UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-05120
Nuveen Municipal Value Fund, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
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: April 30, 2017
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
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|
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Chairman's Letter to Shareholders
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4
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Portfolio Managers' Comments
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5
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|
Fund Leverage
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8
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|
Share Information
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9
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Risk Considerations
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11
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Performance Overview and Holding Summaries
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12
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Portfolios of Investments
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20
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Statement of Assets and Liabilities
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66
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|
Statement of Operations
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67
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Statement of Changes in Net Assets
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68
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Financial Highlights
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70
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Notes to Financial Statements
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74
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Additional Fund Information
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85
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Glossary of Terms Used in this Report
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86
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Reinvest Automatically, Easily and Conveniently
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88
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NUVEEN 3
Chairman's Letter to Shareholders
Dear Shareholders,
Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news and earnings growth, inflation is ticking higher and interest rates are higher amid the Federal Reserve (Fed) rate hikes.
The Trump administration's early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House's pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected. Additionally, Brexit negotiations in the U.K. face new uncertainties in light of the reshuffling of Parliament following the June snap election.
Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted a series of interest rate hikes in December 2016, March 2017 and June 2017, a vote of confidence that its employment and inflation targets are generally on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump's win and triggered the U.K.'s Brexit remained in the minority during both March's Dutch general election and May's French presidential election, easing the political uncertainty surrounding Germany's elections later this year.
In the meantime, the markets will be focused on economic sentiment surveys along with "hard" data such as consumer and business spending to gauge the economy's progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump's other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.
Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. 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
June 23, 2017
Chairman of the Board
June 23, 2017
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)
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, an affiliate of Nuveen, LLC. Portfolio managers Daniel J. Close, CFA, Christopher L. Drahn, CFA, and Steven M. Hlavin discuss key investment strategies and the six-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.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2017?
The overall municipal bond market sold off sharply in the first two months of the reporting period following the unexpected U.S. presidential election outcome and concerns that the Trump administration's tax, regulatory, health care and infrastructure policy might have a negative impact on the demand for, as well as the performance of, municipal bonds. However, as the new administration's term began, the municipal bond market partially recovered the earlier losses, supported by the market pricing in more realistic expectations about reforms and a better understanding of the limited impact it would have on the municipal market. For the reporting period overall, interest rates rose and credit spreads widened, which were headwinds for municipal bond performance, offsetting a generally positive fundamental backdrop. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits 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. Generally speaking, throughout this reporting period, the Funds maintained their overall positioning strategies in terms of duration and yield curve positioning, credit quality exposures and sector allocations.
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.
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)
NUV and NUW were active buyers throughout the reporting period, adding bonds from both the new issue and secondary markets across a range of sectors. The market conditions during the reporting period provided attractive opportunities for tax loss swaps. This strategy involves selling lower coupon bonds that were bought when interest rates were lower and using the proceeds to buy similarly structured bonds with higher coupons, to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds' income distribution capabilities. We also reinvested proceeds from called bonds in NUV and NUW. In NUV, Golden State Tobacco Settlement bonds were one of the larger holdings to be called in this reporting period. NUW continued to see heightened levels of call activity and maturities (which is to be expected as the Fund approaches its 10-year mark in 2019), and as such we sought to lengthen its duration when possible.
NMI's trading activity was somewhat muted, by comparison. Our purchases were focused on longer duration credits in the health care sector, including bonds issued for hospitals and senior living centers. NMI also took advantage of engaging in tax loss swaps to help boost the Fund's income stream. While bond calls and maturities were relatively small in this reporting period, NMI's weighting in the AA rated category declined mildly due to the combination of calls and tax loss swaps, with proceeds being reinvested into the single A, BBB and BB rated categories.
In NEV, we reinvested the proceeds from a fair amount of call activity and sold some toll road positions with lower book yields to fund the purchases of higher yielding bonds issued for an Iowa fertilizer plant, a toll road and the Chicago Board of Education.
As of April 30, 2017, 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 six-month reporting period ended April 30, 2017?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year, ten-year and since inception periods ended April 30, 2017. Each Fund's total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
For the six months ended April 30, 2017, the total returns at NAV for NUW exceeded the return for the national S&P Municipal Bond Index, while NUV and NMI performed in line with the index and NEV underperformed the index.
The Funds' relative performance was driven largely by their duration and yield curve positioning during the reporting period. Yields on the longer end of the curve rose more than yields on the shorter end, causing longer bonds to underperform. NUV and NEV were hurt by their overweight allocations to the longer end of the yield curve, while NUW and NMI held smaller overweights to longer duration bonds, which mitigated the negative impact. NUW also benefited from its overweight allocations to the shorter end of the yield curve (notably the two-to-four year bucket), as this end of the curve was the best-performing segment in this reporting period.
Credit quality also influenced performance, although to a lesser extent than duration and yield curve positioning. NUV and NUW strongly benefited from overweight allocations to single B rated credits (most of which were tobacco securitization bonds), but the relative gains were somewhat offset by the Funds' exposures to AA rated bonds, which detracted from performance. NEV's overweight allocations to BBB and below investment grade bonds were disadvantageous to performance, as these ratings categories underperformed. However, an overweight allocation to the non-rated segment, which outperformed, contributed positively. For NMI, the relative performance impact of credit quality exposures was not a major factor in this reporting period.
Sector positioning had a mixed influence on performance during the reporting period. Tobacco securitization bonds were a stand-out performer in this reporting period as refunding activity reduced supply and created more favorable technical conditions for the sector, and the fundamental outlook for the sector improved after a report that cigarette smoking rates have declined less than forecasted. NUV, NUW and NMI benefited from their exposures to the tobacco sector, while the sector had a negative impact on NEV's performance. In addition, NUV was helped by its overweight to the pre-refunded sector, which was another top-performing sector in this reporting period, despite underperformance from an underweight to the single-family housing sector. NUW was also hurt by an underweight allocation to the single-family housing sector, but this was offset by an underweight to the higher education sector,
6 NUVEEN
which bolstered performance. For NEV, overweight allocations to health care and the industrial development revenue sectors were also detractors from performance, along with its tobacco sector exposure.
In addition, the use of leverage was an important factor affecting performance of NEV. Leverage is discussed in more detail later in the Fund Leverage section of this report.
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: Puerto Rico's ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island's debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.
In June 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation established an independent Financial Oversight and Management Board charged with restructuring Puerto Rico's financial operations and encouraging economic development. In addition to creating an oversight board, PROMESA also provides a legal framework and court-supervised debt restructuring process that enables Puerto Rico to adjust its debt obligations. In March 2017, the oversight board certified a ten-year fiscal plan projecting revenues, expenditures and a primary fiscal surplus available for debt service over the plan horizon. The fiscal plan was considered quite detrimental to creditors, identifying available resources to pay only about 24% of debt service due over the ten year term. In May 2017 (subsequent to the close of this reporting period), the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow. As of June 2017 Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.
In terms of Puerto Rico holdings, shareholders should note that NEV had limited exposure, which was either insured or investment grade, to Puerto Rico debt, 0.43%, 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 in default and rated Caa3/D/D 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 its 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 they announced in March 2017, that they anticipate doing so sometime in the ensuing several months. Such changes could have an impact on the net asset value of the Funds' shares.
NUVEEN 7
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 had a negligable impact on performance of NUV, NUW, and NMI during the reporting period, while making a negative contribution to NEV over this reporting period.
|
As of April 30, 2017, the Funds' percentages of leverage are as shown in the accompanying table.
|
|
|
|
|
|
|
NUV
|
NUW
|
NMI
|
NEV
|
|
Effective Leverage*
|
0.92%
|
6.63%
|
6.00%
|
34.47%
|
* Effective Leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund's effective leverage ratio.
8 NUVEEN
Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of April 30, 2017. 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 2016
|
$
|
0.0325
|
$
|
0.0600
|
$
|
0.0415
|
$
|
0.0725
|
||||||||
|
December
|
0.0325
|
0.0600
|
0.0405
|
0.0680
|
||||||||||||
|
January
|
0.0325
|
0.0600
|
0.0405
|
0.0680
|
||||||||||||
|
February
|
0.0325
|
0.0600
|
0.0405
|
0.0680
|
||||||||||||
|
March
|
0.0325
|
0.0600
|
0.0405
|
0.0680
|
||||||||||||
|
April 2017
|
0.0325
|
0.0600
|
0.0405
|
0.0680
|
||||||||||||
|
Total Monthly Per Share Distributions
|
$
|
0.1950
|
$
|
0.3600
|
$
|
0.2440
|
$
|
0.4125
|
||||||||
|
Ordinary Income Distribution*
|
$
|
0.0022
|
$
|
0.0072
|
$
|
0.0020
|
$
|
0.0012
|
||||||||
|
Total Distributions from Net Investment Income
|
$
|
0.1972
|
$
|
0.3672
|
$
|
0.2460
|
$
|
0.4137
|
||||||||
|
Yields
|
||||||||||||||||
|
Market Yield**
|
3.90
|
%
|
4.22
|
%
|
3.95
|
%
|
5.69
|
%
|
||||||||
|
Taxable-Equivalent Yield**
|
5.42
|
%
|
5.86
|
%
|
5.49
|
%
|
7.90
|
%
|
||||||||
|
*
** |
Distribution paid in December 2016.
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 April 30, 2017, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
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.
NUVEEN 9
Share Information (continued)
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
|
* Represents additional authorized shares for the period November 1, 2016 through February 28, 2017.
During the current reporting period, the following Fund sold common shares through its Shelf Offering at a weighted average premium to its NAV per share as shown in the accompanying table.
|
|
NUW
|
|||
|
Shares sold through shelf offering
|
123,474
|
|||
|
Weighted average premium to NAV per share sold
|
1.50
|
%
|
||
During the prior reporting period, NMI and NEV each filed an initial registration statement with the SEC to establish new Shelf Offerings. During May 2017, subsequent to the close of this reporting period, NMI's Shelf Offering was declared effective, while NEV's is 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 April 30, 2017, 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 April 30, 2017, 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
|
$
|
10.14
|
$
|
16.79
|
$
|
11.31
|
$
|
14.86
|
||||||||
|
Share price
|
$
|
10.00
|
$
|
17.05
|
$
|
12.31
|
$
|
14.33
|
||||||||
|
Premium/(Discount) to NAV
|
(1.38
|
)%
|
1.55
|
%
|
8.84
|
%
|
(3.57
|
)%
|
||||||||
|
6-month average premium/(discount) to NAV
|
(3.73
|
)%
|
(0.89
|
)%
|
3.40
|
%
|
(4.04
|
)%
|
||||||||
10 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 11
NUV
Nuveen Municipal Value Fund, Inc.
Performance Overview and Holding Summaries as of April 30, 2017
Performance Overview and Holding Summaries as of April 30, 2017
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 April 30, 2017
|
|
Cumulative
|
Average Annual
|
||||||||||||||
|
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
|
NUV at NAV
|
(0.47
|
)%
|
0.51
|
%
|
4.43
|
%
|
4.59
|
%
|
||||||||
|
NUV at Share Price
|
2.25
|
%
|
(1.19
|
)%
|
3.98
|
%
|
4.64
|
%
|
||||||||
|
S&P Municipal Bond Index
|
(0.41
|
)%
|
0.57
|
%
|
3.33
|
%
|
4.29
|
%
|
||||||||
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 return information is provided for the Fund's shares at NAV only. Indexes are not available for direct investment.
12 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
|
0.5%
|
|
Other Assets Less Liabilities
|
1.4%
|
|
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
|
18.4%
|
|
AA
|
47.5%
|
|
A
|
14.0%
|
|
BBB
|
9.9%
|
|
BB or Lower
|
8.9%
|
|
N/R (not rated)
|
1.3%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)
|
|
|
Tax Obligation/Limited
|
19.8%
|
|
Transportation
|
18.8%
|
|
Health Care
|
16.4%
|
|
U.S. Guaranteed
|
12.4%
|
|
Tax Obligation/General
|
11.5%
|
|
Consumer Staples
|
6.3%
|
|
Utilities
|
5.0%
|
|
Other
|
9.8%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of total municipal bonds)
|
|
|
Illinois
|
14.8%
|
|
Texas
|
12.8%
|
|
California
|
12.3%
|
|
Colorado
|
6.1%
|
|
Florida
|
5.6%
|
|
Ohio
|
5.3%
|
|
New York
|
4.8%
|
|
New Jersey
|
4.0%
|
|
Michigan
|
3.9%
|
|
Wisconsin
|
3.6%
|
|
Nevada
|
3.0%
|
|
Indiana
|
2.3%
|
|
Washington
|
2.2%
|
|
Other
|
19.3%
|
|
Total
|
100%
|
NUVEEN 13
NUW
Nuveen AMT-Free Municipal Value Fund
Performance Overview and Holding Summaries as of April 30, 2017
Performance Overview and Holding Summaries as of April 30, 2017
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 April 30, 2017
|
|
Cumulative
|
Average Annual
|
||||||||||||||
|
|
Since
|
|||||||||||||||
|
|
6-Month
|
1-Year
|
5-Year
|
Inception
|
||||||||||||
|
NUW at NAV
|
(0.33
|
)%
|
0.28
|
%
|
4.36
|
%
|
7.18
|
%
|
||||||||
|
NUW at Share Price
|
2.78
|
%
|
0.82
|
%
|
5.00
|
%
|
6.85
|
%
|
||||||||
|
S&P Municipal Bond Index
|
(0.41
|
)%
|
0.57
|
%
|
3.33
|
%
|
5.16
|
%
|
||||||||
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 return information is provided for the Fund's shares at NAV only. Indexes 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
|
98.1%
|
|
Other Assets Less Liabilities
|
4.8%
|
|
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
|
34.6%
|
|
AA
|
30.4%
|
|
A
|
14.0%
|
|
BBB
|
12.5%
|
|
BB or Lower
|
7.2%
|
|
N/R (not rated)
|
1.3%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)
|
|
|
U.S. Guaranteed
|
30.4%
|
|
Tax Obligation/General
|
11.6%
|
|
Transportation
|
11.4%
|
|
Utilities
|
11.1%
|
|
Tax Obligation/Limited
|
10.3%
|
|
Health Care
|
7.5%
|
|
Consumer Staples
|
7.2%
|
|
Education and Civic Organizations
|
3.2%
|
|
Other
|
7.3%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of total municipal bonds)
|
|
|
California
|
13.3%
|
|
Illinois
|
12.0%
|
|
Florida
|
8.6%
|
|
Texas
|
6.8%
|
|
Ohio
|
6.2%
|
|
Wisconsin
|
5.9%
|
|
New Jersey
|
5.4%
|
|
Colorado
|
5.3%
|
|
Indiana
|
5.3%
|
|
Nevada
|
4.0%
|
|
New York
|
3.6%
|
|
Louisiana
|
3.6%
|
|
Other
|
20.0%
|
|
Total
|
100%
|
NUVEEN 15
NMI
Nuveen Municipal Income Fund, Inc.
Performance Overview and Holding Summaries as of April 30, 2017
Performance Overview and Holding Summaries as of April 30, 2017
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 April 30, 2017
|
|
Cumulative
|
Average Annual
|
||||||||||||||
|
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||||
|
NMI at NAV
|
(0.43
|
)%
|
0.83
|
%
|
4.77
|
%
|
5.35
|
%
|
||||||||
|
NMI at Share Price
|
3.08
|
%
|
4.20
|
%
|
5.78
|
%
|
6.39
|
%
|
||||||||
|
S&P Municipal Bond Index
|
(0.41
|
)%
|
0.57
|
%
|
3.33
|
%
|
4.29
|
%
|
||||||||
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 return information is provided for the Fund's shares at NAV only. Indexes 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
|
98.4%
|
|
Other Assets Less Liabilities
|
1.6%
|
|
Net Assets
|
100%
|
|
Credit Quality
|
|
|
(% of total investment exposure)
|
|
|
AAA/U.S. Guaranteed
|
14.1%
|
|
AA
|
24.7%
|
|
A
|
25.1%
|
|
BBB
|
23.6%
|
|
BB or Lower
|
8.2%
|
|
N/R (not rated)
|
4.3%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)
|
|
|
Health Care
|
21.9%
|
|
Tax Obligation/General
|
13.4%
|
|
Tax Obligation/Limited
|
10.8%
|
|
U.S. Guaranteed
|
10.3%
|
|
Transportation
|
9.9%
|
|
Education and Civic Organizations
|
9.5%
|
|
Utilities
|
7.3%
|
|
Consumer Staples
|
5.4%
|
|
Long-Term Care
|
4.0%
|
|
Other
|
7.5%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of total municipal bonds)
|
|
|
California
|
17.7%
|
|
Illinois
|
10.4%
|
|
Texas
|
10.3%
|
|
Colorado
|
8.7%
|
|
Wisconsin
|
5.8%
|
|
Florida
|
5.6%
|
|
Ohio
|
4.8%
|
|
Missouri
|
4.1%
|
|
New York
|
3.7%
|
|
Pennsylvania
|
3.5%
|
|
Tennessee
|
2.4%
|
|
Kentucky
|
2.3%
|
|
Georgia
|
2.3%
|
|
Other
|
18.4%
|
|
Total
|
100%
|
NUVEEN 17
NEV
Nuveen Enhanced Municipal Value Fund
Performance Overview and Holding Summaries as of April 30, 2017
Performance Overview and Holding Summaries as of April 30, 2017
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 April 30, 2017
|
|
Cumulative
|
Average Annual
|
||||||||||||||
|
|
Since
|
|||||||||||||||
|
|
6-Month
|
1-Year
|
5-Year
|
Inception
|
||||||||||||
|
NEV at NAV
|
(1.90
|
)%
|
(0.85
|
)%
|
5.92
|
%
|
6.95
|
%
|
||||||||
|
NEV at Share Price
|
0.02
|
%
|
(5.82
|
)%
|
5.10
|
%
|
5.93
|
%
|
||||||||
|
S&P Municipal Bond Index
|
(0.41
|
)%
|
0.57
|
%
|
3.33
|
%
|
4.23
|
%
|
||||||||
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 return information is provided for the Fund's shares at NAV only. Indexes 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
|
108.8%
|
|
Common Stocks
|
0.6%
|
|
Short-Term Municipal Bonds
|
0.8%
|
|
Other Assets Less Liabilities
|
2.9%
|
|
Net Assets Plus Floating Rate
|
|
|
Obligations
|
113.1%
|
|
Floating Rate Obligations
|
(13.1)%
|
|
Net Assets
|
100%
|
|
Credit Quality
|
|
|
(% of total investment exposure)
|
|
|
AAA/U.S. Guaranteed
|
20.1%
|
|
AA
|
33.4%
|
|
A
|
16.4%
|
|
BBB
|
14.5%
|
|
BB or Lower
|
9.7%
|
|
N/R (not rated)
|
5.5%
|
|
N/A (not applicable)
|
0.4%
|
|
Total
|
100%
|
|
Portfolio Composition
|
|
|
(% of total investments)
|
|
|
Tax Obligation/Limited
|
21.2%
|
|
Health Care
|
20.7%
|
|
Transportation
|
12.4%
|
|
U.S. Guaranteed
|
9.9%
|
|
Education and Civic Organizations
|
6.5%
|
|
Utilities
|
6.2%
|
|
Tax Obligation/General
|
6.1%
|
|
Consumer Staples
|
5.6%
|
|
Industrials
|
3.2%
|
|
Other
|
8.2%
|
|
Total
|
100%
|
|
States and Territories
|
|
|
(% of total municipal bonds)
|
|
|
California
|
14.3%
|
|
Illinois
|
13.3%
|
|
Ohio
|
9.6%
|
|
Wisconsin
|
9.2%
|
|
Pennsylvania
|
6.0%
|
|
Florida
|
5.3%
|
|
Georgia
|
4.1%
|
|
Washington
|
4.0%
|
|
New Jersey
|
3.8%
|
|
Louisiana
|
3.3%
|
|
Texas
|
3.2%
|
|
New York
|
3.2%
|
|
Colorado
|
3.1%
|
|
Other
|
17.6%
|
|
Total
|
100%
|
NUVEEN 19
|
NUV
|
|
|
|
||
|
|
|||||
|
Nuveen Municipal Value Fund, Inc.
|
|
|
|
||
|
Portfolio of Investments
|
April 30, 2017 (Unaudited)
|
||||
|
|
|||||
|
|
|||||
|
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,
|
7/17 at 100.00
|
B3
|
$ 2,635,990
|
|
|
|
Series 2006A, 5.000%, 6/01/32
|
|
|
|
|
|
|
Arizona – 0.8%
|
|
|
|
|
|
2,500
|
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series
|
7/18 at 100.00
|
AA–
|
2,605,075
|
|
|
|
2008A, 5.000%, 7/01/38
|
|
|
|
|
|
2,575
|
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series
|
12/17 at 102.00
|
B–
|
2,388,776
|
|
|
|
2008, 7.000%, 12/01/27
|
|
|
|
|
|
5,600
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.
