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 811-05488

Nuveen Municipal Income 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: October 31, 2018

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.


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Table of Contents
   
Chairman’s Letter to Shareholders 
4 
Portfolio Managers’ Comments 
5 
Fund Leverage 
10 
Share Information 
11 
Risk Considerations 
13 
Performance Overview and Holding Summaries 
14 
Shareholder Meeting Report 
22 
Report of Independent Registered Public Accounting Firm 
23 
Portfolios of Investments 
24 
Statement of Assets and Liabilities 
72 
Statement of Operations 
73 
Statement of Changes in Net Assets 
74 
Statement of Cash Flows 
76 
Financial Highlights 
78 
Notes to Financial Statements 
82 
Additional Fund Information 
94 
Glossary of Terms Used in this Report 
95 
Reinvest Automatically, Easily and Conveniently 
97 
Annual Investment Management Agreement Approval Process 
98 
Board Members & Officers 
105 
 
3

Chairman’s Letter to Shareholders
Dear Shareholders,
I am honored to serve as the new independent chairman of the Nuveen Fund Board, effective July 1, 2018. I’d like to gratefully acknowledge the stewardship of my predecessor William J. Schneider and, on behalf of my fellow Board members, reinforce our commitment to the legacy of strong, independent oversight of your Funds.
If stock markets are forward-looking, then the recently elevated volatility suggests the consensus view is changing. Rising interest rates, moderating corporate earnings growth prospects and unpredictable geopolitical events including trade wars and Brexit have clouded the horizon. With economic growth in China and Europe already slowing this year, and U.S. growth possibly peaking, investors are watching for clues as to the global economy’s resilience amid these headwinds.
However, it’s important to remember that interim market swings may not reflect longer-term economic conditions. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy, but European corporate earnings have remained healthy and their central bank has reaffirmed its commitment to a gradual stimulus withdrawal. In a slower growth environment, there are opportunities for investors who seek them more selectively.
A more challenging landscape can distract you from your investment goals. But you can maintain long-term perspective by setting realistic expectations about short-term volatility and working with your financial advisor to evaluate your goals, timeline and risk tolerance. 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.
Terence J. Toth
Chairman of the Board
December 21, 2018
 
4

Portfolio Managers’ Comments
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen AMT-Free Municipal Value Fund (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers Daniel J. Close, CFA, Christopher L. Drahn, CFA, and Steven M. Hlavin discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these four national Funds. Dan has managed NUV and NUW since 2016. Chris assumed portfolio management responsibility for NMI in 2011. Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility in 2010.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2018?
The U.S. economy accelerated in this reporting period, with gross domestic product (GDP) growth reaching 4.2% (annualized) in the second quarter of 2018, the fastest pace since 2014, then receding to a still relatively robust 3.5% annualized rate in the third quarter of 2018, according to the Bureau of Economic Analysis “second” estimate. GDP is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. The boost in economic activity during the second quarter of 2018 was attributed to robust spending by consumers, businesses and the government, as well as a temporary increase in exports, as farmers rushed soybean shipments ahead of China’s retaliatory tariffs. While consumer and government spending continued to drive economic growth in the third quarter, the export contribution declined as expected and both business spending and housing investment weakened.
Consumer spending, the largest driver of the economy, remained well supported by low unemployment, wage gains and tax cuts. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 3.7% in October 2018 from 4.1% in October 2017 and job gains averaged around 210,000 per month for the past twelve months. The jobs market has continued to tighten, while average hourly earnings grew at an annualized rate of 3.1% in October 2018. The Consumer Price Index (CPI) increased 2.5% over the twelve-month reporting period ended October 31, 2018 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics.
 

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5

Portfolio Managers’ Comments (continued)
Low mortgage rates and low inventory drove home prices higher during this recovery cycle. But the price momentum slowed in recent months as mortgage rates began to drift higher and homes have become less affordable. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 5.5% in September 2018 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 4.8% and 5.1%, respectively.
With the U.S. economy delivering a sustainable growth rate and employment strengthening, the Federal Reserve’s (Fed’s) policy making committee continued to incrementally raise its main benchmark interest rate. The most recent increase, in September 2018, was the third rate hike in 2018 to date and the eighth rate hike since December 2015. Fed Chair Janet Yellen’s term expired in February 2018, and incoming Chairman Jerome Powell indicated he would likely maintain the Fed’s gradual pace of interest rate hikes. The September 2018 meeting confirmed the market’s expectations of another increase in December 2018, followed by additional increases in 2019. Notably, the Fed’s statement dropped “accommodative” from the description of its monetary policy, which Chairman Powell explained did not represent a change in the course of policy but rather an acknowledgement of the strengthening economy. Additionally, the Fed continued reducing its balance sheet by allowing a small amount of maturing Treasury and mortgage securities to roll off each month without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption.
Geopolitical news remained a prominent market driver. The U.S. moved forward with tariffs on imported goods from China, as well as on steel and aluminum from Canada, Mexico and Europe. These countries announced retaliatory measures in kind, intensifying concerns about a trade war, although there have been some positive developments. In July 2018, the U.S. and the Europe Union announced they would refrain from further tariffs while they negotiate trade terms, and in October 2018, the U.S., Mexico and Canada agreed to a new trade deal to replace the North American Free Trade Agreement. The U.S. and China resumed trade negotiations in August 2018, but the talks yielded little progress and President Trump subsequently mentioned imposing tariffs on the balance of Chinese goods. Brexit negotiations made modest progress, but the Irish border remained a sticking point and Prime Minister Theresa May was expected to face difficulty getting a plan approved in Parliament. Elsewhere in Europe, markets remained nervous about Italy’s new euroskeptic coalition government, immigration policy and political risk in Turkey. The U.S. Treasury issued additional sanctions on Russia in April 2018 and re-imposed sanctions on Iran following the U.S. withdrawal from the 2015 nuclear agreement. Bearish crude oil supply news, along with heightened tensions between the U.S. and Saudi Arabia after the disappearance of a Saudi journalist, drove oil price volatility. On the Korean peninsula, the leaders of South Korea and North Korea met during April 2018 and jointly announced a commitment toward peace, while the U.S.-North Korea summit yielded an agreement with few additional details.
The broad municipal bond market posted a modestly negative return for this reporting period. As the economy gained momentum and the Fed continued to nudge its policy rate higher, interest rates rose across the yield curve. However, short-term rates increased by a wider margin than longer-term rates, which were anchored by modest inflation expectations, resulting in a flattening yield curve.
Along with the overall economic outlook, tax reform was a significant market driver for municipal bonds in this reporting period. Early drafts of the tax bill fostered significant uncertainty about the impact on the municipal bond market, leading municipal bonds to underperform taxable bonds in December 2017 and provoking issuers to rush bond offerings ahead of the pending tax law. Issuance in December 2017 reached an all-time high of $62.5 billion, exacerbating the market’s price decline during the month. However, all of the supply was absorbed and municipal bond valuations subsequently returned to more typical levels.
The final tax reform legislation signed on December 27, 2017 largely spared municipal bonds and was considered neutral to positive for the municipal market overall. Notably, a provision that would have eliminated the tax-preferred status of 20% to 30% of the municipal bond market was not included in the final bill. Moreover, investors were relieved that the adopted changes apply only to newly issued municipal bonds and also could be beneficial from a technical standpoint. Because new issue advance refunding bonds are no longer tax exempt, the total supply of municipal bonds will decrease going forward, boosting the scarcity value of
6


existing municipal bonds. The new tax law also caps the state and local tax (SALT) deduction for individuals, which will likely increase demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes.
Following the issuance surge in late 2017, issuance remained sharply lower in early 2018. However, the overall balance of municipal bond supply and demand remained advantageous for prices. Municipal bond issuance nationwide totaled $388.6 billion in this reporting period, a 0.3% increase from the issuance for the twelve-month reporting period ended October 31, 2018. The overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40% to 60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been strong, the net has not, and this was an overall positive technical factor on municipal bond investment performance in recent years. Although the pace of refundings is slowing, net negative issuance is expected to continue.
Despite the volatility surrounding the potential tax law changes, demand remained robust and continued to outstrip supply. Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. As a result, municipal bond fund inflows have remained steady through the end of the reporting period.
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2018?
Interest rates rose in this reporting period but not uniformly. The yield curve flattened as the rate increase on the short end outpaced that on the long end. The rise in yields weighed on bond prices, but the gradual pace of the increase kept municipal bond fund flows fairly stable. Supply and demand conditions remained favorable, and credit fundamentals were relatively robust. 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. All four Funds engaged in elevated tax loss swap activity during this reporting period, as the rising interest rate environment provided attractive opportunities to do so. This strategy involves selling bonds that were bought when interest rates were lower and reinvesting the proceeds into bonds offering higher yield levels to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities. Additionally during this reporting period, all four Funds replaced some New Jersey Tobacco Settlement bonds that were refunded.
NUV and NUW bought intermediate to longer maturities with mid-investment grade credit ratings. NUV added bonds across a diverse range of sectors while NUW made purchases in the state and local general obligation (GO) and dedicated tax sectors. To fund our buying, NUV and NUW mainly used call and maturity proceeds.
In NMI, we maintained the overweight allocations to lower investment grade credits (and corresponding underweights to high grade bonds), modestly adding to the overweights in the single-A and BBB rated categories while trimming the Fund’s AAA and AA rated exposures. As a result of our preference for lower rated bonds, NMI continued to be overweighted in the health care (especially hospitals), transportation (airports and toll roads) and tobacco sectors, and underweighted in state and local GO bonds. NMI was also overweighted in the pre-refunded/escrowed sector, due to older existing holdings being advance refunded by new issues.
For NEV, we invested in tax loss swaps across a wide range of sectors including toll roads, airports, charter schools, higher education, health care and dedicated sales tax. In addition to the aforementioned tobacco bond calls, selected Chicago Board of Education and Marathon Oil bonds were called in this reporting period. Three of the Fund’s tender option bond (TOB) trusts matured and new TOB trusts were established to maintain consistent leverage levels.
As of October 31, 2018, NUV, NUW and NEV 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.
7

Portfolio Managers’ Comments (continued)
How did the Funds perform during the twelve-month reporting period ended October 31, 2018?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year, ten-year and since inception periods ended October 31, 2018. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
For the twelve months ended October 31, 2018, the total returns at NAV for NUV and NUW underperformed the return for the national S&P Municipal Bond Index and NMI’s and NEV’s returns outperformed the return for the national index.
The factors affecting performance in this reporting period included yield curve and duration positioning, credit ratings allocation and sector allocation. Given differences in the maturity structures of the four Funds’ portfolios, the performance impact of duration and yield curve positioning varied by Fund. For NUV, this positioning detracted from performance, driven by overweight allocations among the longest dated segments. NUW was hurt by an overweight to the 10- to 12-year category, but strong relative performance from an overweight at the very shortest (0- to 2-year) end of the yield curve compensated for the negative impact. NMI’s slight overweight allocations to select longer maturities was offset to a great extent by underweights in some of the weaker performing intermediate parts of the curve. NEV maintained a longer average duration than the benchmark, which was unfavorable during the rising interest rate environment, but it was offset by the positive contribution from the Fund’s underweight allocation to longer dated bonds.
For all four Funds, credit ratings allocations were strongly beneficial to performance. Credit spreads narrowed, helping lower rated bonds outperform high grade bonds in this reporting period. NMI, NUV and NUW were most aided by their overweights to BBB and single-B rated bonds. Single-B rated bonds are primarily tobacco securitization bonds, a sector that outperformed in this reporting period. NMI’s modest overweight to the BB category also benefited performance. NEV held overweights to BBB rated, below investment grade and non-rated bonds, which added to excess return versus the benchmark.
Sector positioning was a positive contributor to NUV, NUW and NMI’s performance. NUV and NUW were helped by their exposure to pre-refunded bonds, as well as by an overweight to health care in NUV and an underweight in higher education in NUW. Sector weightings were advantageous across NMI’s overweights in tobacco and health care and underweight in GO bonds. Security selection in the health care sector also boosted performance. Both an overweight and security selection in Illinois bonds was another positive contributor to NMI, while having no exposure to Puerto Rico bonds slightly detracted from relative results. For NEV, the overall impact of sector allocations was neutral. NEV benefited from its overweight allocations to the tobacco and industrial development revenue/pollution control revenue (IDR/PCR) sectors. Within the IDR/PCR sector, the Fund saw standout performance from FirstEnergy Solutions bonds (see the Update on FirstEnergy Solutions Corp. commentary in this report) and Lombard Public Facilities Corporation, Illinois, Conference Center and Hotel revenue bonds, which appreciated significantly due to a bond exchange to restructure the debt. However, an overweight to the hospital sector, which declined slightly during this reporting period, as well as a bias toward higher quality credits within the sector, were detrimental to performance. The Fund also saw disappointing results from its transportation sector holdings, as the Fund’s airport bonds tended to be of higher credit quality and lagged during the reporting period.
In addition, the use of leverage was an important factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
8


An Update on FirstEnergy Solutions Corp.
FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on March 18, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy Corp., FirstEnergy Solution’s parent announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. A substantial amount of bondholders, of which Nuveen Funds are included, entered into an “Agreement in Principal” with FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.
In terms of FirstEnergy Solutions holdings, shareholders should note that NUW and NMI had no exposure to FirstEnergy, while NUV had 0.62% and NEV had 1.74%. It should be noted that exposure for NUV was in the secured structure, which continues to track close to par.
9

Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the 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 in recent years 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 can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.
In addition, common share 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. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.
The use of leverage through inverse floating rate securities had a negative impact on the performance of NUW and a negligible impact on the performance of NUV, NMI and NEV over the reporting period.
As of October 31, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Effective Leverage* 
   
2.37
%
   
7.31
%
   
0.00
%
   
39.49
%
 
*     
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.
 
10

Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of October 31, 2018. 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
 
Monthly Distributions (Ex-Dividend Date) 
 
NUV
   
NUW
   
NMI
   
NEV
 
November 2017 
 
$
0.0325
   
$
0.0600
   
$
0.0405
   
$
0.0680
 
December 
   
0.0310
     
0.0600
     
0.0390
     
0.0650
 
January 
   
0.0310
     
0.0600
     
0.0390
     
0.0650
 
February 
   
0.0310
     
0.0600
     
0.0390
     
0.0650
 
March 
   
0.0310
     
0.0600
     
0.0390
     
0.0650
 
April 
   
0.0310
     
0.0600
     
0.0390
     
0.0650
 
May 
   
0.0310
     
0.0600
     
0.0390
     
0.0650
 
June 
   
0.0310
     
0.0560
     
0.0360
     
0.0620
 
July 
   
0.0310
     
0.0560
     
0.0360
     
0.0620
 
August 
   
0.0310
     
0.0560
     
0.0360
     
0.0620
 
September 
   
0.0310
     
0.0560
     
0.0360
     
0.0565
 
October 2018 
   
0.0310
     
0.0560
     
0.0360
     
0.0565
 
Total Monthly Per Share Distributions 
 
$
0.3735
   
$
0.7000
   
$
0.4545
   
$
0.7570
 
Ordinary Income Distribution* 
 
$
0.0160
   
$
0.0191
   
$
0.0026
   
$
0.0114
 
Total Distributions from Net Investment Income 
 
$
0.3895
   
$
0.7191
   
$
0.4571
   
$
0.7684
 
Total Distributions from Long-Term Capital Gains 
 
$
   
$
0.1816
   
$
   
$
 
Total Distributions 
 
$
0.3895
   
$
0.9007
   
$
0.4571
   
$
0.7684
 
   
Yields 
                               
Market Yield** 
   
4.05
%
   
4.68
%
   
4.28
%
   
5.34
%
Taxable-Equivalent Yield** 
   
5.33
%
   
6.16
%
   
5.63
%
   
7.03
%
 
*     
Distribution paid in December 2017.
**
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 24.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.

Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
11

Share Information (continued)
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
EQUITY SHELF PROGRAMS
During the current reporting period, NUW and NMI were authorized by the Securities and Exchange Commission to issue additional shares through an equity shelf program (Shelf Offering). Under these programs, NUW and NMI, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per share. The total amount of shares authorized under these Shelf Offerings are as shown in the accompanying table.
             
 
 
NUW
   
NMI
 
Additional authorized shares 
   
1,400,000
     
800,000
 
 
During the current reporting period, the following Funds sold shares through their Shelf Offerings at a weighted average premium to their NAV per share as shown in the accompanying table.
             
 
 
NUW
   
NMI
 
Shares sold through shelf offering 
   
299,412
     
187,400
 
Weighted average premium to NAV per share sold 
   
2.92
%
   
4.54
%
 
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 2018, the Funds’ Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of October 31, 2018, 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 
   
20,690,000
     
1,540,000
     
875,000
     
2,495,000
 
 
OTHER SHARE INFORMATION
As of October 31, 2018, 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 
 
$
9.84
   
$
15.88
   
$
10.92
   
$
14.24
 
Share price 
 
$
9.18
   
$
14.36
   
$
10.09
   
$
12.70
 
Premium/(Discount) to NAV 
   
(6.71
)%
   
(9.57
)%
   
(7.60
)%
   
(10.81
)%
12-month average premium/(discount) to NAV 
   
(4.85
)%
   
(3.19
)%
   
(0.65
)%
   
(6.68
)%
 
12

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.
13

   
NUV 
Nuveen Municipal Value Fund, Inc. 
 
Performance Overview and Holding Summaries as of October 31, 2018 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of October 31, 2018 
 
 
 
 
Average Annual
 
 
 
1-Year
   
5-Year
   
10-Year
 
NUV at NAV 
   
(0.71
)%
   
4.54
%
   
6.01
%
NUV at Share Price 
   
(5.55
)%
   
4.48
%
   
5.30
%
S&P Municipal Bond Index 
   
(0.31
)%
   
3.33
%
   
4.97
%
 
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.
Share Price Performance — Weekly Closing Price
 
14


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
101.7% 
Corporate Bonds 
0.0% 
Other Assets Less Liabilities 
0.7% 
Net Assets Plus Floating Rate 
 
Obligations 
102.4% 
Floating Rate Obligations 
(2.4)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
10.7% 
AAA 
5.4% 
AA 
34.6% 
A 
22.9% 
BBB 
16.5% 
BB or Lower 
6.4% 
N/R (not rated) 
3.5% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Transportation 
21.2% 
Tax Obligation/Limited 
20.4% 
Tax Obligation/General 
13.4% 
Health Care 
13.1% 
U.S. Guaranteed 
10.4% 
Utilities 
7.1% 
Other 
14.4% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Texas 
15.8% 
Illinois 
13.4% 
California 
9.0% 
Colorado 
6.6% 
New York 
5.6% 
Florida 
4.9% 
New Jersey 
3.7% 
Ohio 
3.5% 
Wisconsin 
3.4% 
Michigan 
2.9% 
Nevada 
2.8% 
Washington 
2.7% 
Indiana 
2.0% 
South Carolina 
1.6% 
Massachusetts 
1.6% 
Maryland 
1.4% 
Other 
19.1% 
Total 
100% 
 
15

   
NUW 
Nuveen AMT-Free Municipal Value Fund 
 
Performance Overview and Holding Summaries as of October 31, 2018 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of October 31, 2018 
 
 
 
  Average Annual  
 
             
Since
 
 
 
1-Year
   
5-Year
   
Inception
 
NUW at NAV 
   
(1.31
)%
   
4.35
%
   
6.25
%
NUW at Share Price 
   
(11.54
)%
   
3.82
%
   
4.73
%
S&P Municipal Bond Index 
   
(0.31
)%
   
3.33
%
   
4.54
%
 
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.
Share Price Performance — Weekly Closing Price
 
16


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
102.2% 
Other Assets Less Liabilities 
1.5% 
Net Assets Plus Floating Rate 
 
Obligations 
103.7% 
Floating Rate Obligations 
(3.7)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
23.7% 
AAA 
8.1% 
AA 
23.6% 
A 
26.7% 
BBB 
11.5% 
BB or Lower 
5.1% 
N/R (not rated) 
1.3% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
U.S. Guaranteed 
20.0% 
Tax Obligation/Limited 
14.7% 
Tax Obligation/General 
14.2% 
Transportation 
13.5% 
Utilities 
12.7% 
Water and Sewer 
6.8% 
Health Care 
6.1% 
Consumer Staples 
5.0% 
Other 
7.0% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
California 
12.0% 
Texas 
10.4% 
Illinois 
10.0% 
Florida 
7.9% 
Nevada 
6.1% 
Colorado 
5.4% 
Ohio 
5.1% 
New Jersey 
4.8% 
Wisconsin 
4.7% 
New York 
3.9% 
Maryland 
3.6% 
Indiana 
3.3% 
Arizona 
3.0% 
Other 
19.8% 
Total 
100% 
 
17

   
NMI 
Nuveen Municipal Income Fund, Inc. 
 
