5.500%, 9/15/26
|
|
|
|
|
285
|
Rockdale County Development Authority, Georgia, Revenue Bonds, Pratt Paper, LLC Project,
|
1/28 at 100.00
|
N/R
|
289,583
|
|
|
Refunding Series 2018, 4.000%, 1/01/38, 144A (AMT)
|
|
|
|
|
13,885
|
Total Georgia
|
|
|
14,723,261
|
|
|
Guam – 5.8%
|
|
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D:
|
|
|
|
|
195
|
5.000%, 11/15/33
|
11/25 at 100.00
|
BB
|
212,061
|
|
1,805
|
5.000%, 11/15/34
|
11/25 at 100.00
|
BB
|
1,955,050
|
|
1,760
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
|
1/22 at 100.00
|
BB
|
1,809,720
|
|
500
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,
|
7/23 at 100.00
|
BBB–
|
542,475
|
|
|
Series 2013, 5.500%, 7/01/43
|
|
|
|
|
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A:
|
|
|
|
|
2,500
|
5.000%, 12/01/28 (UB) (4)
|
12/26 at 100.00
|
BB
|
2,829,675
|
|
1,750
|
5.000%, 12/01/30 (UB) (4)
|
12/26 at 100.00
|
BB
|
1,955,853
|
|
2,500
|
5.000%, 12/01/32 (UB) (4)
|
12/26 at 100.00
|
BB
|
2,758,450
|
|
1,750
|
5.000%, 12/01/34 (UB) (4)
|
12/26 at 100.00
|
BB
|
1,915,550
|
|
6,000
|
5.000%, 12/01/46 (UB) (4)
|
12/26 at 100.00
|
BB
|
6,392,580
|
|
1,000
|
Guam Power Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/37
|
10/27 at 100.00
|
BBB
|
1,111,600
|
|
19,760
|
Total Guam
|
|
|
21,483,014
|
|
|
Illinois – 20.6%
|
|
|
|
|
2,050
|
CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, 4.000%,
|
12/22 at 100.00
|
N/R
|
2,069,270
|
|
|
6/15/23, 144A (Mandatory Put 12/15/22)
|
|
|
|
|
5,000
|
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds,
|
4/27 at 100.00
|
A
|
5,793,700
|
|
|
Series 2016, 6.000%, 4/01/46
|
|
|
|
|
2,255
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/24 at 100.00
|
BB–
|
2,394,652
|
|
|
Project Series 2015C, 5.250%, 12/01/35
|
|
|
|
|
520
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/20 at 100.00
|
B2
|
529,230
|
|
|
Refunding Series 2010F, 5.000%, 12/01/31
|
|
|
|
|
1,335
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues,
|
12/26 at 100.00
|
B+
|
1,535,811
|
|
|
Series 2016B, 6.500%, 12/01/46
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Illinois (continued)
|
|
|
|
|
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated
|
|
|
|
|
|
Tax Revenues, Series 1998B-1:
|
|
|
|
|
$ 1,000
|
0.000%, 12/01/22 – FGIC Insured
|
No Opt. Call
|
Baa2
|
$ 891,680
|
|
1,000
|
0.000%, 12/01/27 – NPFG Insured
|
No Opt. Call
|
Baa2
|
732,090
|
|
1,000
|
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series
|
1/25 at 100.00
|
BBB+
|
1,099,020
|
|
|
2002B, 5.500%, 1/01/33
|
|
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C:
|
|
|
|
|
320
|
5.000%, 1/01/23
|
1/22 at 100.00
|
BBB+
|
335,504
|
|
160
|
5.000%, 1/01/25
|
1/22 at 100.00
|
BBB+
|
167,475
|
|
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C:
|
|
|
|
|
3,470
|
5.000%, 1/01/24
|
No Opt. Call
|
BBB+
|
3,755,546
|
|
350
|
5.000%, 1/01/29
|
1/26 at 100.00
|
BBB+
|
382,900
|
|
10,125
|
Chicago, Illinois, General Obligation Bonds, Series 2019A, 5.000%, 1/01/44 (UB) (4)
|
1/29 at 100.00
|
BBB+
|
10,754,168
|
|
2,000
|
Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding
|
12/21 at 100.00
|
AA
|
2,203,000
|
|
|
Series 2005, 6.000%, 12/01/24 – AGM Insured
|
|
|
|
|
3,000
|
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International
|
10/20 at 100.00
|
B1
|
3,128,610
|
|
|
Corporation Project, Series 2010, 6.500%, 10/15/40
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond
|
|
|
|
|
|
Trust 2016-XF2339:
|
|
|
|
|
1,540
|
11.098%, 9/01/38, 144A (IF) (4)
|
9/22 at 100.00
|
AA+
|
2,022,790
|
|
1,605
|
13.133%, 9/01/38, 144A (IF) (4)
|
9/22 at 100.00
|
AA+
|
2,232,667
|
|
|
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010:
|
|
|
|
|
355
|
6.125%, 5/15/27 (Pre-refunded 5/15/20)
|
5/20 at 100.00
|
N/R (5)
|
371,099
|
|
645
|
6.125%, 5/15/27
|
5/20 at 100.00
|
BBB–
|
665,401
|
|
4,000
|
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding
|
6/19 at 100.00
|
Baa3
|
4,000,240
|
|
|
Series 2006A, 5.000%, 4/01/36
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender
|
|
|
|
|
|
Option Bond Trust 2015-XF0076:
|
|
|
|
|
150
|
11.217%, 8/15/37, 144A (IF)
|
8/22 at 100.00
|
AA+
|
196,529
|
|
690
|
11.217%, 8/15/37, 144A (IF)
|
8/22 at 100.00
|
AA+
|
921,288
|
|
1,975
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option
|
8/19 at 100.00
|
N/R (5)
|
2,097,884
|
|
|
Bonds Trust 16-XL0021, 18.615%, 8/15/39, 144A (IF) (Pre-refunded 8/15/19) (4)
|
|
|
|
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C,
|
5/20 at 100.00
|
AA–
|
1,025,320
|
|
|
5.125%, 5/15/35
|
|
|
|
|
500
|
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises,
|
3/20 at 100.00
|
A2 (5)
|
514,860
|
|
|
Inc., Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured
|
|
|
|
|
455
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond
|
8/21 at 100.00
|
AA
|
639,139
|
|
|
Trust 2015-XF0121, 17.887%, 8/15/41, 144A (IF) (4)
|
|
|
|
|
20,830
|
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 (UB) (4)
|
No Opt. Call
|
BBB
|
23,039,855
|
|
8,000
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
|
No Opt. Call
|
AA
|
1,637,600
|
|
|
Bonds, Series 2017B, 0.000%, 12/15/56 – AGM Insured
|
|
|
|
|
1,000
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds,
|
6/21 at 100.00
|
N/R (5)
|
1,088,590
|
|
|
Series 2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21)
|
|
|
|
|
76,330
|
Total Illinois
|
|
|
76,225,918
|
|
|
Indiana – 1.4%
|
|
|
|
|
1,395
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For
|
10/19 at 100.00
|
B
|
1,404,723
|
|
|
Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29
|
|
|
|
|
1,500
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing
|
7/23 at 100.00
|
A–
|
1,635,090
|
|
|
Project, Series 2013A, 5.000%, 7/01/35 (AMT)
|
|
|
|
|
2,000
|
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc.,
|
9/21 at 100.00
|
N/R (5)
|
2,275,260
|
|
|
Series 2011, 7.750%, 9/01/31 (Pre-refunded 9/01/21)
|
|
|
|
|
4,895
|
Total Indiana
|
|
|
5,315,073
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Iowa – 0.3%
|
|
|
|
|
$ 155
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/23 at 100.00
|
B–
|
$ 167,132
|
|
|
Company Project, Series 2013, 5.250%, 12/01/25
|
|
|
|
|
995
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer
|
12/22 at 103.00
|
B+
|
1,050,979
|
|
|
Company Project, Series 2018A, 5.250%, 12/01/50
|
|
|
|
|
1,150
|
Total Iowa
|
|
|
1,218,111
|
|
|
Kansas – 2.2%
|
|
|
|
|
3,000
|
Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc.,
|
5/20 at 100.00
|
BBB
|
3,068,430
|
|
|
Refunding Series 2010S, 5.000%, 5/15/30
|
|
|
|
|
665
|
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park
|
6/19 at 100.00
|
BB+
|
666,084
|
|
|
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
|
|
|
|
|
3,565
|
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at
|
12/22 at 100.00
|
N/R
|
3,005,687
|
|
|
Lionsgate Project, Series 2012, 6.000%, 12/15/32
|
|
|
|
|
1,130
|
Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35
|
7/25 at 100.00
|
A1
|
1,294,291
|
|
8,360
|
Total Kansas
|
|
|
8,034,492
|
|
|
Kentucky – 0.9%
|
|
|
|
|
1,000
|
Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project,
|
8/23 at 100.00
|
AA
|
1,114,920
|
|
|
Series 2013, 5.700%, 8/01/39 – AGM Insured
|
|
|
|
|
2,000
|
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky
|
7/25 at 100.00
|
Baa2
|
2,126,620
|
|
|
Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45