|
No Opt. Call
|
BBB+
|
6,562,416
|
|
|
|
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
|
|
|
|
|
4,240
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale
|
9/20 at 100.00
|
AA
|
4,555,074
|
|
|
|
Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured
|
|
|
|
|
|
14,915
|
Total Arizona
|
|
|
16,111,341
|
|
|
|
Arkansas – 0.3%
|
|
|
|
|
|
1,150
|
Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding &
|
10/17 at 100.00
|
A (4)
|
1,169,056
|
|
|
|
Improvement Series 2007, 4.750%, 10/01/33 (Pre-refunded 10/01/17) – SYNCORA GTY Insured
|
|
|
|
|
|
5,650
|
Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A, 4.750%, 11/01/18 –
|
7/17 at 100.00
|
AA
|
5,667,289
|
|
|
|
AGM Insured
|
|
|
|
|
|
6,800
|
Total Arkansas
|
|
|
6,836,345
|
|
|
|
California – 12.1%
|
|
|
|
|
|
5,000
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second
|
10/26 at 100.00
|
BBB+
|
5,593,300
|
|
|
|
Subordinate Lien Series 2016B, 5.000%, 10/01/36
|
|
|
|
|
|
4,615
|
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement
|
No Opt. Call
|
AA
|
3,945,133
|
|
|
|
Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured
|
|
|
|
|
|
5,000
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
|
4/23 at 100.00
|
AA–
|
5,634,450
|
|
|
|
2013S-4, 5.000%, 4/01/38
|
|
|
|
|
|
4,800
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold
|
7/17 at 100.00
|
CCC
|
1,906,752
|
|
|
|
Country Settlement Funding Corporation, Refunding Series 2006, 0.000%, 6/01/33
|
|
|
|
|
|
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
|
|
|
|
|
|
|
Angeles County Securitization Corporation, Series 2006A:
|
|
|
|
|
|
3,275
|
5.450%, 6/01/28
|
12/18 at 100.00
|
B3
|
3,323,044
|
|
|
4,200
|
5.600%, 6/01/36
|
12/18 at 100.00
|
B3
|
4,275,096
|
|
|
1,175
|
California Department of Water Resources, Central Valley Project Water System Revenue Bonds,
|
12/26 at 100.00
|
AAA
|
1,408,590
|
|
|
|
Refunding Series 2016AW, 5.000%, 12/01/33
|
|
|
|
|
|
10,000
|
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,
|
11/26 at 100.00
|
AA–
|
11,191,100
|
|
|
|
Refunding Series 2016B, 5.000%, 11/15/46
|
|
|
|
|
|
15,000
|
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System,
|
No Opt. Call
|
AA–
|
18,578,998
|
|
|
|
Series 2017A-2, 5.000%, 11/01/47 (WI/DD, Settling 5/03/17)
|
|
|
|
|
|
3,850
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System,
|
7/23 at 100.00
|
AA–
|
4,359,779
|
|
|
|
Series 2013A, 5.000%, 7/01/33
|
|
|
|
|
|
2,335
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series
|
7/20 at 100.00
|
Baa2
|
2,539,803
|
|
|
|
2010A, 5.750%, 7/01/40
|
|
|
|
|
|
2,130
|
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric
|
6/17 at 100.00
|
A3 (4)
|
2,136,688
|
|
|
|
Company, Series 2004C, 4.750%, 12/01/23 (Pre-refunded 6/01/17) – FGIC Insured (Alternative
|
|
|
|
|
|
|
Minimum Tax)
|
|
|
|
|
20 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
California (continued)
|
|
|
|
|
|
$ 1,625
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
|
11/23 at 100.00
|
A+
|
$ 1,825,038
|
|
|
|
2013I, 5.000%, 11/01/38
|
|
|
|
|
|
1,620
|
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30
|
7/17 at 100.00
|
AA–
|
1,624,147
|
|
|
|
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
|
9,768,044
|
|
|
6,270
|
5.000%, 6/01/37 (Pre-refunded 6/01/17)
|
6/17 at 100.00
|
Aaa
|
6,294,516
|
|
|
5,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
AA–
|
5,569,250
|
|
|
3,500
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
|
6/26 at 100.00
|
BB
|
3,720,010
|
|
|
|
University Medical Center, Series 2016A, 5.000%, 12/01/46
|
|
|
|
|
|
3,125
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital
|
8/19 at 100.00
|
N/R (4)
|
3,522,188
|
|
|
|
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
|
|
|
|
|
|
3,600
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,
|
7/18 at 100.00
|
AA– (4)
|
3,805,740
|
|
|
|
Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured
|
|
|
|
|
|
6,120
|
Chino Valley Unified School District, San Bernardino County, California, General Obligation
|
8/17 at 53.63
|
Aa2
|
3,250,271
|
|
|
|
Bonds, Series 2006D, 0.000%, 8/01/30
|
|
|
|
|
|
5,000
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series
|
8/18 at 100.00
|
AA+ (4)
|
5,264,800
|
|
|
|
2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured
|
|
|
|
|
|
4,505
|
Covina-Valley Unified School District, Los Angeles County, California, General Obligation
|
No Opt. Call
|
AA–
|
3,190,441
|
|
|
|
Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured
|
|
|
|
|
|
16,045
|
Desert Community College District, Riverside County, California, General Obligation Bonds,
|
8/17 at 42.63
|
AA
|
6,821,371
|
|
|
|
Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured
|
|
|
|
|
|
2,180
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
|
1/31 at 100.00
|
BBB–
|
1,802,577
|
|
|
|
Refunding Series 2013A, 6.850%, 1/15/42
|
|
|
|
|
|
30,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series
|
No Opt. Call
|
AAA
|
27,975,598
|
|
|
|
1995A, 0.000%, 1/01/22 (ETM)
|
|
|
|
|
|
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
|
|
|
|
|
|
Bonds, Series 2007A-1:
|
|
|
|
|
|
14,475
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B+
|
14,554,613
|
|
|
1,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B–
|
1,499,895
|
|
|
2,545
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
6/17 at 100.00
|
N/R (4)
|
2,553,526
|
|
|
|
Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17)
|
|
|
|
|
|
|
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–
|
2,188,775
|
|
|
2,555
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
AA–
|
2,150,927
|
|
|
2,365
|
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds,
|
No Opt. Call
|
AA–
|
1,751,188
|
|
|
|
Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured
|
|
|
|
|
|
|
Mount San Antonio Community College District, Los Angeles County, California, General
|
|
|
|
|
|
|
Obligation Bonds, Election of 2008, Series 2013A:
|
|
|
|
|
|
3,060
|
0.000%, 8/01/28 (5)
|
2/28 at 100.00
|
Aa1
|
2,832,917
|
|
|
2,315
|
0.000%, 8/01/43 (5)
|
8/35 at 100.00
|
Aa1
|
1,713,656
|
|
|
3,550
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series
|
No Opt. Call
|
A
|
4,944,440
|
|
|
|
2009C, 6.500%, 11/01/39
|
|
|
|
|
|
|
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
|
3,906,144
|
|
|
11,575
|
0.000%, 8/01/31 – NPFG Insured
|
8/17 at 49.07
|
Aa2
|
5,656,355
|
|
|
2,350
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,
|
11/19 at 100.00
|
Ba1 (4)
|
2,682,619
|
|
|
|
6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
|
|
|
|
|
10,150
|
Placer Union High School District, Placer County, California, General Obligation Bonds, Series
|
No Opt. Call
|
AA
|
5,539,160
|
|
|
|
2004C, 0.000%, 8/01/33 – AGM Insured
|
|
|
|
NUVEEN 21
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
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
|
7/17 at 100.00
|
Baa2
|
$ 4,015,360
|
|
|
|
Center, Refunding Series 2007A, 5.000%, 7/01/47
|
|
|
|
|
|
15,505
|
Riverside Public Financing Authority, California, Tax Allocation Bonds, University
|
8/17 at 100.00
|
AA–
|
15,625,629
|
|
|
|
Corridor/Sycamore Canyon Merged Redevelopment Project, Arlington Redevelopment
|
|
|
|
|
|
|
Project, Hunter Park/Northside Redevelopment Project, Magnolia Center Redevelopment
|
|
|
|
|
|
|
Project, 5.000%, 8/01/37 – NPFG Insured
|
|
|
|
|
|
|
San Bruno Park School District, San Mateo County, California, General Obligation Bonds,
|
|
|
|
|
|
|
Series 2000B:
|
|
|
|
|
|
2,575
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
AA
|
2,183,394
|
|
|
2,660
|
0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
AA
|
2,152,791
|
|
|
250
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
BBB+ (4)
|
302,898
|
|
|
|
Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41 (Pre-refunded 2/01/21)
|
|
|
|
|
|
12,095
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue
|
No Opt. Call
|
AA–
|
9,181,435
|
|
|
|
Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured
|
|
|
|
|
|
13,220
|
San Mateo County Community College District, California, General Obligation Bonds, Series
|
No Opt. Call
|
AAA
|
9,569,033
|
|
|
|
2006A, 0.000%, 9/01/28 – NPFG Insured
|
|
|
|
|
|
5,000
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds,
|
No Opt. Call
|
Aaa
|
4,268,250
|
|
|
|
Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured
|
|
|
|
|
|
5,815
|
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding
|
No Opt. Call
|
AA
|
1,211,613
|
|
|
|
Series 2015, 0.000%, 8/01/48
|
|
|
|
|
|
2,000
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
6/17 at 100.00
|
B+
|
1,999,940
|
|
|
|
Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27
|
|
|
|
|
|
|
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)
|
401,687
|
|
|
720
|
5.250%, 5/15/39 (Pre-refunded 5/15/19)
|
5/19 at 100.00
|
AA (4)
|
781,661
|
|
|
210
|
5.250%, 5/15/39 (Pre-refunded 5/15/19)
|
5/19 at 100.00
|
N/R (4)
|
227,984
|
|
|
290,260
|
Total California
|
|
|
253,222,614
|
|
|
|
Colorado – 6.1%
|
|
|
|
|
|
5,000
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 –
|
7/17 at 100.00
|
BBB–
|
5,008,250
|
|
|
|
SYNCORA GTY Insured
|
|
|
|
|
|
5,200
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
|
7/17 at 100.00
|
BBB+
|
5,212,064
|
|
|
|
Series 2006A, 4.500%, 9/01/38
|
|
|
|
|
|
7,105
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
|
1/23 at 100.00
|
BBB+
|
7,419,467
|
|
|
|
Series 2013A, 5.250%, 1/01/45
|
|
|
|
|
|
1,700
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System,
|
9/18 at 102.00
|
AA
|
1,790,865
|
|
|
|
Series 2005C, 5.250%, 3/01/40 – AGM Insured
|
|
|
|
|
|
2,845
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
|
1/20 at 100.00
|
AA–
|
3,121,591
|
|
|
|
Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B, 5.000%, 1/01/21
|
|
|
|
|
|
15,925
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
|
1/20 at 100.00
|
AA–
|
17,016,657
|
|
|
|
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
|
|
|
|
|
2,000
|
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System
|
3/22 at 100.00
|
Aa2
|
2,217,940
|
|
|
|
Revenue Bonds, Series 2012A, 5.000%, 3/01/41
|
|
|
|
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B:
|
|
|
|
|
|
2,750
|
5.000%, 11/15/25
|
11/22 at 100.00
|
A+
|
3,174,490
|
|
|
2,200
|
5.000%, 11/15/29
|
11/22 at 100.00
|
A+
|
2,527,162
|
|
|
5,160
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,
|
11/23 at 100.00
|
A
|
5,704,638
|
|
|
|
5.000%, 11/15/43
|
|
|
|
|
|
2,000
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel,
|
12/26 at 100.00
|
Baa2
|
2,209,960
|
|
|
|
Refunding Senior Lien Series 2016, 5.000%, 12/01/35
|
|
|
|
22 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–
|
$ 6,135,549
|
|
|
24,200
|
0.000%, 9/01/31 – NPFG Insured
|
No Opt. Call
|
AA–
|
13,975,984
|
|
|
17,000
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
AA–
|
9,364,110
|
|
|
7,600
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%,
|
9/26 at 52.09
|
AA–
|
2,654,528
|
|
|
|
9/01/39 – NPFG Insured
|
|
|
|
|
|
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
|
|
|
|
|
|
7,700
|
0.000%, 9/01/27 – NPFG Insured
|
9/20 at 67.94
|
AA–
|
4,689,762
|
|
|
10,075
|
0.000%, 3/01/36 – NPFG Insured
|
9/20 at 41.72
|
AA–
|
3,648,158
|
|
|
5,000
|
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007,
|
12/17 at 100.00
|
AA (4)
|
5,132,400
|
|
|
|
5.350%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured
|
|
|
|
|
|
8,000
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs
|
No Opt. Call
|
A
|
11,012,720
|
|
|
|
Utilities, Series 2008, 6.500%, 11/15/38
|
|
|
|
|
|
5,000
|
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding
|
11/21 at 100.00
|
Baa1
|
5,742,450
|
|
|
|
Series 2011, 6.000%, 11/01/26
|
|
|
|
|
|
3,750
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private
|
7/20 at 100.00
|
BBB+
|
4,143,563
|
|
|
|
Activity Bonds, Series 2010, 6.000%, 1/15/41
|
|
|
|
|
|
4,945
|
Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Series
|
11/26 at 100.00
|
AA+
|
5,691,646
|
|
|
|
2017A, 5.000%, 11/01/40
|
|
|
|
|
|
154,815
|
Total Colorado
|
|
|
127,593,954
|
|
|
|
Connecticut – 0.1%
|
|
|
|
|
|
1,500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare,
|
7/21 at 100.00
|
A
|
1,596,825
|
|
|
|
Series 2011A, 5.000%, 7/01/41
|
|
|
|
|
|
8,959
|
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series
|
No Opt. Call
|
N/R
|
347,620
|
|
|
|
2013A, 0.240%, 7/01/31, PIK, (6)
|
|
|
|
|
|
10,459
|
Total Connecticut
|
|
|
1,944,445
|
|
|
|
District of Columbia – 0.6%
|
|
|
|
|
|
15,000
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
|
7/17 at 100.00
|
N/R
|
2,102,700
|
|
|
|
Series 2006A, 0.000%, 6/15/46
|
|
|
|
|
|
10,000
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,
|
7/17 at 100.00
|
AA+
|
10,022,300
|
|
|
|
Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
|
|
|
|
|
|
25,000
|
Total District of Columbia
|
|
|
12,125,000
|
|
|
|
Florida – 5.6%
|
|
|
|
|
|
3,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 –
|
10/21 at 100.00
|
AA
|
3,356,670
|
|
|
|
AGM Insured
|
|
|
|
|
|
565
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance
|
6/25 at 100.00
|
N/R
|
575,492
|
|
|
|
Charter School Income Projects, Series 2015A, 6.000%, 6/15/35
|
|
|
|
|
|
2,845
|
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding
|
10/19 at 100.00
|
AA– (4)
|
3,111,548
|
|
|
|
Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19)
|
|
|
|
|
|
2,290
|
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,
|
10/24 at 100.00
|
A+
|
2,554,037
|
|
|
|
Subordinate Lien Series 2015B, 5.000%, 10/01/40
|
|
|
|
|
|
5,000
|
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center,
|
10/17 at 100.00
|
BBB+ (4)
|
5,088,550
|
|
|
|
Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
|
|
|
|
|
|
5,090
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A,
|
7/20 at 100.00
|
A
|
5,567,238
|
|
|
|
5.000%, 7/01/40
|
|
|
|
|
|
9,500
|
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's
|
8/21 at 100.00
|
A+
|
11,319,535
|
|
|
|
Hospital, Series 2010A, 6.000%, 8/01/46
|
|
|
|
|
|
2,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding
|
10/24 at 100.00
|
A
|
2,234,800
|
|
|
|
Series 2014B, 5.000%, 10/01/37
|
|
|
|
NUVEEN 23
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Florida (continued)
|
|
|
|
|
|
$ 6,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B,
|
10/19 at 100.00
|
A (4)
|
$ 6,629,160
|
|
|
|
5.500%, 10/01/36 (Pre-refunded 10/01/19)
|
|
|
|
|
|
4,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B,
|
10/20 at 100.00
|
A
|
4,454,280
|
|
|
|
5.000%, 10/01/29
|
|
|
|
|
|
4,000
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012,
|
7/22 at 100.00
|
AA
|
4,447,080
|
|
|
|
5.000%, 7/01/42
|
|
|
|
|
|
9,590
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%,
|
10/20 at 100.00
|
AA
|
10,579,496
|
|
|
|
10/01/39 – AGM Insured
|
|
|
|
|
|
10,725
|
Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A,
|
5/24 at 100.00
|
AA+ (4)
|
12,991,085
|
|
|
|
5.000%, 11/01/44 (Pre-refunded 5/01/24)
|
|
|
|
|
|
3,250
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center,
|
11/22 at 100.00
|
BBB+
|
3,394,528
|
|
|
|
Series 2013A, 5.000%, 11/01/43
|
|
|
|
|
|
9,440
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1,
|
7/17 at 100.00
|
AA– (4)
|
9,509,101
|
|
|
|
Series 2007B, 5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured
|
|
|
|
|
|
2,500
|
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
|
10/17 at 100.00
|
BBB
|
2,527,850
|
|
|
6,865
|
South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015,
|
5/25 at 100.00
|
AA
|
7,025,710
|
|
|
|
4.000%, 5/01/34
|
|
|
|
|
|
|
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–
|
3,070,874
|
|
|
14,730
|
5.000%, 8/15/42 (UB) (7)
|
8/17 at 100.00
|
AA–
|
14,828,249
|
|
|
3,300
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A,
|
5/22 at 100.00
|
Aa2
|
3,672,306
|
|
|
|
5.000%, 11/15/33
|
|
|
|
|
|
107,725
|
Total Florida
|
|
|
116,937,589
|
|
|
|
Georgia – 0.3%
|
|
|
|
|
|
3,325
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/40
|
5/25 at 100.00
|
Aa2
|
3,800,375
|
|
|
2,000
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University,
|
10/26 at 100.00
|
AA+
|
2,292,620
|
|
|
|
Refunding Series 2016A, 5.000%, 10/01/46
|
|
|
|
|
|
5,325
|
Total Georgia
|
|
|
6,092,995
|
|
|
|
Guam – 0.0%
|
|
|
|
|
|
330
|
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43
|
10/23 at 100.00
|
BBB
|
376,415
|
|
|
|
(Alternative Minimum Tax)
|
|
|
|
|
|
|
Hawaii – 0.2%
|
|
|
|
|
|
3,625
|
Honolulu City and County, Hawaii, General Obligation Bonds, Refunding Series 2009A, 5.250%,
|
4/19 at 100.00
|
Aa1 (4)
|
3,918,009
|
|
|
|
4/01/32 (Pre-refunded 4/01/19)
|
|
|
|
|
|
|
Illinois – 14.7%
|
|
|
|
|
|
5,000
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement
|
4/27 at 100.00
|
A
|
5,173,550
|
|
|
|
Revenues, Series 2016, 6.000%, 4/01/46
|
|
|
|
|
|
5,000
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series
|
12/25 at 100.00
|
B
|
4,839,700
|
|
|
|
2016A, 7.000%, 12/01/44
|
|
|
|
|
|
2,945
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series
|
12/26 at 100.00
|
B
|
2,735,993
|
|
|
|
2016B, 6.500%, 12/01/46
|
|
|
|
|
|
17,725
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
|
No Opt. Call
|
AA–
|
13,250,501
|
|
|
|
Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured
|
|
|
|
|
|
7,495
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
|
No Opt. Call
|
AA–
|
3,744,727
|
|
|
|
Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured
|
|
|
|
|
|
1,500
|
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A,
|
1/22 at 100.00
|
AA+
|
1,576,350
|
|
|
|
5.000%, 1/01/36
|
|
|
|
24 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
|
|
|
|
|
|
$ 2,750
|
4.750%, 1/01/30 – AGM Insured
|
7/17 at 100.00
|
AA
|
$ 2,756,710
|
|
|
5,000
|
4.625%, 1/01/31 – AGM Insured
|
7/17 at 100.00
|
AA
|
5,011,550
|
|
|
285
|
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured
|
7/17 at 100.00
|
AA–
|
285,767
|
|
|
7,750
|
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
|
7/17 at 100.00
|
AA
|
7,770,228
|
|
|
5,000
|
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured
|
1/18 at 100.00
|
AA
|
5,104,700
|
|
|
3,320
|
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation
|
No Opt. Call
|
AA–
|
3,110,807
|
|
|
|
Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured
|
|
|
|
|
|
8,875
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA–
|
9,419,126
|
|
|
3,260
|
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International
|
10/20 at 100.00
|
B–
|
3,332,111
|
|
|
|
Corporation Project, Series 2010, 6.500%, 10/15/40
|
|
|
|
|
|
5,000
|
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37
|
11/22 at 100.00
|
AAA
|
5,382,900
|
|
|
13,070
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook
|
No Opt. Call
|
Aa3
|
12,661,432
|
|
|
|
and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured
|
|
|
|
|
|
14,960
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook
|
No Opt. Call
|
Aa3 (4)
|
14,675,461
|
|
|
|
and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 –
|
|
|
|
|
|
|
AGM Insured (ETM)
|
|
|
|
|
|
1,800
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago
|
No Opt. Call
|
A2
|
1,740,096
|
|
|
|
and Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured
|
|
|
|
|
|
1,875
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B,
|
11/19 at 100.00
|
AA+
|
2,056,031
|
|
|
|
5.500%, 11/01/39
|
|
|
|
|
|
3,000
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
|
11/19 at 100.00
|
AA+
|
3,208,440
|
|
|
1,415
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A,
|
5/20 at 100.00
|
A
|
1,558,113
|
|
|
|
6.000%, 5/15/39
|
|
|
|
|
|
3,110
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A,
|
5/20 at 100.00
|
N/R (4)
|
3,544,063
|
|
|
|
6.000%, 5/15/39 (Pre-refunded 5/15/20)
|
|
|
|
|
|
|
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)
|
51,705
|
|
|
4,755
|
7.750%, 8/15/34 (Pre-refunded 8/15/19)
|
8/19 at 100.00
|
BBB– (4)
|
5,463,495
|
|
|
|
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)
|
73,015
|
|
|
1,930
|
5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured
|
5/18 at 100.00
|
AA (4)
|
2,012,295
|
|
|
5,000
|
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group,
|
5/25 at 100.00
|
A+
|
5,430,600
|
|
|
|
Series 2015A, 5.000%, 11/15/38
|
|
|
|
|
|
4,260
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%,
|
8/17 at 100.00
|
N/R (4)
|
4,310,183
|
|
|
|
8/01/37 (Pre-refunded 8/01/17)
|
|
|
|
|
|
4,475
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
|
8/18 at 100.00
|
BBB+
|
4,615,963
|
|
|
|
Refunding Series 2008A, 5.500%, 8/15/30
|
|
|
|
|
|
|
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
|
605,752
|
|
|
825
|
5.000%, 8/15/44
|
8/25 at 100.00
|
Baa1
|
871,382
|
|
|
2,500
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series
|
2/21 at 100.00
|
AA– (4)
|
2,891,025
|
|
|
|
2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21)
|
|
|
|
|
|
3,000
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A,
|
10/21 at 100.00
|
AA+
|
3,231,690
|
|
|
|
5.000%, 10/01/51
|
|
|
|
|
|
5,245
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust
|
7/17 at 100.00
|
AA+ (4)
|
5,322,521
|
|
|
|
2015-XF0248, 8.526%, 7/01/46 (Pre-refunded 7/01/17) (IF) (7)
|
|
|
|
|
|
620
|
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992,
|
No Opt. Call
|
N/R (4)
|
646,815
|
|
|
|
7.000%, 2/15/18 (ETM)
|
|
|
|
|
|
3,750
|
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 –
|
7/17 at 100.00
|
BBB–
|
3,840,713
|
|
|
|
AMBAC Insured
|
|
|
|
NUVEEN 25
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
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
|
2/27 at 100.00
|
BBB
|
$ 1,814,319
|
|
|
655
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
|
8/22 at 100.00
|
BBB
|
678,881
|
|
|
5,590
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A,
|
1/23 at 100.00
|
AA–
|
6,178,403
|
|
|
|
5.000%, 1/01/38
|
|
|
|
|
|
5,000
|
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel
|
7/17 at 100.00
|
N/R
|
4,248,500
|
|
|
|
Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured (6)
|
|
|
|
|
|
16,800
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
|
No Opt. Call
|
AA–
|
14,691,600
|
|
|
|
Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured
|
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
|
|
|
|
|
|
|
Project, Refunding Series 2002B:
|
|
|
|
|
|
3,070
|
5.500%, 6/15/20 – NPFG Insured
|
6/17 at 101.00
|
AA–
|
3,118,383
|
|
|
3,950
|
5.550%, 6/15/21 – NPFG Insured
|
6/17 at 101.00
|
AA–
|
4,012,450
|
|
|
|
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)
|
716,372
|
|
|
1,765
|
5.550%, 6/15/21 (Pre-refunded 6/15/17) – NPFG Insured
|
6/17 at 101.00
|
AA– (4)
|
1,793,575
|
|
|
|
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–
|
9,397,865
|
|
|
9,270
|
0.010%, 6/15/18 – FGIC Insured
|
No Opt. Call
|
AA–
|
9,070,788
|
|
|
2,905
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
|
No Opt. Call
|
AA– (4)
|
2,901,514
|
|
|
|
Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured (ETM)
|
|
|
|
|
|
|
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–
|
7,094,198
|
|
|
3,635
|
0.000%, 6/15/21 – NPFG Insured
|
No Opt. Call
|
AA–
|
3,236,786
|
|
|
5,190
|
0.000%, 6/15/28 – NPFG Insured
|
No Opt. Call
|
AA–
|
3,295,546
|
|
|
11,670
|
0.000%, 6/15/29 – FGIC Insured
|
No Opt. Call
|
AA–
|
7,026,157
|
|
|
|
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–
|
11,245,000
|
|
|
4,950
|
0.000%, 12/15/32 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,482,227
|
|
|
21,375
|
0.000%, 6/15/34 – NPFG Insured
|
No Opt. Call
|
AA–
|
9,799,155
|
|
|
21,000
|
0.000%, 12/15/35 – NPFG Insured
|
No Opt. Call
|
AA–
|
8,877,960
|
|
|
21,970
|
0.000%, 6/15/36 – NPFG Insured
|
No Opt. Call
|
AA–
|
8,991,442
|
|
|
10,375
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
AA–
|
4,148,029
|
|
|
10,000
|
0.000%, 12/15/37 – NPFG Insured
|
No Opt. Call
|
AA–
|
3,777,500
|
|
|
25,825
|
0.000%, 6/15/39 – NPFG Insured
|
No Opt. Call
|
AA–
|
8,971,605
|
|
|
6,095
|
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,
|
No Opt. Call
|
AA
|
8,159,803
|
|
|
|
Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured
|
|
|
|
|
|
5,020
|
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville
|
No Opt. Call
|
AA
|
4,150,185
|
|
|
|
Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured
|
|
|
|
|
|
615
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,
|
10/23 at 100.00
|
A
|
698,972
|
|
|
|
6.000%, 10/01/42
|
|
|
|
|
|
1,575
|
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School
|
No Opt. Call
|
A3
|
1,554,667
|
|
|
|
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured
|
|
|
|
|
|
720
|
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School
|
No Opt. Call
|
A3 (4)
|
715,457
|
|
|
|
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)
|
|
|
|
|
|
2,550
|
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation
|
No Opt. Call
|
AA–
|
2,209,550
|
|
|
|
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured
|
|
|
|
|
|
780
|
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation
|
No Opt. Call
|
AA– (4)
|
708,864
|
|
|
|
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM)
|
|
|
|
|
|
388,645
|
Total Illinois
|
|
|
308,071,263
|
26 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Indiana – 2.3%
|
|
|
|
|
|
$ 300
|
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007,
|
7/17 at 100.00
|
BB
|
$ 300,006
|
|
|
|
5.000%, 10/01/24
|
|
|
|
|
|
5,010
|
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series
|
5/23 at 100.00
|
A
|
5,399,928
|
|
|
|
2012A, 5.000%, 5/01/42
|
|
|
|
|
|
2,250
|
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group,
|
6/25 at 100.00
|
AA
|
2,277,900
|
|
|
|
Refunding 2015A, 4.000%, 12/01/40
|
|
|
|
|
|
5,740
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing
|
7/23 at 100.00
|
A–
|
6,110,747
|
|
|
|
Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
|
|
|
|
|
|
6,400
|
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project,
|
9/24 at 100.00
|
B+
|
6,551,168
|
|
|
|
Series 2014, 5.000%, 9/01/46 (Alternative Minimum Tax)
|
|
|
|
|
|
2,250
|
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint
|
5/18 at 100.00
|
Aa3 (4)
|
2,348,415
|
|
|
|
Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) –
|
|
|
|
|
|
|
AGM Insured
|
|
|
|
|
|
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
|
|
|
|
|
|
12,550
|
0.000%, 2/01/21 – AMBAC Insured
|
No Opt. Call
|
AA
|
11,699,738
|
|
|
2,400
|
0.000%, 2/01/25 – AMBAC Insured
|
No Opt. Call
|
AA
|
1,944,168
|
|
|
14,595
|
0.000%, 2/01/27 – AMBAC Insured
|
No Opt. Call
|
AA
|
10,934,574
|
|
|
850
|
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development
|
7/20 at 100.00
|
N/R
|
907,035
|
|
|
|
Project, Series 2010, 6.750%, 1/15/32
|
|
|
|
|
|
52,345
|
Total Indiana
|
|
|
48,473,679
|
|
|
|
Iowa – 1.3%
|
|
|
|
|
|
14,500
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
|
12/18 at 100.00
|
B
|
14,753,605
|
|
|
|
Project, Series 2013, 5.500%, 12/01/22
|
|
|
|
|
|
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
|
|
|
|
|
|
175
|
5.375%, 6/01/38
|
7/17 at 100.00
|
B+
|
175,000
|
|
|
7,000
|
5.625%, 6/01/46
|
7/17 at 100.00
|
B+
|
7,000,140
|
|
|
4,965
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
|
6/17 at 100.00
|
B+
|
4,965,000
|
|
|
|
5.600%, 6/01/34
|
|
|
|
|
|
26,640
|
Total Iowa
|
|
|
26,893,745
|
|
|
|
Kentucky – 0.6%
|
|
|
|
|
|
645
|
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue
|
7/17 at 100.00
|
AA–
|
646,793
|
|
|
|
Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
|
|
|
|
|
|
|
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky
|
|
|
|
|
|
|
International Airport, Series 2016:
|
|
|
|
|
|
1,530
|
5.000%, 1/01/27
|
1/26 at 100.00
|
A+
|
1,785,020
|
|
|
1,600
|
5.000%, 1/01/28
|
1/26 at 100.00
|
A+
|
1,849,376
|
|
|
1,750
|
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds,
|
6/18 at 100.00
|
AA
|
1,820,193
|
|
|
|
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
|
|
|
|
|
|
1,170
|
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series
|
9/17 at 100.00
|
AA– (4)
|
1,186,614
|
|
|
|
2007A, 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured
|
|
|
|
|
|