Performance Overview and Holding Summaries as of October 31, 2018 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of October 31, 2018 
 
 
 
  Average Annual  
 
 
1-Year
   
5-Year
   
10-Year
 
NMI at NAV 
   
(0.05
)%
   
4.75
%
   
6.67
%
NMI at Share Price 
   
(8.14
)%
   
4.51
%
   
5.19
%
S&P Municipal Bond Index 
   
(0.31
)%
   
3.33
%
   
4.97
%
 
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.
Share Price Performance — Weekly Closing Price
 
18

 
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
98.4% 
Other Assets Less Liabilities 
1.6% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
12.9% 
AAA 
0.6% 
AA 
18.5% 
A 
32.0% 
BBB 
23.1% 
BB or Lower 
7.0% 
N/R (not rated) 
5.9% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
21.8% 
Tax Obligation/General 
14.1% 
U.S. Guaranteed 
12.7% 
Transportation 
12.0% 
Tax Obligation/Limited 
10.0% 
Education and Civic Organizations 
9.3% 
Utilities 
6.8% 
Other 
13.3% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
California 
17.6% 
Colorado 
10.2% 
Illinois 
9.6% 
Texas 
8.2% 
Wisconsin 
7.8% 
Florida 
5.9% 
Ohio 
4.6% 
Pennsylvania 
3.4% 
Missouri 
3.1% 
Arizona 
2.4% 
Tennessee 
2.4% 
Minnesota 
2.1% 
New York 
2.1% 
Georgia 
2.0% 
Other 
18.6% 
Total 
100% 
 
19

   
NEV 
Nuveen Enhanced Municipal Value Fund 
 
Performance Overview and Holding Summaries as of October 31, 2018 
 
 
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. 
Average Annual Total Returns as of October 31, 2018 
 
 
 
  Average Annual  
 
             
Since
 
 
 
1-Year
   
5-Year
   
Inception
 
NEV at NAV 
   
(0.17
)%
   
6.25
%
   
6.20
%
NEV at Share Price 
   
(5.93
)%
   
4.33
%
   
4.50
%
S&P Municipal Bond Index 
   
(0.31
)%
   
3.33
%
   
3.73
%
 
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.
Share Price Performance — Weekly Closing Price
 
20


This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
125.8% 
Other Assets Less Liabilities 
1.2% 
Net Assets Plus Floating Rate 
 
Obligations 
127.0% 
Floating Rate Obligations 
(27.0)% 
Net Assets 
100% 
 
   
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
U.S. Guaranteed 
14.9% 
AAA 
3.0% 
AA 
26.3% 
A 
20.8% 
BBB 
18.9% 
BB or Lower 
7.9% 
N/R (not rated) 
8.2% 
Total 
100% 
 
   
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
24.2% 
Health Care 
16.0% 
Transportation 
12.8% 
U.S. Guaranteed 
11.7% 
Tax Obligation/General 
9.6% 
Education and Civic Organizations 
6.7% 
Utilities 
5.9% 
Other 
13.1% 
Total 
100% 
 
   
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
14.4% 
California 
9.5% 
New Jersey 
8.3% 
Wisconsin 
8.3% 
Ohio 
7.7% 
Pennsylvania 
6.8% 
Louisiana 
4.7% 
Guam 
4.7% 
Florida 
4.6% 
New York 
3.6% 
Georgia 
3.5% 
Washington 
3.5% 
Arizona 
2.5% 
Other 
17.9% 
Total 
100% 
 
21

Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen on August 8, 2018 for NUV, NUW, NMI and NEV; at this meeting the shareholders were asked to elect Board Members.
         
 
NUV 
NUW 
NMI 
NEV 
 
Common 
Common 
Common 
Common 
 
Shares 
Shares 
Shares 
Shares 
Approval of the Board Members was reached as follows: 
 
 
 
 
Margo L. Cook 
 
 
 
 
For 
181,432,160 
14,100,057 
7,648,213 
22,659,542 
Withhold 
4,462,101 
343,422 
422,275 
836,107 
Total 
185,894,261 
14,443,479 
8,070,488 
23,495,649 
Jack B. Evans 
 
 
 
 
For 
180,613,263 
14,038,891 
7,620,179 
22,546,985 
Withhold 
5,280,998 
404,588 
450,309 
948,664 
Total 
185,894,261 
14,443,479 
8,070,488 
23,495,649 
Albin F. Moschner 
 
 
 
 
For 
180,883,234 
14,084,523 
7,636,410 
22,630,447 
Withhold 
5,011,027 
358,956 
434,078 
865,202 
Total 
185,894,261 
14,443,479 
8,070,488 
23,495,649 
William J. Schneider 
 
 
 
 
For 
180,339,085 
14,058,520 
7,557,738 
22,557,883 
Withhold 
5,555,176 
384,959 
512,750 
937,766 
Total 
185,894,261 
14,443,479 
8,070,488 
23,495,649 
 
22

Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors/Trustees of
Nuveen Municipal Value Fund, Inc.
Nuveen AMT-Free Municipal Value Fund
Nuveen Municipal Income Fund, Inc.
Nuveen Enhanced Municipal Value Fund:


Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Municipal Value Fund, Inc., Nuveen AMT-Free Municipal Value Fund, Nuveen Municipal Income Fund, Inc., and Nuveen Enhanced Municipal Value Fund (the “Funds”) as of October 31, 2018, the related statements of operations and cash flows (Nuveen Enhanced Municipal Value Fund ) for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2018, the results of their operations and the cash flows of Nuveen Enhanced Municipal Value Fund for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
 
/s/ KPMG LLP
 
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
December 27, 2018
23

   
NUV
Nuveen Municipal Value Fund, Inc.
Portfolio of Investments
October 31, 2018
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 101.7% 
 
 
 
 
 
MUNICIPAL BONDS – 101.7% 
 
 
 
 
 
Alaska – 0.1% 
 
 
 
$ 2,710 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
12/18 at 100.00 
B3 
$ 2,704,607 
 
 
Series 2006A, 5.000%, 6/01/32 
 
 
 
 
 
Arizona – 1.2% 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien 
 
 
 
 
 
Series 2017A: 
 
 
 
2,935 
 
5.000%, 7/01/35 
7/27 at 100.00 
AA– 
3,294,097 
4,750 
 
5.000%, 7/01/36 
7/27 at 100.00 
AA– 
5,312,210 
5,600 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
6,366,472 
 
 
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 
4,422,956 
 
 
Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured 
 
 
 
 
 
Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2017: 
 
 
 
1,000 
 
5.000%, 7/01/32 
7/27 at 100.00 
AA 
1,140,900 
1,410 
 
5.000%, 7/01/33 
7/27 at 100.00 
AA 
1,602,944 
1,000 
 
5.000%, 7/01/34 
7/27 at 100.00 
AA 
1,133,600 
750 
 
5.000%, 7/01/35 
7/27 at 100.00 
AA 
847,178 
21,685 
 
Total Arizona 
 
 
24,120,357 
 
 
Arkansas – 0.3% 
 
 
 
5,650 
 
Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A, 4.750%, 11/01/18 – 
5/18 at 100.00 
AA 
5,650,000 
 
 
AGM Insured 
 
 
 
 
 
California – 9.1% 
 
 
 
4,615 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
No Opt. Call 
AA 
4,052,293 
 
 
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– (4) 
5,626,100 
 
 
2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) 
 
 
 
4,245 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold 
1/19 at 100.00 
CCC 
1,852,560 
 
 
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 
B2 
3,284,760 
4,200 
 
5.600%, 6/01/36 
12/18 at 100.00 
B2 
4,205,670 
1,175 
 
California Department of Water Resources, Central Valley Project Water System Revenue Bonds, 
12/26 at 100.00 
AAA 
1,352,496 
 
 
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– 
10,903,700 
 
 
Refunding Series 2016B, 5.000%, 11/15/46 
 
 
 
1,200 
 
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los 
8/27 at 100.00 
BBB+ 
1,323,612 
 
 
Angeles, Series 2017A, 5.000%, 8/15/37 
 
 
 
13,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, 
No Opt. Call 
AA– 
15,701,140 
 
 
Series 2017A-2, 5.000%, 11/01/47 
 
 
 
3,850 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, 
7/23 at 100.00 
AA– 
4,205,432 
 
 
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 (4) 
2,478,322 
 
 
2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
 
24


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien 
 
 
 
 
 
Series 2018A: 
 
 
 
$ 2,830 
 
5.000%, 12/31/34 (Alternative Minimum Tax) 
6/28 at 100.00 
N/R 
$ 3,090,360 
3,300 
 
5.000%, 12/31/43 (Alternative Minimum Tax) 
6/28 at 100.00 
N/R 
3,532,056 
1,625 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/23 at 100.00 
A+ 
1,773,200 
 
 
2013I, 5.000%, 11/01/38 
 
 
 
5,000 
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 
10/21 at 100.00 
AA– 
5,370,950 
3,500 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/26 at 100.00 
BB– 
3,566,185 
 
 
University Medical Center, Series 2016A, 5.000%, 12/01/46, 144A 
 
 
 
3,125 
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
N/R (4) 
3,241,563 
 
 
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 
 
 
 
4,505 
 
Covina-Valley Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
A+ 
3,255,358 
 
 
Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured 
 
 
 
5,700 
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water 
6/27 at 100.00 
AAA 
6,414,324 
 
 
System Revenue Bonds, Green Series 2017A, 5.000%, 6/01/45 
 
 
 
2,180 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
1/31 at 100.00 
A– 
1,948,048 
 
 
Refunding Series 2013A, 0.000%, 1/15/42 (5) 
 
 
 
30,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
AA+ (4) 
28,037,397 
 
 
1995A, 0.000%, 1/01/22 (ETM) 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2018A-1: 
 
 
 
10,000 
 
5.250%, 6/01/47 
6/22 at 100.00 
N/R 
10,064,300 
4,100 
 
5.000%, 6/01/47 
6/22 at 100.00 
N/R 
4,010,128 
 
 
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– 
2,201,125 
2,555 
 
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
AA– 
2,173,947 
2,365 
 
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
A– 
1,714,696 
 
 
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 
2,912,661 
2,315 
 
0.000%, 8/01/43 (5) 
8/35 at 100.00 
Aa1 
1,840,726 
3,550 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
4,753,912 
 
 
2009C, 6.500%, 11/01/39 
 
 
 
2,350 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
N/R (4) 
2,465,644 
 
 
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 
5,851,374 
 
 
2004C, 0.000%, 8/01/33 – AGM Insured 
 
 
 
 
 
San Bruno Park School District, San Mateo County, California, General Obligation Bonds, 
 
 
 
 
 
Series 2000B: 
 
 
 
2,575 
 
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
A+ 
2,182,287 
2,660 
 
0.000%, 8/01/25 – FGIC Insured 
No Opt. Call 
A+ 
2,175,827 
490 
 
San Diego Tobacco Settlement Revenue Funding Corporation, California, Tobacco Settlement 
6/28 at 100.00 
BBB 
497,384 
 
 
Bonds, Subordinate Series 2018C, 4.000%, 6/01/32 
 
 
 
250 
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
BBB+ (4) 
277,910 
 
 
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 
Baa2 
9,842,548 
 
 
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 
9,789,013 
 
 
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 
4,313,300 
 
 
Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured 
 
 
 
 
25

   
NUV
Nuveen Municipal Value Fund, Inc.
Portfolio of Investments (continued)
October 31, 2018
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
$ 5,815 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding 
No Opt. Call 
AA 
$ 1,282,847 
 
 
Series 2015, 0.000%, 8/01/48 
 
 
 
2,000 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
12/18 at 100.00 
BB– 
2,010,520 
 
 
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) 
377,119 
720 
 
5.250%, 5/15/39 (Pre-refunded 5/15/19) 
5/19 at 100.00 
AA (4) 
733,853 
210 
 
5.250%, 5/15/39 (Pre-refunded 5/15/19) 
5/19 at 100.00 
N/R (4) 
214,040 
203,010 
 
Total California 
 
 
186,900,687 
 
 
Colorado – 6.7% 
 
 
 
5,200 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
1/19 at 100.00 
BBB+ 
5,204,732 
 
 
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+ 
7,478,368 
 
 
Series 2013A, 5.250%, 1/01/45 
 
 
 
2,845 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
2,938,629 
 
 
Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B, 
 
 
 
 
 
5.000%, 1/01/21 
 
 
 
15,925 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
16,348,764 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
960 
 
Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, 
12/24 at 100.00 
N/R 
1,015,699 
 
 
Senior Lien Series 2017, 5.000%, 12/31/47 
 
 
 
4,575 
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2018A-4, 
11/28 at 100.00 
AA 
5,130,908 
 
 
5.000%, 11/15/43 
 
 
 
2,000 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/22 at 100.00 
AA (4) 
2,180,860 
 
 
Revenue Bonds, Series 2012A, 5.000%, 3/01/41 (Pre-refunded 3/01/22) 
 
 
 
 
 
Colorado State, Certificates of Participation, Lease Purchase Financing Program, National 
 
 
 
 
 
Western Center, Series 2018A: 
 
 
 
1,250 
 
5.000%, 9/01/30 
3/28 at 100.00 
Aa2 
1,432,375 
2,000 
 
5.000%, 9/01/31 
3/28 at 100.00 
Aa2 
2,274,500 
1,260 
 
5.000%, 9/01/32 
3/28 at 100.00 
Aa2 
1,427,517 
620 
 
5.000%, 9/01/33 
3/28 at 100.00 
Aa2 
697,134 
3,790 
 
Colorado State, Certificates of Participation, Rural Series 2018A, 5.000%, 12/15/37 
12/28 at 100.00 
Aa2 
4,236,538 
 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B: 
 
 
 
2,750 
 
5.000%, 11/15/25 
11/22 at 100.00 
AA– 
2,992,495 
2,200 
 
5.000%, 11/15/29 
11/22 at 100.00 
AA– 
2,385,218 
5,160 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 
11/23 at 100.00 
A+ 
5,611,294 
 
 
5.000%, 11/15/43 
 
 
 
2,000 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, 
12/26 at 100.00 
Baa2 
2,142,880 
 
 
Refunding Senior Lien Series 2016, 5.000%, 12/01/35 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
9,660 
 
0.000%, 9/01/29 – NPFG Insured 
No Opt. Call 
A 
6,418,780 
24,200 
 
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
A 
14,632,288 
17,000 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
A 
9,830,080 
7,600 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 
9/26 at 52.09 
A 
2,887,772 
 
 
9/01/39 – NPFG Insured 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: 
 
 
 
7,700 
 
0.000%, 9/01/27 – NPFG Insured 
9/20 at 67.94 
A 
4,950,869 
10,075 
 
0.000%, 3/01/36 – NPFG Insured 
9/20 at 41.72 
A 
3,946,881 
8,000 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A+ 
10,527,680 
 
 
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 
Baa3 
5,392,650 
 
 
Series 2011, 6.000%, 11/01/26 
 
 
 
 
26


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 3,750 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
7/20 at 100.00 
BBB+ 
$ 3,877,013 
 
 
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+ 
5,487,664 
 
 
2017A, 5.000%, 11/01/40 
 
 
 
4,250 
 
University of Colorado, Enterprise System Revenue Bonds, Series 2018B, 5.000%, 6/01/43 
6/28 at 100.00 
Aa1 
4,765,015 
161,820 
 
Total Colorado 
 
 
136,214,603 
 
 
Connecticut – 0.8% 
 
 
 
1,500 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, 
7/21 at 100.00 
A 
1,565,235 
 
 
Series 2011A, 5.000%, 7/01/41 
 
 
 
8,440 
 
Connecticut State, General Obligation Bonds, Series 2015E, 5.000%, 8/01/29 
8/25 at 100.00 
A1 
9,178,669 
5,000 
 
Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/33 
11/25 at 100.00 
A1 
5,367,350 
9,797 
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 
No Opt. Call 
N/R 
344,860 
 
 
2013A, 0.240%, 7/01/31 (cash 4.000%, PIK 2.050%) (6) 
 
 
 
24,737 
 
Total Connecticut 
 
 
16,456,114 
 
 
District of Columbia – 1.4% 
 
 
 
15,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
12/18 at 100.00 
N/R 
2,309,700 
 
 
Series 2006A, 0.000%, 6/15/46 
 
 
 
14,110 
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, 
4/22 at 100.00 
BBB+ 
14,729,570 
 
 
Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
10,000 
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
BBB+ 
12,390,200 
 
 
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 
 
 
 
39,110 
 
Total District of Columbia 
 
 
29,429,470 
 
 
Florida – 5.0% 
 
 
 
3,000 
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 
10/21 at 100.00 
AA (4) 
3,239,310 
 
 
(Pre-refunded 10/01/21) – AGM Insured 
 
 
 
565 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/25 at 100.00 
N/R 
583,634 
 
 
Charter School Income Projects, Series 2015A, 6.000%, 6/15/35, 144A 
 
 
 
8,285 
 
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, 
1/19 at 105.00 
N/R 
8,573,981 
 
 
Brightline Passenger Rail Project – South Segment, Series 2017, 0.000%, 1/01/47, 144A 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
4,000 
 
Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37 
10/27 at 100.00 
AA– 
4,495,040 
2,845 
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding 
10/19 at 100.00 
AA– (4) 
2,923,437 
 
 
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+ 
2,461,865 
 
 
Subordinate Lien Series 2015B, 5.000%, 10/01/40 
 
 
 
5,090 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 
7/20 at 100.00 
A+ 
5,286,627 
 
 
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+ (4) 
10,446,200 
 
 
Hospital, Series 2010A, 6.000%, 8/01/46 (Pre-refunded 8/01/21) 
 
 
 
2,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding 
10/24 at 100.00 
A 
2,175,660 
 
 
Series 2014B, 5.000%, 10/01/37 
 
 
 
6,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, 
10/19 at 100.00 
A (4) 
6,192,420 
 
 
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 
4,187,960 
 
 
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 
4,272,600 
 
 
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 (4) 
10,110,737 
 
 
10/01/39 (Pre-refunded 10/01/20) – AGM Insured 
 
 
 
 
27

   
NUV 
Nuveen Municipal Value Fund, Inc. 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
 
 
Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Series 2018A: 
 
 
 
$ 3,500 
 
5.000%, 10/01/36 
10/27 at 100.00 
AA 
$ 3,938,900 
3,780 
 
5.000%, 10/01/37 
10/27 at 100.00 
AA 
4,244,713 
1,120 
 
5.000%, 10/01/38 
10/27 at 100.00 
AA 
1,254,030 
10,725 
 
Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, 
5/24 at 100.00 
AA+ (4) 
12,141,236 
 
 
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+ 
3,339,928 
 
 
Series 2013A, 5.000%, 11/01/43 
 
 
 
1,020 
 
Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole 
5/28 at 100.00 
A– 
1,106,659 
 