|
|
|
|
|
3,000
|
Total Kentucky
|
|
|
3,241,540
|
|
|
Louisiana – 6.0%
|
|
|
|
|
500
|
Jefferson Parish Economic Development and Port District, Louisiana, Kenner Discovery Health
|
6/28 at 100.00
|
N/R
|
517,820
|
|
|
Sciences Academy Project, Series 2018A, 5.625%, 6/15/48, 144A
|
|
|
|
|
2,420
|
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy
|
12/21 at 100.00
|
N/R
|
2,622,070
|
|
|
Foundation Project, Series 2011A, 7.750%, 12/15/31
|
|
|
|
|
2,000
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
2/24 at 100.00
|
AA–
|
2,124,720
|
|
|
Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien
|
|
|
|
|
|
Series 2014A, 4.375%, 2/01/39
|
|
|
|
|
1,215
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
10/25 at 100.00
|
AA
|
1,391,977
|
|
|
Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative
|
|
|
|
|
|
Student Facilities, 5.000%, 10/01/33 – AGM Insured
|
|
|
|
|
1,000
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries
|
7/27 at 100.00
|
A
|
1,116,270
|
|
|
of Our Lady Health System, Series 2017A, 5.000%, 7/01/47
|
|
|
|
|
2,000
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Lafayette General Medical
|
5/20 at 100.00
|
BBB+
|
2,057,720
|
|
|
Center Project, Refunding Series 2010, 5.500%, 11/01/40
|
|
|
|
|
1,000
|
Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship
|
7/26 at 100.00
|
A
|
1,092,920
|
|
|
Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A,
|
|
|
|
|
|
5.000%, 7/01/56
|
|
|
|
|
3,305
|
Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series
|
5/23 at 100.00
|
A3
|
3,401,704
|
|
|
2008, 4.250%, 12/01/38
|
|
|
|
|
985
|
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project,
|
10/21 at 100.00
|
N/R (5)
|
1,071,010
|
|
|
Refunding Series 2011, 5.250%, 10/01/28 (Pre-refunded 10/01/21)
|
|
|
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project,
|
|
|
|
|
|
Refunding Series 2017:
|
|
|
|
|
2,835
|
5.250%, 10/01/31 (7)
|
No Opt. Call
|
Baa1
|
2,693,392
|
|
1,775
|
0.000%, 10/01/36
|
10/33 at 100.00
|
Baa1
|
1,673,949
|
|
1,165
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust
|
5/20 at 100.00
|
AA– (5)
|
1,321,506
|
|
|
2016-XG0035, 11.335%, 5/01/39, 144A (Pre-refunded 5/01/20) (IF)
|
|
|
|
|
1,000
|
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal
|
1/27 at 100.00
|
A–
|
1,120,270
|
|
|
Project, Series 2017B, 5.000%, 1/01/48 (AMT)
|
|
|
|
|
21,200
|
Total Louisiana
|
|
|
22,205,328
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Massachusetts – 1.4%
|
|
|
|
|
$ 1,800
|
Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A,
|
10/26 at 100.00
|
Baa2
|
$ 2,031,552
|
|
|
5.000%, 10/01/34
|
|
|
|
|
800
|
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017,
|
7/26 at 100.00
|
BBB–
|
871,712
|
|
|
5.000%, 7/01/47
|
|
|
|
|
1,285
|
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K,
|
7/22 at 100.00
|
AA
|
1,368,602
|
|
|
Series 2013, 5.000%, 7/01/25 (AMT)
|
|
|
|
|
625
|
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I
|
1/20 at 100.00
|
AA
|
641,019
|
|
|
Series 2010A, 5.500%, 1/01/22
|
|
|
|
|
325
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 (AMT)
|
6/20 at 100.00
|
AA
|
325,695
|
|
4,835
|
Total Massachusetts
|
|
|
5,238,580
|
|
|
Michigan – 0.6%
|
|
|
|
|
10
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%,
|
6/19 at 100.00
|
A2
|
10,025
|
|
|
7/01/34 – NPFG Insured
|
|
|
|
|
2,100
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health
|
11/19 at 100.00
|
N/R (5)
|
2,146,200
|
|
|
System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19)
|
|
|
|
|
2,110
|
Total Michigan
|
|
|
2,156,225
|
|
|
Missouri – 0.3%
|
|
|
|
|
1,220
|
Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson
|
11/25 at 100.00
|
N/R
|
1,230,467
|
|
|
Shoppes Redevelopment Project, Refunding Series 2017A, 3.900%, 11/01/29
|
|
|
|
|
55
|
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities
|
3/27 at 100.00
|
BBB–
|
61,255
|
|
|
Revenue Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36
|
|
|
|
|
1,275
|
Total Missouri
|
|
|
1,291,722
|
|
|
Nevada – 0.6%
|
|
|
|
|
2,000
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
|
1/20 at 100.00
|
Aa3
|
2,042,140
|
|
|
International Airport, Series 2010A, 5.000%, 7/01/30
|
|
|
|
|
|
New Jersey – 10.9%
|
|
|
|
|
795
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series
|
6/25 at 100.00
|
A–
|
863,259
|
|
|
2015WW, 5.250%, 6/15/40 (UB) (4)
|
|
|
|
|
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
|
|
|
|
|
|
Airlines Inc., Series 1999:
|
|
|
|
|
1,000
|
5.125%, 9/15/23 (AMT)
|
8/22 at 101.00
|
BB
|
1,077,290
|
|
1,650
|
5.250%, 9/15/29 (AMT)
|
8/22 at 101.00
|
Ba3
|
1,800,381
|
|
2,155
|
New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark
|
10/27 at 100.00
|
Ba1
|
2,362,527
|
|
|
Container Terminal LLC Project, Refunding Series 2017, 5.000%, 10/01/37 (AMT)
|
|
|
|
|
780
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series
|
12/19 at 100.00
|
Aaa
|
794,336
|
|
|
2010-1A, 5.000%, 12/01/26
|
|
|
|
|
20,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
|
No Opt. Call
|
A–
|
10,117,200
|
|
|
Series 2006C, 0.000%, 12/15/36 – AMBAC Insured (UB) (4)
|
|
|
|
|
20,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series
|
12/28 at 100.00
|
A–
|
22,560,600
|
|
|
2018A, 5.000%, 12/15/34 (UB) (4)
|
|
|
|
|
755
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed
|
6/28 at 100.00
|
BBB
|
788,582
|
|
|
Bonds, Series 2018B, 5.000%, 6/01/46
|
|
|
|
|
47,135
|
Total New Jersey
|
|
|
40,364,175
|
|
|
New York – 4.5%
|
|
|
|
|
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue
|
|
|
|
|
|
Bonds, Barclays Center Project, Series 2009:
|
|
|
|
|
1,100
|
6.000%, 7/15/30 (Pre-refunded 1/15/20)
|
1/20 at 100.00
|
AA+ (5)
|
1,134,837
|
|
1,225
|
6.250%, 7/15/40 (Pre-refunded 1/15/20)
|
1/20 at 100.00
|
AA+ (5)
|
1,265,927
|
|
2,000
|
6.375%, 7/15/43 (Pre-refunded 1/15/20)
|
1/20 at 100.00
|
AA+ (5)
|
2,068,560
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
New York (continued)
|
|
|
|
|
$ 1,000
|
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St John
|
6/21 at 100.00
|
A–
|
$ 1,082,060
|
|
|
Fisher College, Series 2011, 6.000%, 6/01/34
|
|
|
|
|
1,000
|
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens
|
6/19 at 100.00
|
BBB
|
1,014,910
|
|
|
Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured
|
|
|
|
|
580
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
624,643
|
|
|
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A
|
|
|
|
|
500
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
551,655
|
|
|
Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A
|
|
|
|
|
|
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia
|
|
|
|
|
|
Airport Terminal B Redevelopment Project, Series 2016A:
|
|
|
|
|
4,000
|
4.000%, 7/01/33 (AMT)
|
7/24 at 100.00
|
BBB
|
4,177,400
|
|
2,105
|
5.000%, 7/01/46 (AMT)
|
7/24 at 100.00
|
Baa3
|
2,284,514
|
|
265
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
BBB+
|
280,497
|
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
2,150
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48
|
6/27 at 100.00
|
N/R
|
2,104,313
|
|
15,925
|
Total New York
|
|
|
16,589,316
|
|
|
Ohio – 9.7%
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
Revenue Bonds, Senior Lien, Series 2007A-2:
|
|
|
|
|
6,000
|
5.750%, 6/01/34
|
5/19 at 100.00
|
Caa3
|
5,695,920
|
|
8,000
|
5.875%, 6/01/47
|
5/19 at 100.00