6,000
|
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
|
7/31 at 100.00
|
Baa3
|
4,969,260
|
|
|
|
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5)
|
|
|
|
|
|
12,695
|
Total Kentucky
|
|
|
12,257,256
|
|
|
|
Louisiana – 1.5%
|
|
|
|
|
|
12,000
|
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue
|
11/17 at 100.00
|
BBB
|
12,265,560
|
|
|
|
Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
|
|
|
|
|
|
2,310
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
8/20 at 100.00
|
BBB
|
2,613,026
|
|
|
|
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
|
|
|
|
|
|
5,450
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
11/20 at 100.00
|
BBB
|
6,217,251
|
|
|
|
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
|
|
|
|
NUVEEN 27
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Louisiana (continued)
|
|
|
|
|
|
$ 5,075
|
Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court
|
6/17 at 100.00
|
AA– (4)
|
$ 5,096,924
|
|
|
|
Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured
|
|
|
|
|
|
4,420
|
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A,
|
7/23 at 100.00
|
AA–
|
4,951,770
|
|
|
|
5.000%, 7/01/28
|
|
|
|
|
|
29,255
|
Total Louisiana
|
|
|
31,144,531
|
|
|
|
Maine – 0.3%
|
|
|
|
|
|
4,250
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical
|
7/23 at 100.00
|
BBB
|
4,347,070
|
|
|
|
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33
|
|
|
|
|
|
1,050
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical
|
7/21 at 100.00
|
BBB–
|
1,139,387
|
|
|
|
Center, Series 2011, 6.750%, 7/01/41
|
|
|
|
|
|
5,300
|
Total Maine
|
|
|
5,486,457
|
|
|
|
Maryland – 0.7%
|
|
|
|
|
|
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
|
|
|
|
|
|
1,300
|
5.250%, 9/01/17 (Pre-refunded 6/23/17) – SYNCORA GTY Insured
|
6/17 at 100.00
|
Ba1 (4)
|
1,303,640
|
|
|
3,240
|
4.600%, 9/01/30 (Pre-refunded 6/23/17) – SYNCORA GTY Insured
|
6/17 at 100.00
|
Ba1 (4)
|
3,247,355
|
|
|
1,545
|
5.250%, 9/01/39 (Pre-refunded 6/23/17) – SYNCORA GTY Insured
|
6/17 at 100.00
|
Ba1 (4)
|
1,548,492
|
|
|
2,500
|
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B,
|
6/17 at 100.00
|
BB (4)
|
2,504,550
|
|
|
|
5.875%, 9/01/39 (Pre-refunded 6/23/17)
|
|
|
|
|
|
2,350
|
Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line
|
9/26 at 100.00
|
BBB+
|
2,559,855
|
|
|
|
Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/41 (Alternative Minimum Tax)
|
|
|
|
|
|
1,050
|
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds,
|
7/25 at 100.00
|
BBB
|
1,134,714
|
|
|
|
Meritus Medical Center, Series 2015, 5.000%, 7/01/40
|
|
|
|
|
|
1,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist
|
1/22 at 100.00
|
Baa3
|
1,658,145
|
|
|
|
Healthcare, Series 2011A, 6.125%, 1/01/36
|
|
|
|
|
|
13,485
|
Total Maryland
|
|
|
13,956,751
|
|
|
|
Massachusetts – 1.9%
|
|
|
|
|
|
|
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)
|
1,524,240
|
|
|
3,550
|
5.250%, 7/01/34 (Pre-refunded 7/01/18)
|
7/18 at 100.00
|
AAA
|
3,731,760
|
|
|
2,100
|
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare
|
11/23 at 100.00
|
A
|
2,335,410
|
|
|
|
Obligated Group, Series 2013, 5.250%, 11/15/41
|
|
|
|
|
|
|
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
|
3,135,367
|
|
|
1,105
|
5.000%, 7/01/36
|
7/26 at 100.00
|
BBB
|
1,189,102
|
|
|
2,765
|
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue,
|
12/26 at 100.00
|
A1
|
3,086,044
|
|
|
|
Series 2016N, 5.000%, 12/01/41
|
|
|
|
|
|
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,
|
7/18 at 100.00
|
A– (4)
|
524,630
|
|
|
|
Series 2008E-1 &2, 5.125%, 7/01/38 (Pre-refunded 7/01/18)
|
|
|
|
|
|
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University,
|
|
|
|
|
|
|
Refunding Series 2009A:
|
|
|
|
|
|
835
|
5.750%, 7/01/39
|
7/19 at 100.00
|
BBB
|
900,648
|
|
|
1,465
|
5.750%, 7/01/39 (Pre-refunded 7/01/19)
|
7/19 at 100.00
|
N/R (4)
|
1,611,324
|
|
|
11,290
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
|
12/18 at 100.00
|
AA
|
11,593,249
|
|
|
|
(Alternative Minimum Tax)
|
|
|
|
|
|
9,110
|
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series
|
5/23 at 100.00
|
AA+
|
10,255,491
|
|
|
|
2013A, 5.000%, 5/15/43
|
|
|
|
|
|
980
|
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series
|
No Opt. Call
|
AA–
|
708,746
|
|
|
|
1997A, 0.000%, 1/01/29 – NPFG Insured
|
|
|
|
|
|
320
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6,
|
7/17 at 100.00
|
Aaa
|
321,190
|
|
|
|
5.500%, 8/01/30
|
|
|
|
|
|
38,375
|
Total Massachusetts
|
|
|
40,917,201
|
28 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Michigan – 3.6%
|
|
|
|
|
|
|
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
|
$ 1,975,240
|
|
|
2,520
|
6.000%, 10/01/43
|
10/23 at 100.00
|
N/R
|
2,442,031
|
|
|
5,870
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A,
|
5/17 at 100.00
|
B–
|
5,720,432
|
|
|
|
5.500%, 5/01/21
|
|
|
|
|
|
1,415
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
A
|
1,528,426
|
|
|
|
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
|
|
|
|
|
15
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%,
|
7/17 at 100.00
|
AA–
|
15,030
|
|
|
|
7/01/35 – NPFG Insured
|
|
|
|
|
|
3,000
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%,
|
No Opt. Call
|
AA–
|
3,585,630
|
|
|
|
7/01/29 – FGIC Insured
|
|
|
|
|
|
3,395
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%,
|
7/18 at 100.00
|
AA+ (4)
|
3,575,852
|
|
|
|
7/01/36 (Pre-refunded 7/01/18) – BHAC Insured
|
|
|
|
|
|
7,525
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 –
|
7/18 at 100.00
|
AA+
|
7,861,292
|
|
|
|
FGIC Insured
|
|
|
|
|
|
5
|
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%,
|
7/17 at 100.00
|
AA–
|
5,014
|
|
|
|
7/01/34 – NPFG Insured
|
|
|
|
|
|
5
|
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%,
|
7/17 at 100.00
|
A
|
5,014
|
|
|
|
7/01/34 – NPFG Insured
|
|
|
|
|
|
2,200
|
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2005B, 4.750%,
|
7/18 at 100.00
|
AA+ (4)
|
2,297,966
|
|
|
|
7/01/34 (Pre-refunded 7/01/18) – BHAC Insured
|
|
|
|
|
|
895
|
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson
|
5/20 at 100.00
|
A2
|
961,588
|
|
|
|
Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
|
|
|
|
|
|
1,105
|
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson
|
5/20 at 100.00
|
A2 (4)
|
1,235,954
|
|
|
|
Methodist Hospital, Series 2010, 5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured
|
|
|
|
|
|
1,950
|
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water &
|
7/22 at 100.00
|
A
|
2,073,962
|
|
|
|
Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44
|
|
|
|
|
|
4,585
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
|
12/21 at 100.00
|
AA–
|
5,140,564
|
|
|
|
5.000%, 12/01/39
|
|
|
|
|
|
15
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
|
12/21 at 100.00
|
N/R (4)
|
17,389
|
|
|
|
5.000%, 12/01/39 (Pre-refunded 12/01/21)
|
|
|
|
|
|
5,000
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015,
|
6/22 at 100.00
|
AA–
|
5,566,200
|
|
|
|
5.000%, 12/01/35
|
|
|
|
|
|
6,000
|
Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group,
|
11/26 at 100.00
|
AA+
|
6,061,680
|
|
|
|
Refunding and Project Series 2010F-6, 4.000%, 11/15/47
|
|
|
|
|
|
2,155
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010,
|
10/20 at 100.00
|
AAA
|
2,424,698
|
|
|
|
5.000%, 10/01/29 (Pre-refunded 10/01/20)
|
|
|
|
|
|
5,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/21 at 100.00
|
Aa2
|
5,607,850
|
|
|
|
2011-II-A, 5.375%, 10/15/41
|
|
|
|
|
|
10,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I,
|
10/25 at 100.00
|
Aa2
|
11,545,100
|
|
|
|
5.000%, 4/15/30
|
|
|
|
|
|
2,890
|
Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42
|
3/22 at 100.00
|
A1
|
3,163,567
|
|
|
1,150
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
9/18 at 100.00
|
Aaa
|
1,261,355
|
|
|
|
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
|
|
|
|
|
|
1,100
|
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County
|
12/25 at 100.00
|
A
|
1,200,166
|
|
|
|
Airport, Series 2015D, 5.000%, 12/01/45
|
|
|
|
|
|
69,795
|
Total Michigan
|
|
|
75,272,000
|
NUVEEN 29
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Minnesota – 0.6%
|
|
|
|
|
|
$ 1,585
|
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A,
|
7/17 at 100.00
|
BBB+
|
$ 1,589,914
|
|
|
|
5.000%, 5/01/30
|
|
|
|
|
|
6,375
|
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare
|
11/18 at 100.00
|
A+ (4)
|
6,926,756
|
|
|
|
Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18)
|
|
|
|
|
|
3,200
|
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series
|
No Opt. Call
|
AA
|
3,978,560
|
|
|
|
2016B, 5.000%, 11/15/34
|
|
|
|
|
|
11,160
|
Total Minnesota
|
|
|
12,495,230
|
|
|
|
Missouri – 0.8%
|
|
|
|
|
|
3,465
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
|
11/23 at 100.00
|
A2
|
3,755,228
|
|
|
|
CoxHealth, Series 2013A, 5.000%, 11/15/48
|
|
|
|
|
|
12,000
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System,
|
6/20 at 100.00
|
AA–
|
12,876,480
|
|
|
|
Series 2010B, 5.000%, 6/01/30
|
|
|
|
|
|
15,465
|
Total Missouri
|
|
|
16,631,708
|
|
|
|
Montana – 0.1%
|
|
|
|
|
|
1,115
|
Billings, Montana, Sewer System Revenue Bonds, Series 2017, 5.000%, 7/01/33
|
7/27 at 100.00
|
AA+
|
1,319,993
|
|
|
|
Nebraska – 0.3%
|
|
|
|
|
|
1,400
|
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska
|
11/25 at 100.00
|
A–
|
1,528,604
|
|
|
|
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
|
|
|
|
|
|
5,000
|
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%,
|
2/18 at 100.00
|
AA (4)
|
5,175,500
|
|
|
|
2/01/39 (Pre-refunded 2/01/18)
|
|
|
|
|
|
6,400
|
Total Nebraska
|
|
|
6,704,104
|
|
|
|
Nevada – 3.0%
|
|
|
|
|
|
2,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2007A-1, 5.000%, 7/01/26
|
7/17 at 100.00
|
Aa3 (4)
|
2,013,740
|
|
|
|
(Pre-refunded 7/01/17) – AMBAC Insured (Alternative Minimum Tax)
|
|
|
|
|
|
5,075
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
Aa3
|
5,644,009
|
|
|
|
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
|
5,981,180
|
|
|
10,000
|
5.000%, 6/01/34
|
12/24 at 100.00
|
Aa1
|
11,406,900
|
|
|
9,000
|
5.000%, 6/01/39
|
12/24 at 100.00
|
Aa1
|
10,148,580
|
|
|
5,505
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding WaterImprovement
|
6/26 at 100.00
|
Aa1
|
6,243,991
|
|
|
|
Series 2016A, 5.000%, 6/01/41
|
|
|
|
|
|
10,000
|
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
|
7/17 at 100.00
|
AA–
|
10,002,600
|
|
|
10,000
|
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007, 5.250%,
|
7/17 at 100.00
|
AA+ (4)
|
10,077,900
|
|
|
|
7/01/31 – BHAC Insured (Pre-refunded 7/01/17) (UB) (7)
|
|
|
|
|
|
1,500
|
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax
|
6/18 at 100.00
|
B1
|
1,539,885
|
|
|
|
Revenue Bonds Series 2008A, 6.750%, 6/15/28
|
|
|
|
|
|
58,300
|
Total Nevada
|
|
|
63,058,785
|
|
|
|
New Hampshire – 0.1%
|
|
|
|
|
|
1,500
|
New Hampshire Business Finance Authority,Revenue Bonds, Elliot Hospital Obligated Group Issue,
|
10/19 at 100.00
|
Baa1 (4)
|
1,678,890
|
|
|
|
Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19)
|
|
|
|
|
|
|
New Jersey – 3.8%
|
|
|
|
|
|
930
|
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
|
1/24 at 100.00
|
AA
|
1,026,032
|
|
|
|
Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
|
|
|
|
|
|
2,550
|
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series
|
7/17 at 100.00
|
AA–
|
2,614,923
|
|
|
|
2004A, 5.250%, 7/01/33 – NPFG Insured
|
|
|
|
|
|
5,990
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series
|
No Opt. Call
|
AA
|
7,116,779
|
|
|
|
2005N-1, 5.500%, 9/01/25 – AGM Insured
|
|
|
|
|
|
4,000
|
New Jersey Economic Development Authority, School Facilities Construction Financing Program
|
3/23 at 100.00
|
A–
|
4,208,920
|
|
|
|
Bonds, Refunding Series 2013NN, 5.000%, 3/01/25
|
|
|
|
30 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
New Jersey (continued)
|
|
|
|
|
|
$ 6,000
|
New Jersey Economic Development Authority, School Facilities Construction Financing Program
|
12/26 at 100.00
|
A–
|
$ 6,420,780
|
|
|
|
Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31
|
|
|
|
|
|
3,300
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters
|
7/18 at 100.00
|
BB+
|
3,384,744
|
|
|
|
University Hospital, Series 2007, 5.750%, 7/01/37
|
|
|
|
|
|
9,420
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital
|
No Opt. Call
|
A–
|
4,473,558
|
|
|
|
Appreciation Series 2010A, 0.000%, 12/15/31
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding
|
|
|
|
|
|
|
Series 2006C:
|
|
|
|
|
|
30,000
|
0.000%, 12/15/30 – FGIC Insured
|
No Opt. Call
|
AA–
|
16,456,800
|
|
|
27,000
|
0.000%, 12/15/32 – AGM Insured
|
No Opt. Call
|
AA
|
13,333,950
|
|
|
4,500
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA,
|
6/23 at 100.00
|
A–
|
4,644,135
|
|
|
|
5.000%, 6/15/29
|
|
|
|
|
|
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:
|
|
|
|
|
|
2,750
|
5.250%, 6/15/32
|
6/25 at 100.00
|
A–
|
2,869,955
|
|
|
2,150
|
5.250%, 6/15/34
|
6/25 at 100.00
|
A–
|
2,229,679
|
|
|
1,135
|
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
|
5/23 at 100.00
|
Aa3
|
1,255,662
|
|
|
|
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
|
BBB
|
4,343,930
|
|
|
6,215
|
4.750%, 6/01/34
|
6/17 at 100.00
|
BB–
|
6,084,423
|
|
|
110,275
|
Total New Jersey
|
|
|
80,464,270
|
|
|
|
New Mexico – 0.0%
|
|
|
|
|
|
735
|
University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21
|
No Opt. Call
|
AA
|
798,673
|
|
|
|
New York – 4.7%
|
|
|
|
|
|
4,030
|
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory
|
7/27 at 100.00
|
Aa3
|
4,610,360
|
|
|
|
Facilities, Series 2017A, 5.000%, 7/01/46
|
|
|
|
|
|
9,490
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%,
|
6/17 at 100.00
|
A (4)
|
9,557,664
|
|
|
|
2/15/47 (Pre-refunded 6/30/17) – FGIC Insured
|
|
|
|
|
|
5,160
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%,
|
5/19 at 100.00
|
AA+ (4)
|
5,620,582
|
|
|
|
5/01/33 (Pre-refunded 5/01/19) – BHAC Insured
|
|
|
|
|
|
12,855
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A,
|
5/21 at 100.00
|
A–
|
14,255,038
|
|
|
|
5.000%, 5/01/38
|
|
|
|
|
|
9,850
|
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium
|
7/17 at 100.00
|
AA–
|
9,877,383
|
|
|
|
Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
|
|
|
|
|
|
3,525
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
6/19 at 100.00
|
AA+
|
3,823,744
|
|
|
|
Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40
|
|
|
|
|
|
11,755
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
12,514,020
|
|
|
|
Center Project, Class 1 Series 2014, 5.000%, 11/15/44
|
|
|
|
|
|
2,700
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade
|
11/21 at 100.00
|
A+
|
3,077,406
|
|
|
|
Center Project, Series 2011, 5.750%, 11/15/51
|
|
|
|
|
|
8,270
|
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport
|
7/24 at 100.00
|
BBB
|
8,890,415
|
|
|
|
Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax)
|
|
|
|
|
|
3,250
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty
|
8/17 at 100.00
|
AA (4)
|
3,290,723
|
|
|
|
Eighth Series 2007, 5.000%, 8/15/33 (Pre-refunded 8/15/17) – AGM Insured
|
|
|
|
|
|
9,925
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
Baa1
|
11,160,067
|
|
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
|
7,000
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA
|
5/27 at 100.00
|
AA–
|
8,120,910
|
|
|
|
Bridges & Tunnels, Series 2017B, 5.000%, 11/15/38
|
|
|
|
NUVEEN 31
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
New York (continued)
|
|
|
|
|
|
$ 3,000
|
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding
|
5/25 at 100.00
|
AA–
|
$ 3,382,650
|
|
|
|
Series 2015A, 5.000%, 11/15/50
|
|
|
|
|
|
650
|
TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B,
|
No Opt. Call
|
BBB
|
719,992
|
|
|
|
5.000%, 6/01/24
|
|
|
|
|
|
91,460
|
Total New York
|
|
|
98,900,954
|
|
|
|
North Carolina – 1.2%
|
|
|
|
|
|
3,000
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
|
1/18 at 100.00
|
AA– (4)
|
3,088,740
|
|
|
|
Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47 (Pre-refunded 1/15/18)
|
|
|
|
|
|
1,500
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
|
1/21 at 100.00
|
AA–
|
1,648,845
|
|
|
|
Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37
|
|
|
|
|
|
3,000
|
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project,
|
10/26 at 100.00
|
AA+
|
3,481,320
|
|
|
|
Refunding Series 2016B, 5.000%, 10/01/44
|
|
|
|
|
|
|
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–
|
973,717
|
|
|
4,175
|
5.000%, 6/30/54 (Alternative Minimum Tax)
|
6/25 at 100.00
|
BBB–
|
4,390,221
|
|
|
2,010
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University
|
6/20 at 100.00
|
AA (4)
|
2,242,738
|
|
|
|
Health System, Series 2010A, 5.000%, 6/01/42 (Pre-refunded 6/01/20)
|
|
|
|
|
|
1,255
|
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health
|
10/17 at 100.00
|
AA–
|
1,268,454
|
|
|
|
Combined Group, Series 2007, 4.500%, 10/01/31
|
|
|
|
|
|
745
|
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health
|
10/17 at 100.00
|
N/R (4)
|
756,652
|
|
|
|
Combined Group, Series 2007, 4.500%, 10/01/31 (Pre-refunded 10/01/17)
|
|
|
|
|
|
2,995
|
North Carolina Turnpike Authority, Monroe Expressway TollRevenue Bonds, Series 2017A,
|
7/26 at 100.00
|
BBB–
|
3,249,276
|
|
|
|
5.000%, 7/01/51
|
|
|
|
|
|
|
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior
|
|
|
|
|
|
|
Lien Series 2017:
|
|
|
|
|
|
1,625
|
5.000%, 1/01/30
|
1/27 at 100.00
|
BBB
|
1,878,370
|
|
|
1,850
|
5.000%, 1/01/32
|
1/27 at 100.00
|
BBB
|
2,113,533
|
|
|
23,060
|
Total North Carolina
|
|
|
25,091,866
|
|
|
|
North Dakota – 0.4%
|
|
|
|
|
|
7,820
|
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011,
|
11/21 at 100.00
|
A+
|
9,212,664
|
|
|
|
6.250%, 11/01/31
|
|
|
|
|
|
|
Ohio – 5.2%
|
|
|
|
|
|
9,405
|
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series
|
2/18 at 100.00
|
N/R (4)
|
9,733,893
|
|
|
|
2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18)
|
|
|
|
|
|
595
|
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series
|
2/18 at 100.00
|
A1
|
612,499
|
|
|
|
2008A, 5.250%, 2/15/43
|
|
|
|
|
|
|
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–
|
6,369,054
|
|
|
6,075
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B–
|
5,849,253
|
|
|
12,205
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B–
|
11,677,256
|
|
|
17,165
|
5.750%, 6/01/34
|
6/17 at 100.00
|
B–
|
16,463,123
|
|
|
4,020
|
6.000%, 6/01/42
|
6/17 at 100.00
|
B–
|
3,952,183
|
|
|
11,940
|
5.875%, 6/01/47
|
6/17 at 100.00
|
B–
|
11,556,607
|
|
|
16,415
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
|
6/22 at 100.00
|
B–
|
16,443,562
|
|
|
|
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
|
|
|
|
|
|
3,485
|
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH,
|
6/27 at 100.00
|
AA–
|
3,519,536
|
|
|
|
4.000%, 12/01/46
|
|
|
|
|
|
1,730
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
|
11/21 at 100.00
|
AA–
|
1,995,140
|
|
|
|
2011A, 6.000%, 11/15/41
|
|
|
|
32 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Ohio (continued)
|
|
|
|
|
|
$ 13,000
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy
|
No Opt. Call
|
B1
|
$ 12,113,790
|
|
|
|
Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory put 9/15/21)
|
|
|
|
|
|
4,110
|
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth
|
6/25 at 100.00
|
AA
|
4,477,598
|
|
|
|
Bypass Project, Series 2015, 5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax)
|
|
|
|
|
|
4,975
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series
|
2/23 at 100.00
|
A+
|
5,446,829
|
|
|
|
2013A-1, 5.000%, 2/15/48
|
|
|
|
|
|
111,735
|
Total Ohio
|
|
|
110,210,323
|
|
|
|
Oklahoma – 1.1%
|
|
|
|
|
|
1,400
|
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue
|
8/21 at 100.00
|
N/R
|
1,601,880
|
|
|
|
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
|
|
|
|
|
|
2,000
|
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007,
|
9/17 at 100.00
|
BBB+
|
2,003,660
|
|
|
|
5.125%, 9/01/37
|
|
|
|
|
|
4,000
|
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Refunding Series
|
7/26 at 100.00
|
AAA
|
4,654,760
|
|
|
|
2016, 5.000%, 7/01/36
|
|
|
|
|
|
|
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical
|
|
|
|
|
|
|
Center, Refunding Series 2015A:
|
|
|
|
|
|
1,590
|
5.000%, 8/15/27
|
8/25 at 100.00
|
AA–
|
1,872,146
|
|
|
1,250
|
5.000%, 8/15/29
|
8/25 at 100.00
|
AA–
|
1,449,813
|
|
|
10,000
|
Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A,
|
1/26 at 100.00
|
AA–
|
11,394,300
|
|
|
|
5.000%, 1/01/42
|
|
|
|
|
|
20,240
|
Total Oklahoma
|
|
|
22,976,559
|
|
|
|
Oregon – 0.1%
|
|
|
|
|
|
760
|
Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A,
|
10/17 at 100.00
|
A
|
771,142
|
|
|
|
5.000%, 10/01/32
|
|
|
|
|
|
2,100
|
Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%,
|
10/17 at 100.00
|
N/R (4)
|
2,137,191
|
|
|
|
10/01/32 (Pre-refunded 10/01/17)
|
|
|
|
|
|
2,860
|
Total Oregon
|
|
|
2,908,333
|
|
|
|
Pennsylvania – 0.9%
|
|
|
|
|
|
3,155
|
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger
|
2/27 at 100.00
|
AA
|
3,568,589
|
|
|
|
Health System, Series 2017A-2, 5.000%, 2/15/39 (WI/DD, Settling 5/09/17)
|
|
|
|
|
|
|
Pennsylvania State University, Revenue Bonds, Refunding Series 2016A:
|
|
|
|
|
|
1,325
|
5.000%, 9/01/35
|
9/26 at 100.00
|
Aa1
|
1,539,451
|
|
|
2,000
|
5.000%, 9/01/41
|
9/26 at 100.00
|
Aa1
|
2,297,340
|
|
|
1,250
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special
|
No Opt. Call
|
AA–
|
1,097,163
|
|
|
|
Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5)
|
|
|
|
|
|
2,715
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special
|
12/21 at 100.00
|
AA–
|
2,942,598
|
|
|
|
Revenue, Series 2011B, 5.000%, 12/01/41
|
|
|
|
|
|
7,500
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special
|
12/22 at 100.00
|
AA–
|
8,242,350
|
|
|
|
Revenue, Series 2013A, 5.000%, 12/01/43
|
|
|
|
|
|
17,945
|
Total Pennsylvania
|
|
|
19,687,491
|
|
|
|
South Carolina – 1.6%
|
|
|
|
|
|
|
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
|
9,030,380
|
|
|
9,535
|
0.000%, 1/01/29 – AMBAC Insured
|
No Opt. Call
|
AA
|
6,458,342
|
|
|
8,000
|
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series
|
12/26 at 100.00
|
AA–
|
8,564,160
|
|
|
|
2016B, 5.000%, 12/01/56
|
|
|
|
|
|
5,500
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding &
|
6/25 at 100.00
|
AA–
|
5,837,755
|
|
|
|
Improvement Series 2015A, 5.000%, 12/01/50
|
|
|
|
NUVEEN 33
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
South Carolina (continued)
|
|
|
|
|
|
$ 3,455
|
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A,
|
6/24 at 100.00
|
AA–
|
$ 3,769,094
|
|
|
|
5.500%, 12/01/54
|
|
|
|
|
|
39,250
|
Total South Carolina
|
|
|
33,659,731
|
|
|
|
Tennessee – 0.5%
|
|
|
|
|
|
2,780
|
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project,
|
4/18 at 100.00
|
A+
|
2,873,936
|
|
|
|
Refunding & Improvement Series 2008, 5.625%, 4/01/38
|
|
|
|
|
|
7,520
|
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project,
|
4/18 at 100.00
|
N/R (4)
|
7,849,752
|
|
|
|
Refunding & Improvement Series 2008, 5.625%, 4/01/38 (Pre-refunded 4/01/18)
|
|
|
|
|
|
10,300
|
Total Tennessee
|
|
|
10,723,688
|
|
|
|
Texas – 12.7%
|
|
|
|
|
|
3,900
|
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier
|
6/17 at 100.00
|
BB (4)
|
3,899,649
|
|
|
|
Series 2006B, 5.750%, 1/01/34 (Pre-refunded 6/08/17)
|
|
|
|
|
|
5,110
|
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric
|
3/32 at 100.00
|
N/R
|
51
|
|
|
|
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6)
|
|
|
|
|
|
2,420
|
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A,
|
1/23 at 100.00
|
BBB+
|
2,602,662
|
|
|
|
5.000%, 1/01/43
|
|
|
|
|
|
5,355
|
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series
|
1/26 at 100.00
|
BBB
|
5,298,130
|
|
|
|
2016, 4.000%, 1/01/41
|
|
|
|
|
|
7,500
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D,
|
11/21 at 100.00
|
A+
|
8,072,325
|
|
|
|
5.000%, 11/01/38 (Alternative Minimum Tax)
|
|
|
|
|
|
240
|
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A,
|
9/24 at 100.00
|
BB+
|
252,434
|
|
|
|
5.250%, 9/01/44
|
|
|
|
|
|
5,000
|
El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of Obligation,
|
8/23 at 100.00
|
AA–
|
5,324,300
|
|
|
|
Series 2013, 5.000%, 8/15/39
|
|
|
|
|
|
6,005
|
Friendswood Independent School District, Galveston County, Texas, General Obligation Bonds,
|
2/18 at 100.00
|
AAA
|
6,203,105
|
|
|
|
Schoolhouse Series 2008, 5.000%, 2/15/37 (Pre-refunded 2/15/18)
|
|
|
|
|
|
27,340
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien
|
10/23 at 100.00
|
AA+
|
30,922,358
|
|
|
|
Series 2013B, 5.000%, 4/01/53
|
|
|
|
|
|
2,845
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston
|
6/25 at 100.00
|
AA
|
2,880,278
|
|
|
|
Methodist Hospital System, Series 2015, 4.000%, 12/01/45
|
|
|
|
|
|
5,000
|
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A,
|
8/26 at 100.00
|
Aa2
|
5,705,650
|
|
|
|
5.000%, 8/15/41
|
|
|
|
|
|
7,295
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding
|
11/31 at 39.79
|
AA
|
1,528,959
|
|
|
|
Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured
|
|
|
|
|
|
11,900
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H,
|
No Opt. Call
|
AA–
|
7,913,143
|
|
|
|
0.000%, 11/15/27 – NPFG Insured
|
|
|
|
|
|
1,845
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series
|
11/24 at 100.00
|
A3
|
2,068,706
|
|
|
|
2014C, 5.000%, 11/15/32
|
|
|
|
|
|
14,905
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,
|
11/24 at 59.10
|
AA–
|
6,444,028
|
|
|
|
0.000%, 11/15/33 – NPFG Insured
|
|
|
|
|
|
|
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
|
15,609,265
|
|
|
12,940
|
0.000%, 9/01/30 – AMBAC Insured
|
No Opt. Call
|
A2
|
7,791,821
|
|
|
10,000
|
0.000%, 9/01/31 – AMBAC Insured
|
No Opt. Call
|
A2
|
5,734,700
|
|
|
7,000
|
0.000%, 9/01/32 – AMBAC Insured
|
No Opt. Call
|
A2
|
3,821,160
|
|
|
5,120
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
|
8/25 at 100.00
|
AAA
|
5,867,008
|
|
|
|
Bonds, Refunding Series 2015A, 5.000%, 8/15/39
|
|
|
|
|
|
4,510
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
|
8/26 at 100.00
|
AAA
|
5,134,455
|
|
|
|
Bonds, Refunding Series 2016A, 5.000%, 8/15/49
|
|
|
|
34 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Texas (continued)
|
|
|
|
|
|
$ 2,000
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
|
11/22 at 100.00
|
Baa1
|
$ 2,208,760
|
|
|
|
Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%,
|
|
|
|
|
|
|
11/01/28 (Alternative Minimum Tax)
|
|
|
|
|
|
1,750
|
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series
|
4/21 at 100.00
|
BBB
|
1,901,305
|
|
|
|
2011A, 7.250%, 4/01/36
|
|
|
|
|
|
5,420
|
North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement
|
3/22 at 100.00
|
AAA
|
6,255,276
|
|
|
|
Series 2012, 5.000%, 9/01/26
|
|
|
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation
|
|
|
|
|
|
|
Series 2008I:
|
|
|
|
|
|
30,000
|
6.200%, 1/01/42 – AGC Insured
|
1/25 at 100.00
|
AA
|
36,822,294
|
|
|
5,220
|
6.500%, 1/01/43
|
1/25 at 100.00
|
A1
|
6,407,707
|
|
|
765
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A,
|
1/18 at 100.00
|
AA+
|
786,734
|
|
|
|
5.750%, 1/01/40 – BHAC Insured
|
|
|
|
|
|
3,190
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A,
|
1/18 at 100.00
|
AA+ (4)
|
3,294,504
|
|
|
|
5.750%, 1/01/40 (Pre-refunded 1/01/18)
|
|
|
|
|
|
2,365
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A,
|
1/18 at 100.00
|
AA+ (4)
|
2,442,477
|
|
|
|
5.750%, 1/01/40 (Pre-refunded 1/01/18) – BHAC Insured
|
|
|
|
|
|
15,450
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D,
|
No Opt. Call
|
AA
|
7,128,630
|
|
|
|
0.000%, 1/01/36 – AGC Insured
|
|
|
|
|
|
9,020
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B,
|
1/23 at 100.00
|
A1
|
9,979,367
|
|
|
|
5.000%, 1/01/40
|
|
|
|
|
|
9,100
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A,
|
1/25 at 100.00
|
A2
|
10,345,790
|
|
|
|
5.000%, 1/01/32
|
|
|
|
|
|
2,000
|
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric
|
7/22 at 100.00
|
N/R
|
20
|
|
|
|
Company, Series 2003A, 5.800%, 7/01/22 (6)
|
|
|
|
|
|
2,000
|