 
Electric Cooperatives, Inc., Project, Refunding Series 2018B, 5.000%, 3/15/42 
 
 
 
6,865 
 
South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 
5/25 at 100.00 
AA 
6,955,206 
 
 
4.000%, 5/01/34 
 
 
 
3,300 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
3,548,523 
 
 
5.000%, 11/15/33 
 
 
 
94,725 
 
Total Florida 
 
 
101,478,666 
 
 
Georgia – 0.9% 
 
 
 
3,325 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/40 
5/25 at 100.00 
Aa2 
3,651,083 
2,290 
 
Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, 
4/27 at 100.00 
A 
2,425,293 
 
 
Inc. Project, Series 2017A, 5.000%, 4/01/47 
 
 
 
6,000 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/27 at 100.00 
AA– 
6,861,000 
 
 
Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42 
 
 
 
2,415 
 
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 
1/25 at 100.00 
A2 
2,571,444 
 
 
2015A, 5.000%, 1/01/35 
 
 
 
2,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
10/26 at 100.00 
AA+ 
2,218,880 
 
 
Refunding Series 2016A, 5.000%, 10/01/46 
 
 
 
16,030 
 
Total Georgia 
 
 
17,727,700 
 
 
Guam – 0.0% 
 
 
 
330 
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 
10/23 at 100.00 
BBB+ 
364,482 
 
 
(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) 
3,675,968 
 
 
4/01/32 (Pre-refunded 4/01/19) 
 
 
 
 
 
Illinois – 13.9% 
 
 
 
5,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
5,714,050 
 
 
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+ 
5,666,300 
 
 
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+ 
3,297,840 
 
 
2016B, 6.500%, 12/01/46 
 
 
 
4,710 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/27 at 100.00 
B+ 
5,499,208 
 
 
2017A, 7.000%, 12/01/46, 144A 
 
 
 
17,725 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
Baa2 
13,906,681 
 
 
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 
Baa2 
4,045,576 
 
 
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+ 
1,554,015 
 
 
5.000%, 1/01/36 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A: 
 
 
 
1,195 
 
4.750%, 1/01/30 – AGM Insured 
1/19 at 100.00 
AA 
1,198,967 
2,175 
 
4.625%, 1/01/31 – AGM Insured 
1/19 at 100.00 
AA 
2,181,917 
 
28


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 5,000 
 
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured 
1/19 at 100.00 
AA 
$ 5,011,350 
3,320 
 
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation 
No Opt. Call 
AA 
3,152,108 
 
 
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– 
9,237,899 
1,000 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2018, 5.000%, 11/15/35 
11/26 at 100.00 
AA– 
1,086,020 
3,260 
 
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
B+ 
3,406,570 
 
 
Corporation Project, Series 2010, 6.750%, 10/15/40 
 
 
 
5,000 
 
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37 
11/22 at 100.00 
AAA 
5,295,400 
13,070 
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook 
No Opt. Call 
Aa3 
13,020,073 
 
 
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 and 
No Opt. Call 
Aa3 (4) 
14,913,026 
 
 
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 and 
No Opt. Call 
A2 
1,788,552 
 
 
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, 5.500%, 
11/19 at 100.00 
AA+ (4) 
1,938,713 
 
 
11/01/39 (Pre-refunded 11/01/19) 
 
 
 
3,000 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 
11/19 at 100.00 
AA+ (4) 
3,094,590 
 
 
11/01/39 (Pre-refunded 11/01/19) 
 
 
 
970 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
A 
1,009,789 
 
 
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) 
3,287,021 
 
 
6.000%, 5/15/39 (Pre-refunded 5/15/20) 
 
 
 
45 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
N/R (4) 
46,992 
 
 
(Pre-refunded 8/15/19) 
 
 
 
4,755 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
N/R (4) 
4,965,456 
 
 
(Pre-refunded 8/15/19) 
 
 
 
5,000 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/25 at 100.00 
A+ 
5,374,250 
 
 
Series 2015A, 5.000%, 11/15/38 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
 
 
 
 
 
Refunding Series 2015C: 
 
 
 
560 
 
5.000%, 8/15/35 
8/25 at 100.00 
Baa1 
595,700 
825 
 
5.000%, 8/15/44 
8/25 at 100.00 
Baa1 
864,064 
2,500 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 
2/21 at 100.00 
AA– (4) 
2,679,975 
 
 
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+ 
3,156,720 
 
 
5.000%, 10/01/51 
 
 
 
3,750 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – 
9/19 at 100.00 
BBB– 
3,758,963 
 
 
AMBAC Insured 
 
 
 
5,125 
 
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/28 
1/26 at 100.00 
BBB 
5,270,653 
1,755 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 
2/27 at 100.00 
BBB 
1,800,174 
655 
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 
8/22 at 100.00 
BBB 
676,622 
5,590 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
AA– 
5,976,884 
 
 
5.000%, 1/01/38 
 
 
 
4,000 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, 
7/26 at 100.00 
AA– 
4,321,880 
 
 
5.000%, 1/01/41 
 
 
 
5,000 
 
Lombard Public Facilities Corporation, Illinois, Conference Center and Hotel Revenue Bonds, 
1/19 at 100.00 
N/R 
4,689,900 
 
 
First Tier Series 2005A-2, 5.500%, 1/01/36 – ACA Insured 
 
 
 
2,315 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/22 at 101.00 
N/R (4) 
2,608,102 
 
 
Project, Series 2002A, 5.700%, 6/15/24 (Pre-refunded 6/15/22) 
 
 
 
16,800 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
Baa2 
15,007,440 
 
 
Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured 
 
 
 
 
29

   
NUV 
Nuveen Municipal Value Fund, Inc. 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Refunding Series 2002B: 
 
 
 
$ 495 
 
5.500%, 6/15/20 
6/19 at 100.00 
BB+ 
$ 498,529 
2,380 
 
5.550%, 6/15/21 
No Opt. Call 
BB+ 
2,396,922 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Series 1994B: 
 
 
 
3,635 
 
0.000%, 6/15/21 – NPFG Insured 
No Opt. Call 
Baa2 
3,316,647 
5,190 
 
0.000%, 6/15/28 – NPFG Insured 
No Opt. Call 
Baa2 
3,382,634 
11,675 
 
0.000%, 6/15/29 – FGIC Insured 
No Opt. Call 
Baa2 
7,195,419 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Series 2002A: 
 
 
 
7,685 
 
5.700%, 6/15/24 
No Opt. Call 
BB+ 
8,371,808 
4,950 
 
0.000%, 12/15/32 – NPFG Insured 
No Opt. Call 
Baa2 
2,509,304 
21,375 
 
0.000%, 6/15/34 – NPFG Insured 
No Opt. Call 
Baa2 
9,913,511 
21,000 
 
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
Baa2 
8,971,620 
21,970 
 
0.000%, 6/15/36 – NPFG Insured 
No Opt. Call 
Baa2 
9,077,345 
10,375 
 
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
Baa2 
4,180,503 
10,000 
 
0.000%, 12/15/37 – NPFG Insured 
No Opt. Call 
Baa2 
3,810,900 
25,825 
 
0.000%, 6/15/39 – NPFG Insured 
No Opt. Call 
Baa2 
8,996,655 
6,095 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
AA 
7,647,457 
 
 
Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured 
 
 
 
8,000 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
AA 
9,787,920 
 
 
Illinois, General Obligation Bonds, Series 2003A, 6.000%, 7/01/33 – NPFG Insured 
 
 
 
5,020 
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville 
No Opt. Call 
AA 
4,221,318 
 
 
Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured 
 
 
 
10,285 
 
Springfield, Illinois, Water Revenue Bonds, Series 2012, 5.000%, 3/01/37 (UB) (7) 
3/22 at 100.00 
AA– 
10,881,736 
615 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
A– 
680,036 
 
 
6.000%, 10/01/42 
 
 
 
2,550 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
A+ 
2,256,725 
 
 
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 
Baa2 (4) 
702,647 
 
 
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM) 
 
 
 
354,560 
 
Total Illinois 
 
 
279,899,076 
 
 
Indiana – 2.0% 
 
 
 
5,010 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 
5/23 at 100.00 
A 
5,292,414 
 
 
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 
2,201,445 
 
 
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– 
6,001,572 
 
 
Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax) 
 
 
 
2,000 
 
Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 
7/26 at 100.00 
A+ 
2,188,780 
 
 
5.000%, 1/01/42 
 
 
 
 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
 
 
 
12,550 
 
0.000%, 2/01/21 – AMBAC Insured 
No Opt. Call 
AA 
11,879,077 
2,400 
 
0.000%, 2/01/25 – AMBAC Insured 
No Opt. Call 
AA 
2,001,216 
14,595 
 
0.000%, 2/01/27 – AMBAC Insured 
No Opt. Call 
AA 
11,196,554 
44,545 
 
Total Indiana 
 
 
40,761,058 
 
 
Iowa – 1.3% 
 
 
 
14,500 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/18 at 100.00 
B 
14,527,840 
 
 
Project, Series 2013, 5.500%, 12/01/22 
 
 
 
 
30


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Iowa (continued) 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
$ 175 
 
5.375%, 6/01/38 
1/19 at 100.00 
B+ 
$ 175,462 
7,000 
 
5.625%, 6/01/46 
1/19 at 100.00 
B 
7,009,030 
4,965 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
1/19 at 100.00 
BB– 
4,979,150 
 
 
5.600%, 6/01/34 
 
 
 
26,640 
 
Total Iowa 
 
 
26,691,482 
 
 
Kentucky – 1.0% 
 
 
 
520 
 
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue 
1/19 at 100.00 
Baa2 
521,295 
 
 
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+ 
1,705,001 
1,600 
 
5.000%, 1/01/28 
1/26 at 100.00 
A+ 
1,772,208 
2,000 
 
Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center 
9/28 at 100.00 
A2 
2,156,080 
 
 
Corporation Project, Series 2018A, 5.000%, 9/01/48 
 
 
 
1,000 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare 
8/21 at 100.00 
A 
1,033,520 
 
 
System Obligated Group, Series 2011, 5.000%, 8/15/42 
 
 
 
 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
 
 
 
 
 
Information Highway Project, Senior Series 2015A: 
 
 
 
2,175 
 
5.000%, 7/01/40 
7/25 at 100.00 
BBB+ 
2,269,199 
5,760 
 
5.000%, 1/01/45 
7/25 at 100.00 
BBB+ 
5,982,278 
6,000 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
7/31 at 100.00 
Baa3 
5,508,780 
 
 
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5) 
 
 
 
20,585 
 
Total Kentucky 
 
 
20,948,361 
 
 
Louisiana – 1.2% 
 
 
 
2,310 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
8/20 at 100.00 
BBB 
2,469,760 
 
 
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 
 
 
 
5,450 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
11/20 at 100.00 
BBB 
5,846,760 
 
 
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35 
 
 
 
4,420 
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 
7/23 at 100.00 
AA– 
4,856,431 
 
 
5.000%, 7/01/28 
 
 
 
1,470 
 
New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking Facilities 
10/28 at 100.00 
AA 
1,605,652 
 
 
Corporation Consolidated Garage System, Series 2018A, 5.000%, 10/01/43 – AGM Insured 
 
 
 
9,040 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, 
1/27 at 100.00 
A– 
9,768,443 
 
 
Series 2017A, 5.000%, 1/01/48 
 
 
 
22,690 
 
Total Louisiana 
 
 
24,547,046 
 
 
Maine – 0.7% 
 
 
 
4,250 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
BBB 
4,417,960 
 
 
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, 
 
 
 
 
 
Series 2018A: 
 
 
 
1,190 
 
5.000%, 7/01/43 
7/28 at 100.00 
A+ 
1,293,494 
5,940 
 
5.000%, 7/01/48 
7/28 at 100.00 
A+ 
6,431,713 
1,050 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical 
7/21 at 100.00 
BB 
1,114,565 
 
 
Center, Series 2011, 6.750%, 7/01/41 
 
 
 
12,430 
 
Total Maine 
 
 
13,257,732 
 
31

   
NUV 
Nuveen Municipal Value Fund, Inc. 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Maryland – 1.5% 
 
 
 
 
 
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: 
 
 
 
$ 630 
 
5.000%, 9/01/31 
9/27 at 100.00 
BBB– 
$ 698,349 
2,330 
 
5.000%, 9/01/32 
9/27 at 100.00 
BBB– 
2,573,904 
3,070 
 
5.000%, 9/01/34 
9/27 at 100.00 
BBB– 
3,350,567 
1,000 
 
5.000%, 9/01/35 
9/27 at 100.00 
BBB– 
1,084,200 
1,000 
 
5.000%, 9/01/36 
9/27 at 100.00 
BBB– 
1,079,130 
4,500 
 
5.000%, 9/01/39 
9/27 at 100.00 
BBB– 
4,759,650 
3,500 
 
5.000%, 9/01/46 
9/27 at 100.00 
BBB– 
3,678,220 
2,350 
 
Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line 
9/26 at 100.00 
BBB+ 
2,485,078 
 
 
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+ 
1,105,808 
 
 
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 
1,622,955 
 
 
Healthcare, Series 2011A, 6.125%, 1/01/36 
 
 
 
6,635 
 
Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & 
5/28 at 100.00 
AA 
7,309,249 
 
 
Revitalization Program, Series 2018A, 5.000%, 5/01/47 
 
 
 
27,565 
 
Total Maryland 
 
 
29,747,110 
 
 
Massachusetts – 1.6% 
 
 
 
2,100 
 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare 
11/23 at 100.00 
A+ 
2,254,266 
 
 
Obligated Group, Series 2013, 5.250%, 11/15/41 
 
 
 
2,905 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green 
7/25 at 100.00 
BBB 
3,038,717 
 
 
Bonds, Series 2015D, 5.000%, 7/01/44 
 
 
 
1,105 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 
7/26 at 100.00 
BBB 
1,175,764 
 
 
2016E, 5.000%, 7/01/36 
 
 
 
2,765 
 
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, 
12/26 at 100.00 
A1 
2,966,071 
 
 
Series 2016N, 5.000%, 12/01/46 
 
 
 
770 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, 
7/19 at 100.00 
Baa2 
784,137 
 
 
Refunding Series 2009A, 5.750%, 7/01/39 
 
 
 
1,530 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, 
7/19 at 100.00 
N/R (4) 
1,568,939 
 
 
Refunding Series 2009A, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
9,695 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 
12/18 at 100.00 
AA 
9,710,803 
 
 
(Alternative Minimum Tax) 
 
 
 
9,110 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 
5/23 at 100.00 
AAA 
9,893,369 
 
 
2013A, 5.000%, 5/15/43 
 
 
 
980 
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 
No Opt. Call 
A+ 
689,450 
 
 
1997A, 0.000%, 1/01/29 – NPFG Insured 
 
 
 
320 
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 
1/19 at 100.00 
Aaa 
320,957 
 
 
5.500%, 8/01/30 
 
 
 
31,280 
 
Total Massachusetts 
 
 
32,402,473 
 
 
Michigan – 3.0% 
 
 
 
 
 
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding 
 
 
 
 
 
Series 2013: 
 
 
 
1,855 
 
6.000%, 10/01/33 
10/23 at 100.00 
N/R 
1,745,240 
2,520 
 
6.000%, 10/01/43 
10/23 at 100.00 
N/R 
2,223,799 
4,515 
 
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 
11/18 at 100.00 
B– 
4,458,879 
 
 
5.500%, 5/01/21 
 
 
 
1,415 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A+ 
1,498,895 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
15 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 
7/19 at 100.00 
A 
15,018 
 
 
7/01/35 – NPFG Insured 
 
 
 
3,000 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
A 
3,401,310 
 
 
7/01/29 – FGIC Insured 
 
 
 
 
32


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Michigan (continued) 
 
 
 
$ 5 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B, 5.000%, 
1/19 at 100.00 
A+ 
$ 5,012 
 
 
7/01/34 – NPFG Insured 
 
 
 
5 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%, 
1/19 at 100.00 
A2 
5,011 
 
 
7/01/34 – NPFG Insured 
 
 
 
895 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson 
5/20 at 100.00 
A2 
925,958 
 
 
Methodist Hospital, Remarketed Series 2006, 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) 
1,155,454 
 
 
Methodist Hospital, Remarketed Series 2006, 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+ 
2,062,749 
 
 
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 
12/21 at 100.00 
AA– 
4,836,212 
 
 
2011MI, 5.000%, 12/01/39 
 
 
 
15 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 
12/21 at 100.00 
N/R (4) 
16,216 
 
 
2011MI, 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– 
5,338,750 
 
 
5.000%, 12/01/35 
 
 
 
3,315 
 
Michigan Finance Authority, Senior lien Distributable State Aid Revenue Bonds, Charter County 
11/28 at 100.00 
Aa3 
3,643,318 
 
 
of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43 
 
 
 
6,000 
 
Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, 
11/26 at 100.00 
AA+ 
5,838,960 
 
 
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 
2,267,857 
 
 
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 
5,375,600 
 
 
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 
11,259,900 
 
 
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 
3,072,735 
1,100 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County 
12/25 at 100.00 
A 
1,194,754 
 
 
Airport, Series 2015D, 5.000%, 12/01/45 
 
 
 
57,340 
 
Total Michigan 
 
 
60,341,627 
 
 
Minnesota – 0.3% 
 
 
 
1,495 
 
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
1/19 at 100.00 
BBB+ 
1,511,460 
 
 
5.000%, 5/01/30 
 
 
 
3,200 
 
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 
No Opt. Call 
AA 
3,850,912 
 
 
2016B, 5.000%, 11/15/34 
 
 
 
1,480 
 
University of Minnesota, General Obligation Bonds, Series 2016A, 5.000%, 4/01/41 
4/26 at 100.00 
Aa1 
1,633,994 
6,175 
 
Total Minnesota 
 
 
6,996,366 
 
 
Missouri – 0.8% 
 
 
 
3,465 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/23 at 100.00 
A2 
3,640,918 
 
 
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– (4) 
12,526,560 
 
 
Series 2010B, 5.000%, 6/01/30 (Pre-refunded 6/01/20) 
 
 
 
15,465 
 
Total Missouri 
 
 
16,167,478 
 
33

   
NUV 
Nuveen Municipal Value Fund, Inc. 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Montana – 0.6% 
 
 
 
$ 1,115 
 
Billings, Montana, Sewer System Revenue Bonds, Series 2017, 5.000%, 7/01/33 
7/27 at 100.00 
AA+ 
$ 1,272,104 
 
 
Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional 
 
 
 
 
 
Medical Center, Series 2018B: 
 
 
 
1,340 
 
5.000%, 7/01/30 
7/28 at 100.00 
BBB 
1,466,710 
1,415 
 
5.000%, 7/01/31 
7/28 at 100.00 
BBB 
1,539,251 
1,980 
 
5.000%, 7/01/32 
7/28 at 100.00 
BBB 
2,142,261 
2,135 
 
5.000%, 7/01/33 
7/28 at 100.00 
BBB 
2,297,516 
3,045 
 
Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, Series 
8/28 at 100.00 
AA– 
3,343,745 
 
 
2018A, 5.000%, 8/15/48 
 
 
 
11,030 
 
Total Montana 
 
 
12,061,587 
 
 
Nebraska – 0.2% 
 
 
 
1,855 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
A 
1,994,496 
 
 
5.000%, 9/01/42 
 
 
 
1,400 
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 
11/25 at 100.00 
A 
1,497,048 
 
 
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 
 
 
 
3,255 
 
Total Nebraska 
 
 
3,491,544 
 
 
Nevada – 2.8% 
 
 
 
5,075 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
5,277,137 
 
 
Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B: 
 
 
 
2,000 
 
5.000%, 12/01/33 (WI/DD, Settling 11/20/18) 
12/28 at 100.00 
AA+ 
2,301,220 
5,000 
 
