UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22253

Nuveen AMT-Free Municipal Value Fund
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Gifford R. Zimmerman
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2016

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.




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Table of Contents

Chairman's Letter to Shareholders
4
   
Portfolio Managers' Comments
5
   
Fund Leverage
10
   
Share Information
11
   
Risk Considerations
13
   
Performance Overview and Holding Summaries
14
   
Shareholder Meeting Report
22
   
Report of Independent Registered Public Accounting Firm
23
   
Portfolios of Investments
24
   
Statement of Assets and Liabilities
72
   
Statement of Operations
73
   
Statement of Changes in Net Assets
74
   
Financial Highlights
76
   
Notes to Financial Statements
80
   
Additional Fund Information
92
   
Glossary of Terms Used in this Report
93
   
Reinvest Automatically, Easily and Conveniently
95
   
Annual Investment Management Agreement Approval Process
96
   
Board Members and Officers
104

NUVEEN
3


Chairman's Letter to Shareholders
Dear Shareholders,
After a sluggish first half of 2016, the U.S. economy gained some momentum in the third quarter. In fact, it was the economy's strongest quarterly acceleration in two years, propelled by healthy consumer spending, a temporary surge in exports and a turnaround in inventories. As the year winds down, 2016 looks on track to deliver the same steady-but-slow growth that has characterized the seven-year recovery.
A year ago, the U.S. Federal Reserve (Fed) took the first step toward policy "normalization" by raising its benchmark interest rate at its December 2015 meeting. Speculation about the Fed's intentions since then has been a strong influence on the markets throughout 2016. After remaining on hold for a year, the Fed judged that the economy's modest growth, the return to "full" employment and an uptick in inflation were sufficient to raise the target rate at the December 2016 meeting.
Global conditions continue to look subdued by comparison. Investors continue to adjust to the idea of a slower Chinese economy, which has helped commodity prices stabilize and lift global inflation expectations. The U.K.'s June 23rd "Brexit" vote to leave the European Union introduced a new set of economic and political uncertainties to the already fragile conditions across Europe. Moreover, there are growing concerns that global central banks' unprecedented efforts to revive growth may be showing signs of fatigue. Interest rates are currently negative in Europe and Japan and near or at zero in the U.S., U.K. and elsewhere; nonetheless, growth has remained subdued.
Since the election, U.S. stocks have rallied strongly on expectations that the Republican controlled Congress and Trump administration will pursue more business friendly policies. But the details have yet to be seen. Given muted global growth, the risk of policy errors by central banks around the world, the unfolding Brexit process and an uncertain political outlook (not just in the U.S. but also in Europe), we anticipate that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
December 22, 2016

4
NUVEEN


Portfolio Managers' Comments
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)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Portfolio managers Daniel J. Close, CFA, Christopher L. Drahn, CFA, and Steven M. Hlavin discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these four national Funds. Dan has managed NUV and NUW since 2016. Chris assumed portfolio management responsibility for NMI in 2011. Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility in 2010.
Effective May 31, 2016, Tom Spalding retired from NAM and Daniel J. Close, CFA, took over portfolio management responsibilities for NUV and NUW.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2016?
The restrained pace of growth that has defined the U.S. economic recovery since 2009 continued in the twelve-month reporting period. Growth over the previous four calendar quarters averaged below 2% (annualized), as measured by real gross domestic product (GDP), which is the value of goods and services produced by the nation's economy less the value of the goods and services used up in production, adjusted for price changes. For most of the reporting period, consumer spending remained healthy but was offset by the drag from the inventory cycle, lackluster business spending and weak net exports. As a result, GDP growth stayed below 1.5% from the fourth quarter of 2015 through the second quarter of 2016. However, decent consumer spending, an inventory turnaround and a short-term jump in exports contributed to a more robust gain of 3.2% in the third quarter, as reported by the "second" estimate of the Bureau of Economic Analysis.
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

NUVEEN
5


Portfolio Managers' Comments (continued)
Consumers, whose purchases comprise the largest component of the U.S. economy, benefited from employment growth and firming wages over the twelve-month reporting period. As reported by the Bureau of Labor Statistics, the unemployment rate was little changed at 4.9% in October 2016 from 5.0% in October 2015, and job gains averaged slightly above 200,000 per month for the past twelve months. Although consumer spending gains were rather muted in the latter half of 2015, spending surged in the second quarter of 2016. Although inflation began to accelerate slightly in the reporting period, the overall level remained low, which also contributed to consumers' willingness to buy. The Consumer Price Index (CPI) rose 1.6% over the twelve-month reporting period ended October 2016 on a seasonally adjusted basis, as reported by the U.S. Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 2.1% during the same period, slightly above the Fed's unofficial longer term inflation objective of 2.0%.
The housing market was another bright spot in the economy. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.5% annual gain in September 2016 (most recent data available at the time this report was prepared) (effective July 26, 2016, the S&P/Case-Shiller U.S. National Home Price Index was renamed the S&P CoreLogic Case-Shiller U.S. National Home Price Index). The 10-City and 20-City Composites reported year-over-year increases of 4.3% and 5.1%, respectively.
However, business investment remained soft over the reporting period. Corporate earnings growth continued to be constrained by diminished demand expectations amid sluggish U.S. and global growth, the impact of falling commodity prices and a strong U.S. dollar. Additionally, a murky outlook kept capital spending muted. Concerns about financial market turbulence in early 2016, the U.K.'s "Brexit" vote to leave the European Union (EU) and the U.S. presidential election weighed on business sentiment throughout the reporting period.
The consistent growth of the economy prompted the U.S. Federal Reserve (Fed) to raise the Fed funds rate from the zero bound range to a range of 0.25% to 0.50% in December 2015. The widely anticipated move had little impact on the financial markets. Over the remainder of the reporting period, speculation on the timing of future rate hikes drove short-term swings in the markets, including falling bond yields, rallies in the U.S. dollar and bouts of volatility in stock prices. For most of 2016, the Fed kept this rate unchanged due to concerns ranging from low inflation in the U.S. to weakening growth prospects globally and the U.K.'s Brexit vote. However, the third quarter's strong GDP report and an uptick in inflation boosted expectations that the Fed would likely increase the target rate at the December 2016 meeting. As anticipated, subsequent to the close of the reporting period, the Fed raised the rate to a range of 0.50% to 0.75%.
Other market-moving events during the reporting period included a spike in volatility in January and February 2016 triggered by deteriorating sentiment about China's economy, another sharp downturn in oil prices and concerns about central bank policy both in the U.S. and around the world. The Brexit referendum on June 23 also caught investors off guard. In response, U.K. sterling fell to 30-year lows and global equities tumbled while perceived safe-haven assets such as gold, the U.S. dollar and government bonds saw large inflows. However, the markets stabilized fairly quickly post-Brexit vote, buoyed by reassurances from global central banks and a perception that the temporary price rout presented an attractive buying opportunity. Following a relatively calm July and August 2016, volatility resumed in the final months of the reporting period. Investors worried whether central banks were reaching the limits of their effectiveness as global growth continues to stagnate. The health of the European banking sector came into question, renewing concerns about the potential to trigger a wider crisis. Political uncertainty increased leading up to the November U.S. presidential election, and after the close of the reporting period, the unexpected win of Donald Trump contributed to an initial sell-off across global markets. However, after digesting the "shock", U. S. equities rallied strongly and global developed market stocks pared their losses, while emerging markets, fixed income and gold remained lower.
The broad municipal bond market performed well during the twelve-month reporting period, supported by falling interest rates, a favorable supply-demand balance and generally improving credit fundamentals. Although interest rates began to drift higher in the final month of the reporting period in anticipation of a possible Fed rate hike in December, they still ended at lower than where they started the reporting period. The largest declines were in longer-dated bond yields, while yields on the short end (zero to four years) of the yield curve increased, driven by anticipation of new money market fund regulations that triggered volatility in short-term rates. This caused the municipal yield curve to flatten over the reporting period.

6
NUVEEN


The demand for municipal bonds continued to outpace supply. During the reporting period, municipal bond gross issuance nationwide totaled $435.6 billion, a 2.9% gain from the issuance for the twelve-month period ended October 31, 2015. Gross issuance remains robust as issuers continue to actively and aggressively refund their outstanding debt given the very low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is surging, but the net is not and this has been an overall positive technical factor on municipal bond investment performance.
While supply has tightened, investor demand for municipal bonds has risen. Municipal bond mutual funds reported net inflows in 2015, and the inflows for the first four months of 2016 had already exceeded 2015's total volume for the year. The bouts of heightened volatility across other risky assets, uncertainty about the Fed's rate increases and the low to negative yields of European and Asian bonds have bolstered the appeal of municipal bonds' risk-adjusted returns and tax-equivalent yields. The municipal bond market is less directly influenced by the Fed's rate adjustments and its demand base is largely comprised of U.S. investors, factors which have helped municipal bonds deliver relatively attractive returns with less volatility than other market segments.
The fundamental backdrop also remained favorable for municipal bonds. Despite the U.S. economy's rather sluggish recovery, improving state and local balance sheets have contributed to generally good credit fundamentals. Higher tax revenue growth, better expense management and a more cautious approach to new debt issuance have led to credit upgrades and stable credit outlooks for many state and local issuers. While some pockets of weakness continued to grab headlines, including Illinois, New Jersey and Puerto Rico, their problems were largely contained, with minimal spillover into the broader municipal market.
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2016?
Municipal market conditions remained favorable during the reporting period, supported by positive technical factors, stable credit fundamentals for municipal issuers and a backdrop of moderate economic growth and low inflation. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual bonds that we believed had the potential to perform well over the long term.
Our trading activity continued to focus on pursuing the Funds' investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. The Funds' positioning emphasized intermediate and longer maturities, lower rated credits and sectors offering higher yields. To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value.
NUV was an active buyer during this reporting period, with positions added across roughly a dozen sectors and a mix of new issue and secondary market purchases. The majority of NUV's purchases were from the longer part of the intermediate maturity range. We also bought a smaller portion of very short dated (weekly) securities as a source of short-term liquidity to be deployed when new long-term opportunities arise. While called and maturing bonds provided most of the proceeds to fund these buys, we also sold NUV's remaining holdings in Puerto Rico bonds and eliminated its holding of American Airlines common stock. The Fund received American Airlines stock when its holding of bonds issued by Puerto Rico Ports Authority for American Airlines was converted into equity as part of the merger with US Airways, which was completed in December 2013. Over time, we have sold the shares (completing the sale of the position during this reporting period) and reinvested the proceeds into municipal bonds.
NUW invested in airport, dedicated tax and ports bonds. Like NUV, we also bought weekly securities in NUW. The cash to buy these bonds came primarily from calls and maturities, as well as the elimination of a position in Virgin Islands Diageo bonds. NMI added modestly to its tobacco and health care holdings, and call activity and maturities were fairly light for the Fund during this reporting period. NEV bought bonds issued for industrial development revenue/pollution control revenue (IDR/PCR), tobacco settlement, City

NUVEEN
7


Portfolio Managers' Comments (continued)
of Chicago, higher education and infrastructure projects (airports and toll roads). During this reporting period, NEV generated more proceeds from bond sales than from call activity, which together funded the purchase of new opportunities. We trimmed NEV's Virgin Islands exposure, as well as sold a number of holdings with lower book yields and longer durations. NEV also received cash proceeds from a shelf offering during this reporting period (discussed in the Notes to Financial Statements section of this annual report), which were used to help fund buying activity.
As of October 31, 2016, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform during the twelve-month reporting period ended October 31, 2016?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the one-year, five-year, ten-year and since inception periods ended October 31, 2016. Each Fund's total returns at net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
For the twelve months ended October 31, 2016, the total returns at NAV for all four of these Funds exceeded the return for the national S&P Municipal Bond Index. NUV and NMI outperformed the average return for the Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average and NUW lagged the return for this Lipper average for the twelve-month reporting period. NEV trailed the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average return for the reporting period.
Yield curve and duration positioning was among the influences affecting performance. NUV and NUW were positioned with a "barbell" strategy, with overweight allocations to both the longest and shortest ends of the yield curve while maintaining an underweight to the intermediate portion. During this reporting period, yields rose on the short end of the yield curve but declined for intermediate to longer bonds, resulting in the underperformance of bonds with shorter maturities relative to those with longer maturities. For the NUV, the strong performance of its overweight to longer bonds more than offset the underperformance of its shorter maturities. However, by comparison, NUW's yield curve and duration positioning was a slight detractor from relative performance, due to weighting differences between NUV and NUW. NMI and NEV continued to overweight the longer parts of the yield curve and underweight the shorter end, which was advantageous in this reporting period.
Credit ratings allocations were a positive contributor to all four Funds' performance. Credit spread contraction and investor demand for higher yielding securities continued to support the outperformance of lower rated over higher rated municipal bonds in this reporting period. The Funds were positioned with overweight allocations to the lower quality categories and underweight allocations to the highest quality categories, which was beneficial to performance.
On a sector basis, tobacco was the best performing sector in the broad municipal market over this reporting period. Other revenue supported sectors also continued to lead performance, including health care, long term care and tollroads. All four Funds included exposure to these outperforming sectors, which aided performance. Conversely, the pre-refunded sector and tax-supported categories such as general obligation (GO) bonds were among the weakest performers. The Funds' allocations to pre-refunded bonds were negative for performance during this reporting period.
In addition, the use of leverage was an important positive factor affecting performance of NEV. Leverage is discussed in more detail later in the Fund Leverage section of this report.

8
NUVEEN


An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation creates a path for Puerto Rico to establish an independent oversight board responsible for managing the government's financial operations and restructure debt. Implementation is expected to take time, as the law focuses on developing a comprehensive five-year fiscal plan.
In terms of Puerto Rico holdings, shareholders should note that NEV had limited exposure to Puerto Rico debt, 0.62%, which was either insured or investment grade, while NUV, NUW and NMI did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Funds' current municipal bond pricing service was acquired by the parent company of another pricing service. The two services have not yet combined their valuation organizations and process, but may do so in the future. Thus there is an increased risk that the organization acting as each Fund's pricing service may change, or that the Funds' pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

NUVEEN
9


Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of NEV relative to its comparative benchmark was the Fund's use of leverage through investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. This was also a factor, although less significantly, for NUV, NUW and NMI because their use of leverage is more modest. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a positive contribution to the performance of the Funds over this reporting period.
As of October 31, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

 
NUV
NUW
NMI
NEV
 
Effective Leverage*
1.42%
6.53%
5.86%
32.94%
 

*
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.

10
NUVEEN


Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of October 31, 2016. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current reporting period, each Fund's distributions to shareholders were as shown in the accompanying table.

   
Per Share Amounts
Ex-Dividend Date
   
NUV
   
NUW
   
NMI
   
NEV
 
November 2015
 
$
0.0325
 
$
0.0650
 
$
0.0415
 
$
0.0800
 
December
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
January
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
February
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
March
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
April
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
May
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
June
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
July
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
August
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
September
   
0.0325
   
0.0600
   
0.0415
   
0.0725
 
October 2016
   
0.0325
   
0.0600
   
0.0415
   
0.0725
 
Total Monthly Per Share Distributions
 
$
0.3900
 
$
0.7700
 
$
0.4980
 
$
0.9450
 
Ordinary Income Distribution*
 
$
0.0019
 
$
0.0152
 
$
0.0098
 
$
0.0051
 
Total Distributions from Net Investment Income
 
$
0.3919
 
$
0.7852
 
$
0.5078
 
$
0.9501
 
                           
Yields
                         
Market Yield**
   
3.91
%
 
4.25
%
 
4.08
%
 
5.90
%
Taxable-Equivalent Yield**
   
5.43
%
 
5.90
%
 
5.67
%
 
8.19
%

*
Distribution paid in December 2015.
**
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 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of October 31, 2016, the Funds had positive UNII balances for tax purposes and positive UNII balances for financial reporting purposes.

NUVEEN
11


Share Information (continued)
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
EQUITY SHELF PROGRAMS
During the current reporting period, the following Funds were authorized by the Securities and Exchange Commission (SEC) to issue additional shares through an equity shelf program (Shelf Offering). Under these programs, each Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per share. During the current fiscal period, each Fund was authorized to issue additional shares under one or more shelf offerings. The total amount of shares authorized under these shelf offerings are as shown in the accompanying table.

 
NUV
NUW
NEV
 
Additional authorized shares
19,600,000
2,600,000
5,200,000
 
During the current reporting period, each Fund sold common shares through its Shelf Offering at a weighted average premium to its NAV per share as shown in the accompanying table.

   
NUV
   
NUW
   
NEV
 
Shares sold through shelf offering
   
900,076
     
992,372
     
3,842,469
 
Weighted average premium to NAV per share sold
   
1.22
%
   
2.34
%
   
1.80
%
During the current reporting period, NMI and NEV each filed an initial registration statement with the SEC to establish new Shelf Offerings, which are not yet effective.
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Equity Shelf Programs and Offering Costs for further details of Shelf Offerings and each Fund's respective transactions.
SHARE REPURCHASES
During August 2016, the Funds' Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of October 31, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.

 
NUV
NUW
NMI
NEV
 
Shares cumulatively repurchased and retired
 
Shares authorized for repurchase
20,645,000
1,430,000
830,000
2,455,000
 
OTHER SHARE INFORMATION
As of October 31, 2016, and during the current reporting period, the Funds' share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.

   
NUV
 
NUW
 
NMI
 
NEV
 
NAV
 
$
10.39
 
$
17.22
 
$
11.61
 
$
15.58
 
Share price
 
$
9.98
 
$
16.96
 
$
12.20
 
$
14.75
 
Premium/(Discount) to NAV
   
(3.95
)%
 
(1.51
)%
 
5.08
%
 
(5.33
)%
12-month average premium/(discount) to NAV
   
(0.81
)%
 
3.62
%
 
5.50
%
 
1.04
%

12
NUVEEN


Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Municipal Value Fund, Inc. (NUV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NUV.
Nuveen AMT-Free Municipal Value Fund (NUW)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NUW.
Nuveen Municipal Income Fund, Inc. (NMI)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NMI.
Nuveen Enhanced Municipal Value Fund (NEV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. The Fund uses only inverse floaters for its leverage, increasing its exposure to interest rate risk and credit risk, including counter-party credit risk. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NEV.

NUVEEN
13


NUV
 
 
Nuveen Municipal Value Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2016

 
Average Annual
 
 
1-Year
5-Year
10-Year
 
NUV at NAV
5.74%
6.02%
4.83%
 
NUV at Share Price
2.91%
5.25%
4.71%
 
S&P Municipal Bond Index
4.53%
4.57%
4.53%
 
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
5.34%
5.86%
4.89%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
14
NUVEEN


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
98.8%
Corporate Bonds
0.0%
Short-Term Municipal Bonds
0.9%
Other Assets Less Liabilities
1.0%
Net Assets Plus Floating Rate Obligations
100.7%
Floating Rate Obligations
(0.7)%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
19.1%
AA
44.7%
A
15.5%
BBB
8.8%
BB or Lower
10.8%
N/R (not rated)
1.1%
Total
100%

Portfolio Composition
 
(% of total investments)
 
Tax Obligation/Limited
19.7%
Transportation
17.8%
Health Care
16.6%
U.S. Guaranteed
13.0%
Tax Obligation/General
12.1%
Consumer Staples
7.2%
Other
13.6%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
Illinois
14.6%
Texas
13.8%
California
12.6%
Florida
5.8%
Colorado
5.3%
Ohio
5.2%
New York
4.6%
New Jersey
4.3%
Michigan
3.8%
Wisconsin
3.6%
Nevada
3.0%
Indiana
2.8%
Virginia
2.4%
Other
18.2%
Total
100%

NUVEEN
15


NUW
 
 
Nuveen AMT-Free Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2016

 
Average Annual
 
     
Since
 
 
1-Year
5-Year
Inception
 
NUW at NAV
4.90%
5.84%
7.71%
 
NUW at Share Price
2.99%
4.86%
6.92%
 
S&P Municipal Bond Index
4.53%
4.57%
5.56%
 
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
5.34%
5.86%
6.06%
 
Since inception returns are from 2/25/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
16
NUVEEN


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
99.9%
Other Assets Less Liabilities
3.0%
Net Assets Plus Floating Rate Obligations
102.9%
Floating Rate Obligations
(2.9)%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
33.5%
AA
32.1%
A
15.3%
BBB
10.5%
BB or Lower
7.4%
N/R (not rated)
1.2%
Total
100%

Portfolio Composition
 
(% of total investments)
 
U.S. Guaranteed
29.4%
Tax Obligation/Limited
12.4%
Tax Obligation/General
11.7%
Health Care
10.7%
Transportation
10.7%
Utilities
9.3%
Consumer Staples
6.9%
Other
8.9%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
California
13.2%
Illinois
11.7%
Florida
10.0%
Indiana
6.7%
Louisiana
6.5%
Texas
5.8%
Wisconsin
5.8%
New Jersey
5.4%
Ohio
5.4%
Colorado
4.7%
Nevada
4.0%
New York
3.6%
Other
17.2%
Total
100%

NUVEEN
17


NMI
 
 
Nuveen Municipal Income Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2016

 
Average Annual
 
 
1-Year
5-Year
10-Year
 
NMI at NAV
5.71%
6.50%
5.60%
 
NMI at Share Price
15.22%
6.85%
6.69%
 
S&P Municipal Bond Index
4.53%
4.57%
4.53%
 
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
5.34%
5.86%
4.89%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
18
NUVEEN


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
101.4%
Other Assets Less Liabilities
(1.4)%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
13.7%
AA
24.9%
A
27.5%
BBB
22.0%
BB or Lower
8.2%
N/R (not rated)
3.7%
Total
100%

Portfolio Composition
 
(% of total investments)
 
Health Care
20.1%
Tax Obligation/General
12.7%
Utilities
11.7%
Tax Obligation/Limited
10.4%
U.S. Guaranteed
10.0%
Transportation
9.8%
Education and Civic Organizations
9.2%
Consumer Staples
5.5%
Other
10.6%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
California
17.5%
Texas
10.1%
Illinois
10.0%
Missouri
8.6%
Colorado
7.9%
Wisconsin
5.7%
Florida
5.4%
Ohio
4.4%
New York
3.7%
Pennsylvania
3.4%
Georgia
2.2%
Kentucky
2.2%
Other
18.9%
Total
100%

NUVEEN
19


NEV
 
 
Nuveen Enhanced Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2016

 
Average Annual
 
     
Since
 
 
1-Year
5-Year
Inception
 
NEV at NAV
6.10%
8.81%
7.74%
 
NEV at Share Price
1.85%
8.17%
6.35%
 
S&P Municipal Bond Index
4.53%
4.57%
4.59%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
7.63%
8.07%
6.61%
 
Since inception returns are from 9/25/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
20
NUVEEN


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
 
(% of net assets)
 
Long-Term Municipal Bonds
110.6%
Common Stocks
0.8%
Short-Term Municipal Bonds
0.3%
Other Assets Less Liabilities
0.8%
Net Assets Plus Floating Rate Obligations
112.5%
Floating Rate Obligations
(12.5)%
Net Assets
100%

Credit Quality
 
(% of total investment exposure)
 
AAA/U.S. Guaranteed
15.1%
AA
37.0%
A
17.6%
BBB
12.8%
BB or Lower
11.2%
N/R (not rated)
6.3%
Total
100%

Portfolio Composition
 
(% of total investments)
 
Health Care
20.4%
Tax Obligation/Limited
19.5%
Transportation
12.7%
U.S. Guaranteed
8.6%
Education and Civic Organizations
7.7%
Utilities
7.5%
Consumer Staples
5.6%
Tax Obligation/General
5.6%
Other
12.4%
Total
100%

States and Territories
 
(% of total municipal bonds)
 
California
13.6%
Illinois
11.5%
Ohio
9.9%
Wisconsin
9.1%
Pennsylvania
6.3%
Florida
5.2%
Georgia
4.0%
Texas
3.9%
New Jersey
3.9%
New York
3.6%
Colorado
3.4%
Louisiana
3.2%
Washington
3.2%
Other
19.2%
Total
100%

NUVEEN
21

Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 3, 2016 for NUV, NUW, NMI and NEV; at this meeting the shareholders were asked to elect Board Members.