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment
|
7/17 at 100.00
|
A3
|
2,000,600
|
|
|
|
Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax)
|
|
|
|
|
|
|
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)
|
404,047
|
|
|
4,455
|
5.500%, 8/15/45 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
AA– (4)
|
5,070,503
|
|
|
3,970
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,
|
1/19 at 100.00
|
AA
|
4,249,766
|
|
|
|
Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured
|
|
|
|
|
|
1,030
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,
|
1/19 at 100.00
|
AA (4)
|
1,123,122
|
|
|
|
Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured
|
|
|
|
|
|
1,750
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas
|
8/26 at 100.00
|
AA
|
1,959,650
|
|
|
|
Health Resources System, Series 2016A, 5.000%, 2/15/41
|
|
|
|
|
|
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
|
|
|
|
|
|
|
Series 2012:
|
|
|
|
|
|
2,500
|
5.000%, 12/15/26
|
12/22 at 100.00
|
A3
|
2,762,625
|
|
|
10,400
|
5.000%, 12/15/32
|
12/22 at 100.00
|
A3
|
11,185,096
|
|
|
7,180
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier
|
8/22 at 100.00
|
A–
|
7,845,083
|
|
|
|
Refunding Series 2012A, 5.000%, 8/15/41
|
|
|
|
|
|
3,000
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier
|
8/24 at 100.00
|
A–
|
3,342,600
|
|
|
|
Refunding Series 2015B, 5.000%, 8/15/37
|
|
|
|
|
|
1,750
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier
|
8/24 at 100.00
|
BBB+
|
1,943,848
|
|
|
|
Refunding Series 2015C, 5.000%, 8/15/33
|
|
|
|
|
|
5,500
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series
|
No Opt. Call
|
A–
|
4,318,160
|
|
|
|
2002A, 0.000%, 8/15/25 – AMBAC Insured
|
|
|
|
|
|
301,155
|
Total Texas
|
|
|
266,852,151
|
NUVEEN 35
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Utah – 0.3%
|
|
|
|
|
|
$ 5,345
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B,
|
7/27 at 100.00
|
A+
|
$ 6,144,612
|
|
|
|
5.000%, 7/01/42
|
|
|
|
|
|
|
Virginia – 2.1%
|
|
|
|
|
|
1,805
|
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First
|
7/26 at 100.00
|
BBB
|
1,997,900
|
|
|
|
Tier Series 2016, 5.000%, 7/01/46
|
|
|
|
|
|
1,500
|
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage
|
10/17 at 100.00
|
BBB (4)
|
1,526,910
|
|
|
|
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 (Pre-refunded 10/01/17)
|
|
|
|
|
|
14,110
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles
|
4/22 at 100.00
|
BBB+
|
14,805,059
|
|
|
|
Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A,
|
|
|
|
|
|
|
5.000%, 10/01/53
|
|
|
|
|
|
10,000
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles
|
10/28 at 100.00
|
BBB+
|
11,381,900
|
|
|
|
Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5)
|
|
|
|
|
|
4,355
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,
|
6/17 at 100.00
|
B–
|
4,182,107
|
|
|
|
Series 2007B1, 5.000%, 6/01/47
|
|
|
|
|
|
|
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
|
4,524,307
|
|
|
1,355
|
6.000%, 1/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB
|
1,524,578
|
|
|
3,770
|
5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB
|
4,124,078
|
|
|
41,075
|
Total Virginia
|
|
|
44,066,839
|
|
|
|
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
|
AA–
|
2,284,676
|
|
|
1,000
|
5.000%, 2/01/30
|
2/26 at 100.00
|
AA–
|
1,174,730
|
|
|
3,780
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research
|
1/21 at 100.00
|
A
|
4,106,176
|
|
|
|
Center, Series 2011A, 5.625%, 1/01/35
|
|
|
|
|
|
2,400
|
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center,
|
12/20 at 100.00
|
N/R (4)
|
2,741,904
|
|
|
|
Series 2010, 5.375%, 12/01/33 (Pre-refunded 12/01/20)
|
|
|
|
|
|
12,000
|
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services,
|
10/22 at 100.00
|
AA–
|
13,237,320
|
|
|
|
Refunding Series 2012A, 5.000%, 10/01/33
|
|
|
|
|
|
2,500
|
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and
|
12/17 at 100.00
|
N/R (4)
|
2,570,050
|
|
|
|
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/01/17)
|
|
|
|
|
|
2,040
|
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical
|
8/17 at 100.00
|
AA–
|
2,058,890
|
|
|
|
Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured
|
|
|
|
|
|
|
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+
|
6,484,933
|
|
|
16,195
|
0.000%, 6/01/30 – NPFG Insured
|
No Opt. Call
|
AA+
|
11,104,426
|
|
|
50,945
|
Total Washington
|
|
|
45,763,105
|
|
|
|
West Virginia – 0.2%
|
|
|
|
|
|
3,000
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health
|
6/23 at 100.00
|
A
|
3,359,670
|
|
|
|
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
|
|
|
|
|
|
|
Wisconsin – 3.6%
|
|
|
|
|
|
5,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health
|
11/21 at 100.00
|
AA+
|
5,509,200
|
|
|
|
Alliance Senior Credit Group, Series 2012D, 5.000%, 11/15/41
|
|
|
|
|
|
10,350
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health
|
5/26 at 100.00
|
AA+
|
10,396,679
|
|
|
|
Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46
|
|
|
|
|
|
7,115
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior
|
11/19 at 100.00
|
AA+
|
7,699,924
|
|
|
|
Credit Group, Series 2010E, 5.000%, 11/15/33
|
|
|
|
|
|
2,375
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
|
2/22 at 100.00
|
A–
|
2,515,885
|
|
|
|
Series 2012B, 5.000%, 2/15/40
|
|
|
|
36 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Wisconsin (continued)
|
|
|
|
|
|
$ 4,410
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc.,
|
6/22 at 100.00
|
A3
|
$ 4,682,097
|
|
|
|
Series 2012, 5.000%, 6/01/39
|
|
|
|
|
|
2,500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc.,
|
12/18 at 100.00
|
N/R (4)
|
2,697,000
|
|
|
|
Series 2009, 6.000%, 12/01/38 (Pre-refunded 12/01/18)
|
|
|
|
|
|
|
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)
|
4,100,950
|
|
|
5,000
|
6.000%, 5/01/41 (Pre-refunded 5/01/21)
|
5/21 at 100.00
|
N/R (4)
|
5,907,100
|
|
|
6,600
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care,
|
8/22 at 100.00
|
N/R (4)
|
7,765,692
|
|
|
|
Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22)
|
|
|
|
|
|
10,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System,
|
6/20 at 100.00
|
AA–
|
10,776,800
|
|
|
|
Series 2010A, 5.000%, 6/01/30
|
|
|
|
|
|
2,310
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A,
|
5/19 at 100.00
|
AA–
|
2,516,999
|
|
|
|
5.750%, 5/01/33
|
|
|
|
|
|
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
|
|
|
|
|
|
240
|
5.750%, 5/01/33 (Pre-refunded 5/01/19)
|
5/19 at 100.00
|
N/R (4)
|
262,495
|
|
|
8,945
|
6.250%, 5/01/37 (Pre-refunded 5/01/19)
|
5/19 at 100.00
|
AA– (4)
|
9,872,060
|
|
|
68,345
|
Total Wisconsin
|
|
|
74,702,881
|
|
|
|
Wyoming – 0.2%
|
|
|
|
|
|
2,035
|
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power
|
7/19 at 100.00
|
A
|
2,186,974
|
|
|
|
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
|
|
|
|
|
|
1,850
|
West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40
|
6/21 at 100.00
|
BBB
|
2,076,773
|
|
|
3,885
|
Total Wyoming
|
|
|
4,263,747
|
|
|
$ 2,261,869
|
Total Municipal Bonds (cost $1,910,913,847)
|
|
|
2,071,943,847
|
|
Principal
|
|
|
|
|
|
|
|
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
|
|
|
CORPORATE BONDS – 0.0%
|
|
|
|
|
|
|
|
Transportation – 0.0%
|
|
|
|
|
|
|
$ 834
|
Las Vegas Monorail Company, Senior Interest Bonds (8), (9)
|
5.500%
|
7/15/19
|
N/R
|
$ 517,738
|
|
|
224
|
Las Vegas Monorail Company, Senior Interest Bonds (8), (9)
|
5.500%
|
7/15/55
|
N/R
|
112,287
|
|
|
$ 1,058
|
Total Corporate Bonds (cost $88,940)
|
|
|
|
630,025
|
|
|
|
Total Long-Term Investments (cost $1,911,002,787)
|
|
|
|
2,072,573,872
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
SHORT-TERM INVESTMENTS – 0.5%
|
|
|
|
|
|
|
MUNICIPAL BONDS – 0.5%
|
|
|
|
|
|
|
California – 0.1%
|
|
|
|
|
|
$ 2,000
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
|
4/18 at 100.00
|
VMIG-1
|
$ 2,000,000
|
|
|
|
Tender Option Bond Floater 2016-XM0452, Variable Rate Demand Obligations,
|
|
|
|
|
|
|
0.950%, 4/01/39 (10)
|
|
|
|
|
|
|
Michigan – 0.2%
|
|
|
|
|
|
5,000
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Tender Option Bond
|
10/25 at 100.00
|
F-1+
|
5,000,000
|
|
|
|
Floater 2015-XM0123, Variable Rate Demand Obligations, 1.120%, 4/15/34 (10)
|
|
|
|
|
|
|
New Jersey – 0.1%
|
|
|
|
|
|
2,250
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Tender Option
|
6/21 at 100.00
|
F-1+
|
2,250,000
|
|
|
|
Bond Floater 2012-ZF0468, Variable Rate Demand Obligations, 0.950%, 6/15/36 (10)
|
|
|
|
NUVEEN 37
|
NUV
|
Nuveen Municipal Value Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
New York – 0.0%
|
|
|
|
|
|
$ 700
|
New York State Thruway Authority, General Revenue Bonds, Tender Option Bond
|
1/18 at 100.00
|
A-1
|
$ 700,000
|
|
|
|
Floater 2016-ZF0482, Variable Rate Demand Obligations, 1.050%, 1/01/37 (10)
|
|
|
|
|
|
|
Utah – 0.1%
|
|
|
|
|
|
1,100
|
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond
|
6/18 at 100.00
|
VMIG-1
|
1,100,000
|
|
|
|
Floater 2016-XM0453, Variable Rate Demand Obligations, 0.960%, 6/15/36 (10)
|
|
|
|
|
|
$ 11,050
|
Total Short-Term Investments (cost $11,050,000)
|
|
|
11,050,000
|
|
|
|
Total Investments (cost $1,922,052,787) – 99.3%
|
|
|
2,083,623,872
|
|
|
|
Floating Rate Obligations – (0.7)%
|
|
|
(14,130,000)
|
|
|
|
Other Assets Less Liabilities – 1.4%
|
|
|
28,494,140
|
|
|
|
Net Assets – 100%
|
|
|
$ 2,097,988,012
|
|
(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.
|
|
|
|
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
|
|
|
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 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 was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund's Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund's records.
|
|
|
|
|
|
|
|
|
|
|
(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.
38 NUVEEN
|
NUW
|
|
|
|
|
|
|
||||
|
|
|
|
||
|
|
||||
|
Nuveen AMT-Free Municipal Value Fund
Portfolio of Investments |
April 30, 2017 (Unaudited)
|
|||
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
LONG-TERM INVESTMENTS – 98.1%
|
|
|
|
|
|
|
MUNICIPAL BONDS – 98.1%
|
|
|
|
|
|
|
Alaska – 0.4%
|
|
|
|
|
|
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
|
|
|
|
|
|
|
Series 2006A:
|
|
|
|
|
|
$ 625
|
4.625%, 6/01/23
|
6/17 at 100.00
|
Ba2
|
$ 627,613
|
|
|
350
|
5.000%, 6/01/46
|
7/17 at 100.00
|
B3
|
335,398
|
|
|
975
|
Total Alaska
|
|
|
963,011
|
|
|
|
Arizona – 3.3%
|
|
|
|
|
|
4,000
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El
|
2/19 at 100.00
|
Baa1
|
4,382,600
|
|
|
|
Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40
|
|
|
|
|
|
3,045
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.
|
No Opt. Call
|
BBB+
|
3,568,314
|
|
|
|
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
|
|
|
|
|
7,045
|
Total Arizona
|
|
|
7,950,914
|
|
|
|
California – 13.0%
|
|
|
|
|
|
1,500
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second
|
10/26 at 100.00
|
BBB+
|
1,677,990
|
|
|
|
Subordinate Lien Series 2016B, 5.000%, 10/01/36
|
|
|
|
|
|
1,730
|
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement
|
No Opt. Call
|
AA
|
1,030,872
|
|
|
|
Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured
|
|
|
|
|
|
2,500
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services
|
4/19 at 100.00
|
Aaa
|
2,750,875
|
|
|
|
Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34 (Pre-refunded 4/01/19)
|
|
|
|
|
|
500
|
California State, General Obligation Bonds, Tender Option Bond Trust 2016-XG0039, 17.130%,
|
3/20 at 100.00
|
AA
|
723,500
|
|
|
|
3/01/40 – AGM Insured (IF) (4)
|
|
|
|
|
|
4,235
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
6/17 at 100.00
|
B+
|
4,258,293
|
|
|
|
Bonds, Series 2007A-1, 5.000%, 6/01/33
|
|
|
|
|
|
450
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series
|
No Opt. Call
|
A
|
626,760
|
|
|
|
2009A, 6.500%, 11/01/39
|
|
|
|
|
|
10,200
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –
|
8/29 at 100.00
|
AA
|
11,901,767
|
|
|
|
AGC Insured (5)
|
|
|
|
|
|
1,030
|
Poway Unified School District, San Diego County, California, General Obligation Bonds, School
|
No Opt. Call
|
AA–
|
492,690
|
|
|
|
Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35
|
|
|
|
|
|
12,955
|
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997
|
No Opt. Call
|
AA
|
6,252,471
|
|
|
|
Election Series 2012G, 0.000%, 8/01/35 – AGM Insured
|
|
|
|
|
|
5,185
|
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding
|
No Opt. Call
|
AA
|
1,370,810
|
|
|
|
Series 2015, 0.000%, 8/01/44
|
|
|
|
|
|
700
|
Victor Elementary School District, San Bernardino County, California, General Obligation
|
No Opt. Call
|
AA–
|
589,295
|
|
|
|
Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured
|
|
|
|
|
|
40,985
|
Total California
|
|
|
31,675,323
|
|
|
|
Colorado – 5.2%
|
|
|
|
|
|
1,500
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel,
|
12/26 at 100.00
|
Baa2
|
1,652,370
|
|
|
|
Refunding Senior Lien Series 2016, 5.000%, 12/01/36
|
|
|
|
|
|
5,885
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 –
|
No Opt. Call
|
AA–
|
2,928,611
|
|
|
|
NPFG Insured
|
|
|
|
|
|
3,605
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 –
|
9/20 at 67.94
|
AA–
|
2,195,661
|
|
|
|
NPFG Insured
|
|
|
|
|
|
4,000
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue
|
12/19 at 100.00
|
AA (6)
|
4,532,280
|
|
|
|
Bonds, Refunding Series 2009, 6.375%, 12/01/37 (Pre-refunded 12/01/19) – AGC Insured
|
|
|
|
NUVEEN 39
|
NUW
|
Nuveen AMT-Free Municipal Value Fund
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Colorado (continued)
|
|
|
|
|
|
$ 1,000
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs
|
No Opt. Call
|
A
|
$ 1,376,590
|
|
|
|
Utilities, Series 2008, 6.500%, 11/15/38
|
|
|
|
|
|
15,990
|
Total Colorado
|
|
|
12,685,512
|
|
|
|
Florida – 8.5%
|
|
|
|
|
|
1,605
|
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015,
|
11/24 at 100.00
|
A2
|
1,733,593
|
|
|
|
5.000%, 11/15/45
|
|
|
|
|
|
535
|
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic
|
2/24 at 100.00
|
AA
|
590,688
|
|
|
|
Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured
|
|
|
|
|
|
9,500
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A,
|
10/19 at 100.00
|
A
|
10,386,635
|
|
|
|
5.500%, 10/01/41 (UB) (4)
|
|
|
|
|
|
|
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 (6)
|
2,648,950
|
|
|
2,000
|
5.625%, 7/01/38 (Pre-refunded 7/01/18)
|
7/18 at 100.00
|
AA (6)
|
2,110,420
|
|
|
300
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
5/17 at 100.00
|
N/R
|
278,994
|
|
|
|
Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
|
|
|
|
|
|
865
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
5/19 at 100.00
|
N/R
|
516,639
|
|
|
|
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (5)
|
|
|
|
|
|
375
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
5/22 at 100.00
|
N/R
|
165,758
|
|
|
|
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (5)
|
|
|
|
|
|
525
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series
|
5/18 at 100.00
|
N/R
|
5
|
|
|
|
2007-3, 6.450%, 5/01/23 (7)
|
|
|
|
|
|
45
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing
|
5/18 at 100.00
|
N/R
|
45,175
|
|
|
|
ParcelSeries 2007-1. RMKT, 6.450%, 5/01/23
|
|
|
|
|
|
905
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
|
5/17 at 100.00
|
N/R
|
887,443
|
|
|
|
2012A-1, 6.450%, 5/01/23
|
|
|
|
|
|
1,315
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
|
5/18 at 100.00
|
N/R
|
809,290
|
|
|
|
2015-1, 0.000%, 5/01/40
|
|
|
|
|
|
805
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
|
5/18 at 100.00
|
N/R
|
417,827
|
|
|
|
2015-2, 0.000%, 5/01/40 (7)
|
|
|
|
|
|
880
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
|
5/18 at 100.00
|
N/R
|
9
|
|
|
|
2015-3, 6.610%, 5/01/40 (7)
|
|
|
|
|
|
22,155
|
Total Florida
|
|
|
20,591,426
|
|
|
|
Georgia – 1.2%
|
|
|
|
|
|
415
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%,
|
1/19 at 100.00
|
A2 (6)
|
455,985
|
|
|
|
1/01/31 (Pre-refunded 1/01/19)
|
|
|
|
|
|
1,000
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air
|
6/20 at 100.00
|
Baa3
|
1,178,810
|
|
|
|
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
|
|
|
|
|
|
1,000
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University,
|
10/26 at 100.00
|
AA+
|
1,146,310
|
|
|
|
Refunding Series 2016A, 5.000%, 10/01/46
|
|
|
|
|
|
2,415
|
Total Georgia
|
|
|
2,781,105
|
|
|
|
Illinois – 11.8%
|
|
|
|
|
|
2,000
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement
|
4/27 at 100.00
|
A
|
2,069,420
|
|
|
|
Revenues, Series 2016, 6.000%, 4/01/46
|
|
|
|
|
|
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
|
|
|
|
|
|
470
|
0.000%, 1/01/33 – FGIC Insured
|
No Opt. Call
|
AA–
|
224,829
|
|
|
3,000
|
0.000%, 1/01/37 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,152,930
|
|
|
5,035
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A,
|
8/19 at 100.00
|
AA+
|
5,536,184
|
|
|
|
6.000%, 8/15/39
|
|
|
|
40 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
$ 3,500
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%,
|
5/19 at 100.00
|
A (6)
|
$ 3,926,510
|
|
|
|
11/15/37 (Pre-refunded 5/15/19)
|
|
|
|
|
|
5,000
|
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group,
|
11/18 at 100.00
|
Aaa
|
5,470,050
|
|
|
|
Series 2009A, 7.250%, 11/01/38 (Pre-refunded 11/01/18)
|
|
|
|
|
|
3,920
|
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,
|
5/17 at 100.00
|
BBB+
|
3,924,234
|
|
|
|
Refunding Series 2007A, 5.250%, 5/01/34
|
|
|
|
|
|
525
|
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29
|
2/27 at 100.00
|
BBB
|
542,745
|
|
|
11,420
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
|
No Opt. Call
|
AA–
|
4,313,905
|
|
|
|
Project, Series 2002A, 0.000%, 12/15/37 – NPFG Insured
|
|
|
|
|
|
615
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,
|
10/23 at 100.00
|
A
|
698,972
|
|
|
|
6.000%, 10/01/42
|
|
|
|
|
|
745
|
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation
|
No Opt. Call
|
AA–
|
617,687
|
|
|
|
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – NPFG Insured
|
|
|
|
|
|
300
|
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation
|
No Opt. Call
|
AA– (6)
|
264,771
|
|
|
|
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – NPFG Insured (ETM)
|
|
|
|
|
|
36,530
|
Total Illinois
|
|
|
28,742,237
|
|
|
|
Indiana – 5.2%
|
|
|
|
|
|
5,000
|
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series
|
3/19 at 100.00
|
A+ (6)
|
5,521,050
|
|
|
|
2009A, 6.750%, 3/01/39 (Pre-refunded 3/01/19)
|
|
|
|
|
|
3,600
|
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint
|
5/18 at 100.00
|
Aa3 (6)
|
3,757,464
|
|
|
|
Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) –
|
|
|
|
|
|
|
AGM Insured
|
|
|
|
|
|
2,000
|
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%,
|
1/19 at 100.00
|
A+ (6)
|
2,166,020
|
|
|
|
1/01/39 (Pre-refunded 1/01/19)
|
|
|
|
|
|
1,500
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 –
|
No Opt. Call
|
AA
|
1,215,105
|
|
|
|
AMBAC Insured
|
|
|
|
|
|
12,100
|
Total Indiana
|
|
|
12,659,639
|
|
|
|
Iowa – 1.9%
|
|
|
|
|
|
1,545
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
|
12/18 at 100.00
|
B
|
1,572,022
|
|
|
|
Project, Series 2013, 5.500%, 12/01/22
|
|
|
|
|
|
3,075
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
|
7/17 at 100.00
|
B+
|
3,075,000
|
|
|
|
5.375%, 6/01/38
|
|
|
|
|
|
4,620
|
Total Iowa
|
|
|
4,647,022
|
|
|
|
Kentucky – 0.5%
|
|
|
|
|
|
1,150
|
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky
|
1/26 at 100.00
|
A+
|
1,318,809
|
|
|
|
International Airport, Series 2016, 5.000%, 1/01/29
|
|
|
|
|
|
|
Louisiana – 3.5%
|
|
|
|
|
|
5,000
|
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3,
|
6/18 at 100.00
|
AA (6)
|
5,285,650
|
|
|
|
6.125%, 6/01/25 (Pre-refunded 6/01/18) – AGC Insured
|
|
|
|
|
|
3,255
|
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A,
|
6/17 at 100.00
|
BBB
|
3,263,170
|
|
|
|
5.125%, 6/01/37
|
|
|
|
|
|
8,255
|
Total Louisiana
|
|
|
8,548,820
|
|
|
|
Maine – 1.7%
|
|
|
|
|
|
3,335
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College,
|
7/19 at 100.00
|
Aa2
|
4,073,269
|
|
|
|
Tender Option Bond Trust 2016-XL0014, 11.882%, 7/01/39 (IF) (4)
|
|
|
|
|
|
|
Maryland – 0.2%
|
|
|
|
|
|
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
|
|
|
|
|
|
180
|
5.250%, 9/01/26 (Pre-refunded 6/23/17) – SYNCORA GTY Insured
|
6/17 at 100.00
|
Ba1 (6)
|
180,407
|
|
|
275
|
5.250%, 9/01/27 (Pre-refunded 6/23/17) – SYNCORA GTY Insured
|
6/17 at 100.00
|
Ba1 (6)
|
275,622
|
|
|
455
|
Total Maryland
|
|
|
456,029
|
NUVEEN 41
|
NUW
|
Nuveen AMT-Free Municipal Value Fund
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Massachusetts – 0.5%
|
|
|
|
|
|
$ 1,000
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond
|
8/19 at 100.00
|
AAA
|
$ 1,243,440
|
|
|
|
Trust 2015-XF2181, 11.965%, 8/01/38 (IF) (4)
|
|
|
|
|
|
|
Minnesota – 0.5%
|
|
|
|
|
|
1,145
|
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47
|
12/26 at 100.00
|
Aa3
|
1,313,017
|
|
|
|
Nevada – 3.9%
|
|
|
|
|
|
1,000
|
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A,
|
7/19 at 100.00
|
AAA
|
1,090,290
|
|
|
|
5.250%, 7/01/34 (Pre-refunded 7/01/19)
|
|
|
|
|
|
5,415
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%,
|
6/19 at 100.00
|
BBB+ (6)
|
6,194,218
|
|
|
|
6/15/30 (Pre-refunded 6/15/19)
|
|
|
|
|
|
2,000
|
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015,
|
12/24 at 100.00
|
Aa1
|
2,255,240
|
|
|
|
5.000%, 6/01/39
|
|
|
|
|
|
8,415
|
Total Nevada
|
|
|
9,539,748
|
|
|
|
New Jersey – 5.3%
|
|
|
|
|
|
935
|
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series
|
No Opt. Call
|
AA–
|
1,098,999
|
|
|
|
2005N-1, 5.500%, 9/01/27 – FGIC Insured
|
|
|
|
|
|
1,000
|
New Jersey Economic Development Authority, School Facilities Construction Financing Program
|
3/21 at 100.00
|
A–
|
1,050,000
|
|
|
|
Bonds, Refunding Series 2011GG, 5.000%, 9/01/22
|
|
|
|
|
|
1,250
|
New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K,
|
No Opt. Call
|
A–
|
1,346,088
|
|
|
|
5.500%, 12/15/19 – AMBAC Insured
|
|
|
|
|
|
|
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and
|
|
|
|
|
|
|
Dentistry of New Jersey, Refunding Series 2009B:
|
|
|
|
|
|
2,135
|
7.125%, 12/01/23 (Pre-refunded 6/01/19)
|
6/19 at 100.00
|
N/R (6)
|
2,404,117
|
|
|
3,000
|
7.500%, 12/01/32 (Pre-refunded 6/01/19)
|
6/19 at 100.00
|
N/R (6)
|
3,401,370
|
|
|
5,020
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital
|
No Opt. Call
|
A–
|
2,383,998
|
|
|
|
Appreciation Series 2010A, 0.000%, 12/15/31
|
|
|
|
|
|
255
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA,
|
6/25 at 100.00
|
A–
|
262,446
|
|
|
|
5.250%, 6/15/41
|
|
|
|
|
|
1,000
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
|
6/17 at 100.00
|
BBB–
|
1,002,060
|
|
|
|
Series 2007-1A, 5.000%, 6/01/29
|
|
|
|
|
|
14,595
|
Total New Jersey
|
|
|
12,949,078
|
|
|
|
New York – 3.6%
|
|
|
|
|
|
2,845
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%,
|
6/17 at 100.00
|
A (6)
|
2,891,260
|
|
|
|
2/15/47 (Pre-refunded 6/30/17)
|
|
|
|
|
|
1,450
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
6/19 at 100.00
|
AA+
|
1,572,888
|
|
|
|
Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40
|
|
|
|
|
|
3,000
|
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue,
|
No Opt. Call
|
A
|
3,759,240
|
|
|
|
Series 2007, 5.500%, 10/01/37
|
|
|
|
|
|
430
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
Baa1
|
483,509
|
|
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
|
7,725
|
Total New York
|
|
|
8,706,897
|
|
|
|
North Carolina – 1.3%
|
|
|
|
|
|
2,000
|
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project,
|
10/26 at 100.00
|
AA+
|
2,320,880
|
|
|
|
Refunding Series 2016B, 5.000%, 10/01/44
|
|
|
|
|
|
700
|
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior
|
1/27 at 100.00
|
BBB
|
799,715
|
|
|
|
Lien Series 2017, 5.000%, 1/01/32
|
|
|
|
|
|
2,700
|
Total North Carolina
|
|
|
3,120,595
|
|
|
|
Ohio – 6.0%
|
|
|
|
|
|
5,000
|
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series
|
2/19 at 100.00
|
AA (6)
|
5,423,800
|
|
|
|
2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured
|
|
|
|
42 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Ohio (continued)
|
|
|
|
|
|
|
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–
|
$ 2,023,547
|
|
|
5,910
|
6.500%, 6/01/47
|
6/17 at 100.00
|
B–
|
5,926,311
|
|
|
1,305
|
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH,
|
6/27 at 100.00
|
AA–
|
1,317,933
|
|
|
|
4.000%, 12/01/46
|
|
|
|
|
|
14,330
|
Total Ohio
|
|
|
14,691,591
|
|
|
|
Oklahoma – 0.9%
|
|
|
|
|
|
2,150
|
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007,
|
9/17 at 100.00
|
BBB+
|
2,153,935
|
|
|
|
5.125%, 9/01/37
|
|
|
|
|
|
|
Rhode Island – 1.4%
|
|
|
|
|
|
3,000
|
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds,
|
5/19 at 100.00
|
Aaa
|
3,360,450
|
|
|
|
Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39 (Pre-refunded 5/15/19)
|
|
|
|
|
|
|
South Carolina – 1.5%
|
|
|
|
|
|
5,435
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2,
|
No Opt. Call
|
AA
|
3,681,289
|
|
|
|
0.000%, 1/01/29 – AMBAC Insured
|
|
|
|
|
|
|
Texas – 6.6%
|
|
|
|
|
|
2,000
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2017, 5.000%, 11/15/35
|
11/26 at 100.00
|
AA
|
2,328,100
|
|
|
1,855
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series
|
10/23 at 100.00
|
BBB+
|
2,057,752
|
|
|
|
2013A, 5.500%, 4/01/53
|
|
|
|
|
|
3,000
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment
|
No Opt. Call
|
A2
|
1,637,640
|
|
|
|
Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured
|
|
|
|
|
|
915
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B,
|
1/25 at 100.00
|
A1
|
1,013,774
|
|
|
|
5.000%, 1/01/45
|
|
|
|
|
|
5,435
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F,
|
1/18 at 100.00
|
A2 (6)
|
5,613,051
|
|
|
|
5.750%, 1/01/38 (Pre-refunded 1/01/18)
|
|
|
|
|
|
250
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas
|
8/26 at 100.00
|
AA
|
279,950
|
|
|
|
Health Resources System, Series 2016A, 5.000%, 2/15/41
|
|
|
|
|
|
1,500
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series
|
12/22 at 100.00
|
A3
|
1,613,235
|
|
|
|
2012, 5.000%, 12/15/32
|
|
|
|
|
|
|
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
|
936,900
|
|
|
1,945
|
0.000%, 8/15/38
|
No Opt. Call
|
AAA
|
684,251
|
|
|
18,900
|
Total Texas
|
|
|
16,164,653
|
|
|
|
Utah – 0.3%
|
|
|
|
|
|
655
|
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B,
|
7/27 at 100.00
|
A+
|
752,988
|
|
|
|
5.000%, 7/01/42
|
|
|
|
|
|
|
Virginia – 2.5%
|
|
|
|
|
|
1,160
|
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First
|
7/26 at 100.00
|
BBB
|
1,277,299
|
|
|
|
Tier Series 2016, 5.000%, 7/01/51
|
|
|
|
|
|
1,400
|
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital
|
7/28 at 100.00
|
BBB
|
1,097,880
|
|
|
|
Appreciation Series 2012B, 0.000%, 7/15/40 (5)
|
|
|
|
|
|
1,500
|
Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 3.350%, 5/01/36
|
5/25 at 100.00
|
AA+
|
1,485,405
|
|
|
2,000
|
Washington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Mountain
|
1/19 at 100.00
|
BBB+
|
2,163,180
|
|
|
|
States Health Alliance, Series 2009C, 7.750%, 7/01/38
|
|
|
|
|
|
6,060
|
Total Virginia
|
|
|
6,023,764
|
NUVEEN 43
|
NUW
|
Nuveen AMT-Free Municipal Value Fund
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Washington – 0.9%
|
|
|
|
|
|
$ 3,330
|
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric
|
No Opt. Call
|
AA+
|
$ 2,216,714
|
|
|
|
System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29 – NPFG Insured
|
|
|
|
|
|
|
West Virginia – 0.7%
|
|
|
|
|
|
1,500
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health
|
6/23 at 100.00
|
A
|
1,679,835
|
|
|
|
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
|
|
|
|
|
|
|
Wisconsin – 5.8%
|
|
|
|
|
|
1,250
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health
|
5/26 at 100.00
|
AA+
|
1,255,638
|
|
|
|
Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46
|
|
|
|
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
|
2/22 at 100.00
|
A–
|
1,099,080
|
|
|
|
Series 2012B, 5.000%, 2/15/27
|
|
|
|
|
|
1,605
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc.