5.000%, 12/01/35 (WI/DD, Settling 11/20/18) 
12/28 at 100.00 
AA+ 
5,711,600 
6,500 
 
Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, 5.250%, 
7/28 at 100.00 
Aa3 
7,216,300 
 
 
7/01/43 (WI/DD, Settling 11/07/18) 
 
 
 
 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015: 
 
 
 
5,220 
 
5.000%, 6/01/33 
12/24 at 100.00 
AA+ 
5,820,770 
10,000 
 
5.000%, 6/01/34 
12/24 at 100.00 
AA+ 
11,127,400 
9,000 
 
5.000%, 6/01/39 
12/24 at 100.00 
AA+ 
9,857,250 
6,205 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water Improvement 
6/26 at 100.00 
AA+ 
6,793,917 
 
 
Series 2016A, 5.000%, 6/01/41 
 
 
 
2,000 
 
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transpiration 
12/28 at 100.00 
A3 
2,185,360 
 
 
Rail Access Corridor Project, Series 2018A, 5.000%, 6/01/48 
 
 
 
250 
 
Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transpiration 
12/28 at 100.00 
AA 
276,468 
 
 
Rail Access Corridor Project, Series 2018B, 5.000%, 6/01/33 – AGM Insured 
 
 
 
1,500 
 
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax 
12/18 at 100.00 
Ba3 
1,501,320 
 
 
Revenue Bonds Series 2008A, 6.750%, 6/15/28, 144A 
 
 
 
52,750 
 
Total Nevada 
 
 
58,068,742 
 
 
New Hampshire – 0.1% 
 
 
 
1,500 
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group 
10/19 at 100.00 
Baa1 (4) 
1,555,860 
 
 
Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 
 
 
 
 
 
New Jersey – 3.7% 
 
 
 
930 
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
1/24 at 100.00 
AA 
995,342 
 
 
Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) 
 
 
 
6,000 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding 
12/26 at 100.00 
A– 
6,596,580 
 
 
Series 2016BBB, 5.500%, 6/15/31 
 
 
 
5,990 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
No Opt. Call 
AA 
6,856,693 
 
 
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– 
4,272,120 
 
 
Bonds, Refunding Series 2013NN, 5.000%, 3/01/25 
 
 
 
3,300 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
1/19 at 100.00 
BB+ 
3,307,293 
 
 
University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
 
34


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New Jersey (continued) 
 
 
 
$ 9,420 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
A– 
$ 5,153,965 
 
 
Appreciation Series 2010A, 0.000%, 12/15/31 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
 
 
 
 
 
Series 2006C: 
 
 
 
30,000 
 
0.000%, 12/15/30 – FGIC Insured 
No Opt. Call 
A– 
17,639,997 
27,000 
 
0.000%, 12/15/32 – AGM Insured 
No Opt. Call 
AA 
14,725,800 
4,500 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 
6/23 at 100.00 
A– 
4,742,235 
 
 
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– 
2,951,355 
2,150 
 
5.250%, 6/15/34 
6/25 at 100.00 
A– 
2,290,696 
2,000 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 5.000%, 1/01/40 
1/28 at 100.00 
A+ 
2,208,600 
1,135 
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 
5/23 at 100.00 
Aa3 
1,236,321 
2,720 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
BBB 
2,761,290 
 
 
Series 2018B, 5.000%, 6/01/46 
 
 
 
101,895 
 
Total New Jersey 
 
 
75,738,287 
 
 
New Mexico – 0.0% 
 
 
 
555 
 
University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21 
No Opt. Call 
AA 
578,610 
 
 
New York – 5.7% 
 
 
 
4,030 
 
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 
7/27 at 100.00 
Aa3 
4,443,397 
 
 
Facilities, Series 2017A, 5.000%, 7/01/46 
 
 
 
1,950 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018, 
9/28 at 100.00 
A– 
2,165,709 
 
 
5.000%, 9/01/39 
 
 
 
5,160 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 
5/19 at 100.00 
AA+ (4) 
5,254,067 
 
 
5/01/33 (Pre-refunded 5/01/19) – BHAC Insured 
 
 
 
12,855 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 
5/21 at 100.00 
A– (4) 
13,763,849 
 
 
5/01/38 (Pre-refunded 5/01/21) 
 
 
 
9,850 
 
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium 
1/19 at 100.00 
Baa1 
9,853,743 
 
 
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+ 
3,586,970 
 
 
Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 
 
 
 
9,375 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 
7/28 at 100.00 
AA 
10,615,406 
 
 
2018, Series 2017S-3, 5.250%, 7/15/45 
 
 
 
7,000 
 
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 
7/28 at 100.00 
AA 
7,826,630 
 
 
2019 Subseries S-3A, 5.000%, 7/15/37 
 
 
 
11,755 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
12,056,163 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
5,825 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A+ 
6,353,735 
 
 
Center Project, Series 2011, 5.750%, 11/15/51 
 
 
 
8,500 
 
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, 
1/28 at 100.00 
Baa3 
9,207,370 
 
 
Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 
 
 
 
 
 
5.000%, 1/01/33 (Alternative Minimum Tax) 
 
 
 
8,270 
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport 
7/24 at 100.00 
BBB 
8,616,844 
 
 
Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) 
 
 
 
9,925 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
10,633,149 
 
 
Terminal LLC Project, Eight Series 2010, 6.000%, 12/01/42 
 
 
 
7,550 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & 
11/27 at 100.00 
AA– 
8,395,978 
 
 
Tunnels, Series 2017C-2, 5.000%, 11/15/42 
 
 
 
 
35

   
NUV 
Nuveen Municipal Value Fund, Inc. 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
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– 
$ 3,281,010 
 
 
Series 2015A, 5.000%, 11/15/50 
 
 
 
650 
 
TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B, 
No Opt. Call 
B+ 
700,044 
 
 
5.000%, 6/01/24 
 
 
 
109,220 
 
Total New York 
 
 
116,754,064 
 
 
North Carolina – 0.9% 
 
 
 
1,500 
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/21 at 100.00 
AA– 
1,584,150 
 
 
Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37 
 
 
 
1,520 
 
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, 
10/26 at 100.00 
AA+ 
1,688,583 
 
 
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– 
960,133 
4,175 
 
5.000%, 6/30/54 (Alternative Minimum Tax) 
6/25 at 100.00 
BBB– 
4,374,523 
2,010 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/20 at 100.00 
AA (4) 
2,099,807 
 
 
Health System, Series 2010A, 5.000%, 6/01/42 (Pre-refunded 6/01/20) 
 
 
 
2,995 
 
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 
7/26 at 100.00 
BBB– 
3,180,690 
 
 
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 
1,806,464 
1,850 
 
5.000%, 1/01/32 
1/27 at 100.00 
BBB 
2,042,733 
16,580 
 
Total North Carolina 
 
 
17,737,083 
 
 
North Dakota – 0.5% 
 
 
 
7,820 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 
11/21 at 100.00 
A+ 
8,716,876 
 
 
6.250%, 11/01/31 
 
 
 
1,840 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated 
12/27 at 100.00 
A– 
1,958,698 
 
 
Group, Series 2017A, 5.000%, 12/01/42 
 
 
 
9,660 
 
Total North Dakota 
 
 
10,675,574 
 
 
Ohio – 3.6% 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
 
Bonds, Senior Lien, Series 2007A-2: 
 
 
 
12,205 
 
5.875%, 6/01/30 
12/18 at 100.00 
B– 
12,028,272 
4,020 
 
6.000%, 6/01/42 
12/18 at 100.00 
B– 
3,969,830 
11,940 
 
5.875%, 6/01/47 
12/18 at 100.00 
B– 
11,640,903 
16,415 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
 
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
6/22 at 100.00 
B– 
16,586,534 
1,195 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
11/27 at 100.00 
Aa2 
1,350,039 
 
 
Refunding & Improvement Series 2017A, 5.000%, 11/01/32 
 
 
 
3,485 
 
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 
6/27 at 100.00 
AA– 
3,370,587 
 
 
4.000%, 12/01/46 
 
 
 
1,730 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
Baa1 (4) 
1,918,812 
 
 
2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) 
 
 
 
13,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
12,610,000 
 
 
Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory 
 
 
 
 
 
put 9/15/21) (6) 
 
 
 
4,110 
 
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth 
6/25 at 100.00 
AA 
4,377,725 
 
 
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 
Aa3 
5,341,110 
 
 
2013A-1, 5.000%, 2/15/48 
 
 
 
73,075 
 
Total Ohio 
 
 
73,193,812 
 
36


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Oklahoma – 1.1% 
 
 
 
$ 1,350 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue 
8/21 at 100.00 
N/R 
$ 1,539,014 
 
 
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A 
 
 
 
4,000 
 
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Refunding Series 
7/26 at 100.00 
AAA 
4,491,520 
 
 
2016, 5.000%, 7/01/36 
 
 
 
 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical 
 
 
 
 
 
Center, Refunding Series 2015A: 
 
 
 
1,590 
 
5.000%, 8/15/27 
8/25 at 100.00 
A+ 
1,788,019 
1,250 
 
5.000%, 8/15/29 
8/25 at 100.00 
A+ 
1,392,663 
1,935 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, 
8/28 at 100.00 
Baa3 
2,059,769 
 
 
Series 2018B, 5.250%, 8/15/43 
 
 
 
10,000 
 
Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A, 
1/26 at 100.00 
AA– 
10,942,700 
 
 
5.000%, 1/01/42 
 
 
 
20,125 
 
Total Oklahoma 
 
 
22,213,685 
 
 
Oregon – 0.6% 
 
 
 
1,750 
 
Metro, Oregon, Dedicated Tax Revenue Bonds, Oregon Convention Center Hotel, Series 2017, 
6/27 at 100.00 
Aa3 
1,920,590 
 
 
5.000%, 6/15/47 
 
 
 
 
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior 
 
 
 
 
 
Lien Series 2017C: 
 
 
 
3,525 
 
5.000%, 11/15/25 
No Opt. Call 
AAA 
4,085,405 
2,000 
 
5.000%, 11/15/26 
No Opt. Call 
AAA 
2,342,900 
3,580 
 
University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48 
4/28 at 100.00 
Aa2 
3,983,144 
10,855 
 
Total Oregon 
 
 
12,332,039 
 
 
Pennsylvania – 1.0% 
 
 
 
3,155 
 
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger 
2/27 at 100.00 
AA 
3,445,228 
 
 
Health System, Series 2017A-2, 5.000%, 2/15/39 
 
 
 
 
 
Pennsylvania State University, Revenue Bonds, Refunding Series 2016A: 
 
 
 
1,325 
 
5.000%, 9/01/35 
9/26 at 100.00 
Aa1 
1,491,924 
2,000 
 
5.000%, 9/01/41 
9/26 at 100.00 
Aa1 
2,224,100 
1,310 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, 
12/21 at 100.00 
A2 
1,387,709 
 
 
Subordinate Series 2011B, 5.000%, 12/01/41 
 
 
 
1,405 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, 
12/21 at 100.00 
N/R (4) 
1,521,095 
 
 
Subordinate Series 2011B, 5.000%, 12/01/41 (Pre-refunded 12/01/21) 
 
 
 
7,500 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, 
12/22 at 100.00 
AA– 
7,938,750 
 
 
Subordinate Series 2013A, 5.000%, 12/01/43 
 
 
 
1,250 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special 
No Opt. Call 
AA– 
1,149,675 
 
 
Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5) 
 
 
 
1,350 
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, 
1/28 at 100.00 
Baa3 
1,427,166 
 
 
Series 2017, 5.000%, 1/01/38 (Alternative Minimum Tax) 
 
 
 
19,295 
 
Total Pennsylvania 
 
 
20,585,647 
 
 
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 
9,168,315 
9,535 
 
0.000%, 1/01/29 – AMBAC Insured 
No Opt. Call 
AA 
6,555,789 
8,000 
 
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 
12/26 at 100.00 
A+ 
8,317,680 
 
 
2016B, 5.000%, 12/01/56 
 
 
 
5,500 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
6/25 at 100.00 
A+ 
5,702,455 
 
 
Improvement Series 2015A, 5.000%, 12/01/50 
 
 
 
3,455 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 
6/24 at 100.00 
A+ 
3,663,924 
 
 
5.500%, 12/01/54 
 
 
 
39,250 
 
Total South Carolina 
 
 
33,408,163 
 
37

   
NUV 
Nuveen Municipal Value Fund, Inc. 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Tennessee – 1.0% 
 
 
 
$ 6,000 
 
Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue 
5/27 at 100.00 
AA+ 
$ 6,720,180 
 
 
Bonds, Series 2017A, 5.000%, 5/15/42 
 
 
 
2,260 
 
Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue 
7/27 at 100.00 
AA 
2,543,743 
 
 
Bonds, Green Series 2017A, 5.000%, 7/01/42 
 
 
 
3,000 
 
Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, 
11/27 at 100.00 
AA+ 
3,354,570 
 
 
Series 2017A, 5.000%, 11/01/42 
 
 
 
7,245 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2017A, 4.000%, 5/01/48 
5/23 at 100.43 
A3 
7,519,875 
 
 
(Mandatory put 5/01/23) 
 
 
 
18,505 
 
Total Tennessee 
 
 
20,138,368 
 
 
Texas – 16.1% 
 
 
 
13,970 
 
Boerne Independent School District, Kendall County, Texas, General Obligation Bonds, Series 
2/27 at 100.00 
Aaa 
13,755,980 
 
 
2017, 4.000%, 2/01/48 (UB) (7) 
 
 
 
5,110 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
12/18 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 
A– 
2,554,600 
 
 
5.000%, 1/01/43 
 
 
 
7,500 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 
11/21 at 100.00 
A+ 
7,828,350 
 
 
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 
BBB– 
251,508 
 
 
5.250%, 9/01/44 
 
 
 
5,000 
 
El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of Obligation 
8/23 at 100.00 
A– 
5,167,100 
 
 
Series 2013, 5.000%, 8/15/39 
 
 
 
27,340 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien 
10/23 at 100.00 
AA+ 
29,380,381 
 
 
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 
2,740,020 
 
 
Methodist Hospital System, Series 2015, 4.000%, 12/01/45 
 
 
 
7,295 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding 
11/31 at 39.79 
AA 
1,594,103 
 
 
Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured 
 
 
 
11,900 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 
No Opt. Call 
Baa2 
8,283,233 
 
 
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 
1,994,390 
 
 
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 
Baa2 
6,919,348 
 
 
0.000%, 11/15/33 – NPFG Insured 
 
 
 
 
 
Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B: 
 
 
 
1,590 
 
5.000%, 7/01/43 
7/28 at 100.00 
A1 
1,756,584 
2,290 
 
5.000%, 7/01/48 
7/28 at 100.00 
A1 
2,520,145 
 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
 
 
 
 
 
Project, Series 2001B: 
 
 
 
24,755 
 
0.000%, 9/01/29 – AMBAC Insured 
No Opt. Call 
A2 
16,189,027 
12,940 
 
0.000%, 9/01/30 – AMBAC Insured 
No Opt. Call 
A2 
8,024,482 
10,000 
 
0.000%, 9/01/31 – AMBAC Insured 
No Opt. Call 
A2 
5,881,400 
19,500 
 
0.000%, 9/01/32 – AMBAC Insured 
No Opt. Call 
A2 
10,870,665 
13,280 
 
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General 
2/27 at 100.00 
AAA 
13,234,716 
 
 
Obligation Bonds, Series 2017, 4.000%, 2/15/47 (UB) (7) 
 
 
 
5,120 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/25 at 100.00 
AAA 
5,605,990 
 
 
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 
4,944,809 
 
 
Bonds, Refunding Series 2016A, 5.000%, 8/15/49 
 
 
 
2,000 
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/22 at 100.00 
A3 
2,130,980 
 
 
Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 
 
 
 
 
 
11/01/28 (Alternative Minimum Tax) 
 
 
 
 
38


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
 
 
Lubbock, Texas, Electric Light and Power System, Revenue Bonds, Series 2018: 
 
 
 
$ 2,170 
 
5.000%, 4/15/40 
4/28 at 100.00 
AA– 
$ 2,402,385 
3,930 
 
5.000%, 4/15/43 
4/28 at 100.00 
AA– 
4,331,057 
1,750 
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 
4/21 at 100.00 
BBB 
1,857,188 
 
 
2011A, 7.250%, 4/01/36 
 
 
 
14,355 
 
Bexar County Hospital District, Texas, Certificates of Obligation, Series 2018, 4.000%, 
2/27 at 100.00 
AA+ 
14,222,073 
 
 
2/15/43 (WI/DD, Settling 11/07/18) (UB) 
 
 
 
5,420 
 
North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement 
3/22 at 100.00 
AAA 
5,875,551 
 
 
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 
35,161,796 
5,220 
 
6.500%, 1/01/43 
1/25 at 100.00 
A+ 
6,179,645 
15,450 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 
No Opt. Call 
AA 
7,868,531 
 
 
0.000%, 1/01/36 – AGC Insured 
 
 
 
9,020 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
A+ 
9,651,490 
 
 
5.000%, 1/01/40 
 
 
 
8,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2017B, 
1/27 at 100.00 
A 
8,604,000 
 
 
5.000%, 1/01/43 
 
 
 
9,100 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 
1/25 at 100.00 
A 
9,972,053 
 
 
5.000%, 1/01/32 
 
 
 
2,000 
 
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
1/19 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 
1/19 at 100.00 
A3 
1,984,560 
 
 
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) 
375,523 
4,455 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
AA– (4) 
4,716,598 
3,970 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
1/19 at 100.00 
AA (4) 
4,000,688 
 
 
Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/02/19) – AGC Insured 
 
 
 
1,030 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
1/19 at 100.00 
AA (4) 
1,037,828 
 
 
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 
1,900,115 
 
 
Health Resources System, Series 2016A, 5.000%, 2/15/41 
 
 
 
7,250 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
A– 
8,272,830 
 
 
Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
2,500 
 
5.000%, 12/15/26 
12/22 at 100.00 
A3 
2,696,350 
10,400 
 
5.000%, 12/15/32 
12/22 at 100.00 
A3 
11,042,408 
7,180 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
8/22 at 100.00 
A– 
7,581,936 
 
 
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– 
3,250,050 
 
 
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+ 
1,868,370 
 
 
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– 
4,472,710 
 
 
2002A, 0.000%, 8/15/25 – AMBAC Insured 
 
 
 
6,500 
 
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust 
10/27 at 100.00 
AAA 
7,254,325 
 
 
Series 2017A, 5.000%, 10/15/42 
 
 
 
10,000 
 
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Series 
10/27 at 100.00 
AAA 
9,864,600 
 
 
2017A, 4.000%, 10/15/47 (WI/DD, Settling 11/06/18) (UB) 
 
 
 
370,410 
 
Total Texas 
 
 
328,072,542 
 
39

   
NUV 
Nuveen Municipal Value Fund, Inc. 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Utah – 0.8% 
 
 
 
$ 5,345 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 
7/27 at 100.00 
A+ 
$ 5,851,653 
 
 
5.000%, 7/01/42 
 
 
 
3,500 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, 
7/28 at 100.00 
A+ 
3,866,695 
 
 
5.000%, 7/01/43 
 
 
 
 
 
Salt Lake City, Utah, Sales Tax Revenue Bonds, Series 2017: 
 
 
 
695 
 
5.000%, 2/01/36 
2/27 at 100.00 
AA+ 
780,200 
1,150 
 
5.000%, 2/01/37 
2/27 at 100.00 
AA+ 
1,288,334 
 
 
Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind Project, Refunding 
 
 
 
 
 
Series 2017A: 
 
 
 