|
B–
|
7,600,160
|
|
760
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement
|
7/20 at 100.00
|
BBB
|
782,618
|
|
|
Services, Improvement Series 2010A, 5.625%, 7/01/26
|
|
|
|
|
10,000
|
Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series
|
5/25 at 100.00
|
AA+
|
11,231,700
|
|
|
2015, 5.000%, 5/15/40 (UB) (4)
|
|
|
|
|
3,000
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
|
11/21 at 100.00
|
Baa1 (5)
|
3,304,260
|
|
|
2011A, 5.750%, 11/15/31 (Pre-refunded 11/15/21)
|
|
|
|
|
1,000
|
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint
|
4/20 at 100.00
|
BBB–
|
1,030,630
|
|
|
Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30
|
|
|
|
|
970
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond
|
6/19 at 100.00
|
BBB+
|
981,931
|
|
|
Trust 2016-XF2311, 16.429%, 5/01/34, 144A (IF) (4)
|
|
|
|
|
6,000
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds,
|
No Opt. Call
|
N/R
|
5,475,000
|
|
|
FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (9)
|
|
|
|
|
35,730
|
Total Ohio
|
|
|
36,102,219
|
|
|
Pennsylvania – 8.2%
|
|
|
|
|
1,390
|
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental
|
11/19 at 100.00
|
B
|
1,408,084
|
|
|
Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009,
|
|
|
|
|
|
6.750%, 11/01/24
|
|
|
|
|
1,500
|
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental
|
12/21 at 100.00
|
BB–
|
1,549,695
|
|
|
Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011,
|
|
|
|
|
|
6.550%, 12/01/27
|
|
|
|
|
1,335
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio
|
6/19 at 100.00
|
Caa1
|
1,212,407
|
|
|
Valley General Hospital, Series 2005A, 5.125%, 4/01/35
|
|
|
|
|
530
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
530,000
|
|
|
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory
|
|
|
|
|
|
Put 4/01/21) (9)
|
|
|
|
|
2,000
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
N/R
|
1,825,000
|
|
|
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35
|
|
|
|
|
|
(Mandatory Put 6/01/20) (9)
|
|
|
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Pennsylvania (continued)
|
|
|
|
|
|
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master
|
|
|
|
|
|
Settlement, Series 2018:
|
|
|
|
|
$ 4,000
|
5.000%, 6/01/32 (UB) (4)
|
6/28 at 100.00
|
A1
|
$ 4,737,400
|
|
2,260
|
5.000%, 6/01/33 (UB) (4)
|
6/28 at 100.00
|
A1
|
2,666,032
|
|
1,275
|
5.000%, 6/01/34 (UB) (4)
|
6/28 at 100.00
|
A1
|
1,499,069
|
|
2,000
|
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue
|
12/19 at 100.00
|
N/R (5)
|
2,074,060
|
|
|
Bonds, Series 2009, 7.750%, 12/15/27 (Pre-refunded 12/15/19)
|
|
|
|
|
1,080
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage
|
8/20 at 100.00
|
N/R (5)
|
1,251,256
|
|
|
Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 2017-XF2454,
|
|
|
|
|
|
11.240%, 8/01/24, 144A (Pre-refunded 8/01/20) (IF) (4)
|
|
|
|
|
1,000
|
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue
|
1/20 at 100.00
|
BBB+
|
1,021,910
|
|
|
Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
|
|
|
|
|
1,000
|
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue
|
6/19 at 100.00
|
BB+
|
1,000,330
|
|
|
Bonds, USG Corporation Project, Series 1999, 6.000%, 6/01/31 (AMT)
|
|
|
|
|
1,200
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
|
7/20 at 100.00
|
N/R (5)
|
1,256,436
|
|
|
Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 (Pre-refunded 7/01/20)
|
|
|
|
|
130
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University
|
7/26 at 100.00
|
Baa3
|
142,601
|
|
|
Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania,
|
|
|
|
|
|
Series 2016A, 5.000%, 7/01/31
|
|
|
|
|
1,000
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of
|
No Opt. Call
|
AA
|
1,185,830
|
|
|
Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured
|
|
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E:
|
|
|
|
|
3,530
|
6.000%, 12/01/30
|
12/27 at 100.00
|
A
|
4,495,243
|
|
2,000
|
6.375%, 12/01/38
|
12/27 at 100.00
|
A
|
2,536,580
|
|
27,230
|
Total Pennsylvania
|
|
|
30,391,933
|
|
|
Puerto Rico – 0.7%
|
|
|
|
|
1,000
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N,
|
No Opt. Call
|
C
|
916,200
|
|
|
2.671%, 7/01/27
|
|
|
|
|
1,500
|
Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue
|
6/19 at 100.00
|
A+
|
1,550,385
|
|
|
Bonds, Modernization Series 2008, 5.125%, 12/01/27
|
|
|
|
|
2,500
|
Total Puerto Rico
|
|
|
2,466,585
|
|
|
South Carolina – 2.3%
|
|
|
|
|
7,500
|
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding
|
12/26 at 100.00
|
A+
|
8,504,325
|
|
|
Series 2016B, 5.000%, 12/01/46 (UB) (4)
|
|
|
|
|
|
Tennessee – 0.3%
|
|
|
|
|
1,000
|
Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle
|
12/26 at 100.00
|
N/R
|
1,008,390
|
|
|
Project, Series 2016A, 5.125%, 12/01/42, 144A
|
|
|
|
|
155
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C,
|
No Opt. Call
|
A
|
171,697
|
|
|
5.000%, 2/01/24
|
|
|
|
|
1,155
|
Total Tennessee
|
|
|
1,180,087
|
|
|
Texas – 2.4%
|
|
|
|
|
80
|
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds,
|
6/21 at 100.00
|
BB
|
80,925
|
|
|
Leadership Prep School, Series 2016A, 5.000%, 6/15/46
|
|
|
|
|
150
|
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy
|
11/22 at 100.00
|
Baa3
|
154,081
|
|
|
Inc. Project, Series 2012B, 4.750%, 11/01/42
|
|
|
|
|
825
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing
|
7/25 at 100.00
|
B3
|
763,414
|
|
|
Revenue Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series
|
|
|
|
|
|
2015A, 5.000%, 7/01/47
|
|
|
|
|
1,800
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond
|
9/21 at 100.00
|
N/R (5)
|
2,577,996
|
|
|
Trust 2016-XF2220, 15.561%, 9/01/41, 144A (Pre-refunded 9/01/21) (IF)
|
|
|
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Texas (continued)
|
|
|
|
|
$ 1,000
|
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue
|
12/21 at 100.00
|
N/R
|
$ 622,500
|
|
|
Bonds, Eden Home Inc., Series 2012, 7.250%, 12/15/47 (9)
|
|
|
|
|
425
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds,
|
No Opt. Call
|
A2
|
492,864
|
|
|
Senior Lien Series 2008D, 6.250%, 12/15/26
|
|
|
|
|
810
|
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE
|
12/19 at 100.00
|
BBB–
|
835,936
|
|
|
Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009,
|
|
|
|
|
|
6.875%, 12/31/39
|
|
|
|
|
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue
|
|
|
|
|
|
Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016:
|
|
|
|
|
1,275
|
5.000%, 12/31/50 (AMT)
|
12/25 at 100.00
|
Baa3
|
1,389,635
|
|
805
|
5.000%, 12/31/55 (AMT)
|
12/25 at 100.00
|
Baa3
|
875,140
|
|
1,000
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue
|
6/20 at 100.00
|
Baa3
|
1,057,660
|
|
|
Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010,
|
|
|
|
|
|
7.000%, 6/30/34
|
|
|
|
|
8,170
|
Total Texas
|
|
|
8,850,151
|
|
|
Utah – 0.3%
|
|
|
|
|
1,000
|
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High
|
7/20 at 100.00
|
BB
|
1,026,690
|
|
|
School, Series 2010A, 6.250%, 7/15/30
|
|
|
|
|
|
Vermont – 0.8%
|
|
|
|
|
|
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law
|
|
|
|
|
|
School Project, Series 2011A:
|
|
|
|
|
1,000
|
6.125%, 1/01/28 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R (5)
|
1,071,410
|
|
1,760
|
6.250%, 1/01/33 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R (5)
|
1,889,272
|
|
2,760
|
Total Vermont
|
|
|
2,960,682
|
|
|
Virginia – 2.5%
|
|
|
|
|