|
2/19 at 100.00
|
N/R (6)
|
1,764,922
|
|
|
|
Obligated Group, Series 2009, 6.625%, 2/15/39 (Pre-refunded 2/15/19)
|
|
|
|
|
|
9,000
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A,
|
5/19 at 100.00
|
AA– (6)
|
9,888,119
|
|
|
|
6.000%, 5/01/36 (Pre-refunded 5/01/19)
|
|
|
|
|
|
12,855
|
Total Wisconsin
|
|
|
14,007,759
|
|
|
$ 259,805
|
Total Long-Term Investments (cost $210,610,611)
|
|
|
238,698,869
|
|
|
|
Floating Rate Obligations – (2.9)%
|
|
|
(7,125,000)
|
|
|
|
Other Assets Less Liabilities – 4.8%
|
|
|
11,809,722
|
|
|
|
Net Assets – 100%
|
|
|
$ 243,383,591
|
|
(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.
|
|
|
|
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
|
|
|
|
|
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(5)
|
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
|
|
(6)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the ratings of such securities.
|
|
|
|
|
(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.
|
|
|
See accompanying notes to financial statements.
44 NUVEEN
|
NMI
|
|
|
|
||
|
|
|||||
|
|
|
|
|||
|
Nuveen Municipal Income Fund, Inc.
|
|||||
|
Portfolio of Investments
|
April 30, 2017 (Unaudited)
|
||||
|
|
|||||
|
|
|||||
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
LONG-TERM INVESTMENTS – 98.4%
|
|
|
|
|
|
|
MUNICIPAL BONDS – 98.4%
|
|
|
|
|
|
|
Alabama – 0.5%
|
|
|
|
|
|
$ 500
|
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds,
|
7/17 at 100.00
|
AA
|
$ 501,685
|
|
|
|
Series 2004A, 5.250%, 1/01/23 – AGM Insured
|
|
|
|
|
|
|
Arizona – 1.4%
|
|
|
|
|
|
600
|
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project,
|
12/24 at 100.00
|
A2
|
662,898
|
|
|
|
Refunding Series 2014A, 5.000%, 12/01/39
|
|
|
|
|
|
515
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.
|
No Opt. Call
|
BBB+
|
610,522
|
|
|
|
Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28
|
|
|
|
|
|
1,115
|
Total Arizona
|
|
|
1,273,420
|
|
|
|
California – 17.4%
|
|
|
|
|
|
5,530
|
Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series
|
No Opt. Call
|
AA–
|
4,865,735
|
|
|
|
1997A, 0.000%, 9/01/22 – NPFG Insured
|
|
|
|
|
|
|
Brea Olinda Unified School District, Orange County, California, General Obligation Bonds,
|
|
|
|
|
|
|
Series 1999A:
|
|
|
|
|
|
2,000
|
0.000%, 8/01/21 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,863,639
|
|
|
2,070
|
0.000%, 8/01/22 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,868,071
|
|
|
2,120
|
0.000%, 8/01/23 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,856,080
|
|
|
325
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
|
12/18 at 100.00
|
Ba1
|
328,858
|
|
|
|
Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21
|
|
|
|
|
|
85
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E,
|
7/17 at 100.00
|
AA–
|
85,076
|
|
|
|
4.800%, 8/01/37 (Alternative Minimum Tax)
|
|
|
|
|
|
375
|
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes
|
10/19 at 100.00
|
BBB+
|
407,235
|
|
|
|
of the West, Series 2010, 6.000%, 10/01/29
|
|
|
|
|
|
1,000
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
|
7/17 at 100.00
|
CCC
|
899,510
|
|
|
|
Health System, Series 2005A, 5.500%, 7/01/39 (4)
|
|
|
|
|
|
940
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
6/17 at 100.00
|
B3
|
942,190
|
|
|
|
Bonds, Series 2007A-1, 5.750%, 6/01/47
|
|
|
|
|
|
60
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
6/17 at 100.00
|
N/R (5)
|
60,269
|
|
|
|
Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17)
|
|
|
|
|
|
60
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
6/17 at 100.00
|
N/R (5)
|
60,201
|
|
|
|
Bonds, Series 2007A-1, 4.500%, 6/01/27 (Pre-refunded 6/01/17)
|
|
|
|
|
|
250
|
Madera County, California, Certificates of Participation, Children's Hospital Central
|
3/20 at 100.00
|
AA–
|
269,560
|
|
|
|
California, Series 2010, 5.375%, 3/15/36
|
|
|
|
|
|
300
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series
|
No Opt. Call
|
A
|
421,935
|
|
|
|
2009A, 7.000%, 11/01/34
|
|
|
|
|
|
250
|
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation
|
6/20 at 100.00
|
A–
|
282,530
|
|
|
|
Bonds,Refunding Series 2010, 6.125%, 6/30/37
|
|
|
|
|
|
385
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
A– (5)
|
452,671
|
|
|
|
Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24 (Pre-refunded 2/01/21)
|
|
|
|
|
|
500
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue
|
1/25 at 100.00
|
BBB–
|
541,310
|
|
|
|
Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44
|
|
|
|
|
|
1,000
|
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds,
|
12/21 at 100.00
|
A+
|
1,178,470
|
|
|
|
Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22
|
|
|
|
|
|
17,250
|
Total California
|
|
|
16,383,340
|
|
NUVEEN 45
|
NMI
|
|
Nuveen Municipal Income Fund, Inc.
|
|
|
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
||
|
|
|||||
|
|
|||||
|
|
|||||
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Colorado – 8.6%
|
|
|
|
|
|
|
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding
|
|
|
|
|
|
|
Series 2013A:
|
|
|
|
|
|
$ 150
|
5.125%, 12/01/29
|
12/23 at 100.00
|
BBB
|
$ 166,374
|
|
|
250
|
5.375%, 12/01/33
|
12/23 at 100.00
|
BBB
|
278,305
|
|
|
500
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods
|
1/24 at 102.00
|
N/R
|
516,525
|
|
|
|
Project, Refunding Series 2016, 5.000%, 1/01/37
|
|
|
|
|
|
1,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
|
1/20 at 100.00
|
AA–
|
1,068,550
|
|
|
|
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
|
|
|
|
|
1,000
|
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan
|
7/17 at 100.00
|
BBB+
|
1,001,700
|
|
|
|
Society, Series 2005, 5.000%, 6/01/35
|
|
|
|
|
|
750
|
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1,
|
11/23 at 100.00
|
AA
|
855,293
|
|
|
|
5.000%, 11/15/38
|
|
|
|
|
|
1,000
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32
|
11/22 at 100.00
|
A+
|
1,138,180
|
|
|
110
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue
|
12/25 at 100.00
|
N/R
|
117,803
|
|
|
|
Bonds, Refunding Series 2015A, 5.000%, 12/01/45
|
|
|
|
|
|
1,000
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue
|
12/20 at 100.00
|
AA (5)
|
1,169,850
|
|
|
|
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured
|
|
|
|
|
|
815
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs
|
No Opt. Call
|
A
|
980,388
|
|
|
|
Utilities, Series 2008, 6.125%, 11/15/23
|
|
|
|
|
|
270
|
Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series
|
12/17 at 100.00
|
AA
|
274,749
|
|
|
|
2007, 5.250%, 12/01/34 – RAAI Insured
|
|
|
|
|
|
500
|
Tallyn's Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and
|
12/23 at 100.00
|
N/R
|
517,340
|
|
|
|
Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33
|
|
|
|
|
|
7,345
|
Total Colorado
|
|
|
8,085,057
|
|
|
|
Florida – 5.5%
|
|
|
|
|
|
850
|
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter
|
9/23 at 100.00
|
BBB–
|
871,760
|
|
|
|
Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33
|
|
|
|
|
|
100
|
Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy
|
6/17 at 100.00
|
N/R
|
100,002
|
|
|
|
Residential Services Inc., Series 1995, 8.000%, 6/01/22
|
|
|
|
|
|
500
|
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern
|
4/21 at 100.00
|
A–
|
573,160
|
|
|
|
University, Refunding Series 2011, 6.375%, 4/01/31
|
|
|
|
|
|
1,025
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B,
|
10/20 at 100.00
|
AA
|
1,123,257
|
|
|
|
5.000%, 10/01/35 – AGM Insured
|
|
|
|
|
|
1,000
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A,
|
10/22 at 100.00
|
Aa3
|
1,108,930
|
|
|
|
5.000%, 10/01/42
|
|
|
|
|
|
515
|
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010,
|
10/20 at 100.00
|
AA
|
565,166
|
|
|
|
5.375%, 10/01/40
|
|
|
|
|
|
310
|
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health,
|
4/22 at 100.00
|
A
|
332,456
|
|
|
|
Inc., Series 2012A, 5.000%, 10/01/42
|
|
|
|
|
|
475
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006,
|
5/17 at 100.00
|
N/R
|
472,126
|
|
|
|
5.400%, 5/01/37
|
|
|
|
|
|
4,775
|
Total Florida
|
|
|
5,146,857
|
|
|
|
Georgia – 2.2%
|
|
|
|
|
|
455
|
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project,
|
7/25 at 100.00
|
Aa3
|
521,257
|
|
|
|
Senior Lien Series 2015A-1, 5.250%, 7/01/40
|
|
|
|
|
|
625
|
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds,
|
11/23 at 100.00
|
BBB+
|
645,863
|
|
|
|
Trestletree Village Apartments, Series 2013A, 4.000%, 11/01/25
|
|
|
|
|
|
500
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%,
|
11/19 at 100.00
|
AA
|
549,950
|
|
|
|
11/01/34 – AGM Insured
|
|
|
|
46 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Georgia (continued)
|
|
|
|
|
|
$ 355
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
|
No Opt. Call
|
A
|
$ 394,149
|
|
|
1,935
|
Total Georgia
|
|
|
2,111,219
|
|
|
|
Hawaii – 0.3%
|
|
|
|
|
|
250
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific
|
7/23 at 100.00
|
BB
|
269,305
|
|
|
|
University, Series 2013A, 6.625%, 7/01/33
|
|
|
|
|
|
|
Illinois – 10.2%
|
|
|
|
|
|
250
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement
|
4/27 at 100.00
|
A
|
258,678
|
|
|
|
Revenues, Series 2016, 6.000%, 4/01/46
|
|
|
|
|
|
650
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series
|
12/25 at 100.00
|
B
|
629,161
|
|
|
|
2016A, 7.000%, 12/01/44
|
|
|
|
|
|
640
|
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History,
|
11/24 at 100.00
|
A
|
661,414
|
|
|
|
Series 2002, 4.500%, 11/01/36
|
|
|
|
|
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Tender Option Bond
|
8/18 at 100.00
|
AA
|
1,172,880
|
|
|
|
Trust 2016-XG0008, 15.981%, 8/15/33 – AGC Insured (IF) (6)
|
|
|
|
|
|
280
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C,
|
5/20 at 100.00
|
AA–
|
297,620
|
|
|
|
5.125%, 5/15/35
|
|
|
|
|
|
80
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A,
|
7/23 at 100.00
|
A–
|
91,534
|
|
|
|
5.500%, 7/01/28
|
|
|
|
|
|
450
|
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group,
|
5/19 at 100.00
|
Aaa
|
497,372
|
|
|
|
Series 2009C, 6.375%, 11/01/29 (Pre-refunded 5/01/19)
|
|
|
|
|
|
200
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
|
8/25 at 100.00
|
Baa1
|
211,244
|
|
|
|
Refunding Series 2015C, 5.000%, 8/15/44
|
|
|
|
|
|
500
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series
|
8/19 at 100.00
|
N/R (5)
|
566,395
|
|
|
|
2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19)
|
|
|
|
|
|
250
|
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc.,
|
3/20 at 100.00
|
AA
|
269,643
|
|
|
|
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
|
|
|
|
|
|
990
|
Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31
|
7/23 at 100.00
|
BBB
|
1,015,621
|
|
|
220
|
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel
|
7/17 at 100.00
|
D
|
64,148
|
|
|
|
Revenue Bonds, Series 2005B, 5.250%, 1/01/36 (7)
|
|
|
|
|
|
1,555
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds,
|
6/22 at 100.00
|
BBB–
|
1,547,334
|
|
|
|
Refunding Series 2012B, 5.000%, 6/15/52
|
|
|
|
|
|
450
|
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana
|
10/22 at 100.00
|
Baa1
|
500,216
|
|
|
|
College, Series 2012, 5.000%, 10/01/27
|
|
|
|
|
|
800
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series
|
6/21 at 100.00
|
A–
|
911,080
|
|
|
|
2010, 6.000%, 6/01/28
|
|
|
|
|
|
315
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 –
|
3/25 at 100.00
|
AA
|
347,143
|
|
|
|
AGM Insured
|
|
|
|
|
|
490
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,
|
10/23 at 100.00
|
A
|
569,405
|
|
|
|
6.000%, 10/01/32
|
|
|
|
|
|
9,120
|
Total Illinois
|
|
|
9,610,888
|
|
|
|
Indiana – 2.1%
|
|
|
|
|
|
525
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For
|
10/19 at 100.00
|
B–
|
520,275
|
|
|
|
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
|
|
|
|
|
|
655
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing
|
7/23 at 100.00
|
A–
|
697,306
|
|
|
|
Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax)
|
|
|
|
|
|
100
|
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project,
|
9/24 at 100.00
|
B+
|
105,579
|
|
|
|
Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
|
|
|
|
|
|
500
|
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series
|
9/21 at 100.00
|
N/R (5)
|
636,570
|
|
|
|
2011, 8.000%, 9/01/41 (Pre-refunded 9/01/21)
|
|
|
|
|
|
1,780
|
Total Indiana
|
|
|
1,959,730
|
NUVEEN 47
|
NMI
|
Nuveen Municipal Income Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
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
|
10/21 at 100.00
|
BBB
|
$ 904,639
|
|
|
|
Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26
|
|
|
|
|
|
|
Kansas – 0.4%
|
|
|
|
|
|
330
|
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park
|
7/17 at 100.00
|
BB+
|
330,132
|
|
|
|
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
|
|
|
|
|
|
|
Kentucky – 2.2%
|
|
|
|
|
|
500
|
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro
|
6/20 at 100.00
|
BBB
|
557,395
|
|
|
|
Medical Health System, Series 2010A, 6.500%, 3/01/45
|
|
|
|
|
|
1,500
|
Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue
|
2/18 at 100.00
|
Aaa
|
1,560,300
|
|
|
|
Bonds, Jewish Hospital & Saint Mary's HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37
|
|
|
|
|
|
|
(Pre-refunded 2/01/18)
|
|
|
|
|
|
2,000
|
Total Kentucky
|
|
|
2,117,695
|
|
|
|
Louisiana – 0.6%
|
|
|
|
|
|
500
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
1/19 at 100.00
|
AA (5)
|
538,125
|
|
|
|
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)
|
|
|
|
|
|
|
Maine – 0.5%
|
|
|
|
|
|
500
|
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical
|
7/23 at 100.00
|
BBB
|
504,460
|
|
|
|
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
|
|
|
|
|
|
|
Maryland – 1.9%
|
|
|
|
|
|
1,000
|
Maryland Economic Development Corporation, Economic Development Revenue Bonds,
|
6/20 at 100.00
|
Baa3
|
1,074,920
|
|
|
|
Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35
|
|
|
|
|
|
210
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park
|
7/19 at 100.00
|
BB+
|
215,653
|
|
|
|
Public Charter School Issue, Series 2010, 6.000%, 7/01/40
|
|
|
|
|
|
500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional
|
7/24 at 100.00
|
A
|
541,260
|
|
|
|
Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45
|
|
|
|
|
|
1,710
|
Total Maryland
|
|
|
1,831,833
|
|
|
|
Massachusetts – 0.6%
|
|
|
|
|
|
500
|
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series
|
7/26 at 100.00
|
BBB+
|
536,865
|
|
|
|
2016I, 5.000%, 7/01/46
|
|
|
|
|
|
|
Michigan – 1.6%
|
|
|
|
|
|
355
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
A
|
383,457
|
|
|
|
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
|
|
|
|
|
1,025
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
|
10/21 at 100.00
|
Aa2
|
1,154,683
|
|
|
|
2011-II-A, 5.375%, 10/15/36
|
|
|
|
|
|
1,380
|
Total Michigan
|
|
|
1,538,140
|
|
|
|
Minnesota – 0.3%
|
|
|
|
|
|
300
|
City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker
|
11/22 at 100.00
|
N/R
|
295,932
|
|
|
|
Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31
|
|
|
|
|
|
|
Mississippi – 1.5%
|
|
|
|
|
|
310
|
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System
|
10/17 at 100.00
|
BBB+
|
311,296
|
|
|
|
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
|
|
|
|
|
|
1,000
|
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial
|
9/26 at 100.00
|
A–
|
1,111,860
|
|
|
|
Healthcare, Series 2016A, 5.000%, 9/01/36
|
|
|
|
|
|
1,310
|
Total Mississippi
|
|
|
1,423,156
|
48 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Missouri – 4.1%
|
|
|
|
|
|
$ 265
|
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri,
|
10/19 at 100.00
|
A–
|
$ 285,553
|
|
|
|
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
|
|
|
|
|
|
135
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds,
|
5/23 at 100.00
|
BBB+
|
146,634
|
|
|
|
Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33
|
|
|
|
|
|
1,000
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds,
|
10/22 at 100.00
|
BBB–
|
1,042,540
|
|
|
|
Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33
|
|
|
|
|
|
200
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds,
|
10/23 at 100.00
|
A+
|
222,224
|
|
|
|
University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34
|
|
|
|
|
|
965
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health
|
2/22 at 100.00
|
BBB+
|
1,060,554
|
|
|
|
System, Series 2012, Reg S, 5.000%, 2/15/26
|
|
|
|
|
|
500
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University,
|
10/18 at 103.00
|
BB+
|
532,945
|
|
|
|
Series 1999, 6.000%, 10/01/25
|
|
|
|
|
|
500
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University,
|
10/18 at 103.00
|
BB+
|
531,110
|
|
|
|
Series 2011A, 5.250%, 10/01/20
|
|
|
|
|
|
3,565
|
Total Missouri
|
|
|
3,821,560
|
|
|
|
Nebraska – 0.5%
|
|
|
|
|
|
400
|
Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding
|
5/21 at 100.00
|
Aa3
|
449,456
|
|
|
|
Series 2011, 5.050%, 9/01/30
|
|
|
|
|
|
|
New Jersey – 1.6%
|
|
|
|
|
|
100
|
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue
|
No Opt. Call
|
BBB–
|
108,684
|
|
|
|
Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax)
|
|
|
|
|
|
110
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital
|
7/25 at 100.00
|
AA
|
119,034
|
|
|
|
Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured
|
|
|
|
|
|
545
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA,
|
6/25 at 100.00
|
A–
|
546,412
|
|
|
|
5.000%, 6/15/45
|
|
|
|
|
|
|
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
|
BBB
|
250,515
|
|
|
500
|
4.750%, 6/01/34
|
6/17 at 100.00
|
BB–
|
489,495
|
|
|
1,505
|
Total New Jersey
|
|
|
1,514,140
|
|
|
|
New York – 3.6%
|
|
|
|
|
|
630
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue
|
1/20 at 100.00
|
AA+ (5)
|
715,371
|
|
|
|
Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 (Pre-refunded 1/15/20)
|
|
|
|
|
|
60
|
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds,
|
7/25 at 100.00
|
BBB+
|
66,239
|
|
|
|
Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35
|
|
|
|
|
|
400
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
|
2/21 at 100.00
|
A
|
455,028
|
|
|
|
2011A, 5.750%, 2/15/47
|
|
|
|
|
|
500
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
532,285
|
|
|
|
Center Project, Class 1 Series 2014, 5.000%, 11/15/44
|
|
|
|
|
|
265
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
Baa1
|
297,977
|
|
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
|
1,335
|
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage
|
8/17 at 100.00
|
N/R
|
1,359,537
|
|
|
|
Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41
|
|
|
|
|
|
3,190
|
Total New York
|
|
|
3,426,437
|
|
|
|
North Dakota – 0.7%
|
|
|
|
|
|
200
|
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center
|
7/21 at 100.00
|
N/R (5)
|
228,920
|
|
|
|
Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21)
|
|
|
|
|
|
300
|
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011,
|
11/21 at 100.00
|
A+
|
353,427
|
|
|
|
6.250%, 11/01/31
|
|
|
|
NUVEEN 49
|
NMI
|
Nuveen Municipal Income Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
North Dakota (continued)
|
|
|
|
|
|
$ 100
|
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and
|
12/26 at 100.00
|
N/R
|
$ 99,984
|
|
|
|
Services Obligated Group, Series 2017, 5.000%, 12/01/36 (WI/DD, Settling 5/04/17)
|
|
|
|
|
|
600
|
Total North Dakota
|
|
|
682,331
|
|
|
|
Ohio – 4.7%
|
|
|
|
|
|
|
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–
|
288,846
|
|
|
1,020
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B–
|
982,097
|
|
|
725
|
6.000%, 6/01/42
|
6/17 at 100.00
|
B–
|
712,769
|
|
|
1,750
|
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center
|
8/21 at 100.00
|
A2
|
1,887,322
|
|
|
|
Project, Refunding Series 2011, 5.250%, 8/01/36
|
|
|
|
|
|
500
|
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard,
|
4/20 at 100.00
|
BBB–
|
536,955
|
|
|
|
Refunding & improvement Series 2010, 6.375%, 4/01/30
|
|
|
|
|
|
4,295
|
Total Ohio
|
|
|
4,407,989
|
|
|
|
Oregon – 1.3%
|
|
|
|
|
|
300
|
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding
|
5/22 at 100.00
|
BBB
|
315,438
|
|
|
|
Series 2014A, 5.000%, 5/01/40
|
|
|
|
|
|
850
|
Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C,
|
6/22 at 100.00
|
A1
|
953,802
|
|
|
|
5.000%, 6/15/29
|
|
|
|
|
|
1,150
|
Total Oregon
|
|
|
1,269,240
|
|
|
|
Pennsylvania – 3.5%
|
|
|
|
|
|
1,000
|
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical
|
5/22 at 100.00
|
A+
|
1,075,970
|
|
|
|
Center Project, Series 2012A, 5.000%, 11/01/40
|
|
|
|
|
|
45
|
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social
|
1/19 at 100.00
|
BBB+
|
48,483
|
|
|
|
Ministries Project, Series 2009, 6.125%, 1/01/29
|
|
|
|
|
|
415
|
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social
|
1/19 at 100.00
|
N/R (5)
|
450,163
|
|
|
|
Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19)
|
|
|
|
|
|
560
|
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds,
|
1/25 at 100.00
|
Baa2
|
598,366
|
|
|
|
Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36
|
|
|
|
|
|
1,000
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student
|
7/22 at 100.00
|
BBB+
|
1,075,780
|
|
|
|
Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41
|
|
|
|
|
|
3,020
|
Total Pennsylvania
|
|
|
3,248,762
|
|
|
|
South Carolina – 0.6%
|
|
|
|
|
|
475
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series
|
No Opt. Call
|
A3 (5)
|
520,078
|
|
|
|
1991, 6.750%, 1/01/19 – FGIC Insured (ETM)
|
|
|
|
|
|
|
Tennessee – 2.4%
|
|
|
|
|
|
1,250
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic
|
1/23 at 100.00
|
BBB+
|
1,311,088
|
|
|
|
Health Initiatives, Series 2013A, 5.250%, 1/01/45
|
|
|
|
|
|
870
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds,
|
9/26 at 100.00
|
BBB+
|
942,723
|
|
|
|
University Health System, Inc., Series 2016, 5.000%, 9/01/47
|
|
|
|
|
|
2,120
|
Total Tennessee
|
|
|
2,253,811
|
|
|
|
Texas – 10.2%
|
|
|
|
|
|
670
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A,
|
7/25 at 100.00
|
BBB+
|
741,382
|
|
|
|
5.000%, 1/01/40
|
|
|
|
|
|
335
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series
|
10/23 at 100.00
|
BBB+
|
366,071
|
|
|
|
2013A, 5.125%, 10/01/43
|
|
|
|
|
|
500
|
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission
|
5/25 at 100.00
|
A+
|
558,140
|
|
|
|
Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40
|
|
|
|
50 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Texas (continued)
|
|
|
|
|
|
|
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option
|
|
|
|
|
|
|
Bond Trust 1015:
|
|
|
|
|
|
$ 150
|
18.020%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6)
|
1/18 at 100.00
|
A2 (5)
|
$ 190,814
|
|
|
850
|
17.906%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6)
|
1/18 at 100.00
|
A2 (5)
|
1,059,653
|
|
|
200
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital
|
9/31 at 100.00
|
AA+
|
207,506
|
|
|
|
Appreciation Series 2011C, 0.000%, 9/01/43 (8)
|
|
|
|
|
|
410
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B,
|
1/23 at 100.00
|
A1
|
453,608
|
|
|
|
5.000%, 1/01/40
|
|
|
|
|
|
500
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A,
|
1/25 at 100.00
|
A2
|
557,555
|
|
|
|
5.000%, 1/01/38
|
|
|
|
|
|
240
|
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A,
|
2/24 at 100.00
|
Ba2
|
247,898
|
|
|
|
5.000%, 2/01/34
|
|
|
|
|
|
295
|
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series
|
No Opt. Call
|
A
|
360,570
|
|
|
|
2007, 5.500%, 8/01/27
|
|
|
|
|
|
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
|
|
|
|
|
|
|
Series 2012:
|
|
|
|
|
|
1,165
|
5.000%, 12/15/27
|
12/22 at 100.00
|
A3
|
1,281,675
|
|
|
505
|
5.000%, 12/15/28
|
12/22 at 100.00
|
A3
|
552,839
|
|
|
405
|
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility
|
12/19 at 100.00
|
Baa2
|
456,459
|
|
|
|
Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009,
|
|
|
|
|
|
|
6.875%, 12/31/39
|
|
|
|
|
|
770
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ
|
6/20 at 100.00
|
Baa3
|
873,596
|
|
|
|
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40
|
|
|
|
|
|
500
|
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds,Idea Public
|
8/17 at 100.00
|
BBB (5)
|
506,215
|
|
|
|
School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
|
|
|
|
|
|
1,000
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier
|
8/24 at 100.00
|
BBB+
|
1,114,890
|
|
|
|
Refunding Series 2015C, 5.000%, 8/15/32
|
|
|
|
|
|
45
|
West Texas Independent School District, McLennan and Hill Counties, General Obligation
|
7/17 at 100.00
|
AAA
|
28,670
|
|
|
|
Refunding Bonds, Series 1998, 0.000%, 8/15/25
|
|
|
|
|
|
8,540
|
Total Texas
|
|
|
9,557,541
|
|
|
|
Virginia – 0.2%
|
|
|
|
|
|
205
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
|
7/22 at 100.00
|
BBB
|
230,656
|
|
|
|
Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax)
|
|
|
|
|
|
|
Washington – 0.5%
|
|
|
|
|
|
500
|
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and
|
12/17 at 100.00
|
N/R (5)
|
514,010
|
|
|
|
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/01/17)
|
|
|
|
|
|
|
Wisconsin – 5.7%
|
|
|
|
|
|
290
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System,
|
4/20 at 100.00
|
A–
|
305,663
|
|
|
|
Inc., Series 2010B, 5.000%, 4/01/30
|
|
|
|
|
|
955
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran,
|
10/21 at 100.00
|
A+
|
1,041,638
|
|
|
|
Series 2011A, 5.250%, 10/15/39
|
|
|
|
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University,
|
10/22 at 100.00
|
A2
|
1,041,050
|
|
|
|
Series 2012, 4.000%, 10/01/32
|
|
|
|
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc.,
|
5/21 at 100.00
|
N/R (5)
|
1,161,970
|
|
|
|
Series 2011A, 5.500%, 5/01/31 (Pre-refunded 5/01/21)
|
|
|
|
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc.