1,250 
 
5.000%, 9/01/29 
3/28 at 100.00 
A 
1,418,338 
1,000 
 
5.000%, 9/01/30 
3/28 at 100.00 
A 
1,128,670 
1,250 
 
5.000%, 9/01/31 
3/28 at 100.00 
A 
1,405,513 
660 
 
5.000%, 9/01/32 
3/28 at 100.00 
A 
739,312 
540 
 
Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017A, 
3/27 at 100.00 
AA– 
602,197 
 
 
5.000%, 3/01/37 
 
 
 
15,390 
 
Total Utah 
 
 
17,080,912 
 
 
Virginia – 1.0% 
 
 
 
1,805 
 
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First 
7/26 at 100.00 
BBB 
1,935,339 
 
 
Tier Series 2016, 5.000%, 7/01/46 
 
 
 
4,355 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
12/18 at 100.00 
B– 
4,285,799 
 
 
Series 2007B1, 5.000%, 6/01/47 
 
 
 
4,350 
 
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 
6/27 at 100.00 
BBB 
4,555,190 
 
 
Project, Senior Lien Series 2017, 5.000%, 12/31/52 (Alternative Minimum Tax) 
 
 
 
 
 
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 
4,439,620 
1,355 
 
6.000%, 1/01/37 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
1,475,812 
3,770 
 
5.500%, 1/01/42 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
4,024,023 
19,815 
 
Total Virginia 
 
 
20,715,783 
 
 
Washington – 2.8% 
 
 
 
 
 
Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016: 
 
 
 
1,930 
 
5.000%, 2/01/29 
2/26 at 100.00 
AA– 
2,180,997 
1,000 
 
5.000%, 2/01/30 
2/26 at 100.00 
AA– 
1,125,200 
 
 
Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, 
 
 
 
 
 
Series 2017: 
 
 
 
1,175 
 
5.000%, 12/01/38 
6/27 at 100.00 
A+ 
1,282,783 
5,000 
 
5.000%, 12/01/41 
6/27 at 100.00 
A+ 
5,431,850 
3,780 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A+ 
3,969,189 
 
 
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) 
2,554,080 
 
 
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– 
12,972,000 
 
 
Refunding Series 2012A, 5.000%, 10/01/33 
 
 
 
1,310 
 
Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, 
8/27 at 100.00 
BBB 
1,402,159 
 
 
Series 2017, 5.000%, 8/15/37 
 
 
 
 
 
Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, 
 
 
 
 
 
Series 2018: 
 
 
 
1,235 
 
5.000%, 7/01/43 
7/28 at 100.00 
A1 
1,345,520 
5,965 
 
5.000%, 7/01/48 
7/28 at 100.00 
A1 
6,473,755 
 
 
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+ 
6,469,918 
16,195 
 
0.000%, 6/01/30 – NPFG Insured 
No Opt. Call 
AA+ 
10,997,701 
61,090 
 
Total Washington 
 
 
56,205,152 
 
40


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
West Virginia – 0.9% 
 
 
 
$ 1,830 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, 
1/29 at 100.00 
BBB+ 
$ 1,967,250 
 
 
Inc. Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/36 
 
 
 
3,000 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
A 
3,232,050 
 
 
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
3,570 
 
West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018, 
6/28 at 100.00 
AA– 
3,974,909 
 
 
5.000%, 6/01/43 
 
 
 
7,830 
 
West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 
6/28 at 100.00 
Aa2 
8,778,839 
 
 
5.000%, 12/01/39 
 
 
 
16,230 
 
Total West Virginia 
 
 
17,953,048 
 
 
Wisconsin – 3.5% 
 
 
 
5,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health 
11/21 at 100.00 
AA+ 
5,312,000 
 
 
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+ 
10,094,045 
 
 
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+ 
7,297,215 
 
 
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– 
2,489,071 
 
 
Series 2012B, 5.000%, 2/15/40 
 
 
 
4,410 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., 
6/22 at 100.00 
A3 
4,611,008 
 
 
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) 
2,508,325 
 
 
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) 
3,798,515 
5,000 
 
6.000%, 5/01/41 (Pre-refunded 5/01/21) 
5/21 at 100.00 
N/R (4) 
5,456,650 
6,600 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, 
8/22 at 100.00 
N/R (4) 
7,224,822 
 
 
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– (4) 
10,438,800 
 
 
Series 2010A, 5.000%, 6/01/30 (Pre-refunded 6/01/20) 
 
 
 
 
 
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) 
244,634 
2,310 
 
5.750%, 5/01/33 (Pre-refunded 5/01/19) 
5/19 at 100.00 
Aa2 (4) 
2,354,606 
8,945 
 
6.250%, 5/01/37 (Pre-refunded 5/01/19) 
5/19 at 100.00 
Aa2 (4) 
9,139,822 
68,345 
 
Total Wisconsin 
 
 
70,969,513 
 
 
Wyoming – 0.2% 
 
 
 
2,035 
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power 
7/19 at 100.00 
A 
2,083,291 
 
 
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 
 
 
 
1,850 
 
West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40 
6/21 at 100.00 
BBB 
1,970,695 
3,885 
 
Total Wyoming 
 
 
4,053,986 
$ 2,235,422 
 
Total Municipal Bonds (cost $1,977,863,839) 
 
 
2,070,066,464 
 
41

   
NUV 
Nuveen Municipal Value Fund, Inc. 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
 
Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.0% 
 
 
 
 
 
 
Transportation – 0.0% 
 
 
 
 
$ 795 
 
Las Vegas Monorail Company, Senior Interest Bonds (8), (9) 
5.500% 
7/15/19 
N/R 
$ 518,048 
224 
 
Las Vegas Monorail Company, Senior Interest Bonds (5), (8), (9) 
5.500% 
7/15/55 
N/R 
113,683 
$ 1,019 
 
Total Corporate Bonds (cost $49,799) 
 
 
 
631,731 
 
 
Total Long-Term Investments (cost $1,977,913,638) 
 
 
 
2,070,698,195 
 
 
Floating Rate Obligations – (2.4)% 
 
 
 
(49,500,000) 
 
 
Other Assets Less Liabilities – 0.7% 
 
 
 
14,022,412 
 
 
Net Assets – 100% 
 
 
 
$ 2,035,220,607 
 
 
(1) All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5)
Step-up coupon bond, a bond with a coupon that Increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(6)
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.
144A
 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM
Escrowed to maturity.
PIK
Payment-in-kind (“PIK”) security. Depending on the terms of the security, Income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
 
See accompanying notes to financial statements.
42

   
NUW
Nuveen AMT-Free Municipal Value Fund
Portfolio of Investments
October 31, 2018
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 102.2% 
 
 
 
 
 
MUNICIPAL BONDS – 102.2% 
 
 
 
 
 
Alaska – 0.2% 
 
 
 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2006A: 
 
 
 
$ 135 
 
4.625%, 6/01/23 
12/18 at 100.00 
Ba2 
$ 135,027 
385 
 
5.000%, 6/01/46 
12/18 at 100.00 
B3 
375,795 
520 
 
Total Alaska 
 
 
510,822 
 
 
Arizona – 3.1% 
 
 
 
4,000 
 
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El 
2/19 at 100.00 
Baa1 
4,051,080 
 
 
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+ 
3,461,769 
 
 
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
7,045 
 
Total Arizona 
 
 
7,512,849 
 
 
California – 12.8% 
 
 
 
1,790 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
BBB+ 
1,931,768 
 
 
Subordinate Lien Series 2016B, 5.000%, 10/01/37 
 
 
 
1,730 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
No Opt. Call 
AA 
1,095,453 
 
 
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 (4) 
2,548,025 
 
 
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, 14.640%, 
3/20 at 100.00 
AA 
586,820 
 
 
3/01/40, 144A – AGM Insured (IF) (5) 
 
 
 
540 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R 
528,163 
 
 
Bonds, Series 2018A-1, 5.000%, 6/01/47 
 
 
 
450 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
602,609 
 
 
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 
12,423,290 
 
 
AGC Insured (6) 
 
 
 
1,030 
 
Poway Unified School District, San Diego County, California, General Obligation Bonds, School 
No Opt. Call 
AA– 
528,874 
 
 
Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35 
 
 
 
2,470 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International 
5/27 at 100.00 
A+ 
2,715,518 
 
 
Airport, Second Series 2017B, 5.000%, 5/01/47 
 
 
 
12,955 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 
No Opt. Call 
AA 
6,395,106 
 
 
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 
1,455,948 
 
 
Series 2015, 0.000%, 8/01/44 
 
 
 
700 
 
Victor Elementary School District, San Bernardino County, California, General Obligation 
No Opt. Call 
Aa3 
593,579 
 
 
Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured 
 
 
 
40,050 
 
Total California 
 
 
31,405,153 
 
 
Colorado – 5.6% 
 
 
 
 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, 
 
 
 
 
 
Refunding Senior Lien Series 2016: 
 
 
 
1,000 
 
5.000%, 12/01/30 
12/26 at 100.00 
Baa2 
1,090,360 
1,500 
 
5.000%, 12/01/36 
12/26 at 100.00 
Baa2 
1,597,320 
5,885 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – 
No Opt. Call 
A 
3,100,218 
 
 
NPFG Insured 
 
 
 
 
43

   
NUW 
Nuveen AMT-Free Municipal Value Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 3,605 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – 
9/20 at 67.94 
A 
$ 2,317,907 
 
 
NPFG Insured 
 
 
 
4,000 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/19 at 100.00 
AA (4) 
4,186,080 
 
 
Bonds, Refunding Series 2009, 6.375%, 12/01/37 (Pre-refunded 12/01/19) – AGC Insured 
 
 
 
1,000 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A+ 
1,315,960 
 
 
Utilities, Series 2008, 6.500%, 11/15/38 
 
 
 
16,990 
 
Total Colorado 
 
 
13,607,845 
 
 
Florida – 8.1% 
 
 
 
500 
 
Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37 
10/27 at 100.00 
AA– 
561,880 
1,605 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 
11/24 at 100.00 
A2 
1,710,673 
 
 
5.000%, 11/15/45 
 
 
 
535 
 
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic 
2/24 at 100.00 
AA 
587,387 
 
 
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 
9,804,665 
 
 
5.500%, 10/01/41 (UB) (5) 
 
 
 
3,350 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2017B, 
10/25 at 100.00 
Aa3 
3,730,058 
 
 
5.000%, 10/01/32 
 
 
 
510 
 
Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole 
5/28 at 100.00 
A– 
553,330 
 
 
Electric Cooperatice, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42 
 
 
 
860 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/19 at 100.00 
N/R 
836,178 
 
 
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6) 
 
 
 
375 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
305,168 
 
 
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) 
 
 
 
525 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 
12/18 at 100.00 
N/R 
5 
 
 
2007-3, 6.450%, 5/01/23 (7) 
 
 
 
40 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
12/18 at 100.00 
N/R 
40,000 
 
 
Parcel Series 2007-1. RMKT, 6.450%, 5/01/23 
 
 
 
1,315 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
12/18 at 100.00 
N/R 
1,047,319 
 
 
2015-1, 0.000%, 5/01/40 (7) 
 
 
 
805 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
12/18 at 100.00 
N/R 
527,492 
 
 
2015-2, 0.000%, 5/01/40 (7) 
 
 
 
880 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
12/18 at 100.00 
N/R 
9 
 
 
2015-3, 6.610%, 5/01/40 (7) 
 
 
 
20,800 
 
Total Florida 
 
 
19,704,164 
 
 
Georgia – 2.9% 
 
 
 
400 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 
1/19 at 100.00 
A2 (4) 
403,688 
 
 
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 
1,089,210 
 
 
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
2,000 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/27 at 100.00 
AA– 
2,287,000 
 
 
Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42 
 
 
 
2,000 
 
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 
1/25 at 100.00 
A2 
2,129,560 
 
 
2015A, 5.000%, 1/01/35 
 
 
 
1,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
10/26 at 100.00 
AA+ 
1,109,440 
 
 
Refunding Series 2016A, 5.000%, 10/01/46 
 
 
 
6,400 
 
Total Georgia 
 
 
7,018,898 
 
 
Illinois – 10.3% 
 
 
 
2,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
2,285,620 
 
 
2016, 6.000%, 4/01/46 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
470 
 
0.000%, 1/01/33 – FGIC Insured 
No Opt. Call 
BBB+ 
240,062 
3,000 
 
0.000%, 1/01/37 – FGIC Insured 
No Opt. Call 
BBB+ 
1,227,690 
 
44


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 2,000 
 
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2017, 5.000%, 11/15/38 
11/27 at 100.00 
AAA 
$ 2,194,900 
5,035 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 
8/19 at 100.00 
AA+ (4) 
5,191,538 
 
 
6.000%, 8/15/39 (Pre-refunded 8/15/19) 
 
 
 
3,500 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, 
5/19 at 100.00 
A2 (4) 
3,595,515 
 
 
11/15/37 (Pre-refunded 5/15/19) 
 
 
 
3,500 
 
Illinois Finance Authority, State of Illinois Clean Water Initiative Revolving Fund Revenue 
1/27 at 100.00 
AAA 
3,885,595 
 
 
Bonds, Series 2017, 5.000%, 7/01/37 
 
 
 
525 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 
2/27 at 100.00 
BBB 
538,514 
11,420 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
Baa2 
4,352,048 
 
 
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– 
680,036 
 
 
6.000%, 10/01/42 
 
 
 
745 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
A+ 
634,770 
 
 
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 
Baa2 (3) 
260,439 
 
 
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – NPFG Insured (ETM) 
 
 
 
33,110 
 
Total Illinois 
 
 
25,086,727 
 
 
Indiana – 3.4% 
 
 
 
5,000 
 
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 
3/19 at 100.00 
A+ (4) 
5,079,150 
 
 
2009A, 6.750%, 3/01/39 (Pre-refunded 3/01/19) 
 
 
 
2,000 
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%, 
1/19 at 100.00 
A1 (4) 
2,013,680 
 
 
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 
1,250,760 
 
 
AMBAC Insured 
 
 
 
8,500 
 
Total Indiana 
 
 
8,343,590 
 
 
Iowa – 1.9% 
 
 
 
1,545 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/18 at 100.00 
B 
1,547,966 
 
 
Project, Series 2013, 5.500%, 12/01/22 
 
 
 
3,075 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
12/18 at 100.00 
B+ 
3,083,118 
 
 
5.375%, 6/01/38 
 
 
 
4,620 
 
Total Iowa 
 
 
4,631,084 
 
 
Kentucky – 1.3% 
 
 
 
1,150 
 
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky 
1/26 at 100.00 
A+ 
1,267,599 
 
 
International Airport, Series 2016, 5.000%, 1/01/29 
 
 
 
1,750 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
7/25 at 100.00 
BBB+ 
1,817,533 
 
 
Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 
 
 
 
2,900 
 
Total Kentucky 
 
 
3,085,132 
 
 
Maine – 1.4% 
 
 
 
3,335 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, 
7/19 at 100.00 
Aa2 (4) 
3,499,582 
 
 
Tender Option Bond Trust 2016-XL0014, 10.567%, 7/01/39, 144A (Pre-refunded 7/01/19) (IF) (5) 
 
 
 
 
 
Maryland – 3.6% 
 
 
 
 
 
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: 
 
 
 
1,000 
 
5.000%, 9/01/32 
9/27 at 100.00 
BBB– 
1,104,680 
2,250 
 
5.000%, 9/01/34 
9/27 at 100.00 
BBB– 
2,455,628 
5,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health 
5/27 at 100.00 
A 
5,358,500 
 
 
Issue, Series 2017A, 5.000%, 5/15/42 
 
 
 
8,250 
 
Total Maryland 
 
 
8,918,808 
 
45

   
NUW 
Nuveen AMT-Free Municipal Value Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Massachusetts – 0.4% 
 
 
 
$ 1,000 
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond 
8/19 at 100.00 
AAA 
$ 1,058,630 
 
 
Trust 2015-XF2186, 10.307%, 8/01/38, 144A (IF) (5) 
 
 
 
 
 
Michigan – 0.4% 
 
 
 
1,000 
 
Michigan Finance Authority, Senior lien Distributable State Aid Revenue Bonds, Charter County 
11/28 at 100.00 
Aa3 
1,099,040 
 
 
of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43 
 
 
 
 
 
Minnesota – 1.0% 
 
 
 
1,145 
 
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47 
12/26 at 100.00 
Aa3 
1,260,714 
1,000 
 
University of Minnesota, General Obligation Bonds, Series 2017A, 5.000%, 9/01/36 
9/27 at 100.00 
Aa1 
1,130,900 
2,145 
 
Total Minnesota 
 
 
2,391,614 
 
 
Nebraska – 0.2% 
 
 
 
500 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
A 
537,600 
 
 
5.000%, 9/01/42 
 
 
 
 
 
Nevada – 6.2% 
 
 
 
3,000 
 
Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B, 
12/28 at 100.00 
AA+ 
3,451,830 
 
 
5.000%, 12/01/33 (WI/DD, Settling 11/20/18) 
 
 
 
3,500 
 
Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, 5.250%, 
7/28 at 100.00 
Aa3 
3,885,700 
 
 
7/01/43 (WI/DD, Settling 11/07/18) 
 
 
 
5,415 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 
6/19 at 100.00 
BBB+ (4) 
5,612,106 
 
 
8.000%, 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 
AA+ 
2,190,500 
 
 
5.000%, 6/01/39 
 
 
 
13,915 
 
Total Nevada 
 
 
15,140,136 
 
 
New Jersey – 4.9% 
 
 
 
935 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
No Opt. Call 
A– 
1,072,894 
 
 
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– 
1,047,190 
 
 
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– 
1,291,100 
 
 
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 (4) 
2,199,050 
3,000 
 
7.500%, 12/01/32 (Pre-refunded 6/01/19) 
6/19 at 100.00 
N/R (4) 
3,096,480 
5,020 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
A– 
2,746,593 
 
 
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– 
267,169 
 
 
5.250%, 6/15/41 
 
 
 
355 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
BBB 
360,389 
 
 
Series 2018B, 5.000%, 6/01/46 
 
 
 
13,950 
 
Total New Jersey 
 
 
12,080,865 
 
 
New York – 4.0% 
 
 
 
3,000 
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 
No Opt. Call 
A 
3,674,280 
 
 
2007, 5.500%, 10/01/37 
 
 
 
1,500 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 
9/27 at 100.00 
A– 
1,637,415 
 
 
5.000%, 9/01/47 
 
 
 
2,050 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018, 
9/28 at 100.00 
A– 
2,276,771 
 
 
5.000%, 9/01/39 
 
 
 
1,500 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A+ 
1,636,155 
 
 
Center Project, Series 2011, 5.750%, 11/15/51 
 
 
 
 
46


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
New York (continued) 
 
 
 
$ 430 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
$ 460,681 
 
 
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
8,480 
 
Total New York 
 
 
9,685,302 
 
 
North Carolina – 0.8% 
 
 
 
1,000 
 
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, 
10/26 at 100.00 
AA+ 
1,112,370 
 
 
Refunding Series 2016B, 5.000%, 7/01/42 
 
 
 
700 
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior 
1/27 at 100.00 
BBB 
772,926 
 
 
Lien Series 2017, 5.000%, 1/01/32 
 
 
 
1,700 
 
Total North Carolina 
 
 
1,885,296 
 
 
Ohio – 5.3% 
 
 
 
3,500 
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 
2/19 at 100.00 
AA (4) 
3,539,235 
 
 
2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
 
Bonds, Senior Lien, Series 2007A-2: 
 
 
 
2,115 
 
5.875%, 6/01/30 
12/18 at 100.00 
B– 
2,084,375 
5,910 
 
6.500%, 6/01/47 
12/18 at 100.00 
B– 
5,973,651 
1,305 
 
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 
6/27 at 100.00 
AA– 
1,262,157 
 
 
4.000%, 12/01/46 
 
 
 
12,830 
 
Total Ohio 
 
 
12,859,418 
 
 
Oklahoma – 0.1% 
 
 
 