 
NUV
 
NUW
 
NMI
 
NEV
 
 
Common
 
Common
 
Common
 
Common
 
 
shares
 
shares
 
shares
 
shares
 
Approval of the Board Members was reached as follows:
               
William C. Hunter
               
For
177,664,623
 
12,649,149
 
7,219,165
 
21,558,851
 
Withhold
3,621,456
 
345,820
 
232,021
 
295,576
 
Total
181,286,079
 
12,994,969
 
7,451,186
 
21,854,427
 
Judith M. Stockdale
               
For
177,246,696
 
12,616,695
 
7,194,902
 
21,465,360
 
Withhold
4,039,383
 
378,274
 
256,284
 
389,067
 
Total
181,286,079
 
12,994,969
 
7,451,186
 
21,854,427
 
Carole E. Stone
               
For
177,497,771
 
12,639,452
 
7,212,125
 
21,483,762
 
Withhold
3,788,308
 
355,517
 
239,061
 
370,665
 
Total
181,286,079
 
12,994,969
 
7,451,186
 
21,854,427
 
Margaret L. Wolff
               
For
177,543,763
 
12,657,263
 
7,221,662
 
21,534,319
 
Withhold
3,742,316
 
337,706
 
229,524
 
320,108
 
Total
181,286,079
 
12,994,969
 
7,451,186
 
21,854,427
 

22
NUVEEN


Report of Independent Registered Public Accounting Firm
To the Board of Directors/Trustees and Shareholders of
Nuveen Municipal Value Fund, Inc.
Nuveen AMT-Free Municipal Value Fund
Nuveen Municipal Income Fund, Inc.
Nuveen Enhanced Municipal Value Fund:
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Municipal Value Fund, Inc., Nuveen AMT-Free Municipal Value Fund, Nuveen Municipal Income Fund, Inc., and Nuveen Enhanced Municipal Value Fund (the "Funds") as of October 31, 2016, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through October 31, 2013 were audited by other auditors whose report dated December 27, 2013 expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2016, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Chicago, Illinois
December 29, 2016

NUVEEN
23


NUV  
  Nuveen Municipal Value Fund, Inc.  
  Portfolio of Investments October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 98.8%            
      MUNICIPAL BONDS – 98.8%            
      Alaska – 0.1%            
$ 2,710   Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 1/17 at 100.00   B3 $ 2,659,567  
      Arizona – 0.8%            
  2,500   Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/38 7/18 at 100.00   AA–   2,653,475  
  2,575  
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
12/17 at 102.00
  B–   2,507,252  
  5,600   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 No Opt. Call   BBB+   6,732,656  
  4,240   Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured 9/20 at 100.00   AA   4,665,823  
  14,915   Total Arizona         16,559,206  
      Arkansas – 0.3%            
  1,150   Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding & Improvement Series 2007, 4.750%, 10/01/33 (Pre-refunded 10/01/17) – SYNCORA GTY Insured 10/17 at 100.00   A (4)   1,191,986  
  5,650   Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A, 4.750%, 11/01/18 – AGM Insured No Opt. Call   AA   5,669,379  
  6,800   Total Arkansas         6,861,365  
      California – 12.5%            
  5,000   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B, 5.000%, 10/01/36 10/26 at 100.00   BBB+   5,833,450  
  4,615   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured No Opt. Call   AA   3,995,205  
  5,000   Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38 4/23 at 100.00   AA–   5,849,750  
  4,800   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Refunding Series 2006, 0.000%, 6/01/33 1/17 at 38.96   CCC   1,854,096  
      California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:            
  3,275   5.450%, 6/01/28 12/18 at 100.00   B3   3,355,467  
  4,200   5.600%, 6/01/36 12/18 at 100.00   B3   4,312,098  
  1,175   California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Refunding Series 2016AW, 5.000%, 12/01/33 12/26 at 100.00   AAA   1,453,075  
  10,000   California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 11/26 at 100.00   AA–   11,752,100  
  3,850   California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33 7/23 at 100.00   AA–   4,455,451  
  2,335   California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 7/20 at 100.00   Baa2   2,555,004  
  2,130   California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax) 6/17 at 100.00   A3   2,175,241  
  1,625   California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38 11/23 at 100.00   A+   1,917,549  

 

24 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 4,400   California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30 2/17 at 100.00   AA– $ 4,437,224  
      California State, General Obligation Bonds, Various Purpose Series 2007:            
  9,730   5.000%, 6/01/37 (Pre-refunded 6/01/17) 6/17 at 100.00   Aaa   9,973,347  
  6,270   5.000%, 6/01/37 (Pre-refunded 6/01/17) 6/17 at 100.00   Aaa   6,426,813  
  5,000   California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 10/21 at 100.00   AA–   5,773,250  
  3,645   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.000%, 12/01/41 6/26 at 100.00   BB   4,071,064  
  275   California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17 1/17 at 100.00   BBB+   276,144  
  3,125   California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 8/19 at 100.00   N/R (4)   3,619,156  
  3,600   California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 7/18 at 100.00   AA– (4)   3,894,696  
  6,120   Chino Valley Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006D, 0.000%, 8/01/30 8/17 at 53.63   Aa2   3,175,301  
  5,000   Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured 8/18 at 100.00   Aa1 (4)   5,363,400  
  4,505   Covina-Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured No Opt. Call   AA–   2,996,906  
  16,045   Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured 8/17 at 42.63   AA   6,770,027  
  2,180   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 6.850%, 1/15/42 1/31 at 100.00   BBB–   1,855,115  
  30,000   Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM) No Opt. Call   Aaa   27,806,400  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  23,995   4.500%, 6/01/27 6/17 at 100.00   B   24,052,348  
  14,475   5.000%, 6/01/33 6/17 at 100.00   B–   14,323,302  
  1,500   5.125%, 6/01/47 6/17 at 100.00   B–   1,454,010  
      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–   2,149,200  
  2,555   0.000%, 8/01/24 – FGIC Insured No Opt. Call   AA–   2,109,510  
  2,365   Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured No Opt. Call   AA–   1,738,370  
      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   AA   2,927,930  
  2,315   0.000%, 8/01/43 (5) 8/35 at 100.00   AA   1,913,695  
  3,550   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 No Opt. Call   A   4,949,942  
      Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C:            
  7,200   0.000%, 8/01/29 – NPFG Insured 8/17 at 54.45   Aa2   3,885,696  
  11,575   0.000%, 8/01/31 – NPFG Insured 8/17 at 49.07   Aa2   5,621,399  
  2,350   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   Ba1 (4)   2,735,564  
  10,150   Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/33 – AGM Insured No Opt. Call   AA   5,900,296  

 

NUVEEN 25


NUV Nuveen Municipal Value Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 4,000   Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/47 7/17 at 100.00   Baa2 $ 4,076,920  
  15,505   Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 5.000%, 8/01/37 – NPFG Insured 8/17 at 100.00   AA–   15,874,794  
      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   AA   2,176,158  
  2,660   0.000%, 8/01/25 – FGIC Insured No Opt. Call   AA   2,165,878  
  250   San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41 (Pre-refunded 2/01/21) 2/21 at 100.00   BBB+ (4)   311,545  
  12,095   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured No Opt. Call   AA–   9,457,806  
  5,000   San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax) 3/17 at 100.00   A2   5,077,750  
  13,220   San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/28 – NPFG Insured No Opt. Call   AAA   10,099,287  
  5,000   San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured No Opt. Call   Aaa   4,267,750  
  5,815   San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/48 No Opt. Call   AA   1,273,427  
  2,000   Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27 6/17 at 100.00   B+   2,002,860  
      University of California, General Revenue Bonds, Series 2009O:            
  370   5.250%, 5/15/39 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (4)   411,103  
  720   5.250%, 5/15/39 (Pre-refunded 5/15/19) 5/19 at 100.00   AA (4)   798,494  
  210   5.250%, 5/15/39 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (4)   232,894  
  304,910   Total California         267,935,257  
      Colorado – 5.3%            
  5,000   Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured 1/17 at 100.00   BBB–   5,010,450  
  5,200   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38 1/17 at 100.00   A–   5,214,092  
  7,105   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   A–   7,928,683  
  1,700   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured 9/18 at 102.00   AA   1,825,919  
  2,845   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B, 5.000%, 1/01/21 1/20 at 100.00   AA–   3,192,175  
  15,925   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 1/20 at 100.00   AA–   17,409,051  
  750   Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 5.000%, 12/01/23 (Pre-refunded 12/01/16) – RAAI Insured 12/16 at 100.00   AA (4)   752,677  
  2,000   Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2012A, 5.000%, 3/01/41 3/22 at 100.00   Aa2   2,281,380  
      Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B:            
  2,750   5.000%, 11/15/25 No Opt. Call   A+   3,294,032  
  2,200   5.000%, 11/15/29 11/22 at 100.00   A+   2,591,996  
  5,160   Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 11/23 at 100.00   A   5,877,085  

 

26 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado (continued)            
      E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:            
$ 9,660   0.000%, 9/01/29 – NPFG Insured No Opt. Call   AA– $ 6,485,917  
  24,200   0.000%, 9/01/31 – NPFG Insured No Opt. Call   AA–   14,990,448  
  17,000   0.000%, 9/01/32 – NPFG Insured No Opt. Call   AA–   10,116,870  
  7,600   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured 9/26 at 52.09   AA–   2,706,588  
      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   AA–   4,606,371  
  10,075   0.000%, 3/01/36 – NPFG Insured 9/20 at 41.72   AA–   3,628,310  
  5,000   Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured 12/17 at 100.00   AA (4)   5,250,350  
  5,000   Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding Series 2011, 6.000%, 11/01/26 11/21 at 100.00   Baa1   5,897,100  
  3,750   Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41 7/20 at 100.00   BBB+   4,267,912  
  140,620   Total Colorado         113,327,406  
      Connecticut – 0.1%            
  1,500   Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2011A, 5.000%, 7/01/41 7/21 at 100.00   A   1,641,645  
  8,696   Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31, PIK, (6) No Opt. Call   N/R   338,891  
  10,196   Total Connecticut         1,980,536  
      District of Columbia – 0.6%            
  15,000   District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 1/17 at 16.33   N/R   1,919,250  
  10,000   Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured 1/17 at 100.00   A1   10,025,900  
  25,000   Total District of Columbia         11,945,150  
      Florida – 5.8%            
  3,000   Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured 10/21 at 100.00   AA   3,457,380  
  565   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A, 6.000%, 6/15/35 6/25 at 100.00   N/R   591,256  
  2,845   Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19) 10/19 at 100.00   AA– (4)   3,174,337  
  2,290   Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 10/24 at 100.00   A+   2,629,676  
  5,000   Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17) 10/17 at 100.00   BBB+ (4)   5,195,850  
  5,090   Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/40 7/20 at 100.00   A   5,699,018  
  9,500   Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 6.000%, 8/01/46 8/21 at 100.00   A+   10,977,725  
  2,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37 10/24 at 100.00   A   2,333,620  
  6,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, 5.500%, 10/01/36 (Pre-refunded 10/01/19) 10/19 at 100.00   A (4)   6,767,700  
  4,000   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/29 10/20 at 100.00   A   4,535,840  

 

NUVEEN 27


NUV Nuveen Municipal Value Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 4,000   Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/42 7/22 at 100.00   AA $ 4,593,400  
  9,590   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured 10/20 at 100.00   AA   10,794,792  
  5,520   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45 10/26 at 100.00   A   5,751,785  
  10,725   Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, 5.000%, 11/01/44 5/24 at 100.00   AA+   12,311,227  
  3,250   Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/43 11/22 at 100.00   BBB+   3,516,337  
  9,440   Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, Series 2007B, 5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured 7/17 at 100.00   AA– (4)   9,708,474  
  2,500   Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27 10/17 at 100.00   BBB   2,575,350  
  6,865   South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/34 5/25 at 100.00   AA   7,269,143  
      South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007:            
  3,035   5.000%, 8/15/19 8/17 at 100.00   AA–   3,133,273  
  14,730   5.000%, 8/15/42 (UB) (7) 8/17 at 100.00   AA–   15,079,543  
  3,300   Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 5/22 at 100.00   Aa2   3,756,720  
  113,245   Total Florida         123,852,446  
      Georgia – 0.1%            
  2,500   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/34 5/25 at 100.00   AA–   2,957,025  
      Guam – 0.0%            
  330   Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax) 10/23 at 100.00   BBB   394,766  
      Hawaii – 0.2%            
  3,625   Honolulu City and County, Hawaii, General Obligation Bonds, Refunding Series 2009A, 5.250%, 4/01/32 (Pre-refunded 4/01/19) 4/19 at 100.00   Aa1 (4)   3,997,432  
      Illinois – 14.6%            
  5,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 12/25 at 100.00   B   5,317,100  
  2,945   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 12/26 at 100.00   B   3,025,398  
  17,725   Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured No Opt. Call   AA–   12,934,641  
  7,495   Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured No Opt. Call   AA–   3,698,857  
  1,500   Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36 1/22 at 100.00   AA+   1,607,625  
      Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:            
  2,750   4.750%, 1/01/30 – AGM Insured 1/17 at 100.00   AA   2,758,470  
  5,000   4.625%, 1/01/31 – AGM Insured 1/17 at 100.00   AA   5,014,800  
  595   Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2006A, 5.000%, 1/01/17 – AGM Insured 12/16 at 100.00   AA   598,267  
  230   Chicago, Illinois, General Obligation Bonds, Refunding Series 2005A, 5.000%, 1/01/17 – AGM Insured 12/16 at 100.00   AA   230,807  

 

28 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 285   Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured 1/17 at 100.00   AA– $ 285,841  
  7,750   Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured 1/17 at 100.00   AA   7,775,342  
  3,320   Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured No Opt. Call   AA–   3,086,172  
  3,020   Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 (Pre-refunded 12/01/16) – AGM Insured 12/16 at 100.00   AA (4)   3,030,510  
  8,875   Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 11/20 at 100.00   AA–   9,615,086  
  3,260   Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40 10/20 at 100.00   Caa1   3,401,973  
  5,000   Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37 No Opt. Call   AAA   5,604,250  
  13,070   Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured No Opt. Call   Aa3   12,503,677  
  14,960   Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured (ETM) No Opt. Call   Aa3 (4)   14,572,536  
  1,800   Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured No Opt. Call   A2   1,722,456  
  1,875   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 11/19 at 100.00   AA+   2,116,612  
  3,000   Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 11/19 at 100.00   AA+   3,288,030  
  1,735   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 5/20 at 100.00   A   1,973,823  
  3,110   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (4)   3,636,336  
      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)   53,059  
  4,755   7.750%, 8/15/34 (Pre-refunded 8/15/19) 8/19 at 100.00   BBB– (4)   5,629,682  
      Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B:            
  70   5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured 5/18 at 100.00   AA (4)   74,410  
  1,930   5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured 5/18 at 100.00   AA (4)   2,051,590  
  5,000   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A, 5.000%, 11/15/38 5/25 at 100.00   A+   5,766,600  
  4,260   Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17) 8/17 at 100.00   N/R (4)   4,409,995  
  4,475   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30 8/18 at 100.00   BBB+   4,699,824  
      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   633,685  
  825   5.000%, 8/15/44 8/25 at 100.00   Baa1   918,217  
  2,500   Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) 2/21 at 100.00   AA– (4)   2,955,800  
  3,000   Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 10/21 at 100.00   AA+   3,313,830  
  5,245   Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.642%, 7/01/46 (Pre-refunded 7/01/17) (IF) (7) 7/17 at 100.00   AA+ (4)   5,539,035  
  1,205   Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM) No Opt. Call   N/R (4)   1,259,659  
  3,750   Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – AMBAC Insured 1/17 at 100.00   BBB   3,763,912  

 

NUVEEN 29


NUV Nuveen Municipal Value Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 1,755   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 (WI/DD, Settling 11/02/16) 2/27 at 100.00   BBB+ $ 1,908,299  
  655   Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 8/22 at 100.00   BBB+   703,477  
  5,590   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 1/23 at 100.00   AA–   6,387,302  
  5,000   Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured (6) 1/17 at 100.00   D   3,999,500  
  16,800   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured No Opt. Call   AA–   14,276,304  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B:            
  3,070   5.500%, 6/15/20 – NPFG Insured 6/17 at 101.00   AA–   3,184,112  
  3,950   5.550%, 6/15/21 – NPFG Insured 6/17 at 101.00   AA–   4,097,453  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B:            
  705   5.500%, 6/15/20 (Pre-refunded 6/15/17) – NPFG Insured 6/17 at 101.00   AA– (4)   732,918  
  1,765   5.550%, 6/15/21 (Pre-refunded 6/15/17) – NPFG Insured 6/17 at 101.00   AA– (4)   1,835,441  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:            
  9,415      0.000%, 6/15/17 – NPFG Insured No Opt. Call   AA–   9,306,822  
  9,270      0.010%, 6/15/18 – FGIC Insured No Opt. Call   AA–   8,929,791  
  2,905   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured (ETM) No Opt. Call   AA– (4)   2,888,732  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B:            
  7,250   0.000%, 6/15/18 – NPFG Insured No Opt. Call   AA–   6,983,925  
  3,635   0.000%, 6/15/21 – NPFG Insured No Opt. Call   AA–   3,141,803  
  5,190   0.000%, 6/15/28 – NPFG Insured No Opt. Call   AA–   3,227,038  
  11,670   0.000%, 6/15/29 – FGIC Insured No Opt. Call   AA–   6,856,825  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:            
  10,000   0.000%, 6/15/24 – NPFG Insured (5) 6/22 at 101.00   AA–   11,244,600  
  4,950   0.000%, 12/15/32 – NPFG Insured No Opt. Call   AA–   2,455,893  
  21,375   0.000%, 6/15/34 – NPFG Insured No Opt. Call   AA–   9,901,327  
  10,000   0.000%, 12/15/34 – NPFG Insured No Opt. Call   AA–   4,532,100  
  21,000   0.000%, 12/15/35 – NPFG Insured No Opt. Call   AA–   9,026,010  
  21,970   0.000%, 6/15/36 – NPFG Insured No Opt. Call   AA–   9,166,104  
  10,375   0.000%, 12/15/36 – NPFG Insured No Opt. Call   AA–   4,233,207  
  25,825   0.000%, 6/15/39 – NPFG Insured No Opt. Call   AA–   9,261,103  
  6,095   Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured No Opt. Call   AA   8,545,068  
  1,160   Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, Series 2007, 4.700%, 3/01/33 – AGC Insured 3/17 at 100.00   AA   1,173,630  
  5,020   Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured No Opt. Call   AA   4,139,592  
  3,100   Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 (Pre-refunded 3/01/17) – NPFG Insured 3/17 at 100.00   AA– (4)   3,144,330  
  615   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42 10/23 at 100.00   A   726,715  
  1,575   Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured No Opt. Call   A3   1,532,380  

 

30 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 720   Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM) No Opt. Call   A3 (4) $ 711,713  
      Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004:            
  3,560   0.000%, 11/01/16 – NPFG Insured No Opt. Call   AA–   3,560,000  
  2,550   0.000%, 11/01/22 – NPFG Insured No Opt. Call   AA–   2,206,183  
      Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004:            
  120   0.000%, 11/01/16 – NPFG Insured (ETM) No Opt. Call   A3 (4)   120,000  
  780   0.000%, 11/01/22 – NPFG Insured (ETM) No Opt. Call   A3 (4)   708,724  
  391,335   Total Illinois         313,716,328  
      Indiana – 2.8%            
  300   Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24 4/17 at 100.00   BB+   300,468  
  5,010   Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 5/23 at 100.00   A   5,605,589  
  2,250   Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 4.000%, 12/01/40 6/25 at 100.00   AA   2,358,270  
  5,740   Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax) 7/23 at 100.00   BBB+   6,294,197  
  6,400   Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.000%, 9/01/46 (Alternative Minimum Tax) 9/24 at 100.00   BB–   6,765,568  
  2,250   Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc, Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured 5/18 at 100.00   Aa3 (4)   2,397,420  
      Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007:            
  1,030   5.500%, 3/01/37 (Pre-refunded 3/01/17) 3/17 at 100.00   N/R (4)   1,046,542  
  970   5.500%, 3/01/37 (Pre-refunded 3/01/17) 3/17 at 100.00   A+ (4)   981,805  
  8,235   Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured 1/17 at 100.00   AA– (4)   8,293,880  
      Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:            
  12,550   0.000%, 2/01/21 – AMBAC Insured No Opt. Call   AA   11,662,338  
  2,400   0.000%, 2/01/25 – AMBAC Insured No Opt. Call   AA   1,998,432  
  14,595   0.000%, 2/01/27 – AMBAC Insured No Opt. Call   AA   11,370,089  
  850   Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.750%, 1/15/32 7/20 at 100.00   N/R   930,886  
  62,580   Total Indiana         60,005,484  
      Iowa – 1.2%            
  14,500   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22 12/18 at 100.00   B   14,710,975  
      Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:            
  175   5.375%, 6/01/38 1/17 at 100.00   B+   174,986  
  7,000   5.625%, 6/01/46 1/17 at 100.00   B+   6,924,960  
  4,965   Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 6/17 at 100.00   B+   4,989,130  
  26,640   Total Iowa         26,800,051  
      Kansas – 0.0%            
  45   Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 (Mandatory put 11/12/15) (Pre-refunded 12/01/16) 12/16 at 76.41   A– (4)   34,361    

 