10,000
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds,
|
No Opt. Call
|
BBB+
|
4,875,500
|
|
|
Dulles Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%,
|
|
|
|
|
|
10/01/37 – AGC Insured
|
|
|
|
|
2,000
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed
|
5/19 at 100.00
|
B–
|
1,944,060
|
|
|
Bonds, Series 2007B1, 5.000%, 6/01/47
|
|
|
|
|
1,155
|
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform
|
6/27 at 100.00
|
BBB
|
1,260,729
|
|
|
66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56 (AMT)
|
|
|
|
|
1,010
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
|
7/22 at 100.00
|
BBB
|
1,091,345
|
|
|
Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (AMT)
|
|
|
|
|
14,165
|
Total Virginia
|
|
|
9,171,634
|
|
|
Washington – 4.2%
|
|
|
|
|
5,000
|
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016B, 5.000%,
|
4/26 at 100.00
|
Aa2
|
5,767,050
|
|
|
10/01/31 (AMT) (UB) (4)
|
|
|
|
|
3,155
|
Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley
|
12/26 at 100.00
|
Baa2
|
3,640,555
|
|
|
Hospital, Refunding & Improvement Series 2016, 5.000%, 12/01/27
|
|
|
|
|
155
|
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds,
|
5/19 at 100.00
|
N/R
|
155,750
|
|
|
Series 2013, 5.750%, 4/01/43
|
|
|
|
|
2,000
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
|
1/21 at 100.00
|
A+
|
2,094,220
|
|
|
Research Center, Series 2011A, 5.375%, 1/01/31
|
|
|
|
|
2,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
|
7/19 at 100.00
|
A+ (5)
|
2,014,080
|
|
|
Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)
|
|
|
|
|
2,000
|
Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth
|
10/19 at 100.00
|
Baa1 (5)
|
2,032,540
|
|
|
University, Series 2009, 5.625%, 10/01/40 (Pre-refunded 10/01/19)
|
|
|
|
|
14,310
|
Total Washington
|
|
|
15,704,195
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
West Virginia – 0.2%
|
|
|
|
|
$ 750
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System,
|
5/19 at 100.00
|
N/R
|
$ 566,460
|
|
|
Inc., Series 2008, 6.500%, 10/01/38 (9)
|
|
|
|
|
|
Wisconsin – 9.7%
|
|
|
|
|
3,500
|
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A,
|
6/19 at 102.00
|
BBB+
|
3,581,445
|
|
|
6.500%, 2/01/31, 144A
|
|
|
|
|
25
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community
|
6/24 at 100.00
|
N/R
|
25,314
|
|
|
School Bonds, North Carolina, Series 2017A, 5.000%, 6/15/37, 144A
|
|
|
|
|
170
|
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina
|
6/26 at 100.00
|
N/R
|
162,821
|
|
|
Charter Educational Foundation Project, Series 2016A, 5.000%, 6/15/36, 144A
|
|
|
|
|
|
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds,
|
|
|
|
|
|
Lombard Public Facilities Corporation, Second Tier Series 2018B:
|
|
|
|
|
69
|
0.000%, 1/01/46, 144A
|
No Opt. Call
|
N/R
|
2,216
|
|
68
|
0.000%, 1/01/47, 144A
|
No Opt. Call
|
N/R
|
2,168
|
|
68
|
0.000%, 1/01/48, 144A
|
No Opt. Call
|
N/R
|
2,136
|
|
67
|
0.000%, 1/01/49, 144A
|
No Opt. Call
|
N/R
|
2,105
|
|
67
|
0.000%, 1/01/50, 144A
|
No Opt. Call
|
N/R
|
2,060
|
|
73
|
0.000%, 1/01/51, 144A
|
No Opt. Call
|
N/R
|
2,242
|
|
1,896
|
3.750%, 7/01/51, 144A
|
3/28 at 100.00
|
N/R
|
1,716,839
|
|
72
|
0.000%, 1/01/52, 144A
|
No Opt. Call
|
N/R
|
2,212
|
|
71
|
0.000%, 1/01/53, 144A
|
No Opt. Call
|
N/R
|
2,168
|
|
71
|
0.000%, 1/01/54, 144A
|
No Opt. Call
|
N/R
|
2,140
|
|
70
|
0.000%, 1/01/55, 144A
|
No Opt. Call
|
N/R
|
2,098
|
|
69
|
0.000%, 1/01/56, 144A
|
No Opt. Call
|
N/R
|
2,056
|
|
68
|
0.000%, 1/01/57, 144A
|
No Opt. Call
|
N/R
|
2,030
|
|
67
|
0.000%, 1/01/58, 144A
|
No Opt. Call
|
N/R
|
1,990
|
|
67
|
0.000%, 1/01/59, 144A
|
No Opt. Call
|
N/R
|
1,964
|
|
67
|
0.000%, 1/01/60, 144A
|
No Opt. Call
|
N/R
|
1,940
|
|
66
|
0.000%, 1/01/61, 144A
|
No Opt. Call
|
N/R
|
1,901
|
|
65
|
0.000%, 1/01/62, 144A
|
No Opt. Call
|
N/R
|
1,877
|
|
64
|
0.000%, 1/01/63, 144A
|
No Opt. Call
|
N/R
|
1,840
|
|
64
|
0.000%, 1/01/64, 144A
|
No Opt. Call
|
N/R
|
1,816
|
|
63
|
0.000%, 1/01/65, 144A
|
No Opt. Call
|
N/R
|
1,793
|
|
62
|
0.000%, 1/01/66, 144A
|
No Opt. Call
|
N/R
|
1,757
|
|
808
|
0.000%, 1/01/67, 144A
|
No Opt. Call
|
N/R
|
22,775
|
|
1,500
|
Public Finance Authority of Wisconsin, Multifamily Housing Revenue Bonds, Cedar Grove
|
12/22 at 105.00
|
A–
|
1,500,210
|
|
|
Portfolio Project, Series 2017A, 4.625%, 12/01/52
|
|
|
|
|
160
|
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc.,
|
12/27 at 100.00
|
BBB–
|
178,054
|
|
|
Series 2017A, 5.200%, 12/01/37
|
|
|
|
|
2,905
|
Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing
|
7/25 at 100.00
|
BBB–
|
3,083,337
|
|
|
Foundation – Cullowhee LLC – Western California University Project, Series 2015A,
|
|
|
|
|
|
5.000%, 7/01/35
|
|
|
|
|
1,000
|
Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A,
|
No Opt. Call
|
AA
|
703,650
|
|
|
0.000%, 12/15/31
|
|
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health
|
|
|
|
|
|
Alliance Senior Credit Group, Series 2016A:
|
|
|
|
|
10,000
|
5.000%, 11/15/35 (UB) (4)
|
5/26 at 100.00
|
AA+
|
11,558,800
|
|
5,000
|
5.000%, 11/15/36 (UB) (4)
|
5/26 at 100.00
|
AA+
|
5,763,050
|
|
3,000
|
5.000%, 11/15/39 (UB) (4)
|
5/26 at 100.00
|
AA+
|
3,434,790
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College,
|
6/20 at 100.00
|
N/R (5)
|
1,046,380
|
|
|
Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20)
|
|
|
|
|
500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health
|
4/20 at 100.00
|
A–
|
509,935
|
|
|
System, Inc., Series 2010B, 5.000%, 4/01/30
|
|
|
|
|
1,290
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert
|
6/19 at 100.00
|
AA
|
1,418,342
|
|
|
Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118, 8.056%,
|
|
|
|
|
|
4/01/42, 144A (IF) (4)
|
|
|
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
Portfolio of Investments (continued)
|
|
April 30, 2019 (Unaudited)
|
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Wisconsin (continued)
|
|
|
|
|
$ 25
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic
|
8/25 at 100.00
|
N/R (5)
|
$ 29,571
|
|
|
Inc., Refunding Series 2016, 5.000%, 2/15/28 (Pre-refunded 8/15/25)
|
|
|
|
|
1,090
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars
|
8/23 at 100.00
|
A
|
1,171,129
|
|
|
Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43
|
|
|
|
|
35,287
|
Total Wisconsin
|
|
|
35,948,951
|
|
|
Wyoming – 0.7%
|
|
|
|
|
|
Wyoming Community Development Authority, Student Housing Revenue Bonds, CHF-Wyoming,
|
|
|
|
|
|
LLC – University of Wyoming Project, Series 2011:
|
|
|
|
|
710
|
6.250%, 7/01/31
|
7/21 at 100.00
|
BBB
|
749,831
|
|
1,600
|
6.500%, 7/01/43
|
7/21 at 100.00
|
BBB
|
1,682,752
|
|
2,310
|
Total Wyoming
|
|
|
2,432,583
|
|
$ 455,946
|
Total Long-Term Investments (cost $430,689,932)
|
|
|
459,128,007
|
|
|
Floating Rate Obligations – (28.0)%
|
|
|
(103,777,000)
|
|
|
Other Assets Less Liabilities – 4.0%
|
|
|
15,044,492
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 370,395,499
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
(5)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
|
(6)
|
Variable rate security. The rate shown is the coupon as of end of the reporting period.
|
(7)
|
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
|
(8)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
|
(9)
|
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
AMT
|
Alternative Minimum Tax
|
LIBOR
|
London Inter-Bank Offered Rate.