255 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, 
8/28 at 100.00 
Baa3 
271,442 
 
 
Series 2018B, 5.250%, 8/15/43 
 
 
 
 
 
Rhode Island – 1.3% 
 
 
 
3,000 
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, 
5/19 at 100.00 
Aaa (4) 
3,080,700 
 
 
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 
3,736,834 
 
 
0.000%, 1/01/29 – AMBAC Insured 
 
 
 
 
 
Tennessee – 0.3% 
 
 
 
605 
 
Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue 
7/27 at 100.00 
AA 
680,958 
 
 
Bonds, Green Series 2017A, 5.000%, 7/01/42 
 
 
 
 
 
Texas – 10.5% 
 
 
 
1,000 
 
Austin Community College District Public Facility Corporation, Texas, Lease Revenue Bonds, 
8/27 at 100.00 
AA 
1,094,770 
 
 
Highland Campus – Building 3000 Project, Series 2018A, 5.000%, 8/01/42 
 
 
 
2,000 
 
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2017, 5.000%, 11/15/35 
11/26 at 100.00 
AA 
2,230,780 
1,855 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 
10/23 at 100.00 
A– 
2,033,377 
 
 
2013A, 5.500%, 4/01/53 
 
 
 
 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
 
 
 
 
 
Project, Series 2001B: 
 
 
 
3,000 
 
0.000%, 9/01/32 – AMBAC Insured 
No Opt. Call 
A2 
1,672,410 
7,935 
 
0.000%, 9/01/33 – AMBAC Insured 
No Opt. Call 
A2 
4,209,835 
2,500 
 
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General 
2/27 at 100.00 
AAA 
2,491,475 
 
 
Obligation Bonds, Series 2017, 4.000%, 2/15/47 (UB) (5) 
 
 
 
915 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/25 at 100.00 
A+ 
983,634 
 
 
5.000%, 1/01/45 
 
 
 
250 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas 
8/26 at 100.00 
AA 
271,445 
 
 
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 
1,592,655 
 
 
2012, 5.000%, 12/15/32 
 
 
 
 
47

   
NUW 
Nuveen AMT-Free Municipal Value Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas (continued) 
 
 
 
$ 7,635 
 
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust 
10/26 at 100.00 
AAA 
$ 7,655,538 
 
 
Series 2016, 4.000%, 10/15/41 
 
 
 
 
 
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 
966,740 
1,945 
 
0.000%, 8/15/38 
No Opt. Call 
AAA 
702,359 
32,535 
 
Total Texas 
 
 
25,905,018 
 
 
Utah – 0.6% 
 
 
 
1,405 
 
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 
7/27 at 100.00 
A+ 
1,538,180 
 
 
5.000%, 7/01/42 
 
 
 
 
 
Virginia – 1.8% 
 
 
 
1,160 
 
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First 
7/26 at 100.00 
BBB 
1,239,808 
 
 
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 
1,181,880 
 
 
Appreciation Series 2012B, 0.000%, 7/15/40 (6) 
 
 
 
2,000 
 
Washington County Industrial Development Authority , Virginia, Hospital Revenue Bonds, 
1/19 at 100.00 
A (4) 
2,018,960 
 
 
Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38 (Pre-refunded 1/01/19) 
 
 
 
4,560 
 
Total Virginia 
 
 
4,440,648 
 
 
Washington – 2.0% 
 
 
 
3,330 
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric 
No Opt. Call 
AA+ 
2,294,836 
 
 
System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29 – NPFG Insured 
 
 
 
440 
 
Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, 
8/27 at 100.00 
BBB 
470,954 
 
 
Series 2017, 5.000%, 8/15/37 
 
 
 
2,015 
 
Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, 
7/28 at 100.00 
A1 
2,186,859 
 
 
Series 2018, 5.000%, 7/01/48 
 
 
 
5,785 
 
Total Washington 
 
 
4,952,649 
 
 
West Virginia – 1.4% 
 
 
 
235 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, 
1/29 at 100.00 
BBB+ 
252,625 
 
 
Inc. Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/36 
 
 
 
1,500 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
A 
1,616,025 
 
 
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
1,430 
 
West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018, 
6/28 at 100.00 
AA– 
1,592,191 
 
 
5.000%, 6/01/43 
 
 
 
3,165 
 
Total West Virginia 
 
 
3,460,841 
 
 
Wisconsin – 4.9% 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/22 at 100.00 
A– 
1,058,560 
 
 
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 (4) 
1,626,459 
 
 
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 
Aa2 (4) 
9,184,950 
 
 
6.000%, 5/01/36 (Pre-refunded 5/01/19) 
 
 
 
11,605 
 
Total Wisconsin 
 
 
11,869,969 
$ 276,390 
 
Total Long-Term Investments (cost $235,899,306) 
 
 
249,999,794 
 
 
Floating Rate Obligations – (3.7)% 
 
 
(9,125,000) 
 
 
Other Assets Less Liabilities – 1.5% 
 
 
3,736,931 
 
 
Net Assets – 100% 
 
 
$ 244,611,725 
 
48


(1) All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(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.
144A
 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
ETM
Escrowed to maturity.
IF
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
 
See accompanying notes to financial statements.
49

   
NMI
Nuveen Municipal Income Fund, Inc.
Portfolio of Investments
October 31, 2018
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 98.4% 
 
 
 
 
 
MUNICIPAL BONDS – 98.4% 
 
 
 
 
 
Alabama – 0.6% 
 
 
 
$ 500 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 
No Opt. Call 
A3 
$ 561,715 
 
 
Arizona – 2.4% 
 
 
 
600 
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, 
12/24 at 100.00 
A2 
649,236 
 
 
Refunding Series 2014A, 5.000%, 12/01/39 
 
 
 
1,000 
 
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math 
1/28 at 100.00 
AA– 
1,069,700 
 
 
& Science Projects, Series 2018A, 5.000%, 7/01/48 
 
 
 
515 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
591,457 
 
 
Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28 
 
 
 
2,115 
 
Total Arizona 
 
 
2,310,393 
 
 
California – 17.3% 
 
 
 
5,530 
 
Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 
No Opt. Call 
A+ 
5,024,169 
 
 
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 
1,881,279 
2,070 
 
0.000%, 8/01/22 – FGIC Insured 
No Opt. Call 
AA– 
1,886,680 
2,120 
 
0.000%, 8/01/23 – FGIC Insured 
No Opt. Call 
AA– 
1,867,443 
255 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
12/18 at 100.00 
Baa2 
255,768 
 
 
Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21 
 
 
 
500 
 
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, 
11/27 at 100.00 
AA– 
493,150 
 
 
Series 2018A, 4.000%, 11/15/42 
 
 
 
365 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/28 at 100.00 
BB– 
383,849 
 
 
University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A 
 
 
 
375 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB+ 
388,024 
 
 
of the West, Series 2010, 6.000%, 10/01/29 
 
 
 
275 
 
California Statewide Communities Development Authority, Revenue Bonds, Front Porch Communities 
4/27 at 100.00 
A– 
277,538 
 
 
and Services Project, Series 2017A, 4.000%, 4/01/36 
 
 
 
1,000 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
1/19at 100.00 
CC 
851,820 
 
 
Health System, Series 2005A, 5.500%, 7/01/39 
 
 
 
195 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
N/R 
190,726 
 
 
Bonds, Series 2018A-1, 5.000%, 6/01/47 
 
 
 
250 
 
Madera County, California, Certificates of Participation, Children’s Hospital Central 
3/20 at 100.00 
AA– (4) 
261,683 
 
 
California, Series 2010, 5.375%, 3/15/36 (Pre-refunded 3/15/20) 
 
 
 
300 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
410,346 
 
 
2009A, 7.000%, 11/01/34 
 
 
 
250 
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– (4) 
267,310 
 
 
Bonds, Refunding Series 2010, 6.125%, 6/30/37 (Pre-refunded 6/30/20) 
 
 
 
385 
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
A– (4) 
419,997 
 
 
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+ 
535,990 
 
 
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+ (4) 
1,120,180 
 
 
Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22 (Pre-refunded 12/01/21) 
 
 
 
17,370 
 
Total California 
 
 
16,515,952 
 
50


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado – 10.0% 
 
 
 
 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding 
 
 
 
 
 
Series 2013A: 
 
 
 
$ 150 
 
5.125%, 12/01/29 
12/23 at 100.00 
BBB 
$ 163,217 
250 
 
5.375%, 12/01/33 
12/23 at 100.00 
BBB 
273,463 
350 
 
Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The 
6/27 at 100.00 
BBB 
373,104 
 
 
Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, 5.000%, 6/01/42 
 
 
 
500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods 
1/24 at 102.00 
N/R 
511,750 
 
 
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– 
1,026,610 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
750 
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 
11/23 at 100.00 
AA 
825,885 
 
 
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 
AA– 
1,081,810 
1,395 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, 
12/28 at 100.00 
A+ 
1,513,366 
 
 
5.000%, 12/01/48 (Alternative Minimum Tax) 
 
 
 
245 
 
Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Airlines, 
10/23 at 100.00 
BB 
257,497 
 
 
Inc. Project, Refunding Series 2017, 5.000%, 10/01/32 (Alternative Minimum Tax) 
 
 
 
110 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/25 at 100.00 
N/R 
116,096 
 
 
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 (4) 
1,080,440 
 
 
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
520 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A+ 
588,411 
 
 
Utilities, Series 2008, 6.125%, 11/15/23 
 
 
 
1,100 
 
Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special 
12/27 at 100.00 
AA 
1,198,769 
 
 
Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/42 – AGM Insured 
 
 
 
499 
 
Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and 
12/23 at 100.00 
N/R 
519,394 
 
 
Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33 
 
 
 
8,869 
 
Total Colorado 
 
 
9,529,812 
 
 
Florida – 5.8% 
 
 
 
850 
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
9/23 at 100.00 
BBB 
876,027 
 
 
Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33 
 
 
 
100 
 
Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy 
12/18 at 100.00 
N/R (4) 
100,482 
 
 
Residential Services Inc., Series 1995, 8.000%, 6/01/22 (Pre-refunded 12/01/18) 
 
 
 
500 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern 
4/21 at 100.00 
A– 
538,510 
 
 
University, Refunding Series 2011, 6.375%, 4/01/31 
 
 
 
315 
 
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, 
1/19 at 105.00 
N/R 
325,987 
 
 
Brightline Passenger Rail Project – South Segment, Series 2017, 0.000%, 1/01/47, 144A 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
500 
 
Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, 
10/27 at 100.00 
A+ 
536,775 
 
 
Priority Subordinated Series 2017, 5.000%, 10/01/47 (Alternative Minimum Tax) 
 
 
 
800 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/20 at 100.00 
AA 
837,288 
 
 
2010B, 5.000%, 10/01/35 – AGM Insured 
 
 
 
1,000 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 
10/22 at 100.00 
Aa3 
1,072,550 
 
 
5.000%, 10/01/42 
 
 
 
515 
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 
10/20 at 100.00 
AA 
542,491 
 
 
5.375%, 10/01/40 
 
 
 
310 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, 
4/22 at 100.00 
A+ 
327,081 
 
 
Inc., Series 2012A, 5.000%, 10/01/42 
 
 
 
420 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
1/19 at 100.00 
N/R 
420,353 
 
 
5.400%, 5/01/37 
 
 
 
5,310 
 
Total Florida 
 
 
5,577,544 
 
51

   
NMI 
Nuveen Municipal Income Fund, Inc. 
 
Portfolio of Investments (continued) 
 
   October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Georgia – 2.0% 
 
 
 
$ 455 
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, 
7/25 at 100.00 
Aa3 
$ 505,082 
 
 
Senior Lien Series 2015A-1, 5.250%, 7/01/40 
 
 
 
520 
 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 
11/23 at 100.00 
BBB+ 
523,167 
 
 
Testletree Village Apartments, Series 2013A, 4.000%, 11/01/25 
 
 
 
325 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 
11/19 at 100.00 
AA (4) 
335,572 
 
 
11/01/34 (Pre-refunded 11/01/19) – AGM Insured 
 
 
 
175 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 
11/19 at 100.00 
AA 
180,184 
 
 
11/01/34 – AGM Insured 
 
 
 
300 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 
No Opt. Call 
A+ 
321,870 
1,775 
 
Total Georgia 
 
 
1,865,875 
 
 
Hawaii – 0.3% 
 
 
 
250 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
259,845 
 
 
University, Series 2013A, 6.625%, 7/01/33 
 
 
 
 
 
Illinois – 9.5% 
 
 
 
250 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
285,703 
 
 
2016, 6.000%, 4/01/46 
 
 
 
650 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/25 at 100.00 
B+ 
736,619 
 
 
2016A, 7.000%, 12/01/44 
 
 
 
1,000 
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, 
11/24 at 100.00 
A 
1,012,060 
 
 
Series 2002.RMKT, 4.500%, 11/01/36 
 
 
 
280 
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 
5/20 at 100.00 
AA– 
288,352 
 
 
5.125%, 5/15/35 
 
 
 
80 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 
7/23 at 100.00 
A– 
87,582 
 
 
5.500%, 7/01/28 
 
 
 
250 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/19 at 100.00 
Aaa (4) 
255,535 
 
 
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 
209,470 
 
 
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 (4) 
519,220 
 
 
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 (4) 
260,138 
 
 
Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured 
 
 
 
990 
 
Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31 
7/23 at 100.00 
BBB 
1,030,580 
1,555 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
6/22 at 100.00 
BBB– 
1,575,961 
 
 
Refunding Series 2012B, 5.000%, 6/15/52 
 
 
 
6,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
No Opt. Call 
BB+ 
772,620 
 
 
Series 2017A, 0.000%, 12/15/56 
 
 
 
205 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
Baa2 
87,580 
 
 
Project, Series 2002A, 0.000%, 12/15/35 – NPFG Insured 
 
 
 
450 
 
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana 
10/22 at 100.00 
Baa1 
484,889 
 
 
College, Series 2012, 5.000%, 10/01/27 
 
 
 
800 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 
6/21 at 100.00 
N/R (4) 
874,152 
 
 
2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21) 
 
 
 
490 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
A– 
546,252 
 
 
6.000%, 10/01/32 
 
 
 
13,950 
 
Total Illinois 
 
 
9,026,713 
 
 
Indiana – 1.9% 
 
 
 
525 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B 
527,714 
 
 
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– 
686,558 
 
 
Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax) 
 
 
 
 
52


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Indiana (continued) 
 
 
 
$ 500 
 
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 
9/21 at 100.00 
N/R (4) 
$ 576,900 
 
 
2011, 8.000%, 9/01/41 (Pre-refunded 9/01/21) 
 
 
 
1,680 
 
Total Indiana 
 
 
1,791,172 
 
 
Iowa – 0.9% 
 
 
 
835 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of 
10/21 at 100.00 
BBB 
876,867 
 
 
Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26 
 
 
 
 
 
Kansas – 0.3% 
 
 
 
280 
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park 
1/19 at 100.00 
BB+ 
280,406 
 
 
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 
 
 
 
 
 
Kentucky – 0.6% 
 
 
 
500 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical 
6/20 at 100.00 
Baa3 (4) 
533,450 
 
 
Health System, Series 2010A, 6.500%, 3/01/45 (Pre-refunded 6/01/20) 
 
 
 
 
 
Louisiana – 0.8% 
 
 
 
500 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
1/19 at 100.00 
AA (4) 
503,050 
 
 
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) 
 
 
 
200 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, 
1/27 at 100.00 
A– 
212,086 
 
 
Series 2017B, 5.000%, 1/01/48 (Alternative Minimum Tax) 
 
 
 
700 
 
Total Louisiana 
 
 
715,136 
 
 
Maine – 0.5% 
 
 
 
500 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
BBB 
514,195 
 
 
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 
N/R (4) 
1,057,070 
 
 
Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 (Pre-refunded 6/01/20) 
 
 
 
210 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park 
7/19 at 100.00 
BB+ 
210,846 
 
 
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 
532,125 
 
 
Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 
 
 
 
1,710 
 
Total Maryland 
 
 
1,800,041 
 
 
Massachusetts – 0.6% 
 
 
 
500 
 
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 
7/26 at 100.00 
BBB+ 
525,950 
 
 
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+ 
376,048 
 
 
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 
1,105,329 
 
 
2011-II-A, 5.375%, 10/15/36 
 
 
 
1,380 
 
Total Michigan 
 
 
1,481,377 
 
 
Minnesota – 2.1% 
 
 
 
300 
 
City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker 
11/22 at 100.00 
N/R 
287,097 
 
 
Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31 
 
 
 
880 
 
Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, 
2/28 at 100.00 
A– 
920,524 
 
 
Essential Health Obligated Group, Series 2018A, 5.000%, 2/15/53 (WI/DD, Settling 11/01/18) 
 
 
 
300 
 
Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes 
9/24 at 100.00 
N/R 
307,302 
 
 
Bloomington Project, Refunding Series 2017, 4.250%, 9/01/37 
 
 
 
500 
 
West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, 
2/27 at 100.00 
AAA 
505,940 
 
 
Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39 
 
 
 
1,980 
 
Total Minnesota 
 
 
2,020,863 
 
53

   
NMI 
Nuveen Municipal Income Fund, Inc. 
 