NUVEEN 31


NUV Nuveen Municipal Value Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Kentucky – 0.6%            
$ 685   Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured 1/17 at 100.00   AA– $ 687,007  
      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   A+   1,852,723  
  1,600   5.000%, 1/01/28 1/26 at 100.00   A+   1,920,016  
  1,750   Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured 6/18 at 100.00   AA   1,855,105  
  1,170   Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured 9/17 at 100.00   AA– (4)   1,211,301  
  6,000   Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5) 7/31 at 100.00   Baa3   5,098,620  
  12,735   Total Kentucky         12,624,772  
      Louisiana – 1.7%            
  12,000   Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 11/17 at 100.00   BBB   12,611,280  
  2,310   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 8/20 at 100.00   BBB   2,654,767  
  5,450   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35 11/20 at 100.00   BBB   6,316,604  
  5,075   Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured 6/17 at 100.00   AA– (4)   5,217,303  
      Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:            
  2,640   5.250%, 5/15/38 5/17 at 100.00   A–   2,688,682  
  1,415   5.375%, 5/15/43 5/17 at 100.00   A–   1,441,885  
      Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:            
  1,005   5.250%, 5/15/38 (Pre-refunded 5/15/17) 5/17 at 100.00   N/R (4)   1,029,683  
  525   5.375%, 5/15/43 (Pre-refunded 5/15/17) 5/17 at 100.00   N/R (4)   538,251  
  4,420   Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/28 7/23 at 100.00   AA–   5,088,702  
  34,840   Total Louisiana         37,587,157  
      Maine – 0.3%            
  4,250   Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 7/23 at 100.00   BBB   4,696,420  
  1,050   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41 7/21 at 100.00   BBB–   1,175,580  
  5,300   Total Maine         5,872,000  
      Maryland – 0.8%            
      Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:            
  1,300   5.250%, 9/01/17 – SYNCORA GTY Insured 1/17 at 100.00   Ba1   1,304,186  
  3,240   4.600%, 9/01/30 – SYNCORA GTY Insured 1/17 at 100.00   Ba1   3,248,716  
  1,545   5.250%, 9/01/39 – SYNCORA GTY Insured 1/17 at 100.00   Ba1   1,549,156  
  2,500   Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39 1/17 at 100.00   BB   2,505,600  
  1,050   Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/41 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   1,189,440  
  1,050   Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, Meritus Medical Center, Series 2015, 5.000%, 7/01/40 7/25 at 100.00   BBB   1,179,759  

 

32 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Maryland (continued)            
$ 1,500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36 1/22 at 100.00   Baa3 $ 1,763,145  
  3,510   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A, 4.000%, 7/01/42 7/26 at 100.00   BBB   3,671,811  
  15,695   Total Maryland         16,411,813  
      Massachusetts – 2.0%            
      Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A:            
  1,450   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00   N/R (4)   1,555,966  
  3,550   5.250%, 7/01/34 (Pre-refunded 7/01/18) 7/18 at 100.00   AAA   3,809,434  
  2,100   Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41 11/23 at 100.00   A   2,421,531  
      Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2016E:            
  2,905   5.000%, 7/01/35 7/26 at 100.00   BBB   3,296,623  
  1,105   5.000%, 7/01/36 7/26 at 100.00   BBB   1,253,965  
  2,765   Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, Series 2016N, 5.000%, 12/01/41 12/26 at 100.00   A1   3,241,714  
  500   Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   A– (4)   535,335  
  2,300   Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39 7/19 at 100.00   BBB   2,522,203  
  11,400   Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax) 12/18 at 100.00   AA–   11,884,158  
  9,110   Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 5/23 at 100.00   AA+   10,601,307  
  980   Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/29 – NPFG Insured No Opt. Call   AA–   737,087  
  320   Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30 8/30 at 100.00   Aaa   321,293  
  38,485   Total Massachusetts         42,180,616  
      Michigan – 3.5%            
      Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013:            
  2,000   6.000%, 10/01/33 10/23 at 100.00   N/R   1,933,960  
  2,520   6.000%, 10/01/43 10/23 at 100.00   N/R   2,375,856  
  7,150   Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21 11/16 at 100.00   B–   7,077,785  
  1,415   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 7/22 at 100.00   A   1,582,069  
  3,700   Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23 (Pre-refunded 3/01/17) 3/17 at 103.00   AA (4)   3,854,660  
  15   Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 7/01/35 – NPFG Insured 1/17 at 100.00   AA–   15,029  
  3,000   Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured No Opt. Call   AA–   3,726,240  
  3,395   Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 (Pre-refunded 7/01/18) – BHAC Insured 7/18 at 100.00   AA+ (4)   3,638,931  
  7,525   Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – FGIC Insured 7/18 at 100.00   AA+   7,985,003  

 

NUVEEN 33


NUV Nuveen Municipal Value Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Michigan (continued)            
$ 5   Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%, 7/01/34 – NPFG Insured 1/17 at 100.00   AA– $ 5,016  
  5   Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/34 – NPFG Insured 1/17 at 100.00   A   5,016  
  2,200   Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2005B, 4.750%, 7/01/34 (Pre-refunded 7/01/18) – BHAC Insured 7/18 at 100.00   AA+ (4)   2,336,180  
  2,000   Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured 5/20 at 100.00   A2   2,208,360  
  1,950   Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 7/22 at 100.00   A   2,144,298  
  4,585   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 12/21 at 100.00   AA–   5,299,435  
  15   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21) 12/21 at 100.00   N/R (4)   17,819  
  5,000   Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/35 6/22 at 100.00   AA   5,726,050  
  2,155   Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/29 (Pre-refunded 10/01/20) 10/20 at 100.00   AAA   2,446,334  
  5,000   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/41 10/21 at 100.00   Aa2   5,746,100  
  10,000   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/30 10/25 at 100.00   Aa2   11,950,400  
  2,890   Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 No Opt. Call   A1   3,231,714  
  1,150   Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 9/18 at 100.00   Aaa   1,304,640  
  1,100   Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D, 5.000%, 12/01/45 12/25 at 100.00   A   1,268,091  
  68,775   Total Michigan         75,878,986  
      Minnesota – 0.9%            
  1,670   Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 1/17 at 100.00   A–   1,675,645  
  6,375   Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18) 11/18 at 100.00   A+ (4)   7,109,272  
  3,200   Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B, 5.000%, 11/15/36 No Opt. Call   AA   4,221,600  
  6,730   Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 (Pre-refunded 11/15/16) 11/16 at 100.00   Aaa   6,741,778  
  17,975   Total Minnesota         19,748,295  
      Missouri – 0.9%            
  3,465   Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48 11/23 at 100.00   A2   3,880,454  
  12,000   Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B, 5.000%, 6/01/30 6/20 at 100.00   AA–   13,179,720  
      Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A:            
  1,875   4.500%, 12/15/25 (Pre-refunded 12/15/16) 12/16 at 100.00   AA– (4)   1,883,644  
  725   4.500%, 12/15/25 (Pre-refunded 12/15/16) – NPFG Insured 12/16 at 100.00   AA– (4)   728,350  
  18,065   Total Missouri         19,672,168  

 

34 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Nebraska – 0.3%            
$ 1,400   Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 11/25 at 100.00   A– $ 1,584,604  
  5,000   Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%, 2/01/39 (Pre-refunded 2/01/18) 2/18 at 100.00   AA (4)   5,290,650  
  6,400   Total Nebraska         6,875,254  
      Nevada – 3.0%            
  2,000   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2007A-1, 5.000%, 7/01/26 – AMBAC Insured (Alternative Minimum Tax) No Opt. Call   A+   2,045,620  
  5,075   Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 1/20 at 100.00   A+   5,764,845  
      Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:            
  5,220   5.000%, 6/01/33 12/24 at 100.00   Aa1   6,258,362  
  10,000   5.000%, 6/01/34 12/24 at 100.00   Aa1   11,948,500  
  9,000   5.000%, 6/01/39 12/24 at 100.00   Aa1   10,637,370  
  5,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water Improvement Series 2016A, 5.000%, 6/01/41 6/26 at 100.00   Aa1   5,914,250  
  275   Nevada State, General Obligation Bonds, Municipal Bond Bank Projects R9A-R12, Refunding Series 2005F, 5.000%, 12/01/16 – AGM Insured 11/16 at 100.00   AA+   276,040  
  10,000   North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured 1/17 at 100.00   AA–   10,008,000  
  10,000   Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 7/01/31 – BHAC Insured (UB) (7) 7/17 at 100.00   AA+   10,234,800  
  1,500   Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A, 6.750%, 6/15/28 6/18 at 100.00   B1   1,569,165  
  58,070   Total Nevada         64,656,952  
      New Hampshire – 0.1%            
  1,500   New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 10/19 at 100.00   Baa1 (4)   1,718,790  
      New Jersey – 4.0%            
  930   New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) 1/24 at 100.00   AA   1,056,554  
  2,550   New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured 1/17 at 100.00   AA–   2,620,151  
  5,990   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/25 – AGM Insured No Opt. Call   AA   7,307,021  
  4,000   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/25 3/23 at 100.00   A3   4,459,800  
  3,300   New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 7/18 at 100.00   BB+   3,450,414  
  4,740   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/34 1/17 at 41.49   A+   1,954,112  
  9,420   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/31 No Opt. Call   A3   4,831,047  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:            
  30,000   0.000%, 12/15/30 – FGIC Insured No Opt. Call   AA–   17,472,600  
  27,000   0.000%, 12/15/32 – AGM Insured No Opt. Call   AA   14,291,640  
  6,095   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42 No Opt. Call   A3   6,481,850  

 

NUVEEN 35


NUV Nuveen Municipal Value Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  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, Series 2013AA, 5.000%, 6/15/29 6/23 at 100.00   A3 $ 4,971,825  
      New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:            
  2,750   5.250%, 6/15/32 6/25 at 100.00   A3   3,098,865  
  2,150   5.250%, 6/15/34 6/25 at 100.00   A3   2,407,484  
  1,135   Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 5/23 at 100.00   Aa3   1,316,804  
      Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:            
  4,335   4.625%, 6/01/26 6/17 at 100.00   B+   4,355,375  
  6,215   4.750%, 6/01/34 6/17 at 100.00   B–   5,987,904  
  115,110   Total New Jersey         86,063,446  
      New Mexico – 0.0%            
  910   University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21 No Opt. Call   AA   1,009,600  
      New York – 4.5%            
  9,490   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured 2/17 at 100.00   A   9,603,880  
  5,160   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 5/01/33 (Pre-refunded 5/01/19) – BHAC Insured 5/19 at 100.00   AA+ (4)   5,733,947  
  12,855   Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 5/21 at 100.00   A–   14,354,022  
  5,000   Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1, 5.000%, 11/15/39 11/26 at 100.00   AA–   5,870,700  
  1,510   New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006B, 5.000%, 12/01/31 12/16 at 100.00   BB–   1,512,310  
  9,850   New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured 1/17 at 100.00   AA–   9,882,111  
  3,525   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 No Opt. Call   AA+   3,895,654  
  1,680   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27 5/17 at 100.00   AAA   1,713,331  
  3,320   New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27 (Pre-refunded 5/01/17) 5/17 at 100.00   N/R (4)   3,387,595  
  10,000   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 11/24 at 100.00   N/R   11,286,500  
  2,700   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51 No Opt. Call   A+   3,170,259  
  8,270   New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.250%, 1/01/50 (Alternative Minimum Tax) 7/24 at 100.00   BBB   9,177,302  
  3,250   Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, 5.000%, 8/15/33 (Pre-refunded 8/15/17) – AGM Insured 8/17 at 100.00   AA (4)   3,360,760  
  9,925   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 12/20 at 100.00   Baa1   11,516,375  
  3,000   Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50 5/25 at 100.00   AA–   3,468,540  
  89,535   Total New York         97,933,286  

 

36 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      North Carolina – 0.6%            
$ 3,000   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47 (Pre-refunded 1/15/18) 1/18 at 100.00   AA– (4) $ 3,151,260  
  1,500   Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37 1/21 at 100.00   AA–   1,679,115  
      North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015:            
  905   5.000%, 12/31/37 (Alternative Minimum Tax) 6/25 at 100.00   BBB–   1,013,582  
  2,025   5.000%, 6/30/54 (Alternative Minimum Tax) 6/25 at 100.00   BBB–   2,214,176  
  2,010   North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2010A, 5.000%, 6/01/42 (Pre-refunded 6/01/20) 6/20 at 100.00   AA (4)   2,285,310  
  1,255   North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health Combined Group, Series 2007, 4.500%, 10/01/31 10/17 at 100.00   AA–   1,288,559  
  745   North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health Combined Group, Series 2007, 4.500%, 10/01/31 (Pre-refunded 10/01/17) 10/17 at 100.00   N/R (4)   770,889  
  11,440   Total North Carolina         12,402,891  
      North Dakota – 0.4%            
  7,820   Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31 11/21 at 100.00   A+   9,389,787  
      Ohio – 5.0%            
  9,405   American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18) 2/18 at 100.00   N/R (4)   9,937,981  
  595   American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 2/18 at 100.00   A1   623,971  
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  6,615   5.375%, 6/01/24 6/17 at 100.00   B–   6,536,149  
  6,075   5.125%, 6/01/24 6/17 at 100.00   B–   5,758,493  
  12,205   5.875%, 6/01/30 6/17 at 100.00   B–   11,566,068  
  17,165   5.750%, 6/01/34 6/17 at 100.00   B–   16,089,269  
  4,020   6.000%, 6/01/42 6/17 at 100.00   B–   3,856,627  
  11,940   5.875%, 6/01/47 6/17 at 100.00   B–   11,300,852  
  16,415   Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 6/22 at 100.00   B–   16,035,321  
  1,730   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 11/21 at 100.00   AA   2,062,852  
  13,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory put 9/15/21) No Opt. Call   B   12,800,580  
  4,110   Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth Bypass Project, Series 2015, 5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax) 6/25 at 100.00   AA   4,642,656  
  4,975   Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 2/23 at 100.00   A+   5,602,696  
  108,250   Total Ohio         106,813,515  
      Oklahoma – 0.3%            
  1,400   Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 8/21 at 100.00   N/R   1,667,120  
  2,000   Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 5.125%, 9/01/37 9/17 at 100.00   BBB+   2,018,560  

 

NUVEEN 37


NUV Nuveen Municipal Value Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Oklahoma (continued)            
      Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Refunding Series 2015A:            
$ 1,590   5.000%, 8/15/27 8/25 at 100.00   AA– $ 1,947,734  
  1,250   5.000%, 8/15/29 8/25 at 100.00   AA–   1,510,238  
  6,240   Total Oklahoma         7,143,652  
      Oregon – 0.1%            
  760   Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/32 10/17 at 100.00   A   785,232  
  2,100   Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/32 (Pre-refunded 10/01/17) 10/17 at 100.00   N/R (4)   2,182,257  
  2,860   Total Oregon         2,967,489  
      Pennsylvania – 0.8%            
      Pennsylvania State University, Revenue Bonds, Series 2016A:            
  1,325   5.000%, 9/01/35 9/26 at 100.00   Aa1   1,590,398  
  1,675   5.000%, 9/01/36 9/26 at 100.00   Aa1   2,005,695  
  1,250   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5) No Opt. Call   AA–   1,110,400  
  2,715   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41 12/21 at 100.00   AA–   3,027,442  
  7,500   Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/43 12/22 at 100.00   AA–   8,506,575  
  14,465   Total Pennsylvania         16,240,510  
      South Carolina – 1.8%            
      Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:            
  12,760   0.000%, 1/01/28 – AMBAC Insured No Opt. Call   AA   9,287,366  
  9,535   0.000%, 1/01/29 – AMBAC Insured No Opt. Call   AA   6,673,070  
  3,000   South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Refunding Series 2011B, 5.000%, 12/01/16 No Opt. Call   AA–   3,010,950  
      South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A:            
  5,500   5.000%, 12/01/50 6/25 at 100.00   AA–   6,198,170  
  8,000   5.000%, 12/01/55 6/25 at 100.00   AA–   9,009,200  
  3,455   South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 6/24 at 100.00   AA–   4,075,380  
  42,250   Total South Carolina         38,254,136  
      Tennessee – 0.5%            
  2,780   Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding & Improvement Series 2008, 5.625%, 4/01/38 4/18 at 100.00   A+   2,940,100  
  7,520   Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding & Improvement Series 2008, 5.625%, 4/01/38 (Pre-refunded 4/01/18) 4/18 at 100.00   N/R (4)   8,027,299  
  10,300   Total Tennessee         10,967,399  
      Texas – 13.7%            
  2,000   Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/34 1/17 at 100.00   BB   2,009,120  
  5,560   Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/38 (Pre-refunded 2/15/17) 2/17 at 100.00   AAA   5,629,222  
  5,110   Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6) 1/17 at 100.00   N/R   176,142  

 

38 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 2,100   Carrollton-Farmers Branch Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2007, 4.500%, 2/15/17 No Opt. Call   AAA $ 2,123,856  
  2,420   Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 1/01/43 1/23 at 100.00   BBB+   2,671,898  
  5,355   Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2016, 4.000%, 1/01/41 1/26 at 100.00   BBB   5,558,972  
  7,500   Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (Alternative Minimum Tax) No Opt. Call   A+   8,361,225  
  240   Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 9/24 at 100.00   BB+   257,023  
  5,000   El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of Obligation, Series 2013, 5.000%, 8/15/39 8/23 at 100.00   AA–   5,588,700  
  6,005   Friendswood Independent School District, Galveston County, Texas, General Obligation Bonds, Schoolhouse Series 2008, 5.000%, 2/15/37 (Pre-refunded 2/15/18) 2/18 at 100.00   AAA   6,327,889  
  27,340   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53 10/23 at 100.00   AA+   31,684,326  
  2,845   Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 4.000%, 12/01/45 6/25 at 100.00   AA   2,988,388  
  5,000   Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 (Pre-refunded 2/15/17) – NPFG Insured 2/17 at 100.00   AA+ (4)   5,066,000  
  5,000   Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 8/15/41 8/26 at 100.00   Aa2   5,917,100  
  7,295   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured 11/31 at 39.79   AA   1,622,408  
  11,900   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/27 – NPFG Insured No Opt. Call   AA–   8,131,032  
  1,845   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/32 11/24 at 100.00   A3   2,116,750  
  14,905   Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/33 – NPFG Insured 11/24 at 59.10   AA–   6,493,214  
      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   A2   16,705,169  
  12,940   0.000%, 9/01/30 – AMBAC Insured No Opt. Call   A2   8,418,764  
  10,000   0.000%, 9/01/31 – AMBAC Insured No Opt. Call   A2   6,122,500  
  5,120   Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/15/39 8/25 at 100.00   AAA   6,035,661  
  2,000   Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax) 11/22 at 100.00   Baa1   2,270,420  
  1,750   Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36 4/21 at 100.00   BBB   1,949,990  
  5,420   North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 9/01/26 3/22 at 100.00   AAA   6,405,031  
      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   38,908,500  
  5,220   6.500%, 1/01/43 1/25 at 100.00   A1   6,669,229  
  765   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 – BHAC Insured 1/18 at 100.00   AA+   803,541  

 

NUVEEN 39


NUV Nuveen Municipal Value Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 3,190   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18) 1/18 at 100.00   AA+ (4) $ 3,372,372  
  2,365   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18) – BHAC Insured 1/18 at 100.00   AA+ (4)   2,500,207  
  15,450   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/36 – AGC Insured No Opt. Call   AA   7,601,400  
  9,020   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40 1/23 at 100.00   A1   10,334,304  
  9,100   North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/32 1/25 at 100.00   A2   10,646,272  
  2,000   Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003A, 5.800%, 7/01/22 (6) 1/17 at 100.00   N/R   68,940  
  11,585   Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Tender Option Bond Trust 2016-XG0013, 8.611%, 2/15/36 (Pre-refunded 2/15/17) (IF) (7) 2/17 at 100.00   AA (4)   11,872,771  
      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)   412,915  
  4,455   5.500%, 8/15/45 (Pre-refunded 8/15/20) 8/20 at 100.00   AA– (4)   5,181,789  
  1,620   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42 5/26 at 100.00   AA–   1,720,310  
  3,970   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured 1/19 at 100.00   AA   4,369,978  
  1,030   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured 1/19 at 100.00   AA (4)   1,149,099  
  6,435   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Refunding Series 2007A, 5.000%, 2/15/20 (Pre-refunded 2/15/17) 2/17 at 100.00   AA (4)   6,514,923  
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
  2,500   5.000%, 12/15/26 No Opt. Call   A3   2,860,325  
  10,400   5.000%, 12/15/32 No Opt. Call   A3   11,604,320  
  7,180   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 8/22 at 100.00   A–   8,137,453  
  3,000   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37 8/24 at 100.00   A–   3,452,070  
  1,750   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/33 8/24 at 100.00   BBB+   2,013,708  
  5,500   Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured No Opt. Call   A–   4,391,090  
  316,295   Total Texas         295,216,316  
      Virginia – 2.4%            
  1,500   Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 (Pre-refunded 10/01/17) 10/17 at 100.00   BBB (4)   1,560,465  
  14,110   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 4/22 at 100.00   BBB+   15,688,345  
  10,000   Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5) 10/28 at 100.00   BBB+   11,790,200  
  870   Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 – SYNCORA GTY Insured 2/17 at 100.00   N/R   873,750  

 

40 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Virginia (continued)            
$ 400   Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured 2/17 at 100.00   N/R (4) $ 404,280  
      Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C:            
  640   5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured 2/17 at 100.00   N/R (4)   646,848  
  845   5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured 2/17 at 100.00   N/R (4)   854,042  
  1,415   5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured 2/17 at 100.00   N/R (4)   1,430,282  
  2,505   5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured 2/17 at 100.00   N/R (4)   2,531,804  
  4,355   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 6/17 at 100.00   B–   4,093,569  
      Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:            
  4,180   5.250%, 1/01/32 (Alternative Minimum Tax) 7/22 at 100.00   BBB   4,708,352  
  1,650   6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   1,925,583  
  3,770   5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   4,240,081  
  46,240   Total Virginia         50,747,601  
      Washington – 2.2%            
      Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016:            
  1,930   5.000%, 2/01/29 2/26 at 100.00   A+   2,344,989  
  1,000   5.000%, 2/01/30 2/26 at 100.00   A+   1,206,200  
  3,780   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 1/21 at 100.00   A   4,215,191  
  2,400   Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.375%, 12/01/33 (Pre-refunded 12/01/20) 12/20 at 100.00   N/R (4)   2,807,496  
  12,000   Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A, 5.000%, 10/01/33 10/22 at 100.00   AA–   13,771,800  
  2,500   Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/04/17) 12/17 at 100.00   N/R (4)   2,630,875  
  2,185   Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured 8/17 at 100.00   AA–   2,244,498  
      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+   6,831,552  
  16,195   0.000%, 6/01/30 – NPFG Insured No Opt. Call   AA+   11,783,320  
  51,090   Total Washington         47,835,921  
      West Virginia – 0.2%            
  3,000   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 6/23 at 100.00   A   3,477,000  
      Wisconsin – 3.6%            
  5,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2012D, 5.000%, 11/15/41 No Opt. Call   AA+   5,674,450  
  10,350   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 5/26 at 100.00   AA+   10,921,320  
  7,115   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior Credit Group, Series 2010E, 5.000%, 11/15/33 11/19 at 100.00   AA+   7,892,670  
  2,375   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40 2/22 at 100.00   A–   2,622,119  
  4,410   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 6/22 at 100.00   A3   4,885,310  

 

NUVEEN 41


NUV Nuveen Municipal Value Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin (continued)            
$ 2,500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2009, 6.000%, 12/01/38 (Pre-refunded 12/01/18) 12/18 at 100.00   N/R (4) $ 2,765,200  
      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)   4,206,685  
  5,000   6.000%, 5/01/41 (Pre-refunded 5/01/21) 5/21 at 100.00   N/R (4)   6,064,250  
  6,600   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) 8/22 at 100.00   AA (4)   7,977,486  
  10,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2010A, 5.000%, 6/01/30 6/20 at 100.00   AA–   11,056,000  
  2,550   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 5.750%, 5/01/33 5/19 at 100.00   AA–   2,829,812  
  8,945   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.250%, 5/01/37 (Pre-refunded 5/01/19) 5/19 at 100.00   AA– (4)   10,109,997  
  68,345   Total Wisconsin         77,005,299  
      Wyoming – 0.2%            
  2,035   Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 7/19 at 100.00   A   2,257,527  
  1,850   West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40 6/21 at 100.00   BBB   2,149,552  
  3,885   Total Wyoming         4,407,079  
$ 2,281,326   Total Municipal Bonds (cost $1,905,451,459)         2,124,128,110  

 

  Principal                  
  Amount (000)   Description (1) Coupon Maturity   Ratings (3)   Value  
      CORPORATE BONDS – 0.0%              
      Transportation – 0.0%              
$ 841   Las Vegas Monorail Company, Senior Interest Bonds, PIK, (8), (9) 5.500% 7/15/19   N/R $ 512,915  
  224   Las Vegas Monorail Company, Senior Interest Bonds (8), (9) 5.500% 7/15/55   N/R   111,641  
$ 1,065   Total Corporate Bonds (cost $95,463)           624,556  
      Total Long-Term Investments (cost $1,905,546,922)           2,124,752,666  
                     
  Principal       Optional Call          
  Amount (000)   Description (1)   Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 0.9%              
      MUNICIPAL BONDS – 0.9%              
      California – 0.1%              
$ 2,000   Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bonds Floater 1043, 0.530%, 4/01/39 (10)   4/18 at 100.00   VMIG-2 $ 2,000,000  
      Michigan – 0.2%              
  5,000   Michigan State Building Authority, Revenue Bonds, Facilities Program, Tender Option Bond Floater 2015-XM0123, 1.030%, 4/15/34 (10)   10/25 at 100.00   F-1+   5,000,000  
      New Jersey – 0.3%              
  6,250   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Tender Option Bond Floater 2012-ZF0468, 0.700%, 6/15/36 (10)   6/21 at 100.00   F-1+   6,250,000  
      New York – 0.0%              
  700   New York State Thruway Authority, General Revenue Bonds, Tender Option Bond Floater 2016-ZF0482, 0.510%, 1/01/37 (10)   1/18 at 100.00   A-1   700,000  

 

42 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio – 0.2%            
$ 4,000   Ohio State, General Obligation Bonds, Higher Education, Variable Rate Demand Series 2015C, 2.000%, 11/01/16 No Opt. Call   AA+ $ 4,000,000  
      Utah – 0.1%            
  1,100   Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Floater 1050, 0.540%, 6/15/36 (10) 6/18 at 100.00   VMIG-2   1,100,000  
$ 19,050   Total Short-Term Investments (cost $19,050,000)         19,050,000  
      Total Investments (cost $1,924,596,922) – 99.7%         2,143,802,666  
      Floating Rate Obligations – (0.7)%         (14,130,000 ) 
      Other Assets Less Liabilities – 1.0%         20,770,895  
      Net Assets – 100%       $ 2,150,443,561  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets.
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(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. Ratings are not covered by the report of independent registered public accounting firm.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities.
(5) Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(7) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(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) During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(10) Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(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) Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
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.
PIK All or portion of this security is payment-in-kind.