|
IF
|
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
|
UB
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Assets
|
||||||||||||||||
Long-term investments, at value (cost $1,942,399,582, $219,088,442,
|
||||||||||||||||
$89,532,568 and $430,689,932, respectively)
|
$
|
2,128,733,486
|
$
|
243,448,809
|
$
|
96,271,761
|
$
|
459,128,007
|
||||||||
Cash
|
588,442
|
1,295,916
|
101,286
|
4,655,575
|
||||||||||||
Cash collateral at brokers for investments in futures contracts(1)
|
—
|
96,600
|
—
|
—
|
||||||||||||
Receivable for:
|
||||||||||||||||
Interest
|
25,799,205
|
3,155,210
|
1,218,143
|
7,632,535
|
||||||||||||
Investments sold
|
20,245,000
|
15,530,000
|
1,609,882
|
4,504,406
|
||||||||||||
Other assets
|
381,815
|
5,446
|
5,245
|
38,074
|
||||||||||||
Total assets
|
2,175,747,948
|
263,531,981
|
99,206,317
|
475,958,597
|
||||||||||||
Liabilities
|
||||||||||||||||
Floating rate obligations
|
37,705,000
|
9,125,000
|
—
|
103,777,000
|
||||||||||||
Payable for:
|
||||||||||||||||
Dividends
|
5,784,186
|
820,975
|
287,740
|
1,398,116
|
||||||||||||
Investments purchased
|
2,155,000
|
—
|
1,478,941
|
—
|
||||||||||||
Variation margin on futures contracts
|
—
|
19,688
|
—
|
—
|
||||||||||||
Accrued expenses:
|
||||||||||||||||
Management fees
|
780,793
|
122,837
|
48,533
|
288,697
|
||||||||||||
Directors/Trustees fees
|
357,646
|
1,954
|
755
|
24,654
|
||||||||||||
Other
|
377,956
|
54,084
|
46,599
|
74,631
|
||||||||||||
Total liabilities
|
47,160,581
|
10,144,538
|
1,862,568
|
105,563,098
|
||||||||||||
Net assets applicable to common shares
|
$
|
2,128,587,367
|
$
|
253,387,443
|
$
|
97,343,749
|
$
|
370,395,499
|
||||||||
Common shares outstanding
|
206,875,449
|
15,399,134
|
8,736,332
|
24,950,068
|
||||||||||||
Net asset value (“NAV”) per common share outstanding
|
$
|
10.29
|
$
|
16.45
|
$
|
11.14
|
$
|
14.85
|
||||||||
Net assets applicable to common shares consist of:
|
||||||||||||||||
Common shares, $0.01 par value per share
|
$
|
2,068,754
|
$
|
153,991
|
$
|
87,363
|
$
|
249,501
|
||||||||
Paid-in surplus
|
1,956,383,687
|
227,923,703
|
90,294,792
|
363,265,119
|
||||||||||||
Total distributable earnings
|
170,134,926
|
25,309,749
|
6,961,594
|
6,880,879
|
||||||||||||
Net assets applicable to common shares
|
$
|
2,128,587,367
|
$
|
253,387,443
|
$
|
97,343,749
|
$
|
370,395,499
|
||||||||
Authorized common shares
|
350,000,000
|
Unlimited
|
200,000,000
|
Unlimited
|
(1)
|
Cash pledged to collateralize the net payment obligations for investments in derivatives.
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Investment Income
|
$
|
44,430,205
|
$
|
5,958,461
|
$
|
2,256,000
|
$
|
11,951,052
|
||||||||
Expenses
|
||||||||||||||||
Management fees
|
4,735,513
|
731,577
|
290,183
|
1,735,544
|
||||||||||||
Interest expense
|
458,107
|
98,034
|
—
|
1,052,468
|
||||||||||||
Custodian fees
|
106,772
|
17,907
|
15,086
|
31,327
|
||||||||||||
Directors/Trustees fees
|
32,172
|
3,834
|
1,484
|
5,597
|
||||||||||||
Professional fees
|
38,593
|
20,783
|
23,103
|
38,389
|
||||||||||||
Shareholder reporting expenses
|
113,589
|
16,132
|
11,228
|
19,776
|
||||||||||||
Shareholder servicing agent fees
|
246,183
|
125
|
3,762
|
114
|
||||||||||||
Stock exchange listing fees
|
28,732
|
4,094
|
3,731
|
3,464
|
||||||||||||
Investor relations expenses
|
28,640
|
3,176
|
1,257
|
4,623
|
||||||||||||
Other
|
44,394
|
10,989
|
6,782
|
23,843
|
||||||||||||
Total expenses
|
5,832,695
|
906,651
|
356,616
|
2,915,145
|
||||||||||||
Net investment income (loss)
|
38,597,510
|
5,051,810
|
1,899,384
|
9,035,907
|
||||||||||||
Realized and Unrealized Gain (Loss)
|
||||||||||||||||
Net realized gain (loss) from investments
|
(301,263
|
)
|
174,522
|
102,613
|
158,874
|
|||||||||||
Change in net unrealized appreciation (depreciation) of:
|
||||||||||||||||
Investments
|
93,549,347
|
10,259,879
|
2,460,705
|
14,316,483
|
||||||||||||
Futures contracts
|
—
|
(50,368
|
)
|
—
|
—
|
|||||||||||
Net realized and unrealized gain (loss)
|
93,248,084
|
10,384,033
|
2,563,318
|
14,475,357
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
||||||||||||||||
from operations
|
$
|
131,845,594
|
$
|
15,435,843
|
$
|
4,462,702
|
$
|
23,511,264
|
|
NUV
|
NUW
|
||||||||||||||
|
Six Months
|
Six Months
|
||||||||||||||
|
Ended
|
Year Ended
|
Ended
|
Year Ended
|
||||||||||||
|
4/30/19
|
10/31/18
|
4/30/19
|
10/31/18
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
38,597,510
|
$
|
78,480,821
|
$
|
5,051,810
|
$
|
10,739,136
|
||||||||
Net realized gain (loss) from investments
|
(301,263
|
)
|
(1,117,529
|
)
|
174,522
|
1,480,929
|
||||||||||
Change in net unrealized appreciation (depreciation) of:
|
||||||||||||||||
Investments
|
93,549,347
|
(91,610,753
|
)
|
10,259,879
|
(15,564,805
|
)
|
||||||||||
Futures contracts
|
—
|
—
|
(50,368
|
)
|
—
|
|||||||||||
Net increase (decrease) in net assets applicable to common shares
|
||||||||||||||||
from operations
|
131,845,594
|
(14,247,461
|
)
|
15,435,843
|
(3,344,740
|
)
|
||||||||||
Distributions to Common Shareholders
|
||||||||||||||||
Dividends
|
(38,478,834
|
)
|
(80,577,992
|
)
|
(6,660,125
|
)
|
(13,775,655
|
)
|
||||||||
Decrease in net assets applicable to common shares from
|
||||||||||||||||
distributions to common shareholders
|
(38,478,834
|
)
|
(80,577,992
|
)
|
(6,660,125
|
)
|
(13,775,655
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
—
|
5,126,753
|
||||||||||||
Net proceeds from common shares issued to common shareholders
|
||||||||||||||||
due to reinvestment of distributions
|
—
|
—
|
—
|
324,271
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
||||||||||||||||
from capital share transactions
|
—
|
—
|
—
|
5,451,024
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
93,366,760
|
(94,825,453
|
)
|
8,775,718
|
(11,669,371
|
)
|
||||||||||
Net assets applicable to common shares at the beginning of period
|
2,035,220,607
|
2,130,046,060
|
244,611,725
|
256,281,096
|
||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
2,128,587,367
|
$
|
2,035,220,607
|
$
|
253,387,443
|
$
|
244,611,725
|
|
NMI
|
NEV
|
||||||||||||||
|
Six Months
|
Six Months
|
||||||||||||||
|
Ended
|
Year Ended
|
Ended
|
Year Ended
|
||||||||||||
|
4/30/19
|
10/31/18
|
4/30/19
|
10/31/18
|
||||||||||||
Operations
|
||||||||||||||||
Net investment income (loss)
|
$
|
1,899,384
|
$
|
3,752,004
|
$
|
9,035,907
|
$
|
18,814,566
|
||||||||
Net realized gain (loss) from investments
|
102,613
|
626,362
|
158,874
|
(814,787
|
)
|
|||||||||||
Change in net unrealized appreciation (depreciation) of:
|
||||||||||||||||
Investments
|
2,460,705
|
(4,414,017
|
)
|
14,316,483
|
(18,566,356
|
)
|
||||||||||
Futures contracts
|
—
|
—
|