Portfolio of Investments (continued) 
 
   October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Mississippi – 1.4% 
 
 
 
$ 310 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
4/19 at 100.00 
BBB+ 
$ 310,636 
 
 
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 
BBB+ 
1,053,540 
 
 
Healthcare, Series 2016A, 5.000%, 9/01/36 
 
 
 
1,310 
 
Total Mississippi 
 
 
1,364,176 
 
 
Missouri – 3.1% 
 
 
 
265 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, 
10/19 at 100.00 
A– 
269,836 
 
 
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+ 
144,346 
 
 
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– 
1,035,860 
 
 
Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33 
 
 
 
125 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
10/23 at 100.00 
A+ 
136,340 
 
 
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+ 
1,017,805 
 
 
System, Series 2012, 5.000%, 2/15/26 
 
 
 
335 
 
Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, 
10/23 at 100.00 
N/R 
316,247 
 
 
Missouri Valley College, Series 2017, 4.500%, 10/01/40 
 
 
 
2,825 
 
Total Missouri 
 
 
2,920,434 
 
 
Nebraska – 0.4% 
 
 
 
400 
 
Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding 
5/21 at 100.00 
Aa3 
426,316 
 
 
Series 2011, 5.050%, 9/01/30 
 
 
 
 
 
New Jersey – 1.7% 
 
 
 
100 
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue 
No Opt. Call 
BBB– 
105,901 
 
 
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 
117,768 
 
 
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– 
561,999 
 
 
5.000%, 6/15/45 
 
 
 
830 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
BBB+ 
879,310 
 
 
Series 2018A, 5.250%, 6/01/46 
 
 
 
1,585 
 
Total New Jersey 
 
 
1,664,978 
 
 
New York – 2.0% 
 
 
 
630 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
1/20 at 100.00 
AA+ (4) 
662,180 
 
 
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+ 
64,637 
 
 
Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 
 
 
 
155 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
2/21 at 100.00 
AA– 
165,940 
 
 
2011A, 5.750%, 2/15/47 
 
 
 
245 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
2/21 at 100.00 
Aa3 (4) 
265,078 
 
 
2011A, 5.750%, 2/15/47 (Pre-refunded 2/15/21) 
 
 
 
500 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
512,810 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A 
 
 
 
265 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
283,908 
 
 
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
1,855 
 
Total New York 
 
 
1,954,553 
 
54


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
North Dakota – 0.7% 
 
 
 
$ 200 
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center 
7/21 at 100.00 
N/R (4) 
$ 213,976 
 
 
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+ 
334,407 
 
 
6.250%, 11/01/31 
 
 
 
100 
 
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and 
12/26 at 100.00 
N/R 
97,327 
 
 
Services Obligated Group, Series 2017, 5.000%, 12/01/36 
 
 
 
600 
 
Total North Dakota 
 
 
645,710 
 
 
Ohio – 4.5% 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
 
Bonds, Senior Lien, Series 2007A-2: 
 
 
 
285 
 
5.375%, 6/01/24 
12/18 at 100.00 
B– 
278,485 
975 
 
5.125%, 6/01/24 
12/18 at 100.00 
B– 
943,410 
725 
 
6.000%, 6/01/42 
12/18 at 100.00 
B– 
715,952 
1,750 
 
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center 
8/21 at 100.00 
A2 
1,876,454 
 
 
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– 
520,910 
 
 
Refunding & improvement Series 2010, 6.375%, 4/01/30 
 
 
 
4,235 
 
Total Ohio 
 
 
4,335,211 
 
 
Oklahoma – 0.3% 
 
 
 
250 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, 
8/28 at 100.00 
Baa3 
269,185 
 
 
Series 2018B, 5.500%, 8/15/52 
 
 
 
 
 
Oregon – 1.3% 
 
 
 
300 
 
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding 
5/22 at 100.00 
BBB 
313,386 
 
 
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 
916,045 
 
 
5.000%, 6/15/29 
 
 
 
1,150 
 
Total Oregon 
 
 
1,229,431 
 
 
Pennsylvania – 3.4% 
 
 
 
1,000 
 
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & Medical 
5/22 at 100.00 
A 
1,053,350 
 
 
Center Project, Series 2012A, 5.000%, 11/01/40 
 
 
 
 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social 
 
 
 
 
 
Ministries Project, Series 2009: 
 
 
 
415 
 
6.125%, 1/01/29 (Pre-refunded 1/01/19) 
1/19 at 100.00 
N/R (4) 
417,747 
45 
 
6.125%, 1/01/29 (Pre-refunded 1/01/19) 
1/19 at 100.00 
BBB+ (4) 
45,309 
560 
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue 
1/25 at 100.00 
Baa3 
594,294 
 
 
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36 
 
 
 
1,000 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student 
7/22 at 100.00 
N/R (4) 
1,092,110 
 
 
Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41 (Pre-refunded 7/01/22) 
 
 
 
3,020 
 
Total Pennsylvania 
 
 
3,202,810 
 
 
South Dakota – 0.1% 
 
 
 
100 
 
Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, Series 
11/26 at 100.00 
N/R 
100,554 
 
 
2017, 5.125%, 11/01/47 
 
 
 
 
 
Tennessee – 2.3% 
 
 
 
1,250 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic 
1/23 at 100.00 
BBB+ 
1,315,688 
 
 
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 
916,580 
 
 
University Health System, Inc., Series 2016, 5.000%, 9/01/47 
 
 
 
2,120 
 
Total Tennessee 
 
 
2,232,268 
 
55

   
NMI 
Nuveen Municipal Income Fund, Inc. 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Texas – 8.0% 
 
 
 
$ 670 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
A– 
$ 718,535 
 
 
5.000%, 1/01/40 
 
 
 
335 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 
10/23 at 100.00 
A– 
359,998 
 
 
2013A, 5.125%, 10/01/43 
 
 
 
500 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission 
5/25 at 100.00 
A+ 
541,955 
 
 
Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 
 
 
 
125 
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior 
10/21 at 105.00 
BB– 
124,934 
 
 
Lien Series 2018, 4.625%, 10/01/31, 144A (WI/DD, Settling 11/14/18) (Alternative Minimum Tax) 
 
 
 
200 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital 
9/31 at 100.00 
N/R (4) 
214,140 
 
 
Appreciation Series 2011C, 0.000%, 9/01/43 (Pre-refunded 9/01/31) (5) 
 
 
 
410 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
A+ 
438,704 
 
 
5.000%, 1/01/40 
 
 
 
500 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 
1/25 at 100.00 
A 
539,510 
 
 
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 
248,714 
 
 
5.000%, 2/01/34 
 
 
 
295 
 
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 
No Opt. Call 
A 
342,244 
 
 
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 
1,252,748 
505 
 
5.000%, 12/15/28 
12/22 at 100.00 
A3 
541,012 
405 
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility 
12/19 at 100.00 
Baa2 
423,509 
 
 
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 
820,150 
 
 
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40 
 
 
 
1,000 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier 
8/24 at 100.00 
BBB+ 
1,070,330 
 
 
Refunding Series 2015C, 5.000%, 8/15/32 
 
 
 
45 
 
West Texas Independent School District, McLennan and Hill Counties, General Obligation 
1/19 at 100.00 
AAA 
31,102 
 
 
Refunding Bonds, Series 1998, 0.000%, 8/15/25 
 
 
 
7,165 
 
Total Texas 
 
 
7,667,585 
 
 
Virginia – 1.3% 
 
 
 
1,000 
 
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 
6/27 at 100.00 
BBB 
1,050,120 
 
 
Project, Senior Lien Series 2017, 5.000%, 12/31/49 (Alternative Minimum Tax) 
 
 
 
205 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
7/22 at 100.00 
BBB 
223,278 
 
 
Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax) 
 
 
 
1,205 
 
Total Virginia 
 
 
1,273,398 
 
 
West Virginia – 1.1% 
 
 
 
1,000 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/28 at 100.00 
A 
1,056,070 
 
 
System Obligated Group, Series 2018A, 5.000%, 6/01/52 
 
 
 
 
56

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin – 7.7% 
 
 
 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard 
 
 
 
 
 
Public Facilities Corporation, Second Tier Series 2018B: 
 
 
 
$ 4 
 
0.000%, 1/01/46 – ACA Insured, 144A 
No Opt. Call 
N/R 
$ 113 
4 
 
0.000%, 1/01/47 – ACA Insured, 144A 
No Opt. Call 
N/R 
111 
4 
 
0.000%, 1/01/48 – ACA Insured, 144A 
No Opt. Call 
N/R 
109 
4 
 
0.000%, 1/01/49 – ACA Insured, 144A 
No Opt. Call 
N/R 
108 
3 
 
0.000%, 1/01/50 – ACA Insured, 144A 
No Opt. Call 
N/R 
106 
4 
 
0.000%, 1/01/51 – ACA Insured, 144A 
No Opt. Call 
N/R 
116 
99 
 
3.750%, 7/01/51 – ACA Insured, 144A 
3/28 at 100.00 
N/R 
94,154 
4 
 
0.000%, 1/01/52 – ACA Insured, 144A 
No Opt. Call 
N/R 
115 
4 
 
0.000%, 1/01/53 – ACA Insured, 144A 
No Opt. Call 
N/R 
113 
4 
 
0.000%, 1/01/54 – ACA Insured, 144A 
No Opt. Call 
N/R 
112 
4 
 
0.000%, 1/01/55 – ACA Insured, 144A 
No Opt. Call 
N/R 
110 
4 
 
0.000%, 1/01/56 – ACA Insured, 144A 
No Opt. Call 
N/R 
108 
4 
 
0.000%, 1/01/57 – ACA Insured, 144A 
No Opt. Call 
N/R 
107 
4 
 
0.000%, 1/01/58 – ACA Insured, 144A 
No Opt. Call 
N/R 
105 
3 
 
0.000%, 1/01/59 – ACA Insured, 144A 
No Opt. Call 
N/R 
104 
3 
 
0.000%, 1/01/60 – ACA Insured, 144A 
No Opt. Call 
N/R 
103 
3 
 
0.000%, 1/01/61 – ACA Insured, 144A 
No Opt. Call 
N/R 
101 
3 
 
0.000%, 1/01/62 – ACA Insured, 144A 
No Opt. Call 
N/R 
100 
3 
 
0.000%, 1/01/63 – ACA Insured, 144A 
No Opt. Call 
N/R 
98 
3 
 
0.000%, 1/01/64 – ACA Insured, 144A 
No Opt. Call 
N/R 
97 
3 
 
0.000%, 1/01/65 – ACA Insured, 144A 
No Opt. Call 
N/R 
96 
3 
 
0.000%, 1/01/66 – ACA Insured, 144A 
No Opt. Call 
N/R 
94 
42 
 
0.000%, 1/01/67 – ACA Insured, 144A 
No Opt. Call 
N/R 
1,226 
1,000 
 
Wisconsin Health and Educational Facilities Authority Revenue Bonds, PHW Oconomowoc, Inc. 
10/23 at 102.00 
N/R 
978,240 
 
 
Project, Series 2018, 5.125%, 10/01/48 
 
 
 
290 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
A– 
296,911 
 
 
Inc., Series 2010B, 5.000%, 4/01/30 
 
 
 
500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, 
10/22 at 100.00 
A2 
510,345 
 
 
Series 2012, 4.000%, 10/01/32 
 
 
 
1,155 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/26 at 100.00 
A– 
1,237,871 
 
 
Series 2016B, 5.000%, 2/15/35 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., 
5/21 at 100.00 
N/R (4) 
1,079,250 
 
 
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+ 
1,062,820 
 
 
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 
523,540 
 
 
Hospital, Inc., Series 2014B, 5.000%, 7/01/44 
 
 
 
545 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John’s Communities 
9/23 at 100.00 
N/R 
560,129 
 
 
Inc., Series 2018A, 5.000%, 9/15/50 
 
 
 
755 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, 
10/21 at 100.00 
AA– 
799,137 
 
 
Series 2011A, 5.250%, 10/15/39 
 
 
 
200 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson 
10/22 at 102.00 
N/R 
210,340 
 
 
Hollow Project. Series 2014, 5.125%, 10/01/34 
 
 
 
7,161 
 
Total Wisconsin 
 
 
7,356,189 
$ 96,185 
 
Total Long-Term Investments (cost $89,607,686) 
 
 
93,886,174 
 
 
Other Assets Less Liabilities – 1.6% 
 
 
1,510,063 
 
 
Net Assets – 100% 
 
 
$ 95,396,237 
 
57

   
NMI
Nuveen Municipal Income Fund, Inc.
Portfolio of Investments (continued)
October 31, 2018
 
 
(1) All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(5)
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
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.
WI/DD
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
 
See accompanying notes to financial statements.
58

   
NEV
Nuveen Enhanced Municipal Value Fund
Portfolio of Investments
October 31, 2018
 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 125.8% 
 
 
 
 
 
MUNICIPAL BONDS – 125.8% 
 
 
 
 
 
Alabama – 0.4% 
 
 
 
$ 1,350 
 
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, 
10/23 at 102.00 
AA 
$ 1,457,487 
 
 
10/01/48 – AGM Insured 
 
 
 
 
 
Arizona – 3.1% 
 
 
 
1,585 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender 
1/22 at 100.00 
AA– 
2,009,241 
 
 
Option Bond Trust 2015-XF2046, 13.286%, 1/01/43, 144A (IF) (4) 
 
 
 
2,000 
 
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured 
10/19 at 100.00 
AA 
2,055,040 
1,295 
 
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, 
7/19 at 100.00 
AA 
1,318,478 
 
 
Series 2009, 6.500%, 7/15/31 – BAM Insured 
 
 
 
1,205 
 
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, 
7/19 at 100.00 
AA (5) 
1,243,211 
 
 
Series 2009, 6.500%, 7/15/31 (Pre-refunded 7/15/19) – BAM Insured 
 
 
 
1,030 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great 
7/21 at 100.00 
N/R (5) 
1,145,463 
 
 
Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47 (Pre-refunded 7/01/21) 
 
 
 
1,660 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, 
5/22 at 100.00 
BB– 
1,835,080 
 
 
Series 2012A, 9.750%, 5/01/25 
 
 
 
50 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
56,788 
 
 
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32 
 
 
 
1,549 
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 
1/19 at 100.00 
N/R 
1,476,832 
 
 
2005, 6.000%, 7/01/30 
 
 
 
10,374 
 
Total Arizona 
 
 
11,140,133 
 
 
California – 12.0% 
 
 
 
180 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
BBB+ 
194,256 
 
 
Subordinate Lien Series 2016B, 5.000%, 10/01/37 
 
 
 
5,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 
4/19 at 100.00 
AA (5) 
5,069,350 
 
 
2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19) 
 
 
 
2,040 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA– 
2,355,547 
 
 
Tender Option Bond Trust 2015-XF0120, 18.496%, 10/01/39, 144A (IF) (4) 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option 
 
 
 
 
 
Bond Trust 2016-XG0048: 
 
 
 
300 
 
18.698%, 8/15/26, 144A (IF) (4) 
8/20 at 100.00 
AA– 
393,252 
1,700 
 
18.698%, 8/15/26,144A (IF) (4) 
8/20 at 100.00 
AA– 
2,243,915 
1,000 
 
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 
11/19 at 100.00 
A3 (5) 
1,060,080 
 
 
2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19) 
 
 
 
3,450 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/26 at 100.00 
BB– 
3,567,473 
 
 
University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A 
 
 
 
500 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB+ 
516,840 
 
 
of the West, Series 2010, 5.750%, 10/01/25 
 
 
 
400 
 
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, 
12/21 at 100.00 
A+ 
454,568 
 
 
Subordinate Series 2011A, 7.000%, 12/01/36 
 
 
 
490 
 
Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities 
9/19 at 100.00 
N/R (5) 
509,012 
 
 
District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32 (Pre-refunded 9/01/19) 
 
 
 
500 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
No Opt. Call 
AA 
445,210 
 
 
Refunding Series 2013A, 0.000%, 1/15/29 – AGM Insured (6) 
 
 
 
 
59

   
NEV 
Nuveen Enhanced Municipal Value Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
California (continued) 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Tender Option Bond Trust 2015-XF1038: 
 
 
 
$ 1,250 
 
12.892%, 6/01/40, 144A (IF) (4) 
6/25 at 100.00 
A+ 
$ 1,668,800 
2,445 
 
12.883%, 6/01/40, 144A (IF) (4) 
6/25 at 100.00 
A+ 
3,263,464 
5,240 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
1/19 at 100.00 
CCC+ 
865,753 
 
 
Revenue Bonds, First Subordinate Series 2007B-1, 0.000%, 6/01/47 
 
 
 
2,550 
 
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 
7/21 at 100.00 
Aaa 
4,198,855 
 
 
2017-XF2453, 25.528%, 7/15/40, 144A (Pre-refunded 7/15/21) (IF) (4) 
 
 
 
775 
 
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed 
12/18 at 100.00 
N/R 
774,992 
 
 
Bonds, Series 2007A. Turbo Current Interest, 4.625%, 6/01/21 
 
 
 
225 
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 
No Opt. Call 
A+ 
225,686 
 
 
2007B, 3.000%, 11/15/27 (3-Month LIBOR* 67% reference rate +1.45% Spread) (7) 
 
 
 
1,600 
 
Los Angeles County, California, Community Development Commission Headquarters Office Building, 
9/21 at 100.00 
Aa3 
2,161,056 
 
 
Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender 
 
 
 
 
 
Option Bond Trust 2016-XL0022, 16.963%, 144A, 9/01/42 (IF) (4) 
 
 
 
525 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/20 at 100.00 
AA 
545,701 
 
 
Airport, Senior Lien Series 2010A, 5.000%, 5/15/31 
 
 
 
1,080 
 
National City Community Development Commission, California, Tax Allocation Bonds, National 
8/21 at 100.00 
A (5) 
1,224,050 
 
 
City Redevelopment Project, Series 2011, 7.000%, 8/01/32 (Pre-refunded 8/01/21) 
 
 
 
1,165 
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment 
9/21 at 100.00 
A– 
1,277,656 
 
 
Project, Series 2011, 6.750%, 9/01/40 
 
 
 
775 
 
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, 
1/19 at 100.00 
CCC+ 
763,189 
 
 
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 
N/R (5) 
278,041 
 
 
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– (5) 
267,310 
 
 
Bonds, Refunding Series 2010, 6.125%, 6/30/37 (Pre-refunded 6/30/20) 
 
 
 
 
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
 
 
 
 
 
Mission Bay North Redevelopment Project, Series 2011C: 
 
 
 
500 
 
6.500%, 8/01/27 (Pre-refunded 2/01/21) 
2/21 at 100.00 
A– (5) 
550,810 
700 
 
6.750%, 8/01/33 (Pre-refunded 2/01/21) 
2/21 at 100.00 
A– (5) 
774,970 
500 
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
BBB+ (5) 
552,180 
 
 
Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 (Pre-refunded 2/01/21) 
 
 
 
360 
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax 
2/21 at 100.00 
A (5) 
399,769 
 
 
Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) 
 
 
 
1,000 
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
12/19 at 100.00 
A+ (5) 
1,034,080 
 
 
California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 (Pre-refunded 12/01/19) 
 
 
 
2,400 
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
12/19 at 100.00 
A+ 
2,808,744 
 
 
California, Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 15.413%, 
 
 
 
 
 
12/01/34, 144A (IF) (4) 
 
 
 
1,045 
 
Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, 
6/21 at 100.00 
A+ 
1,151,841 
 
 
Series 2011A, 6.500%, 12/01/28 
 
 
 
1,020 
 
Western Placer Unified School District, Placer County, California, Certificates of 
8/19 at 100.00 
AA (5) 
1,046,438 
 
 
Participation, Refunding Series 2009, 5.250%, 8/01/35 (Pre-refunded 8/01/19) – AGM Insured 
 
 
 
41,230 
 
Total California 
 
 
42,642,888 
 
 
Colorado – 2.6% 
 
 
 
 
 
Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017: 
 
 
 
750 
 
4.000%, 12/31/30 (Alternative Minimum Tax) 
12/27 at 100.00 
A– 
756,855 
250 
 
4.000%, 6/30/31 (Alternative Minimum Tax) 
12/27 at 100.00 
A– 
251,518 
26 
 
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 
No Opt. Call 
N/R 
 
 
 
2007, 5.000%, 12/01/18, 144A (Alternative Minimum Tax) (8) 
 
 
 
 
60


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Colorado (continued) 
 
 
 
$ 250 
 
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 
No Opt. Call 
N/R 
$ 31,513 
 
 
2017, 5.500%, 4/01/22 (Alternative Minimum Tax) (8) 
 
 
 
4,000 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 
9/26 at 52.09 
A 
1,519,880 
 
 
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+ 
576,660 
4,030 
 
6.500%, 11/15/38 
No Opt. Call 
A+ 
5,303,319 
815 
 
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax 
12/20 at 100.00 
N/R 
831,137 
 
 
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 
 
 
 
10,596 
 
Total Colorado 
 
 
9,270,882 
 
 
Connecticut – 0.2% 
 
 
 
681 
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue 
4/20 at 100.00 
N/R (5) 
719,742 
 
 
Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 (Pre-refunded 4/01/20) 
 
 
 
 
 
District of Columbia – 1.7% 
 
 
 
1,430 
 
District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., 
3/21 at 100.00 
N/R (5) 
1,549,705 
 
 
Series 2011, 6.375%, 3/01/31 (Pre-refunded 3/01/21) 
 
 
 
10,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
No Opt. Call 
BBB+ 
4,341,800 
 
 
Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%, 10/01/37 – 
 
 
 
 
 
AGC Insured 
 
 
 
11,430 
 
Total District of Columbia 
 
 
5,891,505 
 
 
Florida – 5.8% 
 
 
 
1,635 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 
1/19 at 100.00 
N/R 
1,514,321 
 
 
2006A, 5.125%, 5/01/38 
 
 
 
1,000 
 
Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, 
5/27 at 100.00 
N/R 
996,680 
 
 
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– 
2,103,100 
 
 
Refunding Series 2013A, 5.625%, 6/01/33 
 
 
 
925 
 
Copperstone Community Development District, Manatee County, Florida, Capital Improvement 
1/19 at 100.00 
N/R 
911,634 
 
 
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 
1,079,690 
 
 
Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33 
 
 
 
250 
 
Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, 
1/19 at 105.00 
N/R 
258,720 
 