See accompanying notes to financial statements.

 

NUVEEN 43


NUW    
  Nuveen AMT-Free Municipal Value Fund  
  Portfolio of Investments October 31, 2016

 

                   
  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 99.9%            
      MUNICIPAL BONDS – 99.9%            
      Alaska – 0.4%            
      Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:            
$ 625   4.625%, 6/01/23 1/17 at 100.00   Ba1 $ 634,806  
  350   5.000%, 6/01/46 1/17 at 100.00   B3   332,885  
  975   Total Alaska         967,691  
      Arizona – 3.3%            
  4,000   Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40 2/19 at 100.00   Baa1   4,503,360  
  3,045   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 No Opt. Call   BBB+   3,660,882  
  7,045   Total Arizona         8,164,242  
      California – 13.2%            
  1,500   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B, 5.000%, 10/01/36 10/26 at 100.00   BBB+   1,750,035  
  1,730   Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured No Opt. Call   AA   1,117,909  
  2,500   California State Public Works Board, Lease Revenue Bonds, Department of General Services Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34 (Pre-refunded 4/01/19) 4/19 at 100.00   A+ (4)   2,819,000  
  500   California State, General Obligation Bonds, Tender Option Bond Trust 3162, 18.270%, 3/01/40 – AGM Insured (IF) (5) 3/20 at 100.00   AA   772,540  
  4,235   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33 6/17 at 100.00   B–   4,190,617  
  450   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39 No Opt. Call   A   627,457  
  10,200   Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured (6) 8/29 at 100.00   AA   12,079,554  
  1,030   Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35 No Opt. Call   AA–   537,897  
  12,955   San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/35 – AGM Insured No Opt. Call   AA   6,728,179  
  5,185   San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/44 No Opt. Call   AA   1,440,186  
  700   Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured No Opt. Call   AA–   584,178  
  40,985   Total California         32,647,552  
      Colorado – 4.7%            
  1,400   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B, 5.000%, 1/01/21 1/20 at 100.00   AA–   1,570,842  
  5,885   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured No Opt. Call   AA–   3,217,271  

 

44 NUVEEN


  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%, 9/01/27 – NPFG Insured 9/20 at 67.94   AA– $ 2,156,619  
  4,000   Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.375%, 12/01/37 (Pre-refunded 12/01/19) – AGC Insured 12/19 at 100.00   AA (4)   4,645,640  
  14,890   Total Colorado         11,590,372  
      Florida – 10.0%            
  1,605   Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45 11/24 at 100.00   A2   1,792,063  
  535   Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured 2/24 at 100.00   AA   611,344  
  9,500   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41 (UB) (5) 10/19 at 100.00   A   10,623,755  
      Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1:            
  2,500   6.000%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   AA (4)   2,713,250  
  2,000   5.625%, 7/01/38 (Pre-refunded 7/01/18) 7/18 at 100.00   AA (4)   2,158,200  
  2,850   Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2007A, 5.000%, 4/01/21 (Pre-refunded 4/01/17) – AMBAC Insured 4/17 at 100.00   AA– (4)   2,901,300  
  660   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45 10/26 at 100.00   A   687,713  
  300   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (6) 5/17 at 100.00   N/R   242,904  
  865   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6) 5/19 at 100.00   N/R   524,233  
  375   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) 5/22 at 100.00   N/R   168,709  
  525   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.450%, 5/01/23 (7) 5/18 at 100.00   N/R   5  
  45   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.450%, 5/01/23 5/18 at 100.00   N/R   45,591  
  905   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.450%, 5/01/23 5/17 at 100.00   N/R   905,525  
  1,315   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 5/18 at 77.10   N/R   824,071  
  805   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (7) 5/18 at 100.00   N/R   427,600  
  880   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (7) 5/18 at 100.00   N/R   9  
  25,665   Total Florida         24,626,272  
      Georgia – 0.7%            
  430   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 1/19 at 100.00   A2   481,445  
  1,000   Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 6/20 at 100.00   Baa3   1,210,880  
  1,430   Total Georgia         1,692,325  

 

NUVEEN 45


NUW Nuveen AMT-Free Municipal Value Fund  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois – 11.7%            
$ 1,260   Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien Series 2008B, 5.000%, 1/01/20 (Pre-refunded 1/01/17) – AGM Insured 1/17 at 100.00   AA (4) $ 1,268,505  
      Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:            
  470   0.000%, 1/01/33 – FGIC Insured No Opt. Call   AA–   221,257  
  3,000   0.000%, 1/01/37 – FGIC Insured No Opt. Call   AA–   1,149,240  
  200   Chicago, Illinois, General Obligation Bonds, Refunding Series 2005A, 5.000%, 1/01/17 – AGM Insured 12/16 at 100.00   AA   200,702  
  5,035   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 6.000%, 8/15/39 8/19 at 100.00   AA+   5,692,823  
  3,500   Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, 11/15/37 (Pre-refunded 5/15/19) 5/19 at 100.00   A (4)   4,039,210  
  5,000   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/38 (Pre-refunded 11/01/18) 11/18 at 100.00   Aaa   5,628,100  
  3,930   Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34 5/17 at 100.00   BBB+   3,967,492  
  525   Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 (WI/DD, Settling 11/02/16) 2/27 at 100.00   BBB+   570,859  
      Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:            
  5,000   0.000%, 6/15/33 – NPFG Insured No Opt. Call   AA–   2,419,450  
  5,000   0.000%, 12/15/34 – NPFG Insured No Opt. Call   AA–   2,266,050  
  615   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42 10/23 at 100.00   A   726,715  
  745   Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – NPFG Insured No Opt. Call   AA–   618,544  
  300   Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – NPFG Insured (ETM) No Opt. Call   AA– (4)   265,920  
  34,580   Total Illinois         29,034,867  
      Indiana – 6.7%            
  5,000   Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 2009A, 6.750%, 3/01/39 (Pre-refunded 3/01/19) 3/19 at 100.00   A+ (4)   5,664,500  
  3,600   Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc, Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured 5/18 at 100.00   Aa3 (4)   3,835,872  
      Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007:            
  1,880   5.500%, 3/01/37 (Pre-refunded 3/01/17) 3/17 at 100.00   N/R (4)   1,910,193  
  1,770   5.500%, 3/01/37 (Pre-refunded 3/01/17) 3/17 at 100.00   A+ (4)   1,791,541  
  2,000   Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%, 1/01/39 (Pre-refunded 1/01/19) 1/19 at 100.00   A+ (4)   2,215,380  
  1,500   Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured No Opt. Call   AA   1,249,020  
  15,750   Total Indiana         16,666,506  

 

46 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Iowa – 1.9%            
$ 1,545   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22 12/18 at 100.00   B $ 1,567,480  
  3,075   Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38 1/17 at 100.00   B+   3,074,754  
  4,620   Total Iowa         4,642,234  
      Kansas – 0.0%            
  5   Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 (Pre-refunded 12/01/16) 12/16 at 76.41   A– (4)   3,818  
      Kentucky – 0.6%            
  1,150   Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2016, 5.000%, 1/01/29 1/26 at 100.00   A+   1,366,557  
      Louisiana – 6.5%            
  5,000   Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 6.125%, 6/01/25 (Pre-refunded 6/01/18) – AGC Insured 6/18 at 100.00   AA (4)   5,416,800  
      Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:            
  5,075   5.375%, 5/15/43 5/17 at 100.00   A–   5,171,425  
  200   5.500%, 5/15/47 5/17 at 100.00   A–   203,910  
      Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:            
  1,925   5.375%, 5/15/43 (Pre-refunded 5/15/17) 5/17 at 100.00   N/R (4)   1,973,587  
  75   5.500%, 5/15/47 (Pre-refunded 5/15/17) 5/17 at 100.00   N/R (4)   76,943  
  3,255   St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37 6/17 at 100.00   BBB   3,299,919  
  15,530   Total Louisiana         16,142,584  
      Maine – 1.7%            
  3,335   Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Tender Option Bond Trust 2016-XL0014, 12.345%, 7/01/39 (IF) (5) 7/19 at 100.00   Aa2   4,284,975  
      Maryland – 0.2%            
      Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:            
  180   5.250%, 9/01/26 – SYNCORA GTY Insured 1/17 at 100.00   Ba1   180,484  
  275   5.250%, 9/01/27 – SYNCORA GTY Insured 1/17 at 100.00   Ba1   275,740  
  455   Total Maryland         456,224  
      Massachusetts – 0.5%            
  1,000   Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2015-XF2181, 12.279%, 8/01/38 (IF) (5) 8/19 at 100.00   AAA   1,311,000  
      Nevada – 4.0%            
  1,000   Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/34 (Pre-refunded 7/01/19) 7/19 at 100.00   AAA   1,111,690  
  5,415   Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19) 6/19 at 100.00   BBB+ (4)   6,374,592  

 

NUVEEN 47


NUW Nuveen AMT-Free Municipal Value Fund  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Nevada (continued)            
$ 2,000   Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/39 12/24 at 100.00   Aa1 $ 2,363,860  
  8,415   Total Nevada         9,850,142  
      New Jersey – 5.4%            
  935   New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/27 – FGIC Insured No Opt. Call   AA–   1,152,060  
  1,000   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22 3/21 at 100.00   A3   1,088,440  
  1,250   New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 5.500%, 12/15/19 – AMBAC Insured No Opt. Call   A3   1,377,050  
      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 (4)   2,464,089  
  3,000   7.500%, 12/01/32 (Pre-refunded 6/01/19) 6/19 at 100.00   N/R (4)   3,491,010  
  5,020   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/31 No Opt. Call   A3   2,574,507  
  255   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/41 6/25 at 100.00   A3   284,539  
  1,000   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29 6/17 at 100.00   B   1,000,090  
  14,595   Total New Jersey         13,431,785  
      New York – 3.6%            
  2,845   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 2/17 at 100.00   A   2,879,140  
  1,450   New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 No Opt. Call   AA+   1,602,467  
  3,000   New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37 No Opt. Call   A   3,942,810  
  430   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 12/20 at 100.00   Baa1   498,946  
  7,725   Total New York         8,923,363  
      Ohio – 5.4%            
  5,000   American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured 2/19 at 100.00   AA (4)   5,535,750  
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  2,115   5.875%, 6/01/30 6/17 at 100.00   B–   2,004,280  
  5,910   6.500%, 6/01/47 6/17 at 100.00   B–   5,851,491  
  13,025   Total Ohio         13,391,521  
      Oklahoma – 0.9%            
  2,150   Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 5.125%, 9/01/37 9/17 at 100.00   BBB+   2,169,952  

 

48 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Rhode Island – 1.4%            
$ 3,000   Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39 (Pre-refunded 5/15/19) 5/19 at 100.00   Aaa $ 3,451,170  
      South Carolina – 1.5%            
  5,435   Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/29 – AMBAC Insured No Opt. Call   AA   3,803,685  
      Texas – 5.8%            
  1,855   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53 10/23 at 100.00   BBB+   2,103,032  
  915   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/45 1/25 at 100.00   A1   1,056,679  
  5,435   North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18) 1/18 at 100.00   A2 (4)   5,745,719  
  195   Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42 5/26 at 100.00   AA–   207,074  
  1,500   Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32 No Opt. Call   A3   1,673,700  
  2,000   Wichita Falls Independent School District, Wichita County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/01/23 (Pre-refunded 2/01/17) 2/17 at 100.00   AAA   2,021,600  
      Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010:            
  2,000   0.000%, 8/15/33 No Opt. Call   AAA   944,940  
  1,945   0.000%, 8/15/38 No Opt. Call   AAA   683,959  
  15,845   Total Texas         14,436,703  
      Virginia – 2.0%            
  1,400   Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40 (6) 7/28 at 100.00   BBB   1,125,138  
  1,500   Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 3.350%, 5/01/36 5/25 at 100.00   AA+   1,511,070  
  2,000   Washington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38 1/19 at 100.00   BBB+   2,232,380  
  4,900   Total Virginia         4,868,588  
      Washington – 1.3%            
  3,330   Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29 – NPFG Insured No Opt. Call   AA+   2,296,268  
  855   Seattle, Washington, Municipal Light and Power Revenue Bonds, Series 2015A, 5.000%, 5/01/17 No Opt. Call   AA   873,536  
  4,185   Total Washington         3,169,804  
      West Virginia – 0.7%            
  1,500   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 6/23 at 100.00   A   1,738,500  

 

NUVEEN 49


NUW Nuveen AMT-Free Municipal Value Fund  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin – 5.8%            
$ 1,250   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 5/26 at 100.00   AA+ $ 1,319,000  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/27 2/22 at 100.00   A–   1,150,170  
  1,605   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39 (Pre-refunded 2/15/19) 2/19 at 100.00   N/R (4)   1,811,018  
  9,000   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36 5/19 at 100.00   AA–   10,040,400  
  12,855   Total Wisconsin         14,320,588  
$ 261,045   Total Long-Term Investments (cost $210,616,292)         247,153,020  
      Floating Rate Obligations – (2.9)%         (7,125,000 ) 
      Other Assets Less Liabilities – 3.0%         7,365,845  
      Net Assets – 100%       $ 247,393,865  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets.
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(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. Ratings are not covered by the report of independent registered public accounting firm.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities.
(5) Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6) Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(7) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(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) Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

See accompanying notes to financial statements.

 

50 NUVEEN


NMI    
  Nuveen Municipal Income Fund, Inc.  
  Portfolio of Investments October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 101.4%            
      MUNICIPAL BONDS – 101.4%            
      Alabama – 0.5%            
$ 500   Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured 1/17 at 100.00   AA $ 502,755  
      Arizona – 1.4%            
  600   Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/39 12/24 at 100.00   A2   694,644  
  515   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28 No Opt. Call   BBB+   643,580  
  1,115   Total Arizona         1,338,224  
      California – 17.7%            
  5,530   Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 1997A, 0.000%, 9/01/22 – NPFG Insured No Opt. Call   AA–   4,883,322  
      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   Aa2   1,845,400  
  2,070   0.000%, 8/01/22 – FGIC Insured No Opt. Call   AA–   1,847,848  
  2,120   0.000%, 8/01/23 – FGIC Insured No Opt. Call   AA–   1,838,422  
  325   California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21 12/18 at 100.00   B1   330,642  
  155   California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 4.800%, 8/01/37 (Alternative Minimum Tax) 2/17 at 100.00   AA–   156,133  
  375   California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.000%, 10/01/29 10/19 at 100.00   BBB+   418,954  
  1,000   California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/39 (4) 1/17 at 100.00   CCC   993,640  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:            
  540   4.500%, 6/01/27 6/17 at 100.00   B   541,291  
  1,000   5.750%, 6/01/47 6/17 at 100.00   B–   991,550  
  250   Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36 3/20 at 100.00   AA–   276,427  
  300   M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34 No Opt. Call   A   439,350  
  250   Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 6/20 at 100.00   A–   289,402  
  385   San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24 (Pre-refunded 2/01/21) 2/21 at 100.00   A– (5)   463,821  
  500   San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 1/25 at 100.00   BB+   568,410  
  1,000   Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22 12/21 at 100.00   A+   1,217,570  
  17,800   Total California         17,102,182  

 

NUVEEN 51


NMI Nuveen Municipal Income Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado – 8.1%            
      Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A:            
$ 150   5.125%, 12/01/29 12/23 at 100.00   BBB $ 171,469  
  250   5.375%, 12/01/33 12/23 at 100.00   BBB   286,685  
  1,000   Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 1/20 at 100.00   AA–   1,093,190  
  1,000   Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/35 1/17 at 100.00   BBB+   1,002,120  
  750   Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 5.000%, 11/15/38 11/23 at 100.00   AA   884,633  
  1,000   Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 11/22 at 100.00   A+   1,181,710  
  110   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 12/25 at 100.00   N/R   123,926  
  1,000   Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 12/20 at 100.00   AA (5)   1,196,550  
  815   Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.125%, 11/15/23 No Opt. Call   A   1,017,112  
  270   Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.250%, 12/01/34 – RAAI Insured 12/17 at 100.00   AA   279,075  
  500   Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33 12/23 at 100.00   N/R   534,720  
  6,845   Total Colorado         7,771,190  
      Florida – 5.5%            
  850   Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33 9/23 at 100.00   BBB–   893,078  
  100   Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy Residential Services Inc., Series 1995, 8.000%, 6/01/22 12/16 at 100.00   N/R   100,042  
  500   Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31 4/21 at 100.00   A–   588,545  
  1,025   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured 10/20 at 100.00   AA   1,147,969  
  1,000   Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42 10/22 at 100.00   Aa3   1,147,950  
  515   North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40 10/20 at 100.00   AA   578,448  
  310   Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42 4/22 at 100.00   A   332,993  
  495   Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 1/17 at 100.00   N/R   494,951  
  4,795   Total Florida         5,283,976  
      Georgia – 2.3%            
  455   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 7/25 at 100.00   Aa3   541,782  
  655   Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Trestletree Village Apartments, Series 2013A, 4.000%, 11/01/25 11/23 at 100.00   BBB+   687,973  
  500   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 11/01/34 – AGM Insured 11/19 at 100.00   AA   558,290  
  355   Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 No Opt. Call   A   401,828  
  1,965   Total Georgia         2,189,873  

 

52 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Hawaii – 0.3%            
$ 250   Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.625%, 7/01/33 7/23 at 100.00   BB+ $ 281,857  
      Illinois – 10.1%            
  650   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 12/25 at 100.00   B   691,223  
  640   Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 4.500%, 11/01/36 11/24 at 100.00   A   663,942  
  1,000   Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Tender Option Bond Trust 2016-XG0008, Formerly Tender Option Bond Trust 1098, 16.207%, 8/15/33 – AGC Insured (IF) (6) 8/18 at 100.00   AA   1,263,680  
  280   Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 5/20 at 100.00   AA–   304,147  
  80   Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 5.500%, 7/01/28 7/23 at 100.00   A–   94,141  
  450   Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29 (Pre-refunded 5/01/19) 5/19 at 100.00   Aaa   509,994  
  200   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44 8/25 at 100.00   Baa1   222,598  
  500   Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19) 8/19 at 100.00   N/R (5)   582,600  
  250   Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 3/20 at 100.00   AA   275,472  
  990   Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31 7/23 at 100.00   BBB+   1,074,397  
  220   Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36 (7) 1/17 at 100.00   D   65,978  
  1,555   Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52 6/22 at 100.00   BBB   1,647,756  
  450   Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 5.000%, 10/01/27 10/22 at 100.00   Baa1   514,166  
  800   Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28 6/21 at 100.00   A–   940,168  
  315   Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured 3/25 at 100.00   AA   359,888  
  490   University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32 10/23 at 100.00   A   588,475  
  8,870   Total Illinois         9,798,625  
      Indiana – 2.1%            
  525   Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 10/19 at 100.00   B–   511,534  
  655   Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax) 7/23 at 100.00   BBB+   722,354  
  100   Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax) 9/24 at 100.00   BB–   108,064  
  500   Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41 (Pre-refunded 9/01/21) 9/21 at 100.00   N/R (5)   655,465  
  1,780   Total Indiana         1,997,417  

 

NUVEEN 53


NMI Nuveen Municipal Income Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Iowa – 1.0%            
$ 835   Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26 10/21 at 100.00   BBB $ 925,222  
      Kansas – 0.4%            
  375   Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 1/17 at 100.00   BB+   375,626  
      Kentucky – 2.2%            
  500   Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45 6/20 at 100.00   BBB+   565,835  
  1,500   Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint Mary’s HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 (Pre-refunded 2/01/18) 2/18 at 100.00   Aaa   1,599,030  
  2,000   Total Kentucky         2,164,865  
      Louisiana – 0.6%            
  500   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, City of Shreveport Airport System Project, Series 2008A, 5.750%, 1/01/28 (Pre-refunded 1/01/19) – AGM Insured (Alternative Minimum Tax) 1/19 at 100.00   AA (5)   548,110  
      Maryland – 2.0%            
  1,000   Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 6/20 at 100.00   Baa3   1,102,940  
  210   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 7/20 at 100.00   BB+   221,109  
  500   Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 7/24 at 100.00   A   570,035  
  1,710   Total Maryland         1,894,084  
      Massachusetts – 0.6%            
  500   Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Healthcare, Refunding Series 2016I, 5.000%, 7/01/46 7/26 at 100.00   BBB+   560,385  
      Michigan – 1.6%            
  355   Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 7/22 at 100.00   A   396,915  
  1,025   Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/36 10/21 at 100.00   Aa2   1,179,509  
  1,380   Total Michigan         1,576,424  
      Minnesota – 0.3%            
  300   City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31 11/22 at 100.00   N/R   308,427  
      Mississippi – 1.5%            
  310   Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 4/17 at 100.00   BBB+   321,076  
  1,000   Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial Healthcare, Series 2016A, 5.000%, 9/01/46 9/26 at 100.00   A–   1,115,470  
  1,310   Total Mississippi         1,436,546  