—
|
—
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
||||||||||||||||
from operations
|
4,462,702
|
(35,651
|
)
|
23,511,264
|
(566,577
|
)
|
||||||||||
Distributions to Common Shareholders
|
||||||||||||||||
Dividends
|
(2,515,190
|
)
|
(3,961,991
|
)
|
(8,458,073
|
)
|
(19,171,632
|
)
|
||||||||
Decrease in net assets applicable to common shares from
|
||||||||||||||||
distributions to common shareholders
|
(2,515,190
|
)
|
(3,961,991
|
)
|
(8,458,073
|
)
|
(19,171,632
|
)
|
||||||||
Capital Share Transactions
|
||||||||||||||||
Proceeds from shelf offering, net of offering costs
|
—
|
2,135,825
|
—
|
—
|
||||||||||||
Net proceeds from common shares issued to common shareholders
|
||||||||||||||||
due to reinvestment of distributions
|
—
|
120,057
|
—
|
—
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
||||||||||||||||
from capital share transactions
|
—
|
2,255,882
|
—
|
—
|
||||||||||||
Net increase (decrease) in net assets applicable to common shares
|
1,947,512
|
(1,741,760
|
)
|
15,053,191
|
(19,738,209
|
)
|
||||||||||
Net assets applicable to common shares at the beginning of period
|
95,396,237
|
97,137,997
|
355,342,308
|
375,080,517
|
||||||||||||
Net assets applicable to common shares at the end of period
|
$
|
97,343,749
|
$
|
95,396,237
|
$
|
370,395,499
|
$
|
355,342,308
|
|
NEV
|
|||
Cash Flows from Operating Activities:
|
||||
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
|
$
|
23,511,264
|
||
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from
|
||||
operations to net cash provided by (used in) operating activities:
|
||||
Purchases of investments
|
(19,623,000
|
)
|
||
Proceeds from sales and maturities of investments
|
21,140,113
|
|||
Amortization (Accretion) of premiums and discounts, net
|
755,142
|
|||
(Increase) Decrease in:
|
||||
Receivable for interest
|
64,787
|
|||
Receivable for investments sold
|
(722,453
|
)
|
||
Other assets
|
626
|
|||
Increase (Decrease) in:
|
||||
Accrued management fees
|
(5,200
|
)
|
||
Accrued Director/Trustees fees
|
(117
|
)
|
||
Accrued other expenses
|
2,772
|
|||
Net realized (gain) loss from investments
|
(158,874
|
)
|
||
Change in net unrealized (appreciation) depreciation of investments
|
(14,316,483
|
)
|
||
Net cash provided by (used in) operating activities
|
10,648,577
|
|||
Cash Flows from Financing Activities:
|
||||
Increase (Decrease) in cash overdraft
|
(5,379,521
|
)
|
||
Proceeds from floating rate obligations
|
7,847,000
|
|||
Cash distributions paid to common shareholders
|
(8,460,481
|
)
|
||
Net cash provided by (used in) financing activities
|
(5,993,002
|
)
|
||
Net Increase (Decrease) in Cash
|
4,655,575
|
|||
Cash at the beginning of period
|
—
|
|||
Cash at the end of period
|
$
|
4,655,575
|
||
Supplemental Disclosures of Cash Flow Information
|
NEV
|
|||
Cash paid for interest
|
$
|
1,052,468
|
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accumu-
lated Net
Realized
Gains
|
Total
|
Shelf
Offering
Costs
|
Premium
from
Shares
Sold
through
Shelf
Offering
|
Ending
NAV
|
Ending
Share
Price
|
|||||||||||||||||||||||||||||||||
NUV
|
||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||||||
2019(d)
|
$
|
9.84
|
$
|
0.19
|
$
|
0.45
|
$
|
0.64
|
$
|
(0.19
|
)
|
$
|
—
|
$
|
(0.19
|
)
|
$
|
—
|
$
|
—
|
$
|
10.29
|
$
|
9.97
|
||||||||||||||||||||
2018
|
10.30
|
0.38
|
(0.45
|
)
|
(0.07
|
)
|
(0.39
|
)
|
—
|
(0.39
|
)
|
—
|
—
|
9.84
|
9.18
|
|||||||||||||||||||||||||||||
2017
|
10.39
|
0.40
|
(0.10
|
)
|
0.30
|
(0.39
|
)
|
—
|
(0.39
|
)
|
—
|
—
|
10.30
|
10.12
|
||||||||||||||||||||||||||||||
2016
|
10.20
|
0.40
|
0.18
|
0.58
|
(0.39
|
)
|
—
|
(0.39
|
)
|
—
|
—
|
*
|
10.39
|
9.98
|
||||||||||||||||||||||||||||||
2015
|
10.21
|
0.42
|
(0.03
|
)
|
0.39
|
(0.40
|
)
|
—
|
(0.40
|
)
|
—
|
—
|
10.20
|
10.07
|
||||||||||||||||||||||||||||||
2014
|
9.61
|
0.43
|
0.61
|
1.04
|
(0.44
|
)
|
—
|
(0.44
|
)
|
—
|
—
|
10.21
|
9.64
|
|||||||||||||||||||||||||||||||
NUW
|
||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||||||
2019(d)
|
15.88
|
0.33
|
0.68
|
1.01
|
(0.34
|
)
|
(0.10
|
)
|
(0.44
|
)
|
—
|
—
|
16.45
|
16.17
|
||||||||||||||||||||||||||||||
2018
|
16.99
|
0.70
|
(0.92
|
)
|
(0.22
|
)
|
(0.72
|
)
|
(0.18
|
)
|
(0.90
|
)
|
—
|
0.01
|
15.88
|
14.36
|
||||||||||||||||||||||||||||
2017
|
17.22
|
0.75
|
(0.26
|
)
|
0.49
|
(0.73
|
)
|
—
|
(0.73
|
)
|
(0.01
|
)
|
0.02
|
16.99
|
17.17
|
|||||||||||||||||||||||||||||
2016
|
17.17
|
0.76
|
0.06
|
0.82
|
(0.79
|
)
|
—
|
(0.79
|
)
|
(0.01
|
)
|
0.03
|
17.22
|
16.96
|
||||||||||||||||||||||||||||||
2015
|
17.19
|
0.80
|
(0.04
|
)
|
0.76
|
(0.79
|
)
|
—
|
(0.79
|
)
|
—
|
0.01
|
17.17
|
17.22
|
||||||||||||||||||||||||||||||
2014
|
16.35
|
0.82
|
0.92
|
1.74
|
(0.81
|
)
|
(0.09
|
)
|
(0.90
|
)
|
—
|
—
|
17.19
|
16.89
|
(a)
|
Total Return Based on Common Shares NAV is the combination of changes in common shares NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on 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.
|
Common Share Supplemental Data/
Ratio Applicable to Common Shares
|
||||||||||||||||||||||
Common Shares
Total Returns
|
Ratios to Average Net Assets
|
|||||||||||||||||||||
Based
|
Ending
|
|||||||||||||||||||||
Based
|
on
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Investment
|
Turnover
|
||||||||||||||||||
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses(b)
|
Income (Loss)
|
Rate(c)
|
||||||||||||||||
6.51
|
%
|
10.71
|
%
|
$
|
2,128,587
|
0.57
|
%***
|
3.74
|
%***
|
8
|
%
|
|||||||||||
(0.71
|
)
|
(5.55
|
)
|
2,035,221
|
0.54
|
3.76
|
20
|
|||||||||||||||
3.03
|
5.48
|
2,130,046
|
0.52
|
3.89
|
17
|
|||||||||||||||||
5.74
|
2.91
|
2,150,444
|
0.51
|
3.87
|
11
|
|||||||||||||||||
3.94
|
8.86
|
2,096,508
|
0.53
|
4.08
|
16
|
|||||||||||||||||
11.04
|
11.54
|
2,099,099
|
0.56
|
4.36
|
17
|
|||||||||||||||||
6.39
|
15.79
|
253,387
|
0.74
|
***
|
4.11
|
***
|
10
|
|||||||||||||||
(1.31
|
)
|
(11.54
|
)
|
244,612
|
0.80
|
4.26
|
30
|
|||||||||||||||
3.02
|
5.71
|
256,281
|
0.81
|
4.45
|
16
|
|||||||||||||||||
4.90
|
2.99
|
247,394
|
0.71
|
4.38
|
12
|
|||||||||||||||||
4.56
|
6.79
|
228,952
|
0.72
|
4.72
|
6
|
|||||||||||||||||
10.95
|
17.27
|
226,855
|
0.75
|
4.92
|
10
|
(b)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NUV
|
|
NUW
|
|
|
Year Ended 10/31:
|
|
Year Ended 10/31:
|
|
|
2019(d)
|
0.04%***
|
2019(d)
|
0.08%***
|
|
2018
|
0.03
|
2018
|
0.10
|
|
2017
|
0.01
|
2017
|
0.06
|
|
2016
|
0.01
|
2016
|
0.03
|
|
2015
|
0.00**
|
2015
|
0.02
|
|
2014
|
0.01
|
2014
|
0.02
|
(c)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
(d)
|
For the six months ended April 30, 2019.
|
*
|
Rounds to less than $0.01 per share.
|
**
|
Rounds to less than 0.01%.
|
***
|
Annualized.