|
8/24 at 100.00
|
A+
|
1,098,510
|
|
|
|
Obligated Group, Refunding Series 2015, 5.000%, 8/15/39
|
|
|
|
|
|
500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial
|
7/24 at 100.00
|
A–
|
528,335
|
|
|
|
Hospital, Inc., Series 2014B, 5.000%, 7/01/44
|
|
|
|
NUVEEN 51
|
NMI
|
Nuveen Municipal Income Fund, Inc.
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Wisconsin (continued)
|
|
|
|
|
|
$ 200
|
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson
|
10/22 at 102.00
|
N/R
|
$ 201,466
|
|
|
|
Hollow Project. Series 2014, 5.125%, 10/01/34
|
|
|
|
|
|
4,945
|
Total Wisconsin
|
|
|
5,378,632
|
|
|
$ 87,945
|
Total Long-Term Investments (cost $84,313,376)
|
|
|
92,637,121
|
|
|
|
Other Assets Less Liabilities – 1.6%
|
|
|
1,469,864
|
|
|
|
Net Assets – 100%
|
|
|
$ 94,106,985
|
|
(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.
|
|
(3)
|
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
|
|
|
(4)
|
The coupon for this security increased 0.25% effective January 1, 2016 and increased 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.
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See accompanying notes to financial statements.
52 NUVEEN
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NEV
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Nuveen Enhanced Municipal Value Fund
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Portfolio of Investments
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April 30, 2017 (Unaudited)
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Principal
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Optional Call
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Amount (000)
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Description (1)
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Provisions (2)
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Ratings (3)
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Value
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LONG-TERM INVESTMENTS – 109.4%
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MUNICIPAL BONDS – 108.8%
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Alabama – 1.0%
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$ 2,000
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Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds,
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7/17 at 100.00
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AA
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$ 2,006,740
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Series 2004A, 5.250%, 1/01/23 – AGM Insured
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1,350
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Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%,
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10/23 at 102.00
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AA
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1,523,219
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10/01/48 – AGM Insured
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3,350
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Total Alabama
|
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3,529,959
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Arizona – 3.3%
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|
1,585
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Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender
|
1/22 at 100.00
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AA–
|
2,178,804
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Option Bond Trust 2015-XF2046, 15.675%, 1/01/43 (IF) (4)
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2,000
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Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured
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10/19 at 100.00
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AA
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2,182,180
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|
2,500
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Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds,
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7/19 at 100.00
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AA
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2,695,425
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Series 2009, 6.500%, 7/15/31 – BAM Insured
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1,030
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Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great
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7/21 at 100.00
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BB+
|
1,123,503
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Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47
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320
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Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series
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12/17 at 102.00
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B–
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296,858
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2008, 7.000%, 12/01/27
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1,835
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Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds,
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5/17 at 100.00
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B+
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1,979,433
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Series 2012A, 9.750%, 5/01/25
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50
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Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.
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No Opt. Call
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BBB+
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57,776
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Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32
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1,631
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Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series
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7/17 at 100.00
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N/R
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1,554,522
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2005, 6.000%, 7/01/30
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10,951
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Total Arizona
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12,068,501
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California – 15.7%
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180
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Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second
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10/26 at 100.00
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BBB+
|
200,747
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Subordinate Lien Series 2016B, 5.000%, 10/01/37
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5,000
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Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
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4/19 at 100.00
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AA (5)
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5,382,848
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2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19)
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920
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California Educational Facilities Authority, Revenue Bonds, University of Southern California,
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10/18 at 100.00
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Aa1 (5)
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1,153,652
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Tender Option Bond Trust 2015-XF2188, 16.224%, 10/01/38 (Pre-refunded 10/01/18) (IF) (4)
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2,040
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California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
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10/19 at 100.00
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AA–
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2,907,775
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Tender Option Bond Trust 2015-XF0120, 21.105%, 10/01/39 (IF) (4)
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California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option
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Bond Trust 2016-XG0048:
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300
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21.339%, 8/15/26 (IF) (4)
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8/20 at 100.00
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AA–
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497,460
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1,700
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21.339%, 8/15/26 (IF) (4)
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8/20 at 100.00
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AA–
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2,798,795
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1,000
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California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series
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11/19 at 100.00
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A3 (5)
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1,170,240
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2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)
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3,450
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California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
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6/26 at 100.00
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BB
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3,709,958
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University Medical Center, Series 2016A, 5.250%, 12/01/56
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500
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California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes
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10/19 at 100.00
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BBB+
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541,870
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of the West, Series 2010, 5.750%, 10/01/25
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NUVEEN 53
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NEV
|
Nuveen Enhanced Municipal Value Fund
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Portfolio of Investments (continued)
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April 30, 2017 (Unaudited)
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Principal
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Optional Call
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Amount (000)
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Description (1)
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Provisions (2)
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Ratings (3)
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Value
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California (continued)
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$ 400
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Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project,
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12/21 at 100.00
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A+
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$ 484,916
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Subordinate Series 2011A, 7.000%, 12/01/36
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490
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Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities
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9/19 at 100.00
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N/R (5)
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551,598
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District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32 (Pre-refunded 9/01/19)
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2,000
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Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
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No Opt. Call
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AA
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1,733,720
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Refunding Series 2013A, 0.000%, 1/15/29 – AGM Insured (6)
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1,885
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Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
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6/17 at 100.00
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B3
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1,889,392
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Bonds, Series 2007A-1, 5.750%, 6/01/47
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115
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Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
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6/17 at 100.00
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N/R (5)
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115,516
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Bonds, Series 2007A-1, 5.750%, 6/01/47 (Pre-refunded 6/01/17)
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Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
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Bonds, Tender Option Bond Trust 2015-XF1038:
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1,250
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14.694%, 6/01/40 (IF) (4)
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6/25 at 100.00
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A+
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1,807,713
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2,445
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14.683%, 6/01/40 (IF) (4)
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6/25 at 100.00
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A+
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3,534,932
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2,550
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Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust
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7/21 at 100.00
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Aaa
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5,531,229
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2017-XF2453, 29.194%, 7/15/40 (Pre-refunded 7/15/21) (IF) (4)
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960
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Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed
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6/17 at 100.00
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N/R
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960,250
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Bonds, Series 2007, 4.625%, 6/01/21
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225
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Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series
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No Opt. Call
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A
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212,654
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2007B, 2.146%, 11/15/27
|
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1,710
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Los Angeles Community College District, California, General Obligation Bonds, Tender Option
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8/18 at 100.00
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AA+ (5)
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2,211,885
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Bond Trust 2016-XG0045, 21.098%, 8/01/33 (Pre-refunded 8/01/18) (IF)
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1,600
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Los Angeles County, California, Community Development Commission Headquarters Office
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9/21 at 100.00
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Aa3
|
2,611,920
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Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc.,
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Tender Option Bond Trust 2016-XL0022, 19.308%, 9/01/42 (IF) (4)
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525
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
5/20 at 100.00
|
AA
|
582,404
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|
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|
Airport, Senior Lien Series 2010A, 5.000%, 5/15/31
|
|
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|
|
1,080
|
National City Community Development Commission, California, Tax Allocation Bonds, National
|
8/21 at 100.00
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A
|
1,294,812
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|
|
|
City Redevelopment Project, Series 2011, 7.000%, 8/01/32
|
|
|
|
|
|
1,165
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment
|
9/21 at 100.00
|
BBB+
|
1,369,038
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|
Project, Series 2011, 6.750%, 9/01/40
|
|
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|
840
|
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation,
|
7/17 at 102.00
|
CCC+
|
802,376
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|
|
|
Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25
|
|
|
|
|
|
265
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,
|
11/19 at 100.00
|
Ba1 (5)
|
302,508
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|
|
|
6.750%, 11/01/39 (Pre-refunded 11/01/19)
|
|
|
|
|
|
250
|
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation
|
6/20 at 100.00
|
A–
|
282,530
|
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|
Bonds, Refunding Series 2010, 6.125%, 6/30/37
|
|
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San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,
|
|
|
|
|
|
|
Mission Bay North Redevelopment Project, Series 2011C:
|
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|
|
|
|
500
|
6.500%, 8/01/27 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A– (5)
|
597,045
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|
|
700
|
6.750%, 8/01/33 (Pre-refunded 2/01/21)
|
2/21 at 100.00
|
A– (5)
|
841,988
|
|
|
500
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
|
2/21 at 100.00
|
BBB+ (5)
|
599,235
|
|
|
|
Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 (Pre-refunded 2/01/21)
|
|
|
|
|
|
1,000
|
San Jose, California, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, 3/01/42
|
3/27 at 100.00
|
A2
|
1,135,520
|
|
|
360
|
Santee Community Development Commission, California, Santee Redevelopment Project Tax
|
2/21 at 100.00
|
A (5)
|
435,730
|
|
|
|
Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21)
|
|
|
|
|
|
1,000
|
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County,
|
12/19 at 100.00
|
A+
|
1,088,690
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|
|
California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38
|
|
|
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|
|
2,400
|
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County,
|
12/19 at 100.00
|
A+
|
3,463,824
|
|
|
|
California, Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 17.874%, 12/01/34 (IF) (4)
|
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|
54 NUVEEN
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Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
California (continued)
|
|
|
|
|
|
$ 3,110
|
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds,
|
8/17 at 100.00
|
AA (5)
|
$ 3,143,775
|
|
|
|
Election 2005 Series 2007, 5.000%, 8/01/31 (Pre-refunded 8/01/17) – AGM Insured
|
|
|
|
|
|
1,045
|
Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project,
|
6/21 at 100.00
|
A+
|
1,223,977
|
|
|
|
Series 2011A, 6.500%, 12/01/28
|
|
|
|
|
|
1,020
|
Western Placer Unified School District, Placer County, California, Certificates of
|
8/19 at 100.00
|
AA
|
1,100,876
|
|
|
|
Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured
|
|
|
|
|
|
46,480
|
Total California
|
|
|
58,273,398
|
|
|
|
Colorado – 3.4%
|
|
|
|
|
|
1,859
|
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of
|
7/17 at 100.00
|
N/R
|
1,861,026
|
|
|
|
Evergreen, Series 2005A, 6.500%, 12/01/35
|
|
|
|
|
|
|
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project,
|
|
|
|
|
|
|
Series 2007:
|
|
|
|
|
|
26
|
5.000%, 6/01/17 (Alternative Minimum Tax) (7), (8)
|
No Opt. Call
|
N/R
|
25,273
|
|
|
250
|
6.200%, 4/01/18 (Alternative Minimum Tax) (7)
|
No Opt. Call
|
N/R
|
222,163
|
|
|
2,000
|
Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation
|
12/17 at 100.00
|
AA
|
2,016,520
|
|
|
|
Bonds, Limited Tax Series 2007, 5.125%, 12/01/37 – RAAI Insured
|
|
|
|
|
|
4,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%,
|
9/26 at 52.09
|
AA–
|
1,397,120
|
|
|
|
9/01/39 – NPFG Insured
|
|
|
|
|
|
|
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
|
596,648
|
|
|
4,030
|
6.500%, 11/15/38
|
No Opt. Call
|
A
|
5,547,656
|
|
|
815
|
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax
|
12/20 at 100.00
|
N/R
|
850,868
|
|
|
|
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
|
|
|
|
|
|
13,455
|
Total Colorado
|
|
|
12,517,274
|
|
|
|
Connecticut – 0.2%
|
|
|
|
|
|
827
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue
|
4/20 at 100.00
|
N/R
|
896,509
|
|
|
|
Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22
|
|
|
|
|
|
|
District of Columbia – 0.4%
|
|
|
|
|
|
1,500
|
District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc.,
|
3/21 at 100.00
|
BBB–
|
1,626,150
|
|
|
|
Series 2011, 6.375%, 3/01/31
|
|
|
|
|
|
|
Florida – 5.8%
|
|
|
|
|
|
1,695
|
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series
|
7/17 at 100.00
|
N/R
|
1,587,927
|
|
|
|
2006A, 5.125%, 5/01/38
|
|
|
|
|
|
1,000
|
Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds,
|
5/27 at 100.00
|
N/R
|
948,660
|
|
|
|
Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34
|
|
|
|
|
|
2,000
|
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University,
|
6/23 at 100.00
|
BBB–
|
2,204,940
|
|
|
|
Refunding Series 2013A, 5.625%, 6/01/33
|
|
|
|
|
|
950
|
Copperstone Community Development District, Manatee County, Florida, Capital Improvement
|
5/17 at 100.00
|
N/R
|
949,962
|
|
|
|
Revenue Bonds, Series 2007, 5.200%, 5/01/38
|
|
|
|
|
|
1,000
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance
|
6/21 at 100.00
|
BB
|
1,122,410
|
|
|
|
Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33
|
|
|
|
|
|
1,000
|
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's
|
8/20 at 100.00
|
A+
|
1,111,090
|
|
|
|
Hospital, Series 2010A, 6.000%, 8/01/30
|
|
|
|
|
|
1,625
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series
|
10/20 at 100.00
|
A
|
1,798,534
|
|
|
|
2010A-1, 5.375%, 10/01/35
|
|
|
|
|
|
3,660
|
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A,
|
4/19 at 100.00
|
AA
|
3,867,229
|
|
|
|
5.125%, 4/01/34 – AGC Insured
|
|
|
|
NUVEEN 55
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Florida (continued)
|
|
|
|
|
|
$ 1,500
|
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010,
|
10/20 at 100.00
|
AA
|
$ 1,646,115
|
|
|
|
5.375%, 10/01/40
|
|
|
|
|
|
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center,
|
|
|
|
|
|
|
Series 2013A:
|
|
|
|
|
|
1,000
|
5.000%, 11/01/33
|
11/22 at 100.00
|
BBB+
|
1,060,660
|
|
|
2,000
|
5.000%, 11/01/43
|
11/22 at 100.00
|
BBB+
|
2,088,940
|
|
|
425
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1,
|
7/17 at 100.00
|
AA– (5)
|
428,111
|
|
|
|
Series 2007B, 5.000%, 7/01/33 (Pre-refunded 7/01/17) – NPFG Insured
|
|
|
|
|
|
80
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
5/17 at 100.00
|
N/R
|
74,398
|
|
|
|
Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39
|
|
|
|
|
|
230
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
5/19 at 100.00
|
N/R
|
137,372
|
|
|
|
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6)
|
|
|
|
|
|
95
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
|
5/22 at 100.00
|
N/R
|
41,992
|
|
|
|
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6)
|
|
|
|
|
|
135
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series
|
5/18 at 100.00
|
N/R
|
1
|
|
|
|
2007-3, 6.650%, 5/01/40 (7)
|
|
|
|
|
|
15
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing
|
5/18 at 100.00
|
N/R
|
15,081
|
|
|
|
ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40
|
|
|
|
|
|
235
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
|
5/17 at 100.00
|
N/R
|
235,024
|
|
|
|
2012A-1, 6.650%, 5/01/40
|
|
|
|
|
|
350
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
|
5/18 at 100.00
|
N/R
|
215,401
|
|
|
|
2015-1, 0.000%, 5/01/40
|
|
|
|
|
|
215
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
|
5/18 at 100.00
|
N/R
|
111,594
|
|
|
|
2015-2, 0.000%, 5/01/40 (7)
|
|
|
|
|
|
235
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
|
5/18 at 100.00
|
N/R
|
2
|
|
|
|
2015-3, 6.610%, 5/01/40 (7)
|
|
|
|
|
|
810
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006,
|
5/17 at 100.00
|
N/R
|
805,100
|
|
|
|
5.400%, 5/01/37
|
|
|
|
|
|
1,080
|
Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue
|
5/22 at 100.00
|
N/R
|
1,116,018
|
|
|
|
Bonds, Series 2012-A2, 5.500%, 5/01/34
|
|
|
|
|
|
21,335
|
Total Florida
|
|
|
21,566,561
|
|
|
|
Georgia – 4.5%
|
|
|
|
|
|
12,000
|
Atlanta, Georgia, Airport General Revenue Bonds, Series 2010C, 5.250%, 1/01/30 –
|
1/21 at 100.00
|
AA
|
13,483,800
|
|
|
|
AGM Insured (UB)
|
|
|
|
|
|
615
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%,
|
1/19 at 100.00
|
A2 (5)
|
675,737
|
|
|
|
1/01/31 (Pre-refunded 1/01/19)
|
|
|
|
|
|
430
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%,
|
1/19 at 100.00
|
A2 (5)
|
462,972
|
|
|
|
1/01/20 (Pre-refunded 1/01/19)
|
|
|
|
|
|
1,250
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air
|
6/20 at 100.00
|
Baa3
|
1,473,513
|
|
|
|
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
|
|
|
|
|
|
90
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
|
No Opt. Call
|
A
|
99,925
|
|
|
260
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26
|
No Opt. Call
|
A
|
310,679
|
|
|
14,645
|
Total Georgia
|
|
|
16,506,626
|
|
|
|
Guam – 0.9%
|
|
|
|
|
|
1,760
|
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
|
1/22 at 100.00
|
A
|
1,810,072
|
|
|
1,250
|
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013,
|
7/23 at 100.00
|
A–
|
1,372,400
|
|
|
|
5.500%, 7/01/43
|
|
|
|
|
|
3,010
|
Total Guam
|
|
|
3,182,472
|
56 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois – 13.8%
|
|
|
|
|
|
$ 2,710
|
CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004,
|
12/22 at 100.00
|
N/R
|
$ 2,709,052
|
|
|
|
4.000%, 6/15/23
|
|
|
|
|
|
5,000
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement
|
4/27 at 100.00
|
A
|
5,173,550
|
|
|
|
Revenues, Series 2016, 6.000%, 4/01/46
|
|
|
|
|
|
1,335
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series
|
12/26 at 100.00
|
B
|
1,240,255
|
|
|
|
2016B, 6.500%, 12/01/46
|
|
|
|
|
|
|
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–
|
823,710
|
|
|
1,000
|
0.000%, 12/01/27 – NPFG Insured
|
No Opt. Call
|
AA–
|
632,190
|
|
|
1,000
|
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B,
|
1/25 at 100.00
|
BBB+
|
1,004,260
|
|
|
|
5.500%, 1/01/33
|
|
|
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C:
|
|
|
|
|
|
320
|
5.000%, 1/01/23
|
1/22 at 100.00