 

54 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Missouri – 8.7%            
$ 265   Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 10/19 at 100.00   A– $ 290,922  
  4,450   Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 (Pre-refunded 12/19/16) (WI/DD, Settling 11/01/16) – BHAC Insured (Alternative Minimum Tax) 12/16 at 100.00   AA+ (5)   4,457,031  
  135   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 5/23 at 100.00   BBB+   150,121  
  1,000   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33 10/22 at 100.00   BBB–   1,077,420  
  200   Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 10/23 at 100.00   A+   229,384  
  965   Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2012, Reg S, 5.000%, 2/15/26 2/22 at 100.00   BBB+   1,084,052  
  500   Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 1999, 6.000%, 10/01/25 10/18 at 103.00   BBB–   550,245  
  500   Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 5.250%, 10/01/20 10/18 at 103.00   BBB–   546,290  
  8,015   Total Missouri         8,385,465  
      Nebraska – 0.5%            
  400   Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.050%, 9/01/30 5/21 at 100.00   Aa3   456,528  
      New Jersey – 1.6%            
  100   Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) No Opt. Call   BBB–   113,010  
  110   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 7/25 at 100.00   AA   124,744  
  545   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.000%, 6/15/45 6/25 at 100.00   A3   591,423  
      Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:            
  250   4.625%, 6/01/26 6/17 at 100.00   B+   251,175  
  500   4.750%, 6/01/34 6/17 at 100.00   B–   481,730  
  1,505   Total New Jersey         1,562,082  
      New York – 3.7%            
  630   Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (5)   732,627  
  60   Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 7/25 at 100.00   BBB+   69,169  
  400   Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 2/21 at 100.00   A   467,716  
  500   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44 11/24 at 100.00   N/R   564,325  
  265   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 12/20 at 100.00   Baa1   307,490  
  1,435   Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41 2/17 at 100.00   N/R   1,468,809  
  3,290   Total New York         3,610,136  

 

NUVEEN 55


NMI Nuveen Municipal Income Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      North Dakota – 0.6%            
$ 200   Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21) 7/21 at 100.00   N/R (5) $ 234,338  
  300   Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31 11/21 at 100.00   A+   360,222  
  500   Total North Dakota         594,560  
      Ohio – 4.5%            
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  300   5.375%, 6/01/24 6/17 at 100.00   B–   296,424  
  1,020   5.125%, 6/01/24 6/17 at 100.00   B–   966,858  
  620   6.000%, 6/01/42 6/17 at 100.00   B–   594,803  
  1,750   Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/36 8/21 at 100.00   A2   1,940,610  
  500   Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30 4/20 at 100.00   BBB–   549,700  
  4,190   Total Ohio         4,348,395  
      Oregon – 1.4%            
  300   Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 5.000%, 5/01/40 5/22 at 100.00   BBB   332,136  
  850   Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/29 6/22 at 100.00   A1   981,393  
  1,150   Total Oregon         1,313,529  
      Pennsylvania – 3.5%            
  1,000   Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 5.000%, 11/01/40 5/22 at 100.00   AA–   1,107,120  
  45   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 1/19 at 100.00   BBB+   49,440  
  415   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (5)   460,513  
  560   Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36 1/25 at 100.00   Baa2   623,638  
  1,000   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41 7/22 at 100.00   BBB+   1,108,970  
  3,020   Total Pennsylvania         3,349,681  
      South Carolina – 0.5%            
  475   Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 1991, 6.750%, 1/01/19 – FGIC Insured (ETM) No Opt. Call   A3 (5)   533,444  
      Tennessee – 1.4%            
  1,250   Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 1/23 at 100.00   A–   1,394,912  
      Texas – 10.3%            
  670   Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/40 7/25 at 100.00   BBB+   759,539  
  335   Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43 10/23 at 100.00   BBB+   373,180  
  500   Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 5/25 at 100.00   A+   572,400  

 

56 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 200   North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, 0.000%, 9/01/43 (8) 9/31 at 100.00   AA+ $ 209,322  
  410   North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40 1/23 at 100.00   A1   469,741  
      North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond Trust 1015:            
  850   18.344%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6) 1/18 at 100.00   A2 (5)   1,145,094  
  150   18.455%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6) 1/18 at 100.00   A2 (5)   205,961  
  500   North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/38 1/25 at 100.00   A2   575,455  
  240   Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.000%, 2/01/34 2/24 at 100.00   Ba2   256,128  
  295   SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27 No Opt. Call   A   370,670  
      Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:            
  1,165   5.000%, 12/15/27 No Opt. Call   A3   1,327,937  
  505   5.000%, 12/15/28 No Opt. Call   A3   570,731  
  405   Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39 12/19 at 100.00   Baa2   471,108  
  770   Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40 6/20 at 100.00   Baa3   909,778  
  500   Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured 8/17 at 100.00   BBB (5)   516,880  
  1,000   Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/32 8/24 at 100.00   BBB+   1,153,720  
  45   West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998, 0.000%, 8/15/25 1/17 at 62.42   AAA   27,918  
  8,540   Total Texas         9,915,562  
      Virginia – 0.3%            
  250   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax) 7/22 at 100.00   BBB   291,755  
      Washington – 0.5%            
  500   Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/04/17) 12/17 at 100.00   N/R (5)   526,175  
      Wisconsin – 5.7%            
  290   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30 4/20 at 100.00   A–   311,477  
  955   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 10/21 at 100.00   A+   1,075,970  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, Series 2012, 4.000%, 10/01/32 10/22 at 100.00   A2   1,068,370  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.500%, 5/01/31 (Pre-refunded 5/01/21) 5/21 at 100.00   N/R (5)   1,190,970  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 8/24 at 100.00   A+   1,139,070  

 

NUVEEN 57


NMI Nuveen Municipal Income Fund, Inc.  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin (continued)            
$ 500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44 7/24 at 100.00   BBB+ $ 551,970  
  200   Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.125%, 10/01/34 10/22 at 102.00   N/R   210,760  
  4,945   Total Wisconsin         5,548,587  
$ 90,860   Total Long-Term Investments (cost $87,060,050)         97,886,599  
      Other Assets Less Liabilities – (1.4)%         (1,354,597 ) 
      Net Assets – 100%       $ 96,532,002  

 

(1) All percentages shown in the Portfolio of Investments are based on net assets.
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(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. Ratings are not covered by the report of independent registered public accounting firm.
(4) The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional 0.25% effective May 11, 2016.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities.
(6) Investment, or portion of investment, has been pledged as collateral for the net payment obligations in inverse floating rate transactions.
(7) On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.250% to 2.100%.
(8) Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(WI/DD) Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
Reg S Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

See accompanying notes to financial statements.

58 NUVEEN


NEV    
  Nuveen Enhanced Municipal Value Fund  
  Portfolio of Investments October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      LONG-TERM INVESTMENTS – 111.4%            
      MUNICIPAL BONDS – 110.6%            
      Alabama – 0.9%            
$ 2,000   Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured 1/17 at 100.00   AA $ 2,011,020  
  1,350   Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, 10/01/48 – AGM Insured 10/23 at 102.00   AA   1,553,971  
  3,350   Total Alabama         3,564,991  
      Arizona – 3.3%            
  1,585   Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 2015-XF2046, 16.186%, 1/01/43 (IF) (4) 1/22 at 100.00   AA–   2,383,174  
  2,000   Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured 10/19 at 100.00   AA   2,221,560  
  2,500   Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2009, 6.500%, 7/15/31 – BAM Insured 7/19 at 100.00   AA   2,761,300  
  1,030   Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47 7/21 at 100.00   BB   1,147,863  
  320   Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27 12/17 at 102.00   B–   311,581  
  2,000   Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25 5/22 at 100.00   B+   2,233,560  
  50   Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32 No Opt. Call   BBB+   60,401  
  1,719   Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 1/17 at 100.00   N/R   1,716,456  
  11,204   Total Arizona         12,835,895  
      California – 15.1%            
  180   Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B, 5.000%, 10/01/37 10/26 at 100.00   BBB+   209,669  
  5,000   Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19) 4/19 at 100.00   AA (5)   5,490,200  
  920   California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 2015-XF2188, 17.137%, 10/01/38 (Pre-refunded 10/01/18) (IF) (4) 10/18 at 100.00   Aa1 (5)   1,230,058  
  2,040   California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF0120, 22.320%, 10/01/39 (IF) (4) 10/19 at 100.00   AA–   3,217,345  
      California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 2016-XG0048:            
  300   21.644%, 8/15/26 (IF) (4) 8/20 at 100.00   AA–   536,160  
  1,700   21.644%, 8/15/26 (IF) (4) 8/20 at 100.00   AA–   3,038,240  
  1,000   California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19) 11/19 at 100.00   A3 (5)   1,204,440  
  3,450   California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56 6/26 at 100.00   BB   3,863,586  
  500   California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 5.750%, 10/01/25 10/19 at 100.00   BBB+   556,205  
  400   Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36 12/21 at 100.00   A+   502,224  

 

NUVEEN 59


NEV Nuveen Enhanced Municipal Value Fund  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      California (continued)            
$ 490   Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32 (Pre-refunded 9/01/19) 9/19 at 100.00   N/R (5) $ 562,834  
  2,000   Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 6/17 at 100.00   B–   1,983,100  
      Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038:            
  1,250   15.197%, 6/01/40 (IF) (4) 6/25 at 100.00   A+   2,042,375  
  2,445   15.185%, 6/01/40 (IF) (4) 6/25 at 100.00   A+   3,993,565  
  2,550   Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 29.962%, 7/15/40 (Pre-refunded 7/15/21) (IF) (4) 7/21 at 100.00   Aaa   6,028,327  
  960   Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 4.625%, 6/01/21 6/17 at 100.00   N/R   962,957  
  225   Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007B, 1.997%, 11/15/27 No Opt. Call   A   214,749  
  1,710   Los Angeles Community College District, California, General Obligation Bonds, Tender Option Bond Trust 2016-XG0045, 21.915%, 8/01/33 (Pre-refunded 8/01/18) (IF) 8/18 at 100.00   AA+ (5)   2,397,027  
  1,600   Los Angeles County, California, Community Development Commission Headquarters Office Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option Bond Trust 2016-XL0022, 20.527%, 9/01/42 (IF) (4) 9/21 at 100.00   Aa3   2,905,520  
  525   Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/31 5/20 at 100.00   AA   595,119  
  1,080   National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32 8/21 at 100.00   A   1,339,362  
  1,165   Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40 9/21 at 100.00   BBB+   1,410,512  
  945   Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25 1/17 at 102.00   CCC+   932,205  
  265   Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 (Pre-refunded 11/01/19) 11/19 at 100.00   Ba1 (5)   308,479  
  250   Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 6/20 at 100.00   A–   289,403  
      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)   612,730  
  700   6.750%, 8/01/33 (Pre-refunded 2/01/21) 2/21 at 100.00   A– (5)   865,074  
  500   San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 (Pre-refunded 2/01/21) 2/21 at 100.00   BBB+ (5)   615,320  
  360   Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) 2/21 at 100.00   A (5)   438,008  
  1,000   Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 12/19 at 100.00   A+   1,111,030  
  2,400   Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 18.830%, 12/01/34 (IF) (4) 12/19 at 100.00   A+   3,731,784  
  3,110   Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2005 Series 2007, 5.000%, 8/01/31 (Pre-refunded 8/01/17) – AGM Insured 8/17 at 100.00   AA (5)   3,211,386  
  1,045   Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, Series 2011A, 6.500%, 12/01/28 6/21 at 100.00   A+   1,253,216  
  1,020   Western Placer Unified School District, Placer County, California, Certificates of Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured 8/19 at 100.00   AA   1,122,163  
  43,585   Total California         58,774,372  

 

60 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Colorado – 3.8%            
$ 1,902   Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of Evergreen, Series 2005A, 6.500%, 12/01/35 1/17 at 100.00   N/R $ 1,904,701  
      Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007:            
  250   6.200%, 4/01/16 (Alternative Minimum Tax) (6) No Opt. Call   N/R   224,923  
  26   5.000%, 12/01/16 (Alternative Minimum Tax) (6), (7) No Opt. Call   N/R   24,577  
  2,000   Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Series 2007, 5.125%, 12/01/37 – RAAI Insured 12/17 at 100.00   AA   2,011,480  
  4,000   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured 9/26 at 52.09   AA–   1,424,520  
  2,860   E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – NPFG Insured No Opt. Call   AA–   2,118,002  
      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   616,032  
  4,030   6.500%, 11/15/38 No Opt. Call   A   5,659,329  
  815   Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 12/20 at 100.00   N/R   870,876  
  16,358   Total Colorado         14,854,440  
      Connecticut – 0.3%            
  936   Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 4/20 at 100.00   N/R   1,037,490  
      District of Columbia – 0.4%            
  1,500   District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., Series 2011, 6.375%, 3/01/31 3/21 at 100.00   BBB–   1,670,640  
      Florida – 5.7%            
  1,740   Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38 1/17 at 100.00   N/R   1,739,843  
  1,000   Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34 5/27 at 100.00   N/R   1,005,830  
  2,000   Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, Refunding Series 2013A, 5.625%, 6/01/33 6/23 at 100.00   BBB–   2,279,460  
  975   Copperstone Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Series 2007, 5.200%, 5/01/38 5/17 at 100.00   N/R   976,297  
  1,000   Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33 6/21 at 100.00   BB–   1,155,630  
  1,000   Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 6.000%, 8/01/30 8/20 at 100.00   A+   1,142,030  
  1,625   Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35 10/20 at 100.00   A   1,842,896  
  3,660   Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A, 5.125%, 4/01/34 – AGC Insured 4/19 at 100.00   AA   3,932,084  
  1,500   North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40 10/20 at 100.00   AA   1,684,800  
      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+   1,092,710  
  2,000   5.000%, 11/01/43 11/22 at 100.00   BBB+   2,163,900  

 

NUVEEN 61


NEV Nuveen Enhanced Municipal Value Fund  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Florida (continued)            
$ 425   Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, Series 2007B, 5.000%, 7/01/33 (Pre-refunded 7/01/17) – NPFG Insured 7/17 at 100.00   AA– (5) $ 437,087  
  80   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (8) 5/17 at 100.00   N/R   64,774  
  230   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (8) 5/19 at 100.00   N/R   139,392  
  95   Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (8) 5/22 at 100.00   N/R   42,740  
  135   Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (6) 5/18 at 100.00   N/R   1  
  15   Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 5/18 at 100.00   N/R   15,230  
  235   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40 5/17 at 100.00   N/R   235,928  
  350   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 5/18 at 100.00   N/R   219,335  
  215   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (6) 5/18 at 100.00   N/R   114,204  
  235   Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (6) 5/18 at 100.00   N/R   2  
  845   Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 1/17 at 100.00   N/R   844,916  
  1,080   Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2, 5.500%, 5/01/34 5/22 at 100.00   N/R   1,146,928  
  21,440   Total Florida         22,276,017  
      Georgia – 4.4%            
  12,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30 – AGM Insured (UB) 1/21 at 100.00   AA   13,837,080  
  640   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 1/19 at 100.00   A2   716,570  
  555   Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20 1/19 at 100.00   A2   618,803  
  1,250   Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 6/20 at 100.00   Baa3   1,513,600  
  90   Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 No Opt. Call   A   101,872  
  260   Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26 No Opt. Call   A   320,427  
  14,795   Total Georgia         17,108,352  
      Guam – 1.3%            
  1,760   Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 1/22 at 100.00   A   1,895,784  
  1,250   Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 7/23 at 100.00   A–   1,421,313  
  1,500   Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/44 10/24 at 100.00   AA   1,713,375  
  4,510   Total Guam         5,030,472  

 

62 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois – 12.5%            
$ 2,840   CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004, 3.490%, 6/15/23 12/17 at 100.00   N/R $ 2,840,738  
  1,335   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 12/26 at 100.00   B   1,371,446  
      Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:            
  1,000   0.000%, 12/01/22 – NPFG Insured No Opt. Call   AA–   803,480  
  1,000   0.000%, 12/01/27 – NPFG Insured No Opt. Call   AA–   619,880  
  1,000   Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 5.500%, 1/01/33 1/25 at 100.00   BBB+   1,064,130  
      Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C:            
  320   5.000%, 1/01/23 1/22 at 100.00   BBB+   341,104  
  160   5.000%, 1/01/25 No Opt. Call   BBB+   168,853  
      Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C:            
  3,470   5.000%, 1/01/24 No Opt. Call   BBB+   3,710,957  
  350   5.000%, 1/01/29 1/26 at 100.00   BBB+   365,411  
  2,000   Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 2005, 6.000%, 12/01/24 – AGM Insured 12/21 at 100.00   AA   2,383,640  
  3,000   Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40 10/20 at 100.00   Caa1   3,130,650  
      Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 2016-XF2339:            
  1,605   18.592%, 9/01/38 (IF) (4) 9/22 at 100.00   BBB   2,253,805  
  1,540   15.199%, 9/01/38 (IF) (4) 9/22 at 100.00   BBB   2,039,052  
  645   Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 6.125%, 5/15/27 5/20 at 100.00   BBB–   716,750  
  355   Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 6.125%, 5/15/27 (Pre-refunded 5/15/20) 5/20 at 100.00   N/R (5)   416,074  
  920   Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.375%, 2/15/25 1/17 at 100.00   BB–   920,552  
  4,000   Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A, 5.000%, 4/01/36 1/17 at 100.00   Baa3   3,985,080  
  1,000   Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 5.500%, 5/15/26 5/17 at 100.00   N/R   1,007,150  
      Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 2015-XF0076:            
  690   15.930%, 8/15/37 (IF) 8/22 at 100.00   AA+   1,015,432  
  150   15.930%, 8/15/43 (IF) 8/22 at 100.00   AA+   217,692  
  1,975   Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds Trust 16-XL0021, 24.909%, 8/15/39 (IF) (4) 8/19 at 100.00   AA+   3,265,169  
  1,000   Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 5/20 at 100.00   AA–   1,086,240  
  35   Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (5)   39,460  
      Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009:            
  30   6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   N/R (5)   33,823  
  935   6.125%, 5/15/25 (Pre-refunded 5/15/19) 5/19 at 100.00   BBB– (5)   1,054,147  
  500   Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 3/20 at 100.00   AA   550,945  

 

NUVEEN 63


NEV Nuveen Enhanced Municipal Value Fund  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Illinois (continued)            
$ 455   Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 2015-XF0121, 24.082%, 8/15/41 – AGM Insured (IF) (4) 8/21 at 100.00   AA $ 847,478  
  2,235   Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois IV LLC, Fullerton Village Project, Series 2004A, 5.000%, 6/01/24 (6) 1/17 at 100.00   Caa2   2,011,120  
  1,000   Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, 5.000%, 1/01/41 7/26 at 100.00   AA–   1,161,240  
      Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:            
  2,685   5.250%, 1/01/30 (9) 1/17 at 100.00   D   805,232  
  1,515   5.250%, 1/01/36 (9) 1/17 at 100.00   D   454,349  
  5,000   Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A, 0.000%, 12/15/29 – NPFG Insured No Opt. Call   AA–   2,867,300  
  1,000   Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28 6/21 at 100.00   A–   1,175,210  
  1,000   Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32 3/17 at 102.00   N/R   1,026,500  
  2,500   Wauconda, Illinois, Special Service Area 1 Special Tax Bonds, Liberty Lake Project, Refunding Series 2015, 5.000%, 3/01/33 – BAM Insured 3/25 at 100.00   AA   2,846,375  
  49,245   Total Illinois         48,596,464  
      Indiana – 1.4%            
  1,395   Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29 10/19 at 100.00   B–   1,355,494  
  1,500   Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax) 7/23 at 100.00   BBB+   1,672,800  
  2,000   Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 7.750%, 9/01/31 (Pre-refunded 9/01/21) 9/21 at 100.00   N/R (5)   2,599,620  
  4,895   Total Indiana         5,627,914  
      Iowa – 0.0%            
  155   Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25 12/23 at 100.00   B   162,141  
      Kansas – 2.4%            
  3,000   Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding Series 2010S, 5.000%, 5/15/30 5/20 at 100.00   A   3,323,880  
  1,130   Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 1/17 at 100.00   BB+   1,131,887  
  3,565   Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32 No Opt. Call   N/R   3,371,563  
  1,130   Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35 7/25 at 100.00   A1   1,306,901  
  8,825   Total Kansas         9,134,231  
      Kentucky – 0.3%            
  1,000   Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series 2013, 5.700%, 8/01/39 – AGM Insured 8/23 at 100.00   AA   1,173,230  
      Louisiana – 3.6%            
  1,215   Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative Student Facilities Inc. Project, Refunding Series 2015, 5.000%, 10/01/33 10/25 at 100.00   AA   1,408,999  

 

64 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Louisiana (continued)            
$ 2,000   Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2010, 5.500%, 11/01/40 5/20 at 100.00   A– $ 2,165,300  
  3,305   Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 4.250%, 12/01/38 5/23 at 100.00   A3   3,499,830  
  2,665   Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31 12/21 at 100.00   N/R   3,010,970  
  985   Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011, 5.250%, 10/01/28 10/21 at 100.00   BBB+   1,117,611  
  1,165   Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0035, 16.211%, 5/01/39 (IF) 5/20 at 100.00   AA   1,717,676  
  1,000   St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37 6/17 at 100.00   BBB   1,013,800  
  12,335   Total Louisiana         13,934,186  
      Maryland – 0.3%            
  875   Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/41 (Alternative Minimum Tax) 9/26 at 100.00   BBB+   991,200  
      Massachusetts – 1.5%            
  1,595   Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2016E, 5.000%, 7/01/35 7/26 at 100.00   BBB   1,810,022  
  1,815   Massachusetts Educational Financing Authority, Education Loan Revenue Bonds Issue K Series 2013, 5.000%, 7/01/25 (Alternative Minimum Tax) 7/22 at 100.00   AA   1,964,193  
  625   Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010A, 5.500%, 1/01/22 1/20 at 100.00   AA   694,631  
  445   Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23 (Alternative Minimum Tax) 1/20 at 100.00   AA   477,654  
  825   Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 (Alternative Minimum Tax) 6/20 at 100.00   AA–   861,077  
  5,305   Total Massachusetts         5,807,577  
      Michigan – 1.4%            
  10   Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/34 – NPFG Insured 1/17 at 100.00   A   10,031  
  2,865   Marysville Public School District, Saint Clair County, Michigan, General Obligation Bonds, School Building & Site Series 2007, 5.000%, 5/01/32 (Pre-refunded 5/01/17) – AGM Insured 5/17 at 100.00   Aa1 (5)   2,926,168  
  2,100   Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 11/19 at 100.00   A (5)   2,395,113  
  4,975   Total Michigan         5,331,312  
      Mississippi – 0.1%            
  310   Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 4/17 at 100.00   BBB+   321,076  
      Missouri – 0.2%            
  640   St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.375%, 9/01/21 9/17 at 100.00   BBB–   651,846  
      Nebraska – 0.3%            
  1,000   Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43 (Pre-refunded 2/01/17) 2/17 at 100.00   AA (5)   1,010,800  

 