|
|
Investment Operations
|
Less Distributions
to Common Shareholders
|
Common Share
|
|||||||||||||||||||||||||||||||||||||||||
|
Beginning
Common
Share
NAV
|
Net
Investment
Income
(Loss)
|
Net
Realized/
Unrealized
Gain (Loss)
|
Total
|
From
Net
Investment
Income
|
From
Accumu-
lated Net
Realized
Gains
|
Total
|
Shelf
Offering
Costs
|
Premium
from
Shares
Sold
through
Shelf
Offering
|
Ending
NAV
|
Ending
Share
Price
|
|||||||||||||||||||||||||||||||||
NMI
|
||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||||||
2019(e)
|
$
|
10.92
|
$
|
0.22
|
$
|
0.29
|
$
|
0.51
|
$
|
(0.22
|
)
|
$
|
(0.07
|
)
|
$
|
(0.29
|
)
|
$
|
—
|
$
|
—
|
$
|
11.14
|
$
|
11.06
|
|||||||||||||||||||
2018
|
11.38
|
0.43
|
(0.43
|
)
|
—
|
(0.46
|
)
|
—
|
(0.46
|
)
|
(0.01
|
)
|
0.01
|
10.92
|
10.09
|
|||||||||||||||||||||||||||||
2017
|
11.61
|
0.48
|
(0.22
|
)
|
0.26
|
(0.49
|
)
|
—
|
(0.49
|
)
|
(0.01
|
)
|
0.01
|
11.38
|
11.45
|
|||||||||||||||||||||||||||||
2016
|
11.47
|
0.50
|
0.15
|
0.65
|
(0.51
|
)
|
—
|
(0.51
|
)
|
—
|
—
|
11.61
|
12.20
|
|||||||||||||||||||||||||||||||
2015
|
11.52
|
0.51
|
(0.05
|
)
|
0.46
|
(0.51
|
)
|
—
|
(0.51
|
)
|
—
|
—
|
11.47
|
11.05
|
||||||||||||||||||||||||||||||
2014
|
10.80
|
0.50
|
0.77
|
1.27
|
(0.55
|
)
|
—
|
(0.55
|
)
|
—
|
—
|
11.52
|
11.30
|
|||||||||||||||||||||||||||||||
NEV
|
||||||||||||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||||||||||||
2019(e)
|
14.24
|
0.36
|
0.59
|
0.95
|
(0.34
|
)
|
—
|
(0.34
|
)
|
—
|
—
|
14.85
|
13.96
|
|||||||||||||||||||||||||||||||
2018
|
15.03
|
0.75
|
(0.77
|
)
|
(0.02
|
)
|
(0.77
|
)
|
—
|
(0.77
|
)
|
—
|
—
|
14.24
|
12.70
|
|||||||||||||||||||||||||||||
2017
|
15.58
|
0.82
|
(0.55
|
)
|
0.27
|
(0.82
|
)
|
—
|
(0.82
|
)
|
—
|
—
|
15.03
|
14.28
|
||||||||||||||||||||||||||||||
2016
|
15.59
|
0.85
|
0.04
|
0.89
|
(0.95
|
)
|
—
|
(0.95
|
)
|
—
|
0.05
|
15.58
|
14.75
|
|||||||||||||||||||||||||||||||
2015
|
15.69
|
0.93
|
(0.06
|
)
|
0.87
|
(0.97
|
)
|
—
|
(0.97
|
)
|
—
|
—
|
15.59
|
15.38
|
||||||||||||||||||||||||||||||
2014
|
14.10
|
0.96
|
1.59
|
2.55
|
(0.96
|
)
|
—
|
(0.96
|
)
|
—
|
—
|
15.69
|
14.91
|
(a)
|
Total Return Based on Common Shares NAV is the combination of changes in common shares NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
Total Return Based on 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.
|
Common Share Supplemental Data/
Ratio Applicable to Common Shares
|
||||||||||||||||||||||
Common Shares
Total Returns
|
||||||||||||||||||||||
Ratios to Average Net Assets
|
||||||||||||||||||||||
Based
|
Ending
|
|||||||||||||||||||||
Based
|
on
|
Net
|
Net
|
Portfolio
|
||||||||||||||||||
on
|
Share
|
Assets
|
Investment
|
Turnover
|
||||||||||||||||||
NAV(a)
|
Price(a)
|
(000
|
)
|
Expenses(b)
|
Income (Loss)
|
Rate(d)
|
||||||||||||||||
4.71
|
%
|
12.64
|
%
|
$
|
97,344
|
0.75
|
%*
|
3.99
|
%*
|
6
|
%
|
|||||||||||
(0.05
|
)
|
(8.14
|
)
|
95,396
|
0.89
|
3.87
|
17
|
|||||||||||||||
2.34
|
(2.04
|
)
|
97,138
|
0.79
|
4.23
|
12
|
||||||||||||||||
5.71
|
15.22
|
96,532
|
0.76
|
4.33
|
4
|
|||||||||||||||||
4.08
|
2.31
|
95,149
|
0.74
|
4.43
|
10
|
|||||||||||||||||
12.06
|
17.55
|
95,464
|
0.76
|
4.55
|
15
|
|||||||||||||||||
6.73
|
12.71
|
370,395
|
1.63
|
*
|
5.04
|
*
|
4
|
|||||||||||||||
(0.17
|
)
|
(5.93
|
)
|
355,342
|
1.42
|
5.14
|
15
|
|||||||||||||||
1.93
|
2.50
|
375,081
|
1.14
|
5.47
|
8
|
|||||||||||||||||
6.10
|
1.85
|
388,835
|
1.03
|
5.44
|
6
|
|||||||||||||||||
5.68
|
9.90
|
328,856
|
1.05(c
|
)
|
5.93(c
|
)
|
12
|
|||||||||||||||
18.67
|
14.58
|
330,869
|
1.08
|
6.49
|
5
|
(b)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
|
NMI
|
|
NEV
|
|
|
Year Ended 10/31:
|
|
Year Ended 10/31:
|
|
|
2019(e)
|
—%
|
2019(e)
|
0.59%*
|
|
2018
|
—
|
2018
|
0.40
|
|
2017
|
—
|
2017
|
0.17
|
|
2016
|
0.03
|
2016
|
0.07
|
|
2015
|
0.01
|
2015
|
0.07
|
|
2014
|
0.01
|
2014
|
0.09
|
(c)
|
During the fiscal year ended October 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with an equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows:
|
|
Ratios to Average Net Assets
|
|
|
|
Net Investment
|
NEV
|
Expenses
|
Income (Loss)
|
Year Ended 10/31:
|
|
|
2015
|
1.08%
|
5.91%
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
(e)
|
For the six months ended April 30, 2019.
|
*
|
Annualized.
|
●
|
Nuveen Municipal Value Fund, Inc. (NUV)
|
●
|
Nuveen AMT-Free Municipal Value Fund (NUW)
|
●
|
Nuveen Municipal Income Fund, Inc. (NMI)
|
●
|
Nuveen Enhanced Municipal Value Fund (NEV)
|
|
NUV
|
NMI
|
||||||
Outstanding when-issued/delayed delivery purchase commitments
|
$
|
2,155,000
|
$
|
1,244,044
|
NUV
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Long-Term Investments:
|
||||||||||||||||
Municipal Bonds*
|
$
|
—
|
$
|
2,128,101,948
|
$
|
—
|
$
|
2,128,101,948
|
||||||||
Corporate Bonds**
|
—
|
—
|
631,538
|
***
|
631,538
|
|||||||||||
Total
|
$
|
—
|
$
|
2,128,101,948
|
$
|
631,538
|
$
|
2,128,733,486
|
||||||||
NUW
|
||||||||||||||||
Long-Term Investments:
|
||||||||||||||||
Municipal Bonds*
|
$
|
—
|
$
|
243,448,809
|
$
|
—
|
$
|
243,448,809
|
||||||||
Investments in Derivatives:
|
||||||||||||||||
Futures Contracts****
|
(50,368
|
)
|
—
|
—
|
(50,368
|
)
|
||||||||||
Total
|
$
|
(50,368
|
)
|
$
|
243,448,809
|
$
|
—
|
$
|
243,398,441
|
|||||||
NMI
|
||||||||||||||||
Long-Term Investments:
|
||||||||||||||||
Municipal Bonds*
|
$
|
—
|
$
|
96,271,761
|
$
|
—
|
$
|
96,271,761
|
||||||||
NEV
|
||||||||||||||||
Long-Term Investments:
|
||||||||||||||||
Municipal Bonds*
|
$
|
—
|
$
|
459,096,494
|
$
|
31,513
|
***
|
$
|
459,128,007
|
*
|
Refer to the Fund’s Portfolio of Investments for state classifications.
|
**
|
Refer to the Fund’s Portfolio of Investments for industry classifications.
|
***
|
Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.