|
BBB+
|
325,174
|
|
|
160
|
5.000%, 1/01/25
|
1/22 at 100.00
|
BBB+
|
160,982
|
|
|
|
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C:
|
|
|
|
|
|
3,470
|
5.000%, 1/01/24
|
No Opt. Call
|
BBB+
|
3,512,959
|
|
|
350
|
5.000%, 1/01/29
|
1/26 at 100.00
|
BBB+
|
343,907
|
|
|
2,000
|
Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series
|
12/21 at 100.00
|
AA
|
2,318,840
|
|
|
|
2005, 6.000%, 12/01/24 – AGM Insured
|
|
|
|
|
|
3,000
|
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International
|
10/20 at 100.00
|
B–
|
3,066,360
|
|
|
|
Corporation Project, Series 2010, 6.500%, 10/15/40
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust
|
|
|
|
|
|
|
2016-XF2339:
|
|
|
|
|
|
1,605
|
17.550%, 9/01/38 (IF) (4)
|
9/22 at 100.00
|
BBB
|
1,939,610
|
|
|
1,540
|
14.395%, 9/01/38 (IF) (4)
|
9/22 at 100.00
|
BBB
|
1,797,380
|
|
|
645
|
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010,
|
5/20 at 100.00
|
BBB–
|
698,845
|
|
|
|
6.125%, 5/15/27
|
|
|
|
|
|
355
|
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010,
|
5/20 at 100.00
|
N/R (5)
|
406,557
|
|
|
|
6.125%, 5/15/27 (Pre-refunded 5/15/20)
|
|
|
|
|
|
835
|
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A,
|
7/17 at 100.00
|
BB–
|
835,134
|
|
|
|
5.375%, 2/15/25
|
|
|
|
|
|
4,000
|
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series
|
7/17 at 100.00
|
Baa3
|
3,848,320
|
|
|
|
2006A, 5.000%, 4/01/36
|
|
|
|
|
|
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option
|
|
|
|
|
|
|
Bond Trust 2015-XF0076:
|
|
|
|
|
|
690
|
15.417%, 8/15/37 (IF)
|
8/22 at 100.00
|
AA+
|
931,583
|
|
|
150
|
15.417%, 8/15/43 (IF)
|
8/22 at 100.00
|
AA+
|
199,476
|
|
|
1,975
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bond
|
8/19 at 100.00
|
AA+
|
2,957,958
|
|
|
|
Trust 2016-XL0021, 24.061%, 8/15/39 (IF) (4)
|
|
|
|
|
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C,
|
5/20 at 100.00
|
AA–
|
1,062,930
|
|
|
|
5.125%, 5/15/35
|
|
|
|
|
|
35
|
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding
|
5/19 at 100.00
|
N/R (5)
|
38,611
|
|
|
|
Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19)
|
|
|
|
|
|
|
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)
|
33,044
|
|
|
935
|
6.125%, 5/15/25 (Pre-refunded 5/15/19)
|
5/19 at 100.00
|
BBB– (5)
|
1,031,473
|
|
|
500
|
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc.,
|
3/20 at 100.00
|
AA
|
539,285
|
|
|
|
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
|
|
|
|
|
|
455
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust
|
8/21 at 100.00
|
AA
|
765,101
|
|
|
|
2015-XF0121, 23.456%, 8/15/41 – AGM Insured (IF) (4)
|
|
|
|
NUVEEN 57
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Illinois (continued)
|
|
|
|
|
|
$ 3,000
|
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/23 –
|
No Opt. Call
|
BBB–
|
$ 2,403,300
|
|
|
|
AMBAC Insured
|
|
|
|
|
|
1,000
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B,
|
7/26 at 100.00
|
AA–
|
1,119,300
|
|
|
|
5.000%, 1/01/41
|
|
|
|
|
|
|
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel
|
|
|
|
|
|
|
Revenue Bonds, Series 2005B:
|
|
|
|
|
|
2,685
|
5.250%, 1/01/30 (9)
|
7/17 at 100.00
|
D
|
782,892
|
|
|
1,515
|
5.250%, 1/01/36 (9)
|
7/17 at 100.00
|
D
|
441,744
|
|
|
5,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
|
No Opt. Call
|
AA–
|
2,935,250
|
|
|
|
Project, Series 2002A, 0.000%, 12/15/29 – NPFG Insured
|
|
|
|
|
|
1,000
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series
|
6/21 at 100.00
|
A–
|
1,138,850
|
|
|
|
2010, 6.000%, 6/01/28
|
|
|
|
|
|
1,000
|
Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special
|
3/19 at 100.00
|
N/R
|
1,021,100
|
|
|
|
Assessment Bonds, Series 2009, 7.875%, 3/01/32
|
|
|
|
|
|
2,500
|
Wauconda, Illinois, Special Service Area 1 Special Tax Bonds, Liberty Lake Project, Refunding
|
3/25 at 100.00
|
AA
|
2,760,525
|
|
|
|
Series 2015, 5.000%, 3/01/33 – BAM Insured
|
|
|
|
|
|
53,795
|
Total Illinois
|
|
|
50,999,507
|
|
|
|
Indiana – 1.5%
|
|
|
|
|
|
1,395
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For
|
10/19 at 100.00
|
B–
|
1,379,237
|
|
|
|
Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29
|
|
|
|
|
|
1,500
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing
|
7/23 at 100.00
|
A–
|
1,596,885
|
|
|
|
Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax)
|
|
|
|
|
|
2,000
|
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series
|
9/21 at 100.00
|
N/R (5)
|
2,526,300
|
|
|
|
2011, 7.750%, 9/01/31 (Pre-refunded 9/01/21)
|
|
|
|
|
|
4,895
|
Total Indiana
|
|
|
5,502,422
|
|
|
|
Iowa – 0.3%
|
|
|
|
|
|
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
|
|
|
|
|
|
|
Project, Series 2013:
|
|
|
|
|
|
995
|
5.000%, 12/01/19
|
No Opt. Call
|
B
|
1,019,328
|
|
|
155
|
5.250%, 12/01/25
|
12/23 at 100.00
|
B
|
157,198
|
|
|
1,150
|
Total Iowa
|
|
|
1,176,526
|
|
|
|
Kansas – 2.3%
|
|
|
|
|
|
3,000
|
Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding
|
5/20 at 100.00
|
A
|
3,211,650
|
|
|
|
Series 2010S, 5.000%, 5/15/30
|
|
|
|
|
|
1,000
|
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park
|
7/17 at 100.00
|
BB+
|
1,000,400
|
|
|
|
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
|
|
|
|
|
|
3,565
|
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate
|
12/22 at 100.00
|
N/R
|
3,146,148
|
|
|
|
Project, Series 2012, 6.000%, 12/15/32
|
|
|
|
|
|
1,130
|
Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35
|
7/25 at 100.00
|
A1
|
1,258,899
|
|
|
8,695
|
Total Kansas
|
|
|
8,617,097
|
|
|
|
Kentucky – 0.3%
|
|
|
|
|
|
1,000
|
Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series
|
8/23 at 100.00
|
AA
|
1,133,800
|
|
|
|
2013, 5.700%, 8/01/39 – AGM Insured
|
|
|
|
|
|
|
Louisiana – 3.6%
|
|
|
|
|
|
1,215
|
Louisiana Local Government Environmental Facilities and Community Development Authority,
|
10/25 at 100.00
|
AA
|
1,362,963
|
|
|
|
Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative
|
|
|
|
|
|
|
Student Facilities Inc. Project, Refunding Series 2015, 5.000%, 10/01/33
|
|
|
|
|
|
2,000
|
Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General
|
5/20 at 100.00
|
A–
|
2,115,620
|
|
|
|
Medical Center Project, Series 2010, 5.500%, 11/01/40
|
|
|
|
58 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Louisiana (continued)
|
|
|
|
|
|
$ 3,305
|
Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008,
|
5/23 at 100.00
|
A3
|
$ 3,401,770
|
|
|
|
4.250%, 12/01/38
|
|
|
|
|
|
2,620
|
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation
|
12/21 at 100.00
|
N/R
|
2,891,013
|
|
|
|
Project, Series 2011A, 7.750%, 12/15/31
|
|
|
|
|
|
985
|
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding
|
10/21 at 100.00
|
Aaa
|
1,149,219
|
|
|
|
Series 2011, 5.250%, 10/01/28 (Pre-refunded 10/01/21)
|
|
|
|
|
|
1,165
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0035,
|
5/20 at 100.00
|
AA
|
1,586,672
|
|
|
|
15.532%, 5/01/39 (IF)
|
|
|
|
|
|
1,000
|
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A,
|
6/17 at 100.00
|
BBB
|
1,002,510
|
|
|
|
5.125%, 6/01/37
|
|
|
|
|
|
12,290
|
Total Louisiana
|
|
|
13,509,767
|
|
|
|
Massachusetts – 0.9%
|
|
|
|
|
|
1,620
|
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds Issue K Series
|
7/22 at 100.00
|
AA
|
1,748,369
|
|
|
|
2013, 5.000%, 7/01/25 (Alternative Minimum Tax)
|
|
|
|
|
|
625
|
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series
|
1/20 at 100.00
|
AA
|
679,463
|
|
|
|
2010A, 5.500%, 1/01/22
|
|
|
|
|
|
50
|
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series
|
1/20 at 100.00
|
AA
|
53,056
|
|
|
|
2010B, 5.500%, 1/01/23 (Alternative Minimum Tax)
|
|
|
|
|
|
775
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30
|
6/20 at 100.00
|
AA
|
803,272
|
|
|
|
(Alternative Minimum Tax)
|
|
|
|
|
|
3,070
|
Total Massachusetts
|
|
|
3,284,160
|
|
|
|
Michigan – 0.6%
|
|
|
|
|
|
10
|
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%,
|
7/17 at 100.00
|
A
|
10,028
|
|
|
|
7/01/34 – NPFG Insured
|
|
|
|
|
|
2,100
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,
|
11/19 at 100.00
|
A (5)
|
2,341,668
|
|
|
|
Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19)
|
|
|
|
|
|
2,110
|
Total Michigan
|
|
|
2,351,696
|
|
|
|
Mississippi – 0.1%
|
|
|
|
|
|
310
|
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System
|
10/17 at 100.00
|
BBB+
|
311,296
|
|
|
|
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
|
|
|
|
|
|
|
Missouri – 0.2%
|
|
|
|
|
|
640
|
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village
|
9/17 at 100.00
|
BBB–
|
644,403
|
|
|
|
of West County, Series 2007A, 5.375%, 9/01/21
|
|
|
|
|
|
|
Nevada – 1.3%
|
|
|
|
|
|
2,000
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
|
1/20 at 100.00
|
Aa3
|
2,165,820
|
|
|
|
International Airport, Series 2010A, 5.000%, 7/01/30
|
|
|
|
|
|
1,670
|
Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 2016-XF2312, 28.386%,
|
4/19 at 100.00
|
AA (5)
|
2,616,890
|
|
|
|
4/01/39 (Pre-refunded 4/01/19) (IF) (4)
|
|
|
|
|
|
3,670
|
Total Nevada
|
|
|
4,782,710
|
|
|
|
New Jersey – 4.2%
|
|
|
|
|
|
795
|
New Jersey Economic Development Authority, School Facilities Construction Financing Program
|
6/25 at 100.00
|
A–
|
811,822
|
|
|
|
Bonds, Series 2015WW, 5.250%, 6/15/40 (UB) (4)
|
|
|
|
|
|
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
|
|
|
|
|
|
|
Airlines Inc., Series 1999:
|
|
|
|
|
|
1,000
|
5.125%, 9/15/23 (Alternative Minimum Tax)
|
9/17 at 100.00
|
BB–
|
1,067,980
|
|
|
1,650
|
5.250%, 9/15/29 (Alternative Minimum Tax)
|
8/22 at 101.00
|
BB–
|
1,789,359
|
|
|
1,460
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare
|
7/26 at 100.00
|
Baa2
|
1,637,843
|
|
|
|
System, Series 2016A, 5.000%, 7/01/34
|
|
|
|
NUVEEN 59
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
New Jersey (continued)
|
|
|
|
|
|
$ 1,070
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A,
|
12/19 at 100.00
|
Aaa
|
$ 1,119,744
|
|
|
|
5.000%, 12/01/26
|
|
|
|
|
|
20,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C,
|
No Opt. Call
|
A–
|
7,607,600
|
|
|
|
0.000%, 12/15/36 – AMBAC Insured (UB) (4)
|
|
|
|
|
|
1,500
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
|
6/17 at 100.00
|
BBB
|
1,503,090
|
|
|
|
Series 2007-1A, 4.625%, 6/01/26
|
|
|
|
|
|
27,475
|
Total New Jersey
|
|
|
15,537,438
|
|
|
|
New York – 3.5%
|
|
|
|
|
|
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue
|
|
|
|
|
|
|
Bonds, Barclays Center Project, Series 2009:
|
|
|
|
|
|
1,100
|
6.000%, 7/15/30 (Pre-refunded 1/15/20)
|
1/20 at 100.00
|
AA+ (5)
|
1,241,735
|
|
|
1,225
|
6.250%, 7/15/40 (Pre-refunded 1/15/20)
|
1/20 at 100.00
|
AA+ (5)
|
1,391,000
|
|
|
2,500
|
6.375%, 7/15/43 (Pre-refunded 1/15/20)
|
1/20 at 100.00
|
AA+ (5)
|
2,847,100
|
|
|
1,000
|
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher
|
6/21 at 100.00
|
A–
|
1,116,720
|
|
|
|
College, Series 2011, 6.000%, 6/01/34
|
|
|
|
|
|
1,000
|
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball
|
7/17 at 100.00
|
BBB
|
1,002,170
|
|
|
|
Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured
|
|
|
|
|
|
500
|
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
|
11/24 at 100.00
|
N/R
|
538,985
|
|
|
|
Center Project, Class 2 Series 2014, 5.150%, 11/15/34
|
|
|
|
|
|
2,105
|
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport
|
7/24 at 100.00
|
BBB
|
2,262,917
|
|
|
|
Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax)
|
|
|
|
|
|
265
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
Baa1
|
297,977
|
|
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
|
2,150
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48
|
6/27 at 100.00
|
N/R
|
2,209,104
|
|
|
11,845
|
Total New York
|
|
|
12,907,708
|
|
|
|
Ohio – 10.5%
|
|
|
|
|
|
|
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–
|
962,840
|
|
|
6,000
|
5.750%, 6/01/34
|
6/17 at 100.00
|
B–
|
5,754,658
|
|
|
6,500
|
5.875%, 6/01/47
|
6/17 at 100.00
|
B–
|
6,291,283
|
|
|
760
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement
|
7/20 at 100.00
|
BBB–
|
818,642
|
|
|
|
Services, Improvement Series 2010A, 5.625%, 7/01/26
|
|
|
|
|
|
10,000
|
Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015,
|
5/25 at 100.00
|
AA+
|
11,066,100
|
|
|
|
5.000%, 5/15/40 (UB)
|
|
|
|
|
|
3,000
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
|
11/21 at 100.00
|
AA–
|
3,451,410
|
|
|
|
2011A, 5.750%, 11/15/31
|
|
|
|
|
|
1,000
|
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard,
|
4/20 at 100.00
|
BBB–
|
1,073,910
|
|
|
|
Refunding & improvement Series 2010, 6.375%, 4/01/30
|
|
|
|
|
|
1,670
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust
|
5/19 at 100.00
|
BBB+
|
2,303,064
|
|
|
|
2016-XF2311, 22.220%, 5/01/34 (IF) (4)
|
|
|
|
|
|
6,000
|
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy
|
No Opt. Call
|
Caa1
|
2,640,000
|
|
|
|
Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18)
|
|
|
|
|
|
1,200
|
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation
|
No Opt. Call
|
BBB–
|
1,244,820
|
|
|
|
Project, Series 2009E, 5.625%, 10/01/19
|
|
|
|
|
|
|
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
|
1,661,246
|
|
|
1,455
|
5.000%, 2/15/34
|
2/26 at 100.00
|
A2
|
1,649,592
|
|
|
40,045
|
Total Ohio
|
|
|
38,917,565
|
60 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Pennsylvania – 6.5%
|
|
|
|
|
|
$ 1,313
|
Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated
|
No Opt. Call
|
N/R
|
$ 1,332,863
|
|
|
|
Series 2013, 5.000%, 5/15/26
|
|
|
|
|
|
1,390
|
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement
|
11/19 at 100.00
|
B
|
1,455,914
|
|
|
|
Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24
|
|
|
|
|
|
1,500
|
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement
|
12/21 at 100.00
|
B
|
1,462,740
|
|
|
|
Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27
|
|
|
|
|
|
1,335
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley
|
7/17 at 100.00
|
B2
|
1,247,317
|
|
|
|
General Hospital, Series 2005A, 5.125%, 4/01/35
|
|
|
|
|
|
530
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
B1
|
493,690
|
|
|
|
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory
|
|
|
|
|
|
|
put 4/01/21)
|
|
|
|
|
|
|
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
|
Caa1
|
880,000
|
|
|
1,000
|
2.500%, 12/01/41 (Mandatory put 6/01/17)
|
No Opt. Call
|
Caa1
|
757,500
|
|
|
150
|
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social
|
1/19 at 100.00
|
BBB+
|
161,612
|
|
|
|
Ministries Project, Series 2009, 6.125%, 1/01/29
|
|
|
|
|
|
1,350
|
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social
|
1/19 at 100.00
|
N/R (5)
|
1,464,386
|
|
|
|
Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19)
|
|
|
|
|
|
2,000
|
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds,
|
12/19 at 100.00
|
N/R
|
2,086,300
|
|
|
|
Series 2009, 7.750%, 12/15/27
|
|
|
|
|
|
1,080
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage
|
8/20 at 100.00
|
N/R (5)
|
1,602,202
|
|
|
|
Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B,
|
|
|
|
|
|
|
15.449%, 8/01/24 (Pre-refunded 8/01/20) (IF) (4)
|
|
|
|
|
|
1,000
|
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG
|
6/17 at 100.00
|
BB+
|
999,880
|
|
|
|
Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)
|
|
|
|
|
|
1,000
|
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds,
|
1/20 at 100.00
|
BBB+
|
1,064,580
|
|
|
|
Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
|
|
|
|
|
|
1,200
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
|
7/20 at 100.00
|
N/R (5)
|
1,368,204
|
|
|
|
Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 (Pre-refunded 7/01/20)
|
|
|
|
|
|
130
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties
|
7/26 at 100.00
|
Baa3
|
140,439
|
|
|
|
Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A,
|
|
|
|
|
|
|
5.000%, 7/01/31
|
|
|
|
|
|
1,000
|
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of
|
No Opt. Call
|
AA
|
1,147,750
|
|
|
|
Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured
|
|
|
|
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E:
|
|
|
|
|
|
3,530
|
0.000%, 12/01/30 (6)
|
12/27 at 100.00
|
A–
|
4,193,852
|
|
|
2,000
|
0.000%, 12/01/38 (6)
|
12/27 at 100.00
|
A–
|
2,403,360
|
|
|
23,508
|
Total Pennsylvania
|
|
|
24,262,589
|
|
|
|
Puerto Rico – 0.7%
|
|
|
|
|
|
1,500
|
Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds,
|
12/18 at 100.00
|
A+
|
1,581,045
|
|
|
|
Modernization Series 2008, 5.125%, 12/01/27
|
|
|
|
|
|
1,000
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding Series
|
No Opt. Call
|
C
|
1,086,170
|
|
|
|
2005C, 5.500%, 7/01/26 – AMBAC Insured
|
|
|
|
|
|
2,500
|
Total Puerto Rico
|
|
|
2,667,215
|
|
|
|
Rhode Island – 0.3%
|
|
|
|
|
|
1,110
|
Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and Municipal
|
4/25 at 100.00
|
Baa2
|
1,235,108
|
|
|
|
Building Projects, Refunding Series 2015A, 5.000%, 4/01/27
|
|
|
|
NUVEEN 61
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
South Carolina – 2.2%
|
|
|
|
|
|
$ 7,500
|
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series
|
12/26 at 100.00
|
AA–
|
$ 8,092,350
|
|
|
|
2016B, 5.000%, 12/01/41 (UB)
|
|
|
|
|
|
|
Tennessee – 0.0%
|
|
|
|
|
|
155
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24
|
No Opt. Call
|
A
|
176,883
|
|
|
|
Texas – 3.5%
|
|
|
|
|
|
80
|
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Leadership
|
6/21 at 100.00
|
BB
|
77,634
|
|
|
|
Prep School, Series 2016A, 5.000%, 6/15/46
|
|
|
|
|
|
3,500
|
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric
|
7/18 at 100.00
|
N/R
|
35
|
|
|
|
Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (7)
|
|
|
|
|
|
2,095
|
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series
|
1/26 at 100.00
|
BBB
|
2,320,003
|
|
|
|
2016, 5.000%, 1/01/35
|
|
|
|
|
|
150
|
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc.
|
11/22 at 100.00
|
Baa3
|
153,515
|
|
|
|
Project, Series 2012B, 4.750%, 11/01/42
|
|
|
|
|
|
250
|
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series
|
10/18 at 103.00
|
BB–
|
262,165
|
|
|
|
2016B, 5.750%, 10/01/31 (Alternative Minimum Tax)
|
|
|
|
|
|
1,800
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust
|
9/21 at 100.00
|
AA+
|
3,164,130
|
|
|
|
2016-XF2220, 21.161%, 9/01/41 (IF)
|
|
|
|
|
|
1,000
|
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden
|
12/21 at 100.00
|
N/R
|
789,800
|
|
|
|
Home Inc., Series 2012, 7.250%, 12/15/47 (7)
|
|
|
|
|
|
455
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior
|
No Opt. Call
|
BBB+
|
550,309
|
|
|
|
Lien Series 2008D, 6.250%, 12/15/26
|
|
|
|
|
|
|
Texas Private Activity Bond Surface Transpiration 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
|
1,361,713
|
|
|
805
|
5.000%, 12/31/55 (Alternative Minimum Tax)
|
12/25 at 100.00
|
Baa3
|
856,963
|
|
|
810
|
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility
|
12/19 at 100.00
|
Baa2
|
912,919
|
|
|
|
Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009,
|
|
|
|
|
|
|
6.875%, 12/31/39
|
|
|
|
|
|
1,000
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ
|
6/20 at 100.00
|
Baa3
|
1,138,500
|
|
|
|
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34
|
|
|
|
|
|
1,500
|
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public
|
8/17 at 100.00
|
BBB (5)
|
1,518,645
|
|
|
|
School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
|
|
|
|
|
|
14,720
|
Total Texas
|
|
|
13,106,331
|
|
|
|
Utah – 0.3%
|
|
|
|
|
|
1,000
|
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High
|
7/20 at 100.00
|
BB
|
1,048,390
|
|
|
|
School, Series 2010A, 6.250%, 7/15/30
|
|
|
|
|
|
|
Vermont – 0.9%
|
|
|
|
|
|
|
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School
|
|
|
|
|
|
|
Project, Series 2011A:
|
|
|
|
|
|
1,000
|
6.125%, 1/01/28 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R (5)
|
1,168,650
|
|
|
1,760
|
6.250%, 1/01/33 (Pre-refunded 1/01/21)
|
1/21 at 100.00
|
N/R (5)
|
2,064,691
|
|
|
2,760
|
Total Vermont
|
|
|
3,233,341
|
|
|
|
Virginia – 0.8%
|
|
|
|
|
|
2,000
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,
|
6/17 at 100.00
|
B–
|
1,920,600
|
|
|
|
Series 2007B1, 5.000%, 6/01/47
|
|
|
|
|
|
1,010
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
|
7/22 at 100.00
|
BBB
|
1,104,859
|
|
|
|
Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
|
|
|
|
|
|
3,010
|
Total Virginia
|
|
|
3,025,459
|
62 NUVEEN
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
Washington – 4.3%
|
|
|
|
|
|
$ 5,000
|
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016B, 5.000%, 10/01/31
|
4/26 at 100.00
|
Aa2
|
$ 5,748,250
|
|
|
|
(Alternative Minimum Tax) (UB)
|
|
|
|
|
|
3,155
|
Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital,
|
12/26 at 100.00
|
Baa2
|
3,536,534
|
|
|
|
Refunding & Improvement Series 2016, 5.000%, 12/01/27
|
|
|
|
|
|
215
|
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds,
|
4/18 at 100.00
|
N/R
|
215,108
|
|
|
|
Series 2013, 5.750%, 4/01/43
|
|
|
|
|
|
2,000
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research
|
1/21 at 100.00
|
A
|
2,170,560
|
|
|
|
Center, Series 2011A, 5.375%, 1/01/31
|
|
|
|
|
|
2,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
|
7/19 at 100.00
|
A (5)
|
2,204,540
|
|
|
|
Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)
|
|
|
|
|
|
2,000
|
Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University,
|
10/19 at 100.00
|
Baa1 (5)
|
2,216,200
|
|
|
|
Series 2009, 5.625%, 10/01/40 (Pre-refunded 10/01/19)
|
|
|
|
|
|
14,370
|
Total Washington
|
|
|
16,091,192
|
|
|
|
West Virginia – 0.2%
|
|
|
|
|
|
750
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc.,
|
10/18 at 100.00
|
N/R
|
767,220
|
|
|
|
Series 2008, 6.500%, 10/01/38
|
|
|
|
|
|
|
Wisconsin – 10.1%
|
|
|
|
|
|
3,500
|
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A,
|
2/19 at 102.00
|
AA–
|
3,830,610
|
|
|
|
6.500%, 2/01/31
|
|
|
|
|
|
2,905
|
Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing
|
7/25 at 100.00
|
BBB–
|
3,073,606
|
|
|
|
Foundation – Cullowhee LLC – Western California University Project, Series 2015A,
|
|
|
|
|
|
|
5.000%, 7/01/35
|
|
|
|
|
|
1,000
|
Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A,
|
No Opt. Call
|
AA
|
627,110
|
|
|
|
0.000%, 12/15/31
|
|
|
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health
|
|
|
|
|
|
|
Alliance Senior Credit Group, Series 2016A:
|
|
|
|
|
|
10,000
|
5.000%, 11/15/35 (UB) (4)
|
5/26 at 100.00
|
AA+
|
11,311,800
|
|
|
5,000
|
5.000%, 11/15/36 (UB) (4)
|
5/26 at 100.00
|
AA+
|
5,639,250
|
|
|
3,000
|
5.000%, 11/15/39 (UB) (4)
|
5/26 at 100.00
|
AA+
|
3,366,120
|
|
|
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series
|
6/20 at 100.00
|
Baa2 (5)
|
1,144,420
|
|
|
|
2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20)
|
|
|
|
|
|
500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System,
|
4/20 at 100.00
|
A–
|
527,005
|
|
|
|
Inc., Series 2010B, 5.000%, 4/01/30
|
|
|
|
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community
|
|
|
|
|
|
|
Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118:
|
|
|
|
|
|
1,000
|
18.637%, 4/01/34 (Pre-refunded 4/01/19) (IF) (4)
|
4/19 at 100.00
|
AA– (5)
|
1,374,400
|
|
|
1,290
|
13.646%, 4/01/42 (IF) (4)
|
10/22 at 100.00
|
AA–
|
1,377,707
|
|
|
25
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc.,
|
8/25 at 100.00
|
A3
|
28,971
|
|
|
|
Refunding Series 2016, 5.000%, 2/15/28
|
|
|
|
|
|
1,090
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior
|
8/23 at 100.00
|
A
|
1,149,460
|
|
|
|
Living Communities, Refunding Series 2013, 5.000%, 8/15/43
|
|
|
|
|
|
2,500
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust
|
5/19 at 100.00
|
AA– (5)
|
3,980,200
|
|
|
|
2016-XL0020, 28.218%, 5/01/36 (Pre-refunded 5/01/19) (IF) (4)
|
|
|
|
|
|
32,810
|
Total Wisconsin
|
|
|
37,430,659
|
NUVEEN 63
|
NEV
|
Nuveen Enhanced Municipal Value Fund
|
|
|
|
Portfolio of Investments (continued)
|
April 30, 2017 (Unaudited)
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
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
|
$ 773,772
|
|
|
1,600
|
6.500%, 7/01/43
|
7/21 at 100.00
|
BBB
|
1,752,528
|
|
|
2,310
|
Total Wyoming
|
|
|
2,526,300
|
|
|
$ 393,046
|
Total Municipal Bonds (cost $375,416,459)
|
|
|
403,506,582
|
|
Shares
|
Description (1)
|
|
|
Value
|
|
|
|
COMMON STOCKS – 0.6%
|
|
|
|
|
|
|
Airlines – 0.6%
|
|
|
|
|
|
50,333
|
American Airlines Group Inc., (10)
|
|
|
$ 2,145,192
|
|
|
|
Total Common Stocks (cost $1,491,886)
|
|
|
2,145,192
|
|
|
|
Total Long-Term Investments (cost $376,908,345)
|
|
|
405,651,774
|
|
Principal
|
|
Optional Call
|
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
|
SHORT-TERM INVESTMENTS – 0.8%
|
|
|
|
|
|
|
MUNICIPAL BONDS – 0.8%
|
|
|
|
|
|
|
Illinois – 0.8%
|
|
|
|
|
|
$ 2,070
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Alternative
|
7/17 at 100.00
|
B+
|
$ 2,070,000
|
|
|
|
Revenue, Project Series 2015G, Variable Rate Demand Obligations, 9.000%, 3/01/32 (11)
|
|
|
|
|
|
1,000
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues
|
7/17 at 100.00
|
B+
|
997,110
|
|
|
|
Series 2011C-1, Variable Rate Demand Obligations, 9.000%, 3/01/32 (11)
|
|
|
|
|
|
$ 3,070
|
Total Short-Term Investments (cost $3,053,313)
|
|
|
3,067,110
|
|
|
|
Total Investments (cost $379,961,658) – 110.2%
|
|
|
408,718,884
|
|
|
|
Floating Rate Obligations – (13.1)%
|
|
|
(48,545,000)
|
|
|
|
Other Assets Less Liabilities – 2.9%
|
|
|
10,570,146
|
|
|
|
Net Assets – 100%
|
|
|
$ 370,744,030
|
64 NUVEEN
| (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.
|
| (3) |
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
| (4) |
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
| (5) |
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. 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) |
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.
|
| (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) |
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/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.
|
| (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 65
|
Statement of
|
||||||||||||||||
|
Assets and Liabilities
|
April 30, 2017 (Unaudited)
|
|||||||||||||||
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
|
Assets
|
||||||||||||||||
|
Long-term investments, at value (cost $1,911,002,787, $210,610,611,
|
||||||||||||||||
|
$84,313,376 and $376,908,345, respectively)
|
$
|
2,072,573,872
|
$
|
238,698,869
|
$
|
92,637,121
|
$
|
405,651,774
|
||||||||
|
Short-term investments, at value (cost $11,050,000, $—, $— and
|
||||||||||||||||
|
$3,053,313, respectively)
|
11,050,000
|
—
|
—
|
3,067,110
|
||||||||||||
|
Cash
|
19,432,284
|
1,251,327
|
583,985
|
810,612
|
||||||||||||
|
Receivable for:
|
||||||||||||||||
|
Shares sold
|
—
|
566,077
|
—
|
—
|
||||||||||||
|
Interest
|
25,534,878
|
3,644,454
|
1,288,892
|
7,642,620
|
||||||||||||
|
Investments sold
|
12,451,559
|
7,293,671
|
85,420
|
4,135,000
|
||||||||||||
|
Deferred offering costs
|
—
|
100,863
|
—
|
—
|
||||||||||||
|
Other assets
|
325,053
|
5,606
|
4,937
|
29,767
|
||||||||||||
|
Total assets
|
2,141,367,646
|
251,560,867
|
94,600,355
|
421,336,883
|
||||||||||||
|
Liabilities
|
||||||||||||||||
|
Floating rate obligations
|
14,130,000
|
7,125,000
|
—
|
48,545,000
|
||||||||||||
|
Payable for:
|
||||||||||||||||
|
Dividends
|
5,972,546
|
810,262
|
307,776
|
1,682,807
|
||||||||||||
|
Investments purchased
|
21,813,489
|
—
|
99,378
|
—
|
||||||||||||
|
Accrued expenses:
|
||||||||||||||||
|
Management fees
|
793,903
|
118,378
|
47,269
|
274,760
|
||||||||||||
|
Directors/Trustees fees
|
294,080
|
1,959
|
763
|
17,944
|
||||||||||||
|
Other
|
375,616
|
121,677
|
38,184
|
72,342
|
||||||||||||
|
Total liabilities
|
43,379,634
|
8,177,276
|
493,370
|
50,592,853
|
||||||||||||
|
Net assets
|
$
|
2,097,988,012
|
$
|
243,383,591
|
$
|
94,106,985
|
$
|
370,744,030
|
||||||||
|
Shares outstanding
|
206,875,449
|
14,499,387
|
8,319,849
|
24,950,068
|
||||||||||||
|
Net asset value ("NAV") per share outstanding
|
$
|
10.14
|
$
|
16.79
|
$
|
11.31
|
$
|
14.86
|
||||||||
|
Net assets consist of:
|
||||||||||||||||
|
Shares, $0.01 par value per share
|
$
|
2,068,754
|
$
|
144,994
|
$
|
83,198
|
$
|
249,501
|
||||||||
|
Paid-in surplus
|
1,956,404,758
|
212,702,467
|
85,771,342
|
366,211,930
|
||||||||||||
|
Undistributed (Over-distribution of) net investment income
|
11,557,741
|
969,810
|
251,837
|
802,754
|
||||||||||||
|
Accumulated net realized gain (loss)
|
(33,614,326
|
)
|
1,478,062
|
(323,137
|
)
|
(25,277,381
|
)
|
|||||||||
|
Net unrealized appreciation (depreciation)
|
161,571,085
|
28,088,258
|
8,323,745
|
28,757,226
|
||||||||||||
|
Net assets
|
$
|
2,097,988,012
|
$
|
243,383,591
|
$
|
94,106,985
|
$
|
370,744,030
|
||||||||
|
Authorized shares
|
350,000,000
|
Unlimited
|
200,000,000
|
Unlimited
|
||||||||||||
See accompanying notes to financial statements.