NUVEEN 65


NEV Nuveen Enhanced Municipal Value Fund  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Nevada – 1.3%            
$ 2,000   Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30 1/20 at 100.00   A+ $ 2,204,540  
  1,670   Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 2016-XF2312, 29.552%, 4/01/39 (Pre-refunded 4/01/19) (IF) (4) 4/19 at 100.00   AA (5)   2,871,097  
  3,670   Total Nevada         5,075,637  
      New Jersey – 4.3%            
  795   New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2015WW, 5.250%, 6/15/40 (UB) (4) 6/25 at 100.00   A3   885,225  
      New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:            
  1,000   5.125%, 9/15/23 (Alternative Minimum Tax) 3/17 at 100.00   BB–   1,115,390  
  1,650   5.250%, 9/15/29 (Alternative Minimum Tax) 9/22 at 101.00   BB–   1,839,156  
  1,460   New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A, 5.000%, 7/01/34 7/26 at 100.00   Baa2   1,720,157  
  1,130   New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/26 12/19 at 100.00   AA   1,184,884  
  20,000   New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C, 0.000%, 12/15/36 – AMBAC Insured (UB) (4) No Opt. Call   A3   8,504,800  
  1,500   Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.625%, 6/01/26 6/17 at 100.00   B+   1,507,050  
  27,535   Total New Jersey         16,756,662  
      New York – 4.0%            
      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)   1,270,555  
  1,225   6.250%, 7/15/40 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (5)   1,424,552  
  2,500   6.375%, 7/15/43 (Pre-refunded 1/15/20) 1/20 at 100.00   AA+ (5)   2,917,075  
  1,000   Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/34 6/21 at 100.00   A–   1,150,190  
  500   New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014, 5.150%, 11/15/34 11/24 at 100.00   N/R   570,335  
  1,000   New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2005, 5.250%, 10/01/35 No Opt. Call   A   1,267,850  
  2,105   New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.250%, 1/01/50 (Alternative Minimum Tax) 7/24 at 100.00   BBB   2,335,940  
  265   Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 12/20 at 100.00   Baa1   307,490  
      TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006:            
  2,000   5.000%, 6/01/26 1/17 at 100.00   BB–   1,999,880  
  2,265   5.125%, 6/01/42 1/17 at 100.00   B–   2,198,930  
  13,960   Total New York         15,442,797  
      Ohio – 11.0%            
      Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:            
  1,000   5.125%, 6/01/24 6/17 at 100.00   B–   947,900  
  6,000   5.750%, 6/01/34 6/17 at 100.00   B–   5,623,980  
  6,500   5.875%, 6/01/47 6/17 at 100.00   B–   6,152,055  
  760   Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 7/21 at 100.00   BBB–   837,360  

 

66 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Ohio (continued)            
$ 10,000   Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, 5.000%, 5/15/40 (UB) 5/25 at 100.00   AA+ $ 11,586,400  
  3,000   Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 5.750%, 11/15/31 11/21 at 100.00   AA   3,558,810  
  1,000   Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30 4/20 at 100.00   BBB–   1,099,400  
  1,670   Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 2016-XF2311, 24.786%, 5/01/34 (IF) (4) 5/19 at 100.00   A–   2,685,193  
  6,000   Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) No Opt. Call   CCC+   5,604,120  
  1,200   Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 No Opt. Call   BBB–   1,314,936  
      Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, Refunding Series 2016:            
  1,460   5.000%, 2/15/33 2/26 at 100.00   A2   1,723,019  
  1,455   5.000%, 2/15/34 2/26 at 100.00   A2   1,711,909  
  40,045   Total Ohio         42,845,082  
      Pennsylvania – 6.9%            
  1,337   Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated Series 2013, 5.000%, 5/15/26 No Opt. Call   N/R   1,388,831  
  1,390   Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24 11/19 at 100.00   B   1,391,557  
  1,500   Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27 12/21 at 100.00   B   1,459,560  
  1,335   Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35 1/17 at 100.00   B2   1,295,764  
  1,070   Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16 No Opt. Call   B   1,070,000  
  530   Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory put 4/01/21) No Opt. Call   B   522,580  
      Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B:            
  2,000   3.500%, 12/01/35 (Mandatory put 6/01/20) No Opt. Call   CCC+   1,720,260  
  1,000   2.500%, 12/01/41 (Mandatory put 6/01/17) No Opt. Call   BB+   985,730  
  150   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 1/19 at 100.00   BBB+   164,799  
  1,350   Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) 1/19 at 100.00   N/R (5)   1,498,054  
  2,000   Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27 12/19 at 100.00   N/R   2,130,020  
  1,080   Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 16.358%, 8/01/24 (Pre-refunded 8/01/20) (IF) (4) 8/20 at 100.00   N/R (5)   1,701,162  
  1,000   Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 12/16 at 100.00   BB+   1,000,210  
  1,000   Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 1/20 at 100.00   BBB+   1,090,320  

 

NUVEEN 67


NEV Nuveen Enhanced Municipal Value Fund  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Pennsylvania (continued)            
$ 1,200   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 (Pre-refunded 7/01/20) 7/20 at 100.00   N/R (5) $ 1,396,704  
  130   Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 5.000%, 7/01/31 7/26 at 100.00   Baa3   146,792  
  1,000   Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured No Opt. Call   AA   1,166,450  
      Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E:            
  3,530   0.000%, 12/01/30 (8) 12/27 at 100.00   A–   4,388,637  
  2,000   0.000%, 12/01/38 (8) 12/27 at 100.00   A–   2,474,260  
  24,602   Total Pennsylvania         26,991,690  
      Puerto Rico – 0.7%            
  1,500   Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27 12/18 at 100.00   A+   1,603,365  
  1,000   Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/26 – AMBAC Insured No Opt. Call   Ca   1,069,450  
  2,500   Total Puerto Rico         2,672,815  
      Rhode Island – 0.3%            
  1,110   Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and Municipal Building Projects, Refunding Series 2015A, 5.000%, 4/01/27 4/25 at 100.00   Baa2   1,271,594  
      South Carolina – 2.2%            
  7,500   South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 2016B, 5.000%, 12/01/41 (UB) 12/26 at 100.00   AA–   8,739,825  
      Tennessee – 0.0%            
  155   The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24 No Opt. Call   A   181,328  
      Texas – 4.3%            
  80   Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Leadership Prep School, Series 2016A, 5.000%, 6/15/46 6/21 at 100.00   BB   80,858  
  3,500   Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (6) 7/18 at 100.00       120,645  
      Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 2016:            
  1,300   5.000%, 1/01/33 1/26 at 100.00   BBB   1,493,492  
  1,350   5.000%, 1/01/34 1/26 at 100.00   BBB   1,545,143  
  2,095   5.000%, 1/01/35 1/26 at 100.00   BBB   2,390,667  
  150   Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B, 4.750%, 11/01/42 11/22 at 100.00   Baa3   159,701  
  250   Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (Alternative Minimum Tax) 10/18 at 103.00   BB–   264,285  
  1,800   North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 2016-XF2220, 22.614%, 9/01/41 (IF) 9/21 at 100.00   AA+   3,409,200  
  1,000   Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012, 7.250%, 12/15/47 (6) 12/21 at 100.00   N/R   885,720  
  455   Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 No Opt. Call   BBB+   559,545  
      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 (Alternative Minimum Tax) 12/25 at 100.00   Baa3   1,410,635  
  805   5.000%, 12/31/55 (Alternative Minimum Tax) 12/25 at 100.00   Baa3   883,455  

 

68 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Texas (continued)            
$ 810   Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39 12/19 at 100.00   Baa2 $ 942,216  
  1,000   Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34 6/20 at 100.00   Baa3   1,177,830  
  1,500   Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured 8/17 at 100.00   BBB (5)   1,550,640  
  17,370   Total Texas         16,874,032  
      Utah – 0.3%            
  1,000   Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.250%, 7/15/30 7/20 at 100.00   BB   1,067,120  
      Vermont – 0.7%            
      Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A:            
  1,000   6.125%, 1/01/28 1/21 at 100.00   N/R   1,049,560  
  1,760   6.250%, 1/01/33 1/21 at 100.00   N/R   1,837,898  
  2,760   Total Vermont         2,887,458  
      Virginia – 0.8%            
  2,000   Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 6/17 at 100.00   B–   1,879,940  
  1,010   Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax) 7/22 at 100.00   BBB   1,135,937  
  3,010   Total Virginia         3,015,877  
      Washington – 3.6%            
  5,000   Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016B, 5.000%, 10/01/31 (Alternative Minimum Tax) (UB) 4/26 at 100.00   Aa2   5,909,400  
  240   Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43 4/17 at 100.00   N/R   239,681  
  2,000   Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31 1/21 at 100.00   A   2,223,180  
  2,000   Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 7/19 at 100.00   A (5)   2,264,440  
  1,000   Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of Puget Sound, Series 2006, 5.000%, 12/01/36 (Pre-refunded 12/01/16) – RAAI Insured 12/16 at 100.00   AA (5)   1,003,110  
  2,000   Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.625%, 10/01/40 10/19 at 100.00   Baa1   2,189,480  
  12,240   Total Washington         13,829,291  
      West Virginia – 0.2%            
  750   West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38 10/18 at 100.00   N/R   786,780  
      Wisconsin – 10.1%            
  3,500   Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 6.500%, 2/01/31 2/19 at 102.00   AA–   3,916,255  
  2,905   Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing Foundation – Cullowhee LLC – Western California University Project, Series 2015A, 5.000%, 7/01/35 7/25 at 100.00   BBB–   3,206,248  
  1,000   Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A, 0.000%, 12/15/31 No Opt. Call   AA   656,240  

 

NUVEEN 69


NEV Nuveen Enhanced Municipal Value Fund  
  Portfolio of Investments (continued) October 31, 2016

 

  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      Wisconsin (continued)            
      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+ $ 11,885,700  
  5,000   5.000%, 11/15/36 (UB) (4) 5/26 at 100.00   AA+   5,924,400  
  3,000   5.000%, 11/15/39 (UB) (4) 5/26 at 100.00   AA+   3,535,380  
  1,000   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) 6/20 at 100.00   Baa2 (5)   1,171,240  
  500   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30 4/20 at 100.00   A–   537,030  
      Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118:            
  1,000   19.840%, 4/01/34 (IF) (4) 4/19 at 100.00   AA–   1,330,100  
  1,290   14.819%, 4/01/42 (IF) (4) 10/22 at 100.00   AA–   1,572,639  
  25   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., Refunding Series 2016, 5.000%, 2/15/28 8/25 at 100.00   A3   29,887  
  1,090   Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43 8/23 at 100.00   A–   1,196,613  
  2,500   Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 2016-XL0020, 30.013%, 5/01/36 (IF) (4) 5/19 at 100.00   AA–   4,234,000  
  32,810   Total Wisconsin         39,195,732  
      Wyoming – 0.7%            
      Wyoming Community Development Authority, Student Housing Revenue Bonds, CHF-Wyoming, L.L.C. – University of Wyoming Project, Series 2011:            
  710   6.250%, 7/01/31 7/21 at 100.00   BBB   794,469  
  1,600   6.500%, 7/01/43 7/21 at 100.00   BBB   1,805,248  
  2,310   Total Wyoming         2,599,717  
$ 400,565   Total Municipal Bonds (cost $384,235,333)         430,128,083  
                   
  Shares   Description (1)         Value  
      COMMON STOCKS – 0.8%            
      Airlines – 0.8%            
  75,333   American Airlines Group Inc., (10)       $ 3,058,520  
      Total Common Stocks (cost $2,340,765)         3,058,520  
      Total Long-Term Investments (cost $386,576,098)         433,186,603  

 

70 NUVEEN


  Principal     Optional Call          
  Amount (000)   Description (1) Provisions (2)   Ratings (3)   Value  
      SHORT-TERM INVESTMENTS – 0.3%            
      MUNICIPAL BONDS – 0.3%            
      Illinois – 0.3%            
$ 1,000   Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011C-1, 0.960%, 3/01/32 (Mandatory Put 3/01/17) (11) 1/17 at 100.00   B+ $ 999,770  
      Total Short-Term Investments (cost $996,250)         999,770  
      Total Investments (cost $387,572,348) – 111.7%         434,186,373  
      Floating Rate Obligations – (12.5)%         (48,480,000 ) 
      Other Assets Less Liabilities – 0.8%         3,128,306  
      Net Assets – 100%       $ 388,834,679  

 

(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(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. Ratings are not covered by the report of independent registered public accounting firm.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities.
(6) As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(7) 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.
(8) Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(9) On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.250% to 2.100%.
(10) On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120– day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(11) Investment has a maturity of greater than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(IF) Inverse floating rate investment.
(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.
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.

See accompanying notes to financial statements.

 

NUVEEN 71


Statement of
   
 
Assets and Liabilities
October 31, 2016

       
AMT-Free
     
Enhanced
 
   
Municipal Value
 
Municipal Value
 
Municipal Income
 
Municipal Value
 
   
(NUV
)
(NUW
)
(NMI
)
(NEV
)
Assets
                         
Long-term investments, at value (cost $1,905,546,922, $210,616,292, $87,060,050 and $386,576,098, respectively)
 
$
2,124,752,666
 
$
247,153,020
 
$
97,886,599
 
$
433,186,603
 
Short-term investments, at value (cost $19,050,000, $—, $— and $996,250, respectively)
   
19,050,000
   
   
   
999,770
 
Cash
   
   
2,094,967
   
979,951
   
 
Receivable for:
                         
Interest
   
25,719,507
   
3,625,635
   
1,359,439
   
7,712,617
 
Investments sold
   
8,624,279
   
3,208,187
   
1,259,155
   
1,449,778
 
Deferred offering costs
   
   
103,793
   
   
 
Other assets
   
300,229
   
1,418
   
1,437
   
16,608
 
Total assets
   
2,178,446,681
   
256,187,020
   
101,486,581
   
443,365,376
 
Liabilities
                         
Cash overdraft
   
4,538,671
   
   
   
1,941,564
 
Floating rate obligations
   
14,130,000
   
7,125,000
   
   
48,480,000
 
Payable for:
                         
Dividends
   
5,967,707
   
803,203
   
314,454
   
1,790,293
 
Investments purchased
   
1,905,860
   
570,129
   
4,545,304
   
1,936,062
 
Accrued expenses:
                         
Management fees
   
818,598
   
124,368
   
50,152
   
292,108
 
Directors/Trustees fees
   
303,619
   
2,203
   
862
   
17,767
 
Other
   
338,665
   
168,252
   
43,807
   
72,903
 
Total liabilities
   
28,003,120
   
8,793,155
   
4,954,579
   
54,530,697
 
Net assets
 
$
2,150,443,561
 
$
247,393,865
 
$
96,532,002
 
$
388,834,679
 
Shares outstanding
   
206,875,449
   
14,369,242
   
8,312,299
   
24,950,068
 
Net asset value ("NAV") per share outstanding
 
$
10.39
 
$
17.22
 
$
11.61
 
$
15.58
 
Net assets consist of:
                         
Shares, $0.01 par value per share
 
$
2,068,754
 
$
143,692
 
$
83,123
 
$
249,501
 
Paid-in surplus
   
1,956,406,374
   
210,510,018
   
85,684,951
   
366,212,154
 
Undistributed (Over-distribution of) net investment income
   
10,907,476
   
727,093
   
259,836
   
987,103
 
Accumulated net realized gain (loss)
   
(38,144,787
)
 
(523,666
)
 
(322,457
)
 
(25,228,104
)
Net unrealized appreciation (depreciation)
   
219,205,744
   
36,536,728
   
10,826,549
   
46,614,025
 
Net assets
 
$
2,150,443,561
 
$
247,393,865
 
$
96,532,002
 
$
388,834,679
 
Authorized shares
   
350,000,000
   
Unlimited
   
200,000,000
   
Unlimited
 
See accompanying notes to financial statements.

72
NUVEEN


Statement of
   
 
Operations
Year Ended October 31, 2016

       
AMT-Free
     
Enhanced
 
    Municipal   Municipal   Municipal   Municipal  
   
Value
 
Value
 
Income
 
Value
 
   
(NUV
)
(NUW
)
(NMI
)
(NEV
)
Investment Income
 
$
94,377,489
 
$
12,359,632
 
$
4,939,531
 
$
23,357,697
 
Expenses
                         
Management fees
   
9,784,855
   
1,447,671
   
594,417
   
3,195,072
 
Interest expense
   
150,871
   
64,013
   
28,932
   
269,235
 
Custodian fees
   
207,427
   
32,819
   
23,296
   
56,621
 
Directors/Trustees fees
   
60,766
   
6,890
   
2,776
   
10,210
 
Professional fees
   
98,836
   
51,714
   
24,779
   
47,086
 
Shareholder reporting expenses
   
168,676
   
51,419
   
20,502
   
53,851
 
Shareholder servicing agent fees
   
238,676
   
365
   
12,649
   
343
 
Stock exchange listing fees
   
65,949
   
7,855
   
7,888
   
7,855
 
Investor relations expenses
   
221,131
   
25,098
   
11,570
   
33,789
 
Other
   
86,126
   
26,679
   
12,660
   
31,042
 
Total expenses
   
11,083,313
   
1,714,523
   
739,469
   
3,705,104
 
Net investment income (loss)
 
$
83,294,176
 
$
10,645,109
 
$
4,200,062
 
$
19,652,593
 
Realized and Unrealized Gain (Loss)
                         
Net realized gain (loss) from investments
   
(9,063,243
)
 
767,370
   
(20,534
)
 
(537,166
)
Change in net unrealized appreciation (depreciation) of investments
   
47,249,567
   
(193,067
)
 
1,237,919
   
633,718
 
Net realized and unrealized gain (loss)
   
38,186,324
   
574,303
   
1,217,385
   
96,552
 
Net increase (decrease) in net assets from operations
 
$
121,480,500
 
$
11,219,412
 
$
5,417,447
 
$
19,749,145
 
See accompanying notes to financial statements.
 
NUVEEN
73


Statement of
 
 
Changes in Net Assets

       
AMT-Free
 
   
Municipal Value (NUV)
 
Municipal Value (NUW)
 
   
Year Ended
 
Year Ended
 
Year Ended
 
Year Ended
 
   
10/31/16
 
10/31/15
 
10/31/16
 
10/31/15
 
Operations
                         
Net investment income (loss)
 
$
83,294,176
 
$
85,381,787
 
$
10,645,109
 
$
10,755,117
 
Net realized gain (loss) from:
                         
Investments
   
(9,063,243
)
 
11,068,291
   
767,370
   
1,465,514
 
Swaps
   
   
   
   
 
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
47,249,567
   
(15,782,237
)
 
(193,067
)
 
(2,129,189
)
Swaps
   
   
   
   
 
Net increase (decrease) in net assets from operations
   
121,480,500
   
80,667,841
   
11,219,412
   
10,091,442
 
Distributions to Shareholders
                         
From net investment income
   
(80,761,259
)
 
(83,258,650
)
 
(10,943,206
)
 
(10,453,742
)
Decrease in net assets from distributions to shareholders
   
(80,761,259
)
 
(83,258,650
)
 
(10,943,206
)
 
(10,453,742
)
Capital Share Transactions
                         
Proceeds from shelf offering, net of offering costs
   
9,540,333
   
   
17,451,974
   
2,131,586
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
3,676,267
   
   
713,294
   
328,495
 
Net increase (decrease) in net assets from capital share transactions
   
13,216,600
   
   
18,165,268
   
2,460,081
 
Net increase (decrease) in net assets
   
53,935,841
   
(2,590,809
)
 
18,441,474
   
2,097,781
 
Net assets at the beginning of period
   
2,096,507,720
   
2,099,098,529
   
228,952,391
   
226,854,610
 
Net assets at the end of period
 
$
2,150,443,561
 
$
2,096,507,720
 
$
247,393,865
 
$
228,952,391
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
10,907,476
 
$
9,191,144
 
$
727,093
 
$
1,058,569
 
See accompanying notes to financial statements.
 
74
NUVEEN


       
Enhanced Municipal
 
   
Municipal Income (NMI)
 
Value (NEV)
 
   
Year Ended
 
Year Ended
 
Year Ended
 
Year Ended
 
   
10/31/16
 
10/31/15
 
10/31/16
 
10/31/15
 
Operations
                         
Net investment income (loss)
 
$
4,200,062
 
$
4,209,643
 
$
19,652,593
 
$
19,547,437
 
Net realized gain (loss) from:
                         
Investments
   
(20,534
)
 
494,625
   
(537,166
)
 
2,839,424
 
Swaps
   
   
   
   
(1,040,000
)
Change in net unrealized appreciation (depreciation) of:
                         
Investments
   
1,237,919
   
(903,386
)
 
633,718
   
(3,616,419
)
Swaps
   
   
   
   
588,900
 
Net increase (decrease) in net assets from operations
   
5,417,447
   
3,800,882
   
19,749,145
   
18,319,342
 
Distributions to Shareholders
                         
From net investment income
   
(4,216,821
)
 
(4,231,229
)
 
(21,633,059
)
 
(20,379,002
)
Decrease in net assets from distributions to shareholders
   
(4,216,821
)
 
(4,231,229
)
 
(21,633,059
)
 
(20,379,002
)
Capital Share Transactions
                         
Proceeds from shelf offering, net of offering costs
   
   
   
61,693,894
   
 
Net proceeds from shares issued to shareholders due to reinvestment of distributions
   
181,990
   
116,109
   
168,274
   
46,885
 
Net increase (decrease) in net assets from capital share transactions
   
181,990
   
116,109
   
61,862,168
   
46,885
 
Net increase (decrease) in net assets
   
1,382,616
   
(314,238
)
 
59,978,254
   
(2,012,775
)
Net assets at the beginning of period
   
95,149,386
   
95,463,624
   
328,856,425
   
330,869,200
 
Net assets at the end of period
 
$
96,532,002
 
$
95,149,386
 
$
388,834,679
 
$
328,856,425
 
Undistributed (Over-distribution of) net investment income at the end of period
 
$
259,836
 
$
333,417
 
$
987,103
 
$
3,048,734
 
See accompanying notes to financial statements.
 
NUVEEN
75

Financial
 
 
Highlights
Selected data for a share outstanding throughout each period:

       
Investment Operations
 
Less Distributions
                 
                                   
Premium
         
                                   
from
         
                       
From
         
Shares
         
       
Net
 
Net
     
From
 
Accumu-
         
Sold
         
       
Investment
 
Realized/
     
Net
 
lated Net
         
through
     
Ending
 
   
Beginning
 
Income
 
Unrealized
     
Investment
 
Realized
     
Offering
 
Shelf
 
Ending
 
Share
 
   
NAV
 
(Loss
)
Gain (Loss
)
Total
 
Income
 
Gains
 
Total
 
Costs
 
Offering
 
NAV
 
Price
 
Municipal Value (NUV)
                                                 
Year Ended 10/31:
                                                           
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
 
2013
   
10.31
   
0.44
   
(0.70
)
 
(0.26
)
 
(0.45
)
 
   
(0.45
)
 
   
0.01
   
9.61
   
9.05
 
2012
   
9.65
   
0.46
   
0.71
   
1.17
   
(0.47
)
 
(0.06
)
 
(0.53
)
 
*
 
0.02
   
10.31
   
10.37
 
                                                                     
AMT-Free Municipal Value (NUW)
                                                 
Year Ended 10/31:
                                                           
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
 
2013
   
17.78
   
0.85
   
(1.48
)
 
(0.63
)
 
(0.80
)
 
(0.01
)
 
(0.81
)
 
*
 
0.01
   
16.35
   
15.23
 
2012
   
16.47
   
0.84
   
1.29
   
2.13
   
(0.82
)
 
   
(0.82
)
 
   
   
17.78
   
18.66
 

(a)
Total Return Based on NAV is the combination of changes in 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 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.