|
****
|
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
Floating Rate Obligations Outstanding
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
37,705,000
|
$
|
9,125,000
|
$
|
—
|
$
|
103,777,000
|
||||||||
Floating rate obligations: externally-deposited Inverse Floaters
|
—
|
10,165,000
|
—
|
108,320,000
|
||||||||||||
Total
|
$
|
37,705,000
|
$
|
19,290,000
|
$
|
—
|
$
|
212,097,000
|
Self-Deposited Inverse Floaters
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Average floating rate obligations outstanding
|
$
|
44,270,552
|
$
|
9,136,050
|
$
|
—
|
$
|
97,002,293
|
||||||||
Average annual interest rate and fees
|
2.09
|
%
|
2.16
|
%
|
—
|
%
|
2.19
|
%
|
Floating Rate Obligations – Recourse Trusts
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
37,705,000
|
$
|
9,125,000
|
$
|
—
|
$
|
95,777,000
|
||||||||
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
—
|
10,165,000
|
—
|
105,810,000
|
||||||||||||
Total
|
$
|
37,705,000
|
$
|
19,290,000
|
$
|
—
|
$
|
201,587,000
|
|
NUW
|
|||
Average notional amount of futures contracts outstanding*
|
$
|
(3,446,023
|
)
|
* The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.
|
|
|
Location on the Statement of Assets and Liabilities
|
||||
|
||||||
Underlying
|
Derivative
|
Asset Derivatives
|
(Liability) Derivatives
|
|||
Risk Exposure
|
Instrument
|
Location
|
Value
|
Location
|
Value
|
|
NUW
|
|
|
|
|
|
|
Interest rate
|
Futures contracts
|
—
|
—
|
Payable for variation margin
|
$(50,368)
|
|
|
|
|
|
on futures contracts*
|
|
|
* Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the asset and/or liability derivative location as described in the table above.
|
|
|
|
Net Realized
|
Change in Net Unrealized
|
|
Underlying Risk
|
Derivative
|
Gain (Loss) from
|
Appreciation (Depreciation) of
|
Fund
|
Exposure
|
Instrument
|
Futures Contracts
|
Futures Contracts
|
NUW
|
Interest rate
|
Futures contracts
|
$ —
|
$(50,368)
|
|
NUW
|
NMI
|
||||||||||||||
|
Six months
|
Year
|
Six months
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
4/30/19
|
10/31/18
|
4/30/19
|
10/31/18
|
||||||||||||
Additional authorized common shares
|
1,400,000
|
1,400,000
|
800,000
|
800,000
|
||||||||||||
Common shares sold
|
—
|
299,412
|
—
|
187,400
|
||||||||||||
Offering proceeds, net of offering costs
|
$
|
—
|
$
|
5,126,753
|
$
|
—
|
$
|
2,135,825
|
|
NUW
|
NMI
|
||||||||||||||
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
4/30/19
|
10/31/18
|
4/30/19
|
10/31/18
|
||||||||||||
Common shares:
|
||||||||||||||||
Issued to shareholders due to reinvestment of distributions
|
—
|
19,194
|
—
|
10,654
|
||||||||||||
Sold through shelf offering
|
—
|
299,412
|
—
|
187,400
|
||||||||||||
Weighted average common share:
|
||||||||||||||||
Premium to NAV per shelf offering common share sold
|
—
|
%
|
2.92
|
%
|
—
|
%
|
4.54
|
%
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Purchases
|
$
|
175,712,889
|
$
|
25,368,465
|
$
|
5,448,691
|
$
|
19,623,000
|
||||||||
Sales and maturities
|
215,644,173
|
43,158,507
|
5,813,471
|
21,140,113
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Tax cost of investments
|
$
|
1,898,620,598
|
$
|
209,211,009
|
$
|
89,374,646
|
$
|
326,006,998
|
||||||||
Gross unrealized:
|
||||||||||||||||
Appreciation
|
$
|
201,478,431
|
$
|
25,363,654
|
$
|
6,933,050
|
$
|
31,825,527
|
||||||||
Depreciation
|
(9,070,639
|
)
|
(250,840
|
)
|
(35,935
|
)
|
(2,480,389
|
)
|
||||||||
Net unrealized appreciation (depreciation) of investments
|
$
|
192,407,792
|
$
|
25,112,814
|
$
|
6,897,115
|
$
|
29,345,138
|
|
NUW
|
|||
Tax cost of futures contracts
|
$
|
(50,368
|
)
|
|
Net unrealized appreciation (depreciation) of futures contracts
|
—
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Undistributed net tax-exempt income1
|
$
|
6,423,887
|
$
|
687,819
|
$
|
175,743
|
$
|
784,795
|
||||||||
Undistributed net ordinary income2
|
659,485
|
339,279
|
72,049
|
198,859
|
||||||||||||
Undistributed net long-term capital gains
|
—
|
1,576,014
|
628,561
|
—
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2018 and paid on November 1, 2018. |
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Distributions from net tax-exempt income
|
$
|
77,578,299
|
$
|
10,780,837
|
$
|
3,970,866
|
$
|
19,174,127
|
||||||||
Distributions from net ordinary income2
|
3,310,007
|
288,792
|
22,215
|
284,431
|
||||||||||||
Distributions from net long-term capital gains
|
—
|
2,745,797
|
—
|
—
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
|
NUV
|
NEV
|
||||||
Expiration:
|
||||||||
October 31, 2019
|
$
|
—
|
$
|
16,146,849
|
||||
Not subject to expiration:
|
||||||||
Short-term
|
10,121,262
|
4,386,474
|
||||||
Long-term
|
15,036,160
|
2,178,516
|
||||||
Total
|
$
|
25,157,422
|
$
|
22,711,839
|
|
NUV
|
|||
Average Daily Net Assets
|
Fund-Level Fee Rate
|
|||
For the first $500 million
|
0.1500
|
%
|
||
For the next $500 million
|
0.1250
|
|||
For net assets over $1 billion
|
0.1000
|
|
NUV
|
|||
Gross Interest Income
|
Gross Income Fee Rate
|
|||
For the first $50 million
|
4.125
|
%
|
||
For the next $50 million
|
4.000
|
|||
For gross income over $100 million
|
3.875
|
|
NUW
|
|||
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.4000
|
%
|
||
For the next $125 million
|
0.3875
|
|||
For the next $250 million
|
0.3750
|
|||
For the next $500 million
|
0.3625
|
|||
For the next $1 billion
|
0.3500
|
|||
For the next $3 billion
|
0.3250
|
|||
For managed assets over $5 billion
|
0.3125
|
|||
|
NMI
|
|||
Average Daily Net Assets
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
0.4500
|
%
|
||
For the next $125 million
|
0.4375
|
|||
For the next $250 million
|
0.4250
|
|||
For the next $500 million
|
0.4125
|
|||
For the next $1 billion
|
0.4000
|
|||
For the next $3 billion
|
0.3750
|
|||
For net assets over $5 billion
|
0.3625
|
|
NEV
|
|||
Average Daily Managed 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 managed 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
|
* For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2019, the complex-level fee rate for each Fund was 0.1580%.
|
|
NUV
|
NUW
|
NMI
|
|||||||||
Maximum outstanding balance
|
$
|
15,605,976
|
$
|
3,782,495
|
$
|
684,069
|
|
NUV
|
NUW
|
NMI
|
|||||||||
Average daily balance outstanding
|
$
|
15,605,976
|
$
|
3,782,495
|
$
|
684,069
|
||||||
Average annual interest rate
|
3.50
|
%
|
3.50
|
%
|
3.50
|
%
|
Board of Directors/Trustees
|
|
|
|
|
|
Margo Cook*
|
Jack B. Evans
|
William C. Hunter
|
Albin F. Moschner
|
John K. Nelson
|
|
Judith M. Stockdale
|
Carole E. Stone
|
Terence J. Toth
|
Margaret L. Wolff
|
Robert L. Young
|
|
|
|||||
* Interested Board Member.
|
|||||
|
|||||
|
|||||
Fund Manager
|
Custodian
|
Legal Counsel
|
Independent Registered
|
Transfer Agent and
|
|
Nuveen Fund Advisors, LLC
|
State Street Bank
|
Chapman and Cutler LLP
|
Public Accounting Firm
|
Shareholder Services
|
|
333 West Wacker Drive
|
& Trust Company
|
Chicago, IL 60603
|
KPMG LLP
|
|
Computershare Trust
|
Chicago, IL 60606
|
One Lincoln Street
|
|
200 East Randolph Street
|
Company, N.A.
|
|
|
Boston, MA 02111
|
|
Chicago, IL 60601
|
|
250 Royall Street
|
|
|
|
|
|
Canton, MA 02021
|
|
|
|
|
|
(800) 257-8787
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
Common shares repurchased
|
—
|
—
|
—
|
—
|
·
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
·
|
Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
|
·
|
Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
·
|
Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
|
·
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
·
|
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
|
·
|
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
|
·
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
|
·
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
·
|
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
|
·
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
|
![]() |
(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.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable.
|
(a)(4)
|
Change in the registrant’s independent public accountant. Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen Municipal Income Fund, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting 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; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
I have reviewed this report on Form N-CSR of Nuveen Municipal Income Fund, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
|
(a)
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
(b)
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
(c)
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
|
(d)
|
disclosed in this report any change in the registrant’s internal control over financial reporting 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; and
|
5.
|
The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
(a)
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
|
(b)
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
The Form N-CSR of the Fund for the period ended April 30, 2019 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
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