66 NUVEEN
|
Statement of
|
|
|
|
|
|
Operations
|
Six Months Ended April 30, 2017 (Unaudited)
|
|||
|
|
||||
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
|
Investment Income
|
$
|
46,942,002
|
$
|
6,359,539
|
$
|
2,382,229
|
$
|
12,233,963
|
||||||||
|
Expenses
|
||||||||||||||||
|
Management fees
|
4,768,186
|
708,707
|
284,055
|
1,657,623
|
||||||||||||
|
Interest expense
|
92,836
|
44,583
|
235
|
305,356
|
||||||||||||
|
Custodian fees
|
108,020
|
17,323
|
12,468
|
31,544
|
||||||||||||
|
Directors/Trustees fees
|
32,161
|
3,699
|
1,445
|
5,741
|
||||||||||||
|
Professional fees
|
50,604
|
16,564
|
13,505
|
29,464
|
||||||||||||
|
Shareholder reporting expenses
|
139,159
|
16,975
|
10,845
|
20,744
|
||||||||||||
|
Shareholder servicing agent fees
|
108,415
|
159
|
5,953
|
166
|
||||||||||||
|
Stock exchange listing fees
|
31,843
|
3,856
|
3,621
|
8,005
|
||||||||||||
|
Investor relations expenses
|
105,934
|
12,276
|
5,597
|
17,333
|
||||||||||||
|
Other
|
58,731
|
11,006
|
6,616
|
20,493
|
||||||||||||
|
Total expenses
|
5,495,889
|
835,148
|
344,340
|
2,096,469
|
||||||||||||
|
Net investment income (loss)
|
41,446,113
|
5,524,391
|
2,037,889
|
10,137,494
|
||||||||||||
|
Realized and Unrealized Gain (Loss)
|
||||||||||||||||
|
Net realized gain (loss) from investments
|
4,528,845
|
2,001,598
|
(680
|
)
|
(49,501
|
)
|
||||||||||
|
Change in net unrealized appreciation (depreciation) of investments
|
(57,634,659
|
)
|
(8,448,470
|
)
|
(2,502,804
|
)
|
(17,856,799
|
)
|
||||||||
|
Net realized and unrealized gain (loss)
|
(53,105,814
|
)
|
(6,446,872
|
)
|
(2,503,484
|
)
|
(17,906,300
|
)
|
||||||||
|
Net increase (decrease) in net assets from operations
|
$
|
(11,659,701
|
)
|
$
|
(922,481
|
)
|
$
|
(465,595
|
)
|
$
|
(7,768,806
|
)
|
||||
See accompanying notes to financial statements.
NUVEEN 67
|
Statement of
|
||||||||||||||||
|
Changes in Net Assets
|
(Unaudited)
|
|||||||||||||||
|
|
||||||||||||||||
|
|
NUV
|
NUW
|
||||||||||||||
|
|
Six Months
|
Six Months
|
||||||||||||||
|
|
Ended
|
Year Ended
|
Ended
|
Year Ended
|
||||||||||||
|
|
4/30/17
|
10/31/16
|
4/30/17
|
10/31/16
|
||||||||||||
|
Operations
|
||||||||||||||||
|
Net investment income (loss)
|
$
|
41,446,113
|
$
|
83,294,176
|
$
|
5,524,391
|
$
|
10,645,109
|
||||||||
|
Net realized gain (loss) from investments
|
4,528,845
|
(9,063,243
|
)
|
2,001,598
|
767,370
|
|||||||||||
|
Change in net unrealized appreciation (depreciation) of investments
|
(57,634,659
|
)
|
47,249,567
|
(8,448,470
|
)
|
(193,067
|
)
|
|||||||||
|
Net increase (decrease) in net assets from operations
|
(11,659,701
|
)
|
121,480,500
|
(922,481
|
)
|
11,219,412
|
||||||||||
|
Distributions to Shareholders
|
||||||||||||||||
|
From net investment income
|
(40,795,848
|
)
|
(80,761,259
|
)
|
(5,281,674
|
)
|
(10,943,206
|
)
|
||||||||
|
Decrease in net assets from distributions to shareholders
|
(40,795,848
|
)
|
(80,761,259
|
)
|
(5,281,674
|
)
|
(10,943,206
|
)
|
||||||||
|
Capital Share Transactions
|
||||||||||||||||
|
Proceeds from shelf offering, net of offering costs
|
—
|
9,540,333
|
2,082,380
|
17,451,974
|
||||||||||||
|
Net proceeds from shares issued to shareholders due to
|
||||||||||||||||
|
reinvestment of distributions
|
—
|
3,676,267
|
111,501
|
713,294
|
||||||||||||
|
Net increase (decrease) in net assets from capital share transactions
|
—
|
13,216,600
|
2,193,881
|
18,165,268
|
||||||||||||
|
Net increase (decrease) in net assets
|
(52,455,549
|
)
|
53,935,841
|
(4,010,274
|
)
|
18,441,474
|
||||||||||
|
Net assets at the beginning of period
|
2,150,443,561
|
2,096,507,720
|
247,393,865
|
228,952,391
|
||||||||||||
|
Net assets at the end of period
|
$
|
2,097,988,012
|
$
|
2,150,443,561
|
$
|
243,383,591
|
$
|
247,393,865
|
||||||||
|
Undistributed (Over-distribution of)
|
||||||||||||||||
|
net investment income at the end of period
|
$
|
11,557,741
|
$
|
10,907,476
|
$
|
969,810
|
$
|
727,093
|
||||||||
See accompanying notes to financial statements.
68 NUVEEN
|
|
NMI
|
NEV
|
||||||||||||||
|
|
Six Months
|
Six Months
|
||||||||||||||
|
|
Ended
|
Year Ended
|
Ended
|
Year Ended
|
||||||||||||
|
|
4/30/17
|
10/31/16
|
4/30/17
|
10/31/16
|
||||||||||||
|
Operations
|
||||||||||||||||
|
Net investment income (loss)
|
$
|
2,037,889
|
$
|
4,200,062
|
$
|
10,137,494
|
$
|
19,652,593
|
||||||||
|
Net realized gain (loss) from investments
|
(680
|
)
|
(20,534
|
)
|
(49,501
|
)
|
(537,166
|
)
|
||||||||
|
Change in net unrealized appreciation (depreciation) of investments
|
(2,502,804
|
)
|
1,237,919
|
(17,856,799
|
)
|
633,718
|
||||||||||
|
Net increase (decrease) in net assets from operations
|
(465,595
|
)
|
5,417,447
|
(7,768,806
|
)
|
19,749,145
|
||||||||||
|
Distributions to Shareholders
|
||||||||||||||||
|
From net investment income
|
(2,045,888
|
)
|
(4,216,821
|
)
|
(10,321,843
|
)
|
(21,633,059
|
)
|
||||||||
|
Decrease in net assets from distributions to shareholders
|
(2,045,888
|
)
|
(4,216,821
|
)
|
(10,321,843
|
)
|
(21,633,059
|
)
|
||||||||
|
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
|
86,466
|
181,990
|
—
|
168,274
|
||||||||||||
|
Net increase (decrease) in net assets from capital share transactions
|
86,466
|
181,990
|
—
|
61,862,168
|
||||||||||||
|
Net increase (decrease) in net assets
|
(2,425,017
|
)
|
1,382,616
|
(18,090,649
|
)
|
59,978,254
|
||||||||||
|
Net assets at the beginning of period
|
96,532,002
|
95,149,386
|
388,834,679
|
328,856,425
|
||||||||||||
|
Net assets at the end of period
|
$
|
94,106,985
|
$
|
96,532,002
|
$
|
370,744,030
|
$
|
388,834,679
|
||||||||
|
Undistributed (Over-distribution of)
|
||||||||||||||||
|
net investment income at the end of period
|
$
|
251,837
|
$
|
259,836
|
$
|
802,754
|
$
|
987,103
|
||||||||
See accompanying notes to financial statements.
NUVEEN 69
|
Financial
|
|
Highlights (Unaudited)
|
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
|
|
|
|||||||||||
|
NUV
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 10/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
2017(d)
|
$10.39
|
$0.20
|
$(0.25)
|
$ (0.05)
|
$(0.20)
|
$ —
|
$(0.20)
|
$ —
|
$ —
|
$10.14
|
$10.00
|
|
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
|
|
NUW
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 10/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
2017(d)
|
17.22
|
0.38
|
(0.44)
|
(0.06)
|
(0.37)
|
—
|
(0.37)
|
—*
|
—*
|
16.79
|
17.05
|
|
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 distribu- tions, 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.
|
70 NUVEEN
|
|
|
|
|
Ratios/Supplemental Date
|
|
|
|
|
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)
|
||||||||||||||||
|
(0.47
|
)%
|
2.25
|
%
|
$
|
2,097,988
|
0.53
|
%***
|
4.01
|
%***
|
8
|
%
|
|||||||||||
|
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
|
|||||||||||||||||
|
(0.33
|
)
|
2.78
|
243,384
|
0.70
|
***
|
4.64
|
***
|
9
|
||||||||||||||
|
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:
|
|
NUV
|
|
NUW
|
|
|
|
Year Ended 10/31:
|
|
Year Ended 10/31:
|
|
|
|
2017(d)
|
0.01%***
|
2017(d)
|
0.04%***
|
|
|
2016
|
0.01
|
2016
|
0.03
|
|
|
2015
|
0.00**
|
2015
|
0.02
|
|
|
2014
|
0.01
|
2014
|
0.02
|
|
|
2013
|
0.00**
|
2013
|
0.00**
|
|
|
2012
|
0.02
|
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.
|
|
(d)
|
For the six months ended April 30, 2017.
|
|
*
|
Rounds to less than $0.01 per share.
|
|
**
|
Rounds to less than 0.01%.
|
|
***
|
Annualized.
|
See accompanying notes to financial statements.
NUVEEN 71
|
Financial Highlights (Unaudited) (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
|
|
|
|||||||||||
|
NMI
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 10/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
2017(e)
|
$11.61
|
$0.25
|
$(0.30)
|
$(0.05)
|
$(0.25)
|
$ —
|
$(0.25)
|
$ —
|
$ —
|
$11.31
|
$12.31
|
|
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
|
|
NEV
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended 10/31:
|
|
|
|
|
|
|
|
|
|
|
|
|
2017(e)
|
15.58
|
0.41
|
(0.72)
|
(0.31)
|
(0.41)
|
—
|
(0.41)
|
—
|
—
|
14.86
|
14.33
|
|
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 distribu- tions, 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.
|
72 NUVEEN
|
|
|
|
|
Ratios/Supplemental Date
|
|
|
|
|
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)
|
||||||||||||||||
|
(0.43
|
)%
|
3.08
|
%
|
$
|
94,107
|
0.74
|
%**
|
4.39
|
%**
|
4
|
%
|
|||||||||||
|
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
|
|||||||||||||||||
|
(1.90
|
)
|
0.02
|
370,744
|
1.15
|
**
|
5.55
|
**
|
5
|
||||||||||||||
|
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:
|
|
NMI
|
|
NEV
|
|
|
|
Year Ended 10/31:
|
|
Year Ended 10/31:
|
|
|
|
2017(e)
|
0.00%***
|
2017(e)
|
0.17%**
|
|
|
2016
|
0.03
|
2016
|
0.07
|
|
|
2015
|
0.01
|
2015
|
0.07
|
|
|
2014
|
0.01
|
2014
|
0.09
|
|
|
2013
|
0.01
|
2013
|
0.08
|
|
|
2012
|
0.01
|
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
|
|
|
NEV
|
Expenses
|
Income (Loss)
|
|
|
Year Ended 10/31:
|
|
|
|
|
2015
|
1.08%
|
5.91%
|
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
|
|
(e)
|
For the six months ended April 30, 2017.
|
|
*
|
During the fiscal year ended October 31, 2013, 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.
|
|
**
|
Annualized.
|
|
***
|
Annualized ratio rounds to less than 0.01%.
|
See accompanying notes to financial statements.
NUVEEN 73
|
Notes to
|
|
Financial Statements (Unaudited)
|
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)
· Nuveen AMT-Free Municipal Value Fund (NUW)
· Nuveen Municipal Income Fund, Inc. (NMI)
· Nuveen Enhanced Municipal Value Fund (NEV)
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NUV and NMI were incorporated under the state laws of Minnesota on April 8, 1987 and February 26, 1988, respectively. NUW and 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 April 30, 2017, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2017 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen, LLC ("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
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.
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:
|
|
NUV
|
NMI
|
|
Outstanding when-issued/delayed delivery purchase commitments
|
$21,813,489
|
$99,378
|
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.
74 NUVEEN
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, if any, 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.
Compensation
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 Funds' Board of Directors/Trustees (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.
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 current fiscal 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 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,
NUVEEN 75
Notes to Financial Statements (Unaudited) (continued)
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 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:
|
NUV
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Long-Term Investments*:
|
||||||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
2,071,943,847
|
$
|
—
|
$
|
2,071,943,847
|
||||||||
|
Corporate Bonds
|
—
|
—
|
630,025
|
**
|
630,025
|
|||||||||||
|
Short-Term Investments*:
|
||||||||||||||||
|
Municipal Bonds
|
—
|
11,050,000
|
—
|
11,050,000
|
||||||||||||
|
Total
|
$
|
—
|
$
|
2,082,993,847
|
$
|
630,025
|
$
|
2,083,623,872
|
||||||||
|
NUW
|
||||||||||||||||
|
Long-Term Investments*:
|
||||||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
238,698,869
|
$
|
—
|
$
|
238,698,869
|
||||||||
|
NMI
|
||||||||||||||||
|
Long-Term Investments*:
|
||||||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
92,637,121
|
$
|
—
|
$
|
92,637,121
|
||||||||
|
NEV
|
||||||||||||||||
|
Long-Term Investments*:
|
||||||||||||||||
|
Municipal Bonds
|
$
|
—
|
$
|
403,481,309
|
$
|
25,273
|
**
|
$
|
403,506,582
|
|||||||
|
Common Stocks
|
2,145,192
|
—
|
—
|
2,145,192
|
||||||||||||
|
Short-Term Investments*:
|
||||||||||||||||
|
Municipal Bonds
|
—
|
3,067,110
|
—
|
3,067,110
|
||||||||||||
|
Total
|
$
|
2,145,192
|
$
|
406,548,419
|
$
|
25,273
|
$
|
408,718,884
|
||||||||
|
*
|
Refer to the Fund's Portfolio of Investments for state and/or 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
76 NUVEEN
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.
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
NUVEEN 77
Notes to Financial Statements (Unaudited) (continued)
Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
|
Floating Rate Obligations Outstanding
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
|
Floating rate obligations: self-deposited Inverse Floaters
|
$
|
14,130,000
|
$
|
7,125,000
|
$
|
—
|
$
|
48,545,000
|
||||||||
|
Floating rate obligations: externally-deposited Inverse Floaters
|
5,250,000
|
10,165,000
|
6,005,000
|
146,485,000
|
||||||||||||
|
Total
|
$
|
19,380,000
|
$
|
17,290,000
|
$
|
6,005,000
|
$
|
195,030,000
|
||||||||
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:
|
Self-Deposited Inverse Floaters
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
|
Average floating rate obligations outstanding
|
$
|
14,130,000
|
$
|
7,125,000
|
$
|
—
|
$
|
48,485,000
|
||||||||
|
Average annual interest rate and fees
|
1.25
|
%
|
1.24
|
%
|
—
|
%
|
1.27
|
%
|
||||||||
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
|
Floating Rate Obligations - Recourse Trusts
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
|
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
|
$
|
14,130,000
|
$
|
7,125,000
|
$
|
—
|
$
|
34,920,000
|
||||||||
|
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
|
5,250,000
|
10,165,000
|
6,005,000
|
136,185,000
|
||||||||||||
|
Total
|
$
|
19,380,000
|
$
|
17,290,000
|
$
|
6,005,000
|
$
|
171,105,000
|
||||||||
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.
78 NUVEEN
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 other 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 a 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:
|
|
NUV
|
NUW
|
NEV
|
|||||||||||||||||||||
|
|
Six Months
|
Year
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||||||||
|
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||||||||
|
|
4/30/17
|
10/31/16*
|
4/30/17
|
10/31/16**
|
4/30/17
|
10/31/16
|
||||||||||||||||||
|
Additional authorized shares
|
19,600,000
|
19,600,000
|
2,600,000
|
2,600,000
|
5,200,000
|
5,200,000
|
||||||||||||||||||
|
Shares sold
|
—
|
900,076
|
123,474
|
992,372
|
—
|
3,842,469
|
||||||||||||||||||
|
Offering proceeds, net of offering costs
|
$
|
—
|
$
|
9,540,333
|
$
|
2,082,380
|
$
|
17,451,974
|
$
|
—
|
$
|
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.
|
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.
NUVEEN 79
Notes to Financial Statements (Unaudited) (continued)
During the prior reporting period, NMI and NEV each filed an initial registration statement with the SEC to establish new Shelf Offerings. During May 2017, subsequent to the close of this reporting period, NMI's Shelf Offering was declared effective, while NEV's is not yet effective.
Common Share Transactions
Transactions in common shares during the Funds' current and prior fiscal period, where applicable, were as follows:
|
|
NUV
|
NUW
|
||||||||||||||
|
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
|
4/30/17
|
10/31/16
|
4/30/17
|
10/31/16
|
||||||||||||
|
Shares sold through shelf offering
|
—
|
900,076
|
123,474
|
992,372
|
||||||||||||
|
Shares issued to shareholders due to reinvestment of distributions
|
—
|
347,727
|
6,671
|
40,963
|
||||||||||||
|
Weighted average premium to NAV per shelf offering share sold
|
—
|
%
|
1.22
|
%
|
1.50
|
%
|
2.34
|
%
|
||||||||
|
|
NMI*
|
NEV
|
||||||||||||||
|
|
Six Months
|
Year
|
Six Months
|
Year
|
||||||||||||
|
|
Ended
|
Ended
|
Ended
|
Ended
|
||||||||||||
|
|
4/30/17
|
10/31/16
|
4/30/17
|
10/31/16
|
||||||||||||
|
Shares sold through shelf offering
|
—
|
—
|
—
|
3,842,469
|
||||||||||||
|
Shares issued to shareholders due to reinvestment of distributions
|
7,550
|
15,227
|
—
|
10,581
|
||||||||||||
|
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:
|
|
|
|
|
|
|
NUV
|
NUW
|
NMI
|
NEV
|
|
Purchases
|
$173,283,636
|
$22,253,347
|
$3,916,089
|
$19,729,194
|
|
Sales and maturities
|
183,661,760
|
25,132,606
|
6,816,816
|
26,816,111
|
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.
As of April 30, 2017, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
|
Cost of investments
|
$
|
1,900,669,570
|
$
|
202,151,634
|
$
|
84,250,030
|
$
|
330,487,776
|
||||||||
|
Gross unrealized:
|
||||||||||||||||
|
Appreciation
|
$
|
186,980,843
|
$
|
30,205,981
|
$
|
8,892,769
|
$
|
42,476,554
|
||||||||
|
Depreciation
|
(18,156,618
|
)
|
(783,746
|
)
|
(505,678
|
)
|
(12,790,386
|
)
|
||||||||
|
Net unrealized appreciation (depreciation) of investments
|
$
|
168,824,225
|
$
|
29,422,235
|
$
|
8,387,091
|
$
|
29,686,168
|
||||||||
80 NUVEEN
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' last tax year end, as follows:
|
|
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' last tax year end, were as follows:
|
|
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' last tax year ended October 31, 2016, was designated for purposes of the dividends paid deduction as follows:
|
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||||
|
Distributions from net tax-exempt income
|
$
|
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
|
—
|
—
|
—
|
—
|
||||||||||||
|
2 Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
||||||||||||||||
As of October 31, 2016, the Funds' last 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.
|
|
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' last tax year ended October 31, 2016, the following Funds utilized capital loss carryforwards as follows:
|
||||||||||||||||
|
|
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 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.
NUVEEN 81
|
Notes to Financial Statements (Unaudited) (continued)
|
||||
|
The annual Fund-level fee, payable monthly, for NUV is calculated according to the following schedule:
|
||||
|
|
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, 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:
|
|
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
|
|||
|
The annual Fund-level fee, payable monthly, for NUW, NMI and NEV is calculated according to the following schedules:
|
||||
|
|
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
|
|||
|
|
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
|
|||
|
|
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
|
|||
82 NUVEEN
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 NUV and 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 a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2017, the complex-level fee rate for each Fund was 0.1610%.
|
Other Transactions with Affiliates
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 Funds did not engage in inter-fund trades pursuant to these procedures.
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, 2016 (the only date utilized during the current fiscal period), the following Funds borrowed the following amount from the Unsecured Credit Line, each at an annualized interest rate of 2.02% on their respective balance.
|
|
NUV
|
NEV
|
|
Outstanding balance at December 31, 2016
|
$8,374,528
|
$3,187,609
|
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 "other expenses" on the Statement of
NUVEEN 83
Notes to Financial Statements (Unaudited) (continued)
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, NUV utilized this facility. The Fund's maximum outstanding balance during the utilization period was as follows:
|
|
NUV
|
|||
|
Maximum Outstanding Balance
|
$
|
28,000,000
|
||
During the current fiscal period, the average daily balance and average annual interest rate on the Fund's Borrowings during the utilization period were as follows:
|
|
NUV
|
|||
|
Average daily balance outstanding
|
$
|
23,000,000
|
||
|
Average annual interest rate
|
2.02
|
%
|
||
Borrowings outstanding as of the end of the reporting period are recognized as "Borrowings" on the Statement of Assets and Liabilities, where applicable.
9. New Accounting Pronouncements
Amendments to Regulation S-X
In October 2016, the SEC adopted new rules and amended existing rules (together, the "final rules") intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X is August 1, 2017. Management is still evaluating the impact of the final rules, if any.
Accounting Standards Update 2017-08 ("ASU 2017-08") Premium Amortization on Purchased Callable Debt Securities
During March 2017, the Financial Accounting Standards Board ("FASB") issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
10. Subsequent Events
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "Inter-Fund Program"). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund's outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund's inter-fund loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day's notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund's investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During May 2017, the Board approved the Nuveen funds participation in the Inter-Fund Program. As of the time this shareholder report was prepared, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
84 NUVEEN
|
Additional Fund Information
|
|
|
|||
|
|
|||||
|
|
|||||
|
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
|
|
Robert L. Young***
|
|
|
|
|
|
|
*
|
Interested Board Member and retired from the Funds' Board of Directors/Trustees effective June 30, 2017.
|
||||
|
**
|
Interested Board Member.
|
||||
|
***
|
Effective July 1, 2017.
|
||||
|
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.
NUVEEN 85
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.
|
|
| ■ |
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs),
|
|
are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn,
|
|
|
(a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some
|
|
|
fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes
|
|
|
referred to as an "inverse floater") to an investor (such as a fund) interested in gaining investment exposure to a long-term
|
|
|
municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the
|
|
|
floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the
|
|
|
underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any
|
|
|
potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the
|
|
|
underlying bond on a leveraged basis.
|
|
| ■ |
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100%
|
|
of the investment capital.
|
|
| ■ |
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and
|
|
receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.
|
|
| ■ |
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local
|
|
governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses
|
|
|
the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds.
|
|
|
Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.
|
|
| ■ |
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.
|
86 NUVEEN
| ■ |
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-
|
|
exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any
|
|
|
applicable sales charges or management fees.
|
|
| ■ |
Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial
|
|
leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the
|
|
|
residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of
|
|
|
assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.
|
|
| ■ |
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income
|
|
to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and
|
|
|
the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more
|
|
|
volatile than the market prices of bonds that pay interest periodically.
|
NUVEEN 87
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.
88 NUVEEN
Notes
NUVEEN 89
Notes
90 NUVEEN
Notes
NUVEEN 91
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment management arm of TIAA. We have grown into one of the world's premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully.
Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
Securities offered through Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
ESA-A-0417D 184320-INV-B-06/18
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
|
(a)
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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)).
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(b)
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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.
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ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
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(a)(1)
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Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
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(a)(2)
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A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See Ex-99.CERT attached hereto.
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(a)(3)
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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.
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(b)
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If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference: See Ex-99.906 CERT attached hereto.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Municipal Value Fund, Inc.
By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
Date: July 6, 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: July 6, 2017
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 6, 2017