76
NUVEEN


     
Ratios/Supplemental Data
 
 
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)
                                   
 
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
 
 
(2.55
)
 
(8.67
)
 
1,975,227
   
0.55
   
4.34
   
19
 
 
12.62
   
13.15
   
2,105,323
   
0.60
   
4.63
   
14
 
                                   
                                   
 
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
 
 
(3.59
)
 
(14.31
)
 
215,764
   
0.72
   
4.93
   
7
 
 
13.23
   
14.73
   
231,140
   
0.68
   
4.90
   
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:

Municipal Value (NUV)
   
Year Ended 10/31:
   
2016
0.01
%
2015
0.00
**
2014
0.01
 
2013
0.00
**
2012
0.02
 

AMT-Free Municipal Value (NUW)
   
Year Ended 10/31:
   
2016
0.03
%
2015
0.02
 
2014
0.02
 
2013
0.00
**
2012
 

(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.
*
Rounds to less than $0.01 per share.
**
Rounds to less than 0.01%.
See accompanying notes to financial statements.

NUVEEN
77


Financial Highlights (continued)
Selected data for a share outstanding throughout each period:

         
Investment Operations
 
Less Distributions
                         
                                   
Premium
         
                                   
from
         
                       
From
         
Shares
         
       
Net
 
Net
     
From
 
Accumu-
         
Sold
         
       
Investment
 
Realized/
     
Net
 
lated Net
         
through
 
Ending
     
   
Beginning
 
Income
 
Unrealized
     
Investment
 
Realized
     
Offering
 
Shelf
 
Ending
 
Share
 
   
NAV
 
(Loss
)
Gain (Loss
)
Total
 
Income
 
Gains
 
Total
 
Costs
 
Offering
 
NAV
 
Price
 
Municipal Income (NMI)
                                               
Year Ended 10/31:
                                                         
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
 
2013
   
11.66
   
0.54
   
(0.83
)
 
(0.29
)
 
(0.57
)
 
   
(0.57
)
 
   
   
10.80
   
10.11
 
2012
   
10.75
   
0.57
   
0.91
   
1.48
   
(0.57
)
 
   
(0.57
)
 
   
   
11.66
   
12.66
 
                                                                     
Enhanced Municipal Value (NEV)
                                               
Year Ended 10/31:
                                                           
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
 
2013
   
15.82
   
0.96
   
(1.80
)
 
(0.84
)
 
(0.96
)
 
   
(0.96
)
 
(0.01
)
 
0.09
   
14.10
   
13.92
 
2012
   
13.97
   
1.01
   
1.80
   
2.81
   
(0.96
)
 
   
(0.96
)
 
   
   
15.82
   
16.16
 

(a)
Total Return Based on NAV is the combination of changes in 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 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.

78
NUVEEN


     
Ratios/Supplemental Data
 
 
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)
                                   
 
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
 
 
(2.58)
   
(15.91
)
 
89,384
   
0.73
   
4.73
   
18
 
 
14.05
   
19.51
   
96,298
   
0.78
   
5.09
   
15
 
                                   
                                   
 
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
 
 
(5.02
)*
 
(8.12
)
 
297,404
   
1.08
   
6.44
   
12
 
 
20.67
   
25.68
   
305,341
   
1.12
   
6.73
   
11
 

(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:

Municipal Income (NMI)
   
Year Ended 10/31:
   
2016
0.03
%
2015
0.01
 
2014
0.01
 
2013
0.01
 
2012
0.01
 

Enhanced Municipal Value (NEV)
   
Year Ended 10/31:
   
2016
0.07
%
2015
0.07
 
2014
0.09
 
2013
0.08
 
2012
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
 
Enhanced Municipal Value (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.
*
During the fiscal year ended October 31, 2013, Enhanced Municipal Value (NEV) received payments from the Adviser of $168,146 to offset losses realized on the disposal of investments purchased in violation of the Fund's investment restrictions. This reimbursement did not have an impact on the Fund's Total Return on NAV.
See accompanying notes to financial statements.
NUVEEN
79


Notes to Financial Statements
 

1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a "Fund" and collectively, the "Funds"):

 
Nuveen Municipal Value Fund, Inc. (NUV) ("Municipal Value (NUV)")
 
Nuveen AMT-Free Municipal Value Fund (NUW) ("AMT-Free Municipal Value (NUW)")
 
Nuveen Municipal Income Fund, Inc. (NMI) ("Municipal Income (NMI)")
 
Nuveen Enhanced Municipal Value Fund (NEV) ("Enhanced Municipal Value (NEV)")
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Municipal Value (NUV) and Municipal Income (NMI) were incorporated under the state laws of Minnesota on April 8, 1987 and February 26, 1988, respectively. AMT-Free Municipal Value (NUW) and Enhanced Municipal Value (NEV) were organized as Massachusetts business trusts on November 19, 2008 and July 27, 2009, respectively.
The end of the reporting period for the Funds is October 31, 2016, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2016 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). Nuveen is an operating division of TIAA Global Asset Management. The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund's primary investment objective is to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Effective August 5, 2016, Municipal Value (NUV) and Municipal Income (NMI) have each added an investment policy to limit the amount of securities subject to the alternative minimum tax ("AMT") to no more than 20% of each Fund's managed assets(as defined in Note 7 – Management Fees and Other Transactions with Affiliates). In addition, effective August 5, 2016, Enhanced Municipal Value (NEV) changed its investment policy to limit the amount of securities subject to the AMT to no more than 20% (30% prior to August 5, 2016) of the Fund's managed assets.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 "Financial Services-Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the following Funds' outstanding when-issued/delayed delivery purchase commitments were as follows:

         
AMT-Free
       
     
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
Outstanding when-issued/delayed delivery purchase commitments
 
$
1,905,860
 
$
570,129
 
$
4,545,304
 

80
NUVEEN

Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds' organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 Level 1 – 
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 Level 2 – 
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 Level 3 – 
Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by an independent pricing service ("pricing service") approved by the Funds' Board of Directors/Trustees (the "Board"). The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower

NUVEEN
81


Notes to Financial Statements (continued)
quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:

Municipal Value (NUV)
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
2,124,128,110
 
$
 
$
2,124,128,110
 
Corporate Bonds**
   
   
   
624,556
***
 
624,556
 
Short-Term Investments*:
                         
Municipal Bonds
   
   
19,050,000
   
   
19,050,000
 
Total
 
$
 
$
2,143,178,110
 
$
624,556
 
$
2,143,802,666
 
AMT-Free Municipal Value (NUW)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
247,153,020
 
$
 
$
247,153,020
 
Municipal Income (NMI)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
97,886,599
 
$
 
$
97,886,599
 
Enhanced Municipal Value (NEV)
                         
Long-Term Investments:
                         
Municipal Bonds*
 
$
 
$
430,103,506
 
$
24,577
***
$
430,128,083
 
Common Stocks**
   
3,058,520
   
   
   
3,058,520
 
Short-Term Investments:
                         
Municipal Bonds*
   
   
999,770
   
   
999,770
 
Total
 
$
3,058,520
 
$
431,103,276
 
$
24,577
 
$
434,186,373
 

*
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.
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.

82
NUVEEN


The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

(i)
 
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
(ii)
 
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters"), in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.

NUVEEN
83


Notes to Financial Statements (continued)
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
       
AMT-Free
     
Enhanced
 
   
Municipal
 
Municipal
 
Municipal
 
Municipal
 
   
Value
 
Value
 
Income
 
Value
 
Floating Rate Obligations Outstanding
 
(NUV
)
(NUW
)
(NMI
)
(NEV
)
Floating rate obligations: self-deposited Inverse Floaters
 
$
14,130,000
 
$
7,125,000
 
$
 
$
48,480,000
 
Floating rate obligations: externally-deposited Inverse Floaters
   
16,835,000
   
10,165,000
   
6,005,000
   
146,485,000
 
Total
 
$
30,965,000
 
$
17,290,000
 
$
6,005,000
 
$
194,965,000
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

       
AMT-Free
     
Enhanced
 
   
Municipal
 
Municipal
 
Municipal
 
Municipal
 
   
Value
 
Value
 
Income
 
Value
 
Self-Deposited Inverse Floaters
 
(NUV
)
(NUW
)
(NMI
)
(NEV
)
Average floating rate obligations outstanding
 
$
15,556,230
 
$
7,125,000
 
$
3,335,000
 
$
27,448,934
 
Average annual interest rate and fees
   
0.85%
   
0.87%
   
0.84%
   
0.97%
 
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, Enhanced Municipal Value (NEV) had outstanding borrowings under such liquidity facilities in the amount of $5,300,912, which are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities. There were no loans outstanding under such facilities for any of the other Funds as of the end of the reporting period.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

       
AMT-Free
     
Enhanced
 
   
Municipal
 
Municipal
 
Municipal
 
Municipal
 
   
Value
 
Value
 
Income
 
Value
 
Floating Rate Obligations - Recourse Trusts
 
(NUV
)
(NUW
)
(NMI
)
(NEV
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
 
$
14,130,000
 
$
7,125,000
 
$
 
$
34,855,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
   
16,835,000
   
10,165,000
   
6,005,000
   
136,185,000
 
Total
 
$
30,965,000
 
$
17,290,000
 
$
6,005,000
 
$
171,040,000
 

84
NUVEEN


Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Equity Shelf Programs and Offering Costs
The following Funds have each filed registration statements with the Securities and Exchange Commission ("SEC") authorizing each Fund to issue additional shares through one or more equity shelf program ("Shelf Offering"), which became effective with the SEC during the current and/or prior fiscal period.
Under these Shelf Offerings, the Funds, subject to market conditions, may raise additional equity capital by issuing additional shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund's NAV per share. In the event a Fund's Shelf Offering registration statement is no longer current, the Fund may not issue additional shares until a post-effective amendment to the registration statement has been filed with the SEC.
Additional authorized shares, shares sold and offering proceeds, net of offering costs under each Fund's Shelf Offering during the Fund's current and/or prior fiscal period (unless otherwise noted), were as follows:

       
AMT-Free
 
Enhanced
 
   
Municipal Value (NUV)
 
Municipal Value (NUW)
 
Municipal Value (NEV)
 
   
Year
 
Year
 
Year
 
Year
 
Year
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
Ended
 
   
10/31/16
*
10/31/15
 
10/31/16
**
10/31/15
***
10/31/16
 
10/31/15
 
Additional authorized shares
   
19,600,000
   
   
2,600,000
   
1,200,000
   
5,200,000
   
5,200,000
 
Shares sold
   
900,076
   
   
992,372
   
122,737
   
3,842,469
   
 
Offering proceeds, net of offering costs
 
$
9,540,333
 
$
 
$
17,451,974
 
$
2,131,586
 
$
61,693,894
 
$
 

*
Represents total additional authorized shares for the period March 22, 2016 through October 31, 2016.
**
Represents total additional authorized shares for the period February 26, 2016 through October 31, 2016; and the period November 1, 2015 through November 15, 2015.
***
Represents total additional authorized shares for the period January 27, 2015 through October 31, 2015.

NUVEEN
85


Notes to Financial Statements (continued)
Costs incurred by the Funds in connection with their Shelf Offerings were recorded as a deferred charge and recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities. The deferred assets are reduced during the one-year period that additional shares are sold by reducing the proceeds from such sales and is recognized as a component of "Proceeds from shelf offering, net of offering costs" on the Statement of Changes in Net Assets. Any remaining deferred charges at the end of the one-year life of the Shelf Offering period will be expensed accordingly, as well as any additional Shelf Offering costs the Funds may incur. As Shelf Offering costs are expensed they are recognized as a component of "Other expenses" on the Statement of Operations.
During the current reporting period, AMT- Free Municipal Value (NUW) was authorized to issue an additional 1.4 million shares under a new Shelf Offering. Also during the current reporting period, Municipal Income (NMI) and Enhanced Municipal Value (NEV) each filed an initial registration statement with the SEC to establish new Shelf Offerings, which are not yet effective.
Common Share Transactions
Transactions in common shares during the Funds' current and prior fiscal period, where applicable, were as follows:

       
AMT-Free
 
   
Municipal Value (NUV)
 
Municipal Value (NUW)
 
   
Year
 
Year
 
Year
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
   
10/31/16
 
10/31/15
 
10/31/16
 
10/31/15
 
Shares sold through shelf offering
   
900,076
   
   
992,372
   
122,737
 
Shares issued to shareholders due to reinvestment of distributions
   
347,727
   
   
40,963
   
18,995
 
Weighted average premium to NAV per shelf offering share sold
   
1.22
%
 
%
 
2.34
%
 
1.36
%

       
Enhanced Municipal
 
   
Municipal Income (NMI)*
 
Value (NEV)
 
   
Year
 
Year
 
Year
 
Year
 
   
Ended
 
Ended
 
Ended
 
Ended
 
   
10/31/16
 
10/31/15
 
10/31/16
 
10/31/15
 
Shares sold through shelf offering
   
   
   
3,842,469
   
 
Shares issued to shareholders due to reinvestment of distributions
   
15,227
   
10,033
   
10,581
   
2,917
 
Weighted average premium to NAV per shelf offering share sold
   
%
 
%
 
1.80
%
 
%

*
Fund was not authorized to issue additional shares through a Shelf Offering.
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:

       
AMT-Free
 
 
 
Enhanced
 
   
Municipal
 
Municipal
 
Municipal
 
Municipal
 
   
Value
 
Value
 
Income
 
Value
 
   
(NUV
)
(NUW
)
(NMI
)
(NEV
)
Purchases
 
$
236,597,607
 
$
41,153,247
 
$
4,919,484
 
$
119,966,679
 
Sales and maturities
   
242,716,935
   
28,453,017
   
4,427,611
   
25,036,786
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of AMT-Free Municipal Value (NUW) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

86
NUVEEN


As of October 31, 2016, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

       
AMT-Free
     
Enhanced
 
   
Municipal
 
Municipal
 
Municipal
 
Municipal
 
   
Value
 
Value
 
Income
 
Value
 
   
(NUV
)
(NUW
)
(NMI
)
(NEV
)
Cost of investments
 
$
1,902,974,321
 
$
202,138,634
 
$
87,013,055
 
$
338,024,459
 
Gross unrealized:
                         
Appreciation
 
$
241,136,439
 
$
38,555,588
 
$
11,261,418
 
$
53,115,455
 
Depreciation
   
(14,438,203
)
 
(666,202
)
 
(387,874
)
 
(5,428,796
)
Net unrealized appreciation (depreciation) of investments
 
$
226,698,236
 
$
37,889,386
 
$
10,873,544
 
$
47,686,659
 
Permanent differences, primarily due to taxable market discount, federal taxes paid and nondeductible offering costs resulted in reclassifications among the Funds' components of net assets as of October 31, 2016, the Funds' tax year end, as follows:

       
AMT-Free
     
Enhanced
 
   
Municipal
 
Municipal
 
Municipal
 
Municipal
 
   
Value
 
Value
 
Income
 
Value
 
   
(NUV
)
(NUW
)
(NMI
)
(NEV
)
Paid-in-surplus
 
$
(61
)
$
1
 
$
1
 
$
(166
)
Undistributed (Over-distribution of) net investment income
   
(816,585
)
 
(33,380
)
 
(56,822
)
 
(81,165
)
Accumulated net realized gain (loss)
   
816,646
   
33,379
   
56,821
   
81,331
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2016, the Funds' tax year end, were as follows:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Undistributed net tax-exempt income1
 
$
6,069,945
 
$
331,949
 
$
378,414
 
$
1,701,271
 
Undistributed net ordinary income2
   
457,488
   
103,869
   
16,452
   
29,263
 
Undistributed net long-term capital gains
   
   
   
   
 

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 3, 2016 and paid on November 1, 2016.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
The tax character of distributions paid during the Funds' tax years ended October 31, 2016 and October 31, 2015, was designated for purposes of the dividends paid deduction as follows:

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
2016
   
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Distributions from net tax-exempt income3
 
$
80,329,085
 
$
10,748,111
 
$
4,134,879
 
$
21,404,317
 
Distributions from net ordinary income2
   
391,620
   
202,880
   
81,311
   
107,623
 
Distributions from net long-term capital gains
   
   
   
   
 

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
2015
   
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Distributions from net tax-exempt income
 
$
83,476,720
 
$
10,401,699
 
$
4,196,006
 
$
20,251,258
 
Distributions from net ordinary income2
   
193,185
   
69,219
   
43,093
   
127,511
 
Distributions from net long-term capital gains
   
   
   
   
 

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2016, as Exempt Interest Dividends.
As of October 31, 2016, the Funds' tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

NUVEEN
87


Notes to Financial Statements (continued)

           
AMT-Free
         
Enhanced
 
     
Municipal
   
Municipal
   
Municipal
   
Municipal
 
     
Value
   
Value
   
Income
   
Value
 
     
(NUV
)
 
(NUW
)
 
(NMI
)
 
(NEV
)
Expiration:
                         
October 31, 2017
 
$
 
$
 
$
159,522
 
$
 
October 31, 2018
   
   
   
   
2,946,811
 
October 31, 2019
   
   
   
   
16,146,849
 
Not subject to expiration
   
34,533,782
   
726,001
   
   
6,141,628
 
Total
 
$
34,533,782
 
$
726,001
 
$
159,522
 
$
25,235,288
 
During the Funds' tax year ended October 31, 2016, the following Funds utilized capital loss carryforwards as follows:

     
AMT-Free
       
     
Municipal
   
Municipal
 
     
Value
   
Income
 
     
(NUW
)
 
(NMI
)
Utilized capital loss carryforwards
 
$
800,750
 
$
199,223
 
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for Municipal Value (NUV) a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual Fund-level fee, payable monthly, for Municipal Value (NUV) is calculated according to the following schedule:

     
Municipal Value (NUV)
Average Daily Net Assets
   
Fund-Level Fee
For the first $500 million
   
0.1500
%
For the next $500 million
   
0.1250
 
For net assets over $1 billion
   
0.1000
 
In addition, Municipal Value (NUV) pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a "self-deposited inverse floater" trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:

     
Municipal Value (NUV)
Gross Interest Income
   
Gross Income Fee
For the first $50 million
   
4.125
%
For the next $50 million
   
4.000
 
For gross income over $100 million
   
3.875
 
For the period November 1, 2015 through July 31, 2016, the annual Fund-level fee, payable monthly, for AMT-Free Municipal Value (NUW), Municipal Income (NMI) and Enhanced Municipal Value (NEV) was calculated according to the following schedules:

 
AMT-Free Municipal Value (NUW)
Average Daily Managed Assets*
   
Fund-Level Fee
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 managed assets over $2 billion
   
0.3375
 

88
NUVEEN


 
Municipal Income (NMI)
Average Daily Net Assets
   
Fund-Level Fee
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
   
0.3875
 
For net assets over $5 billion
   
0.3750
 

 
Enhanced Municipal Value (NEV)
Average Daily Managed Assets*
   
Fund-Level Fee
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 managed assets over $2 billion
   
0.3875
 
Effective August 1, 2016, the annual Fund-level fee, payable monthly, for AMT-Free Municipal Value (NUW), Municipal Income (NMI) and Enhanced Municipal Value (NEV) is calculated according to the following schedules:

 
AMT-Free Municipal Value (NUW)
Average Daily Managed Assets*
   
Fund-Level Fee
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
 

     
Municipal Income (NMI)
Average Daily Net Assets
   
Fund-Level Fee
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
 

 
Enhanced Municipal Value (NEV)
Average Daily Managed Assets*
   
Fund-Level Fee
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
 

NUVEEN
89


Notes to Financial Statements (continued)
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund's daily managed assets (net assets for Municipal Value (NUV) and Municipal Income (NMI)):

Complex-Level Managed Asset Breakpoint Level*
Effective 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 the 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 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 October 31, 2016, the complex-level fee rate for each Fund was 0.1610%.
Other Transactions with Affiliates
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser ("inter-fund trade") under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of "Receivable for investments sold" and/or "Payable for investments purchased" on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows:

Inter-Fund Trades
Municipal Value (NUV
)
Purchases
 
$
7,029,390
 
Sales
   
 
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit ("Unsecured Credit Line") under which outstanding balances would bear interest at a variable rate. On December 31, 2015 (the only date utilized during the current fiscal period), the following Fund borrowed the following amount from the Unsecured Credit Line at an annualized interest rate of 1.68% on its outstanding balance.
         
 
Municipal Value (NUV
)
Outstanding balance at December 31, 2015
 
$
4,687,261
 

90
NUVEEN


The remaining Funds in this report did not draw on this Unsecured Credit Line during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser ("Participating Funds"), have established a 364-day, approximately $2.5 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2017 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest expense and amoritization of offering costs" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.

NUVEEN
91


Additional Fund Information (Unaudited)
 
Board of Directors/Trustees
William Adams IV*
Margo Cook*
Jack B. Evans
William C. Hunter
David J. Kundert
Albin F. Moschner
John K. Nelson
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
Margaret L. Wolff
           
* 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
State Street Bank
Chicago, IL 60606
One Lincoln Street
 
200 East Randolph Drive
& Trust Company
 
Boston, MA 02111
 
Chicago, IL 60601
Nuveen Funds
       
P.O. Box 43071
       
Providence, RI 02940-3071
       
(800) 257-8787
         
 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.

CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.

Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

 
NUV
NUW
NMI
NEV
 
Shares repurchased
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

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Glossary of Terms Used in this Report

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.
   
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
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.
   
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
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.
   
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.

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Glossary of Terms Used in this Report (continued)

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.
   
Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
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.

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Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

NUVEEN
95


Annual Investment Management Agreement Approval Process (Unaudited)
The Board of Directors or Trustees (as the case may be) of each Fund (the "Board," and each Director or Trustee a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board reviews each Investment Management Agreement and Sub-Advisory Agreement on behalf of each Fund and votes to determine whether the respective Advisory Agreement should be renewed. Accordingly, at an in-person meeting held on May 24-26, 2016 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
During the year, the Board and its Committees met regularly to receive materials and discuss a variety of topics impacting the Funds including, among other things, overall market conditions and market performance, Fund investment performance, brokerage execution, valuation of securities, compliance matters, securities lending, leverage matters, risk management and ongoing initiatives. The Board had established several standing Committees, including the Open-end Fund Committee and Closed-end Fund Committee which permit the Board Members to delve further into the topics particularly relevant to the respective product line and enhance the Board's effectiveness and oversight of the Funds. The Board also seeks to meet with the Sub-Adviser and its investment team at least once over a multiple year rotation through site visits. The information and knowledge the Board gained throughout the year from the Board and Committee meetings, site visits and the related materials were relevant to the Board's evaluation of the Advisory Agreements, and the Board took such information into account in its review of the Advisory Agreements.
In addition to the materials received throughout the year, the Board received additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including a description of the services provided by the Adviser and the Sub-Adviser (each, a "Fund Adviser"); a review of fund performance with a detailed focus on any performance outliers; an analysis of the investment teams; an analysis of the fees and expense ratios of the Funds, including information comparing such fees and expenses to that of peer groups; an assessment of shareholder services for the Funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; and a review of premium/discount trends and leverage management as well as information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters.
As part of its annual review, the Board held a separate meeting on April 12-13, 2016 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser examining, among other things, the team's assets under management, investment performance, investment approach, and the stability and structure of the Sub-Adviser's organization and investment team. During the review, the Independent Board Members requested and received additional information from management. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel. The Independent Board Members met separately with independent legal counsel without management present and received a memorandum from such counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Independent Board Members' review of the Advisory Agreements reflected an ongoing process that incorporated the information and considerations that occurred over the years, including the most recent year, as well as the information specifically furnished for the renewal process. In deciding to renew the Advisory Agreements, the Independent Board

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Members did not identify a particular factor as controlling, but rather the decision reflected the comprehensive consideration of all the information presented. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory Agreements and its conclusions.
 
A.
Nature, Extent and Quality of Services
 
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to the respective Fund and the initiatives undertaken during the past year by the Adviser. The Board recognized the comprehensive set of services the Adviser provided to manage and operate the Nuveen funds, including (a) product management (such as setting dividends, positioning the product in the marketplace, maintaining and enhancing shareholder communications and reporting to the Board); (b) investment services (such as overseeing the Sub-Adviser and other service providers; analyzing investment performance and risks; overseeing risk management and disclosure; developing and interpreting investment policies; assisting in the development of products; helping to prepare financial statements and marketing disclosures; and overseeing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters; and helping to prepare regulatory filings and shareholder reports); (d) fund Board administration (such as preparing Board materials and organizing and providing assistance for Board meetings); (e) compliance (such as helping to devise and maintain the funds' compliance program and related testing); (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities); and (g) providing leverage management.
   
 
The Board reviewed the continued investment the Adviser had made in its business to continue to strengthen the breadth and quality of its services to the benefit of the Nuveen funds. The Board noted the Adviser's additional staffing in key areas that support the funds and the Board, including in investment services, operations, closed-end fund/structured products, fund governance, compliance, fund administration, product management, and information technology. Among the enhancements to its services, the Board recognized the Adviser's (a) expanded activities and support required as a result of regulatory developments, including in areas of compliance and reporting; (b) expanded efforts to support leverage management with a goal of seeking the most effective structure for fund shareholders given appropriate risk levels and regulatory constraints; (c) increased support for dividend management; (d) continued investment in its technical capabilities as the Adviser continued to build out a centralized fund data platform, enhance mobility and remote access capabilities, rationalize and upgrade software platforms, and automate certain regulatory liquidity determinations; (e) continued efforts to rationalize the product line through mergers, liquidations and re-positioning of Nuveen funds with the goal of increasing efficiencies, reducing costs, improving performance and addressing shareholder needs; (f) continued efforts to develop new lines of business designed to enhance the Nuveen product line and meet investor demands; and (g) continued commitment to enhance risk oversight, including the formation of the operational risk group to provide operational risk assessment, the access to platforms which provide better risk reporting to support investment teams, and the development of a new team to initially review new products and major product initiatives. The Board also recognized the Adviser's efforts to renegotiate certain fees of other service providers which culminated in reduced expenses for all funds for custody and accounting services without diminishing the breadth and quality of the services provided. The Board considered the Chief Compliance Officer's report regarding the Adviser's compliance program, the Adviser's continued development, execution and management of its compliance program, and the additions to the compliance team to support the continued growth of the Nuveen fund family and address regulatory developments.
   
 
The Board also considered information highlighting the various initiatives that the Adviser had implemented or continued during the year to enhance or support the closed-end fund product line. The Board noted the Adviser's continued efforts during 2015 (a) to rationalize the product line through mergers designed to help reduce product overlap, offer shareholders the potential for lower fees and enhanced investor acceptance, and address persistent discounts in the secondary market; (b) to oversee and manage leverage as the Adviser facilitated the rollover of existing facilities and conducted negotiations for

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
improved terms and pricing to reduce leverage costs; (c) to conduct capital management services including share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on such opportunities for the closed-end funds; and (d) to implement data-driven market analytics which, among other things, provided a better analysis of the shareholder base, enhanced the ability to monitor the closed-end funds versus peers and helped to understand trading discounts. The Board also considered the quality and breadth of Nuveen's investment relations program through which Nuveen seeks to build awareness of, and educate investors and financial advisers with respect to, Nuveen closed-end funds which may help to build an active secondary market for the closed-end fund product line.
   
 
As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. The Board noted that the Adviser recommended the renewal of each Sub-Advisory Agreement.
   
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
   
B.
The Investment Performance of the Funds and Fund Advisers
 
The Board considered the long-term and short-term performance history of each Fund. As noted above, the Board reviewed fund performance at its quarterly meetings throughout the year and took into account the information derived from the discussions with representatives of the Adviser about fund performance at these meetings. The Board also considered the Adviser's analysis of fund performance with particular focus on any performance outliers and the factors contributing to such performance and any steps the investment team had taken to address performance concerns. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2015, as well as performance information reflecting the first quarter of 2016.
   
 
In evaluating performance information, the Board recognized the following factors may impact the performance data as well as the consideration to be given to particular performance data:
 
 
The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
     
 
Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.
     
 
Shareholders evaluate performance based on their own holding period which may differ from the performance period reviewed by the Board, leading to different performance results.
     
 
The Board recognized the difficulty in establishing appropriate peer groups and benchmarks for certain funds, including Nuveen Municipal Value Fund, Inc. (the "Municipal Value Fund"), Nuveen AMT-Free Municipal Value Fund (the "AMT-Free Fund") and Nuveen Municipal Income Fund, Inc. (the "Municipal Income Fund"). The Board noted that management classified the Performance Peer Groups as low, medium and high in relevancy and took the relevancy of the Performance Peer Group into account when considering the comparative performance data. If the Performance Peer Group differed somewhat from a fund, the Board recognized that the comparative performance data may be of limited value. The Board also recognized that each fund operated pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark and that these variations lead to differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark.

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In addition to the foregoing, the Independent Board Members continued to recognize the importance of secondary market trading for the shares of closed-end funds. At the quarterly meetings as well as the May Meeting, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date and over various periods as well as in comparison to the premium/discount average in their respective Lipper peer category. At the May Meeting and/or prior meetings, the Independent Board Members (either at the Board level or through the Closed-end Fund Committee) reviewed, among other things, an analysis by the Adviser of the key economic, market and competitive trends that affected the closed-end fund market and Nuveen closed-end funds and considered any actions proposed periodically by the Adviser to address trading discounts of certain closed-end funds, including, among other things, share repurchases, fund reorganizations, adjusting fund investment mandates and strategies, and increasing fund awareness to investors. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds to be a continuing priority in their oversight of the closed-end funds.
   
 
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board was aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser and the applicable sub-adviser manage the fund, knowing the fund's investment strategy and seeking exposure to that strategy (even if the strategy was "out of favor" in the marketplace) and knowing the fund's fee structure.
   
 
For the Municipal Value Fund, the Board noted that the Fund ranked in its Performance Peer Group in the fourth quartile for the one-, three- and five-year periods; however, the Fund outperformed its benchmark in each of such periods. In reviewing the comparative peer information, the Board recognized that the peer group was classified as low relevancy because the Fund is an unlevered fund and the funds in the peer group consist primarily of levered funds. The Board recognized that, as a result, the Fund generally tends to underperform levered funds in up markets and tends to outperform such peer funds in down markets. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods. Given the Fund's investment mandate, the Board was satisfied with the explanation for the variance from peer performance and with the Fund's performance.
   
 
For the AMT-Free Fund, the Board noted that the Fund ranked in its Performance Peer Group in the second quartile in the one-year period, third quartile in the three-year period and first quartile in the five-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance had been satisfactory.
   
 
For the Municipal Income Fund, the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the one-, three- and five-year periods, the Fund outperformed its benchmark in each of such periods. In reviewing the comparative peer information, the Board recognized that the peer group was classified as low relevancy because the Fund is an unlevered fund and the funds in the peer group consist primarily of levered funds. The Board recognized that, as a result, the Fund generally tends to underperform levered funds in up markets and tends to outperform such peer funds in down markets. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods. Given the Fund's investment mandate, the Board was satisfied with the explanation for the variance from peer performance and with the Fund's performance.
   
 
For Nuveen Enhanced Municipal Value Fund (the "Enhanced Fund"), the Board noted that the Fund ranked in its Performance Peer Group in the third quartile in the one-year period and the first quartile in the three- and five-year periods. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board determined that the Fund's performance over time had been favorable.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

C.
Fees, Expenses and Profitability
   
 
1. Fees and Expenses
 
The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed, among other things, the gross and net management fees and net total expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and also in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe.
   
 
In their evaluation of the management fee schedule, the Independent Board Members considered the fund-level and complex-wide breakpoint schedules, as described in further detail below. In this regard, the Board considered that management recently reviewed the breakpoint schedules for the closed-end funds which resulted in reduced breakpoints and/or new breakpoints at certain asset thresholds for numerous closed-end funds, including the AMT-Free Fund, the Municipal Income Fund and the Enhanced Fund.
   
 
In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage; and differences in services provided can impact the usefulness of the comparative data in helping to assess the appropriateness of a fund's fees and expenses. In addition, in reviewing a fund's fees and expenses compared to the fees and expenses of its peers (excluding leverage costs and leveraged assets), the Board generally considered a fund's expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Board reviewed the net expense ratio in recognition that the net expense ratio generally best represented the net experience of the shareholders of a fund as it directly reflected the costs of investing in the respective fund. The Board noted that the majority of the Nuveen funds had a net expense ratio near or below the average of the respective peers. For funds with a net expense ratio of 6 basis points or higher than their respective peer average, the Independent Board Members reviewed the reasons for the outlier status and were satisfied with the explanation for the difference or with any steps taken to address the difference.
   
 
The Independent Board Members noted that the Municipal Value Fund, the AMT-Free Fund and the Municipal Income Fund each had a net management fee and net expense ratio below its respective peer average, and the Enhanced Fund had a net management fee and net expense ratio in line with its peer averages.
   
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
   
 
2. Comparisons with the Fees of Other Clients
 
The Board also reviewed information regarding the fee rates for other types of clients advised or sub-advised by the respective Fund Adviser. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed exchange traded funds (ETFs).
   
 
The Board recognized that each Fund had an affiliated sub-adviser. With respect to affiliated sub-advisers, the Board reviewed, among other things, the range of advisory fee rates and average fee rate assessed for the different types of clients. The Board reviewed information regarding the different types of services provided to the Funds compared to that provided to these other clients which typically did not require the same breadth of day-to-day services required for registered funds. The Board further considered information regarding the differences in, among other things, investment policies, investor profiles, and account

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sizes between the Nuveen funds and the other types of clients. In addition, the Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may also vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and funds.
   
 
The Board also was aware that, since the Funds had a sub-adviser, each Fund's management fee reflected two components, the fee retained by the Adviser for its services and the fee the Adviser paid to the Sub-Adviser. The Board noted that many of the administrative services provided to support the Funds by the Adviser may not be required to the same extent or at all for the institutional clients or other clients. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members concluded such facts justify the different levels of fees.
   
 
3. Profitability of Fund Advisers
 
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities on an absolute basis and in comparison to other investment advisers. The Independent Board Members reviewed, among other things, Nuveen's adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2015. The Independent Board Members also noted that the sub-advisory fees for the Funds are paid by the Adviser, however, the Board recognized that the Sub-Adviser is affiliated with Nuveen. In their review, the Independent Board Members recognized that profitability data is rather subjective as various allocation methodologies may be reasonable to employ but yet yield different results. The Board also reviewed the results of certain alternative methodologies. The Board considered the allocation methodology employed to prepare the profitability data as well as a summary of the refinements to the methodology that had been adopted over the years which may limit some of the comparability of Nuveen's revenue margins over time. Two Independent Board Members also served as point persons for the Board throughout the year to review and discuss the methodology employed to develop the profitability analysis and any proposed changes thereto and to keep the Board apprised of such changes during the year. In reviewing the profitability data, the Independent Board Members noted that Nuveen's operating margin as well as its margins for its advisory activities to the Nuveen funds for 2015 were consistent with such margins for 2014.
   
 
The Board also considered Nuveen's adjusted operating margins compared to that of other comparable investment advisers (based on asset size and composition) with publicly available data. The Independent Board Members recognized, however, the limitations of the comparative data as the other advisers may have a different business mix, employ different allocation methodologies, have different capital structure and costs, may not be representative of the industry or other factors that limit the comparability of the profitability information. Nevertheless, the Independent Board Members noted that Nuveen's adjusted operating margins appeared comparable to the adjusted margins of the peers.
   
 
Further, as the Adviser is a wholly-owned subsidiary of Nuveen which in turn is an operating division of TIAA Global Asset Management, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA-CREF"), the Board reviewed a balance sheet for TIAA-CREF reflecting its assets, liabilities and capital and contingency reserves for the last two calendar years to have a better understanding of the financial stability and strength of the TIAA-CREF complex, together with Nuveen.
   
 
Based on the information provided, the Independent Board Members noted that the Adviser appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds.

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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
With respect to the Sub-Adviser, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. The Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2015. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2015.
   
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
   
 
Based on their review, the Independent Board Members determined that the Adviser's and the Sub Adviser's levels of profitability were reasonable in light of the respective services provided.
   
D.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
 
The Independent Board Members recognized that as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized with respect to the management of the funds, and the Independent Board Members considered the extent to which these economies are shared with the funds and their shareholders. Although the Independent Board Members recognized that economies of scale are difficult to measure with precision, the Board noted that there were several acceptable means to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waiver and expense limitation agreements and the Adviser's investment in its business which can enhance the services provided to the funds. With respect to breakpoints, the Independent Board Members noted that, subject to certain exceptions, the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component. The fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds in the Nuveen complex combined grow. With respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. The complex-wide fee arrangement was designed to capture economies of scale achieved when total fund complex assets increase, even if the assets of a particular fund are unchanged or decrease. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds should benefit if these costs were spread over a larger asset base.
   
 
The Independent Board Members reviewed the breakpoint and complex-wide schedules and the material savings achieved from fund-level breakpoints and complex-wide fee reductions for the 2015 calendar year.
   
 
In addition, the Independent Board Members recognized the Adviser's ongoing investment in its business to expand or enhance the services provided to the Nuveen funds. The Independent Board Members noted, among other things, the additions to groups who play a key role in supporting the funds including in closed-end funds/structured products, fund administration, operations, fund governance, investment services, compliance, product management, and technology. The Independent Board Members also recognized the investments in systems necessary to manage the funds including in areas of risk oversight, information technology and compliance.
   
 
Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.

102
NUVEEN

E.
Indirect Benefits
 
The Independent Board Members received and considered information regarding other additional benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Funds, including compensation paid to affiliates and research received in connection with brokerage transactions (i.e., soft dollar arrangements). In this regard, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds and as underwriter on shelf offerings for certain existing funds.
   
 
In addition to the above, the Independent Board Members considered that the Funds' portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received through soft-dollar arrangements. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that any such research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
   
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
   
F.
Other Considerations
 
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

NUVEEN
103


Board Members & Officers (Unaudited)

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members:
                   
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
 


Chairman and
Board Member
 


1996
Class III
 
Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of Med-America Health System and WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition.
 


184
                   
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


1999
Class III
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, The Gazette Company; Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
 


184
                   
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2003
Class I
 
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
 


184
                   
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2005
Class II
 
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016).
 


184

104
NUVEEN


 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members (continued):
                   
ALBIN F. MOSCHNER(2)
1952
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2016
Class III
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016).
 


184
                   
JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2013
Class II
 
Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014): formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading – North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
 


184
                   
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


1997
Class I
 
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
 


184
                   
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
 
Board Member
 
2007
Class I
 
Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
 
184
                   
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2008
Class II
 
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007): Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
 


184

NUVEEN
105


Board Members & Officers (Unaudited) (continued)

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed
 
Including other
 
in Fund Complex
         
and Term(1)
 
Directorships
 
Overseen by
             
During Past 5 Years
 
Board Member
                   
Independent Board Members (continued):
                   
MARGARET L. WOLFF
1955
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2016
Class I
 
Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College.
 


184
                   
Interested Board Members:
                   
WILLIAM ADAMS IV(3)
1955
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2013
Class II
 
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President, Global Structured Products (2010-2016) of Nuveen Investments, Inc.; Co-President of Nuveen Fund Advisors, LLC (since 2011); Co-Chief Executive Officer (since 2016), formerly, Senior Executive Vice President of Nuveen Securities, LLC; President (since 2011), of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago; formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010).
 


184
                   
MARGO L. COOK(2)(3)
1964
333 W. Wacker Drive
Chicago, IL 60606
 


Board Member
 


2016
Class III
 
Co-Chief Executive Officer and Co-President (since March 2016), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Co-Chief Executive Officer (since 2015), previously, Executive Vice President (2015-2016) of Nuveen Securities, LLC; Co-President (since October 2016), formerly Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011-2016); Chartered Financial Analyst.
 


184

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(4)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds:
                   
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
 


Chief
Administrative
Officer
 


 
2007
 
Managing Director of Nuveen Securities, LLC. (since 2004); Managing Director of Nuveen Fund Advisors, LLC (since 2014); Managing Director (since 2010) of Nuveen Investments Holdings, Inc.
 


 
74
                   
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
 


Vice President
 


1998
 
Managing Director (since 2004) of Nuveen Investments Holdings, Inc.
 


185

106
NUVEEN


 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(4)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
                   
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
 

Vice President
and Controller
 


1998
 
Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant.
 


185
                   
NATHANIEL T. JONES
1979
333 W. Wacker Drive
Chicago, IL 60606
 

Vice President
and Treasurer
 


2016
 
Senior Vice President (since 2016), formerly, Vice President (2011-2016) of Nuveen Investments Holdings, Inc.; Chartered Financial Analyst.
 


185
                   
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
 

Chief Compliance
Officer and
Vice President
 


2003
 
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
 


185
                   
DAVID J. LAMB
1963
333 W. Wacker Drive
Chicago, IL 60606
 


Vice President
 


2015
 
Senior Vice President of Nuveen Investments Holdings, Inc. (since 2006), Vice President prior to 2006.
 


74
                   
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
 


Vice President
 


2002
 
Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC.
 


185
                   
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
 

Vice President
and Assistant
Secretary
 


2007
 
Executive Vice President, Secretary and General Counsel (since March 2016), formerly, Managing Director and Assistant Secretary of Nuveen Investments, Inc.; Executive Vice President (since March 2016), formerly, Managing Director, and Assistant Secretary (since 2008) of Nuveen Securities, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director (2008-2016) and Assistant Secretary (2007-2016), and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Executive Vice President and Secretary (since March 2016), formerly, Managing Director, Assistant Secretary (2011-2016), and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Executive Vice President and Secretary of Nuveen Investments Advisers, LLC; Vice President (since 2007) and Secretary (since March 2016) of NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, Winslow Capital Management, LLC (since 2010) and Tradewinds Global Investors, LLC (since 2016); Vice President (since 2010) and Secretary (since 2016), formerly, Assistant Secretary of Nuveen Commodities Asset Management, LLC.
 


185
                   
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
 

Vice President and
Assistant Secretary
 


2011
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
 


185

NUVEEN
107


Board Members & Officers (Unaudited) (continued)

 
Name,
 
Position(s) Held
 
Year First
 
Principal
 
Number
 
Year of Birth
 
with the Funds
 
Elected or
 
Occupation(s)
 
of Portfolios
 
& Address
     
Appointed(4)
 
During Past 5 Years
 
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):
                   
CHRISTOPHER M. ROHRBACHER
1971
333 West Wacker Drive
Chicago, IL 60606
 


Vice President and
Assistant Secretary
 


 
2008
 
Senior Vice President (since 2011) formerly, Vice President (2008-2011) and Assistant General Counsel (since 2008) of Nuveen Investments Holdings, Inc.; Senior Vice President and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC; Vice President and Assistant Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
 


 
185
                   
JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 60606
 

Vice President and
Assistant Secretary
 


2013
 
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
 


185
                   
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
 

Vice President
and Secretary
 


1988
 
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Nuveen Investments Advisers, LLC (since 2002) and Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
 


185

(1)
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders' meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)
On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board members, effective July 1, 2016.
(3)
"Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(4)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

108
NUVEEN


Notes

NUVEEN
109


Notes
 
110
NUVEEN


Notes

NUVEEN
111


Nuveen:
                           Serving Investors for Generations

Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.

Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen's teams of experts align with clients' specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages $244 billion in assets as of September 30, 2016.

Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
 
 
EAN-A-1016D 21461-INV-Y-12/17

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.
 
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen AMT-Free Municipal Value Fund

The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2016
 
$
21,200
   
$
4,000
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2015
 
$
20,500
   
$
4,000
   
$
0
   
$
193
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
         
financial statements that are not reported under "Audit Fees". These fees include offerings related to the Fund's common shares and leverage.
         
                                 
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
         
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
                                 
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
         
represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage.
                 

SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2016
 $                                0
 $                                      0
 $                                    0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
October 31, 2015
 $                                0
 $                                      0
 $                                    0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     

NON-AUDIT SERVICES

The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non- audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP’s independence.

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2016
 $                                0
 $                                      0
 $                                    0
 $                           0
October 31, 2015
 $                            193
 $                                      0
 $                                    0
 $                       193
         
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
 
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
 

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
 
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Jack B. Evans, David J. Kundert, John K. Nelson, Carole E. Stone and Terence J. Toth.
 
ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

Nuveen Fund Advisors, LLC, formerly known as Nuveen Fund Advisors, Inc., is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
 
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant's investment adviser (also referred to as the “Adviser”).  The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHY

Daniel J. Close, CFA, is a Senior Vice President of Nuveen Investments. He joined Nuveen Investments in 2000 as a member of Nuveen’s product management and development team. He then served as a research analyst for Nuveen’s municipal investing team, covering corporate-backed, energy, transportation and utility credits. He received his BS in Business from Miami University and his MBA from Northwestern University’s Kellogg School of Management. Mr. Close has earned the Chartered Financial Analyst designation.  Mr. Close also serves as a portfolio manager for various Nuveen Build America Bond strategies. 

Item 8(a)(2). OTHER ACCOUNTS MANAGED BY THE PORTFOLIO MANAGER

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
 
 
Type of Account
Managed
 
 
Number of
Accounts
 
 
Assets*
 
 
Daniel J. Close
Registered Investment Company
16
$7.612 billion
 
Other Pooled Investment Vehicles
6
$962 million
 
Other Accounts
8
$.5 million
* Assets are as of October 31, 2016.  None of the assets in these accounts are subject to an advisory fee based on performance.
 
POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management‘s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, participate in a Long-Term Performance Plan designed to provide compensation opportunities that links a portion of each participant’s compensation to Nuveen Investments’ financial and operational performance. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Item 8(a)(4). OWNERSHIP OF NUW SECURITIES AS OF OCTOBER 31, 2016

Name of Portfolio Manager
None
$1 - $10,000
$10,001-$50,000
$50,001-$100,000
$100,001-$500,000
$500,001-$1,000,000
Over $1,000,000
Daniel J. Close
X
           
 
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(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: 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.

(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. Ex-99.906 CERT attached hereto.




SIGNATURES


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

(Registrant) Nuveen AMT-Free Municipal Value Fund

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
 
Date: January 9, 2017

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

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)
 
Date: January 9, 2017
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 9, 2017