 
Brightline Passenger Rail Project – South Segment, Series 2017, 0.000%, 1/01/47, 144A 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
265 
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s 
8/20 at 100.00 
A+ 
280,328 
 
 
Hospital, Series 2010A, 6.000%, 8/01/30 
 
 
 
735 
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s 
8/20 at 100.00 
N/R (5) 
781,540 
 
 
Hospital, Series 2010A, 6.000%, 8/01/30 (Pre-refunded 8/01/20) 
 
 
 
340 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/20 at 100.00 
A 
357,887 
 
 
2010A-1, 5.375%, 10/01/35 
 
 
 
1,285 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/20 at 100.00 
N/R 
1,362,524 
 
 
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 (5) 
3,709,556 
 
 
5.125%, 4/01/34 (Pre-refunded 4/01/19) – AGC Insured 
 
 
 
1,500 
 
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 
10/20 at 100.00 
AA 
1,580,070 
 
 
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+ 
1,039,600 
2,000 
 
5.000%, 11/01/43 
11/22 at 100.00 
BBB+ 
2,055,340 
 
61

   
NEV 
Nuveen Enhanced Municipal Value Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Florida (continued) 
 
 
 
$ 230 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/19 at 100.00 
N/R 
$ 223,629 
 
 
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 
77,309 
 
 
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) 
 
 
 
135 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 
1/19 at 100.00 
N/R 
1 
 
 
2007-3, 6.650%, 5/01/40 (9) 
 
 
 
15 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
1/19 at 100.00 
N/R 
14,341 
 
 
Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 
 
 
 
350 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
278,754 
 
 
2015-1, 0.000%, 5/01/40 (9) 
 
 
 
215 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
140,883 
 
 
2015-2, 0.000%, 5/01/40 (9) 
 
 
 
235 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
1/19 at 100.00 
N/R 
2 
 
 
2015-3, 6.610%, 5/01/40 (9) 
 
 
 
730 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
1/19 at 100.00 
N/R 
730,613 
 
 
5.400%, 5/01/37 
 
 
 
1,080 
 
Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue 
5/22 at 100.00 
N/R 
1,100,596 
 
 
Bonds, Series 2012-A2, 5.500%, 5/01/34 
 
 
 
20,680 
 
Total Florida 
 
 
20,597,118 
 
 
Georgia – 4.4% 
 
 
 
12,000 
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2010C, 5.250%, 1/01/30 (UB) 
1/21 at 100.00 
AA 
12,698,280 
590 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 
1/19 at 100.00 
A2 (5) 
595,440 
 
 
1/01/31 (Pre-refunded 1/01/19) 
 
 
 
300 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 
1/19 at 100.00 
A2 (5) 
302,412 
 
 
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 
1,361,513 
 
 
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+ 
96,561 
260 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26 
No Opt. Call 
A+ 
300,908 
285 
 
Rockdale County Development Authority, Georgia, Revenue Bonds, Pratt Paper, LLC Project, 
1/28 at 100.00 
N/R 
271,750 
 
 
Refunding Series 2018, 4.000%, 1/01/38, 144A (Alternative Minimum Tax) 
 
 
 
14,775 
 
Total Georgia 
 
 
15,626,864 
 
 
Guam – 5.9% 
 
 
 
 
 
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: 
 
 
 
195 
 
5.000%, 11/15/33 
11/25 at 100.00 
A 
207,591 
1,805 
 
5.000%, 11/15/34 
11/25 at 100.00 
A 
1,918,137 
1,760 
 
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 
1/22 at 100.00 
A 
1,808,030 
500 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 
7/23 at 100.00 
A– 
528,325 
 
 
5.500%, 7/01/43 
 
 
 
 
 
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: 
 
 
 
2,500 
 
5.000%, 12/01/28 (UB) (4) 
12/26 at 100.00 
AA– 
2,714,225 
1,750 
 
5.000%, 12/01/30 (UB) (4) 
12/26 at 100.00 
BBB+ 
1,884,785 
2,500 
 
5.000%, 12/01/32 (UB) (4) 
12/26 at 100.00 
BBB+ 
2,671,100 
1,750 
 
5.000%, 12/01/34 (UB) (4) 
12/26 at 100.00 
BBB+ 
1,859,830 
6,000 
 
5.000%, 12/01/46 (UB) (4) 
12/26 at 100.00 
BBB+ 
6,321,600 
1,000 
 
Guam Power Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/37 
10/27 at 100.00 
BBB 
1,051,340 
19,760 
 
Total Guam 
 
 
20,964,963 
 
62

 
           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois – 18.2% 
 
 
 
$ 2,230 
 
CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004, 4.000%, 
12/22 at 100.00 
N/R 
$ 2,235,843 
 
 
6/15/23, 144A (Mandatory put 12/15/22) 
 
 
 
5,000 
 
Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 
4/27 at 100.00 
A 
5,714,049 
 
 
2016, 6.000%, 4/01/46 
 
 
 
2,255 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Project 
12/24 at 100.00 
BB– 
2,299,536 
 
 
Series 2015C, 5.250%, 12/01/35 
 
 
 
520 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding 
12/20 at 100.00 
BB– 
522,319 
 
 
Series 2010F, 5.000%, 12/01/31 
 
 
 
1,335 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
B+ 
1,494,946 
 
 
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 
Baa2 
866,590 
1,000 
 
0.000%, 12/01/27 – NPFG Insured 
No Opt. Call 
Baa2 
669,360 
1,000 
 
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 
1/25 at 100.00 
BBB+ 
1,062,640 
 
 
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+ 
334,538 
160 
 
5.000%, 1/01/25 
1/22 at 100.00 
BBB+ 
166,392 
 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: 
 
 
 
3,470 
 
5.000%, 1/01/24 
No Opt. Call 
BBB+ 
3,685,140 
350 
 
5.000%, 1/01/29 
1/26 at 100.00 
BBB+ 
369,586 
2,000 
 
Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 
12/21 at 100.00 
AA 
2,193,160 
 
 
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+ 
3,148,800 
 
 
Corporation Project, Series 2010, 6.750%, 10/15/40 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 
 
 
 
 
 
2016-XF2339: 
 
 
 
1,605 
 
16.113%, 9/01/38, 144A (IF) (4) 
9/22 at 100.00 
AA+ 
2,064,528 
1,540 
 
13.349%, 9/01/38, 144A (IF) (4) 
9/22 at 100.00 
AA+ 
1,893,461 
645 
 
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 
5/20 at 100.00 
BBB– 
671,471 
 
 
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) 
375,597 
 
 
6.125%, 5/15/27 (Pre-refunded 5/15/20) 
 
 
 
4,000 
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 
1/19 at 100.00 
Baa3 
3,756,200 
 
 
2006A, 5.000%, 4/01/36 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option 
 
 
 
 
 
Bond Trust 2015-XF0076: 
 
 
 
690 
 
13.167%, 8/15/37, 144A (IF) 
8/22 at 100.00 
AA+ 
887,071 
150 
 
13.167%, 8/15/43, 144A (IF) 
8/22 at 100.00 
AA+ 
188,635 
1,975 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds 
8/19 at 100.00 
AA+ 
2,281,994 
 
 
Trust 16-XL0021, 21.185%, 8/15/39, 144A (IF) (4) 
 
 
 
1,000 
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 
5/20 at 100.00 
AA– 
1,029,830 
 
 
5.125%, 5/15/35 
 
 
 
35 
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding 
5/19 at 100.00 
N/R (5) 
35,779 
 
 
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) 
30,668 
935 
 
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
AA+ (5) 
955,813 
500 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA (5) 
520,275 
 
 
Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured 
 
 
 
 
63

   
NEV 
Nuveen Enhanced Municipal Value Fund 
 
Portfolio of Investments (continued) 
 
   October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Illinois (continued) 
 
 
 
$ 455 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 
8/21 at 100.00 
AA 
$ 642,151 
 
 
2015-XF0121, 20.446%, 8/15/41, 144A – AGM Insured (IF) (4) 
 
 
 
465 
 
Illinois State, General Obligation Bonds, December Series 2017A, 5.000%, 12/01/28 
12/27 at 100.00 
BBB 
479,708 
20,830 
 
Illinois State, General Obligation Bonds, Series 2017D, 5.000%, 11/01/27 (UB) (4) 
No Opt. Call 
BBB 
21,640,495 
8,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
No Opt. Call 
AA 
1,199,680 
 
 
Series 2017B, 0.000%, 12/15/56 – AGM Insured 
 
 
 
1,000 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 
6/21 at 100.00 
N/R (5) 
1,092,690 
 
 
2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21) 
 
 
 
67,850 
 
Total Illinois 
 
 
64,508,945 
 
 
Indiana – 1.5% 
 
 
 
1,395 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B 
1,400,706 
 
 
Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29 
 
 
 
1,500 
 
Indiana Finance Authority, Provate Activity Bonds, Ohio River Bridges East End Crossing 
7/23 at 100.00 
A– 
1,585,395 
 
 
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) 
2,296,960 
 
 
2011, 7.750%, 9/01/31 (Pre-refunded 9/01/21) 
 
 
 
4,895 
 
Total Indiana 
 
 
5,283,061 
 
 
Iowa – 0.3% 
 
 
 
155 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/23 at 100.00 
B 
163,968 
 
 
Project, Series 2013, 5.250%, 12/01/25 
 
 
 
995 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/22 at 103.00 
B 
1,041,277 
 
 
Project, Series 2018A, 5.250%, 12/01/50 (Mandatory put 12/01/22) 
 
 
 
1,150 
 
Total Iowa 
 
 
1,205,245 
 
 
Kansas – 2.3% 
 
 
 
3,000 
 
Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding 
5/20 at 100.00 
BBB 
3,069,390 
 
 
Series 2010S, 5.000%, 5/15/30 
 
 
 
845 
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park 
1/19 at 100.00 
BB+ 
846,225 
 
 
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 
3,032,033 
 
 
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 
1,249,012 
8,540 
 
Total Kansas 
 
 
8,196,660 
 
 
Kentucky – 0.9% 
 
 
 
1,000 
 
Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series 
8/23 at 100.00 
AA 
1,091,740 
 
 
2013, 5.700%, 8/01/39 – AGM Insured 
 
 
 
2,000 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
7/25 at 100.00 
BBB+ 
2,077,180 
 
 
Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 
 
 
 
3,000 
 
Total Kentucky 
 
 
3,168,920 
 
 
Louisiana – 5.9% 
 
 
 
2,475 
 
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation 
12/21 at 100.00 
N/R 
2,623,698 
 
 
Project, Series 2011A, 7.750%, 12/15/31 
 
 
 
2,000 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
2/24 at 100.00 
AA– 
2,053,180 
 
 
Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series 
 
 
 
 
 
2014A, 4.375%, 2/01/39 
 
 
 
1,215 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
10/25 at 100.00 
AA 
1,335,419 
 
 
Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative 
 
 
 
 
 
Student Facilities Inc. Project, Refunding Series 2015, 5.000%, 10/01/33 
 
 
 
 
64


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Louisiana (continued) 
 
 
 
$ 1,000 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
7/27 at 100.00 
A 
$ 1,062,770 
 
 
Lady Health System, Series 2017A, 5.000%, 7/01/47 
 
 
 
2,000 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Lafayette General Medical 
5/20 at 100.00 
BBB+ 
2,071,480 
 
 
Center Project, Refunding Series 2010, 5.500%, 11/01/40 
 
 
 
1,000 
 
Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship 
7/26 at 100.00 
A 
1,043,240 
 
 
Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, 
 
 
 
 
 
5.000%, 7/01/56 
 
 
 
3,305 
 
Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 
5/23 at 100.00 
A3 
3,357,748 
 
 
4.250%, 12/01/38 
 
 
 
985 
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding 
10/21 at 100.00 
Aaa (5) 
1,070,488 
 
 
Series 2011, 5.250%, 10/01/28 (Pre-refunded 10/01/21) 
 
 
 
 
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding 
 
 
 
 
 
Series 2017: 
 
 
 
2,835 
 
0.000%, 10/01/31 (6) 
No Opt. Call 
Baa1 
2,474,728 
1,775 
 
0.000%, 10/01/36 
No Opt. Call 
Baa1 
1,525,151 
1,165 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0035, 
5/20 at 100.00 
AA– 
1,362,339 
 
 
13.384%, 5/01/39, 144A (IF) 
 
 
 
1,000 
 
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, 
1/27 at 100.00 
A– 
1,060,430 
 
 
Series 2017B, 5.000%, 1/01/48 (Alternative Minimum Tax) 
 
 
 
20,755 
 
Total Louisiana 
 
 
21,040,671 
 
 
Massachusetts – 1.5% 
 
 
 
1,800 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, 
10/26 at 100.00 
Baa2 
1,922,274 
 
 
5.000%, 10/01/34 
 
 
 
800 
 
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, 
7/26 at 100.00 
BBB– 
843,672 
 
 
5.000%, 7/01/47 
 
 
 
1,620 
 
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, Series 
7/22 at 100.00 
AA 
1,703,948 
 
 
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 
648,256 
 
 
2010A, 5.500%, 1/01/22 
 
 
 
325 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 
6/20 at 100.00 
AA 
326,271 
 
 
(Alternative Minimum Tax) 
 
 
 
5,170 
 
Total Massachusetts 
 
 
5,444,421 
 
 
Michigan – 0.6% 
 
 
 
10 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%, 
1/19 at 100.00 
A2 
10,022 
 
 
7/01/34 – NPFG Insured 
 
 
 
2,100 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
N/R (5) 
2,179,464 
 
 
Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 
 
 
 
2,110 
 
Total Michigan 
 
 
2,189,486 
 
 
Mississippi – 0.1% 
 
 
 
310 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
4/19 at 100.00 
BBB+ 
310,636 
 
 
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
 
 
 
 
 
Missouri – 0.4% 
 
 
 
1,230 
 
Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson 
11/25 at 100.00 
N/R 
1,197,823 
 
 
Shoppes Redevelopment Project, Refunding Series 2017A, 3.900%, 11/01/29 
 
 
 
55 
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue 
3/27 at 100.00 
BBB– 
57,905 
 
 
Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 
 
 
 
1,285 
 
Total Missouri 
 
 
1,255,728 
 
65

   
NEV 
Nuveen Enhanced Municipal Value Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Nevada – 1.1% 
 
 
 
$ 2,000 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
Aa3 
$ 2,060,660 
 
 
International Airport, Series 2010A, 5.000%, 7/01/30 
 
 
 
1,670 
 
Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 2016-XF2312, 
4/19 at 100.00 
AA (5) 
1,839,221 
 
 
24.724%, 4/01/39, 144A (Pre-refunded 4/01/19) (IF) (4) 
 
 
 
3,670 
 
Total Nevada 
 
 
3,899,881 
 
 
New Jersey – 10.5% 
 
 
 
 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
 
 
 
 
 
Airlines Inc., Series 1999: 
 
 
 
1,000 
 
5.125%, 9/15/23 (Alternative Minimum Tax) 
3/19 at 100.00 
BB 
1,067,060 
1,650 
 
5.250%, 9/15/29 (Alternative Minimum Tax) 
8/22 at 101.00 
BB 
1,769,939 
795 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
6/25 at 100.00 
A+ 
838,065 
 
 
Bonds, 2015WW, 5.250%, 144A 6/15/40 (UB) (4) 
 
 
 
2,155 
 
New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark 
10/27 at 100.00 
Ba1 
2,257,513 
 
 
Container Terminal LLC Project, Refunding Series 2017, 5.000%, 10/01/37 (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
850 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 
12/19 at 100.00 
Aaa 
870,205 
 
 
5.000%, 12/01/26 
 
 
 
20,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C 
No Opt. Call 
A– 
8,408,000 
 
 
0.000%, 12/15/36 – AMBAC Insured (UB) (4) 
 
 
 
20,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A, 
12/28 at 100.00 
A– 
21,205,400 
 
 
5.000%, 12/15/34 (UB) (4) 
 
 
 
755 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/28 at 100.00 
BBB 
766,461 
 
 
Series 2018B, 5.000%, 6/01/46 
 
 
 
47,205 
 
Total New Jersey 
 
 
37,182,643 
 
 
New York – 4.6% 
 
 
 
 
 
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) 
1,152,943 
1,225 
 
6.250%, 7/15/40 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (5) 
1,287,573 
2,500 
 
6.375%, 7/15/43 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (5) 
2,631,400 
1,000 
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher 
6/21 at 100.00 
A– 
1,083,520 
 
 
College, Series 2011, 6.000%, 6/01/34 
 
 
 
1,000 
 
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball 
1/29 at 100.00 
BBB 
1,014,200 
 
 
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 
516,205 
 
 
Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A 
 
 
 
 
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport 
 
 
 
 
 
Terminal B Redevelopment Project, Series 2016A: 
 
 
 
4,000 
 
4.000%, 7/01/33 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
4,009,880 
2,105 
 
5.000%, 7/01/46 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
2,193,284 
265 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
283,908 
 
 
Terminal LLC Project, Eight Series 2010, 6.000%, 12/01/42 
 
 
 
2,150 
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 
6/27 at 100.00 
N/R 
2,104,399 
15,845 
 
Total New York 
 
 
16,277,312 
 
 
Ohio – 9.6% 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
 
Bonds, Senior Lien, Series 2007A-2: 
 
 
 
6,000 
 
5.750%, 6/01/34 
12/18 at 100.00 
B– 
5,794,979 
6,500 
 
5.875%, 6/01/47 
12/18 at 100.00 
B– 
6,337,170 
760 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/20 at 100.00 
BBB 
787,596 
 
 
Services, Improvement Series 2010A, 5.625%, 7/01/26 
 
 
 
 
66


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Ohio (continued) 
 
 
 
$ 10,000 
 
Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, 
5/25 at 100.00 
AA+ 
$ 10,845,100 
 
 
5.000%, 5/15/40 (UB) (4) 
 
 
 
3,000 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
Baa1 (5) 
3,305,520 
 
 
2011A, 5.750%, 11/15/31 (Pre-refunded 11/15/21) 
 
 
 
1,000 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
1,041,820 
 
 
Refunding & improvement Series 2010, 6.375%, 4/01/30 
 
 
 
 
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 
 
 
 
 
 
2016-XF2311: 
 
 
 
1,090 
 
19.682%, 5/01/34, 144A (IF) (4) 
5/19 at 100.00 
BBB+ 
1,201,409 
580 
 
19.682%, 5/01/34, 144A (Pre-refunded 5/01/19) (IF) (4) 
5/19 at 100.00 
N/R (5) 
639,282 
6,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
N/R 
4,260,000 
 
 
Generation Project, Refunding Series 2006A, 0.000%, 12/01/23 (Mandatory put 12/03/18) (9) 
 
 
 
34,930 
 
Total Ohio 
 
 
34,212,876 
 
 
Pennsylvania – 8.6% 
 
 
 
1,390 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement 
11/19 at 100.00 
BB– 
1,417,175 
 
 
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 
BB– 
1,540,995 
 
 
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 
1/19 at 100.00 
Caa1 
1,215,317 
 
 
General Hospital, Series 2005A, 5.125%, 4/01/35 
 
 
 
530 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
514,100 
 
 
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 
 
 
 
 
 
(Mandatory put 4/01/21) (9) 
 
 
 
2,000 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
N/R 
1,420,000 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 
 
 
 
 
 
(Mandatory put 6/01/20) (9) 
 
 
 
 
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master 
 
 
 
 
 
Settlement, Series 2018: 
 
 
 
4,000 
 
5.000%, 6/01/32 (UB) (4) 
6/28 at 100.00 
A+ 
4,422,920 
2,260 
 
5.000%, 6/01/33 (UB) (4) 
6/28 at 100.00 
A+ 
2,487,446 
1,275 
 
5.000%, 6/01/34 (UB) (4) 
6/28 at 100.00 
A+ 
1,399,019 
 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social 
 
 
 
 
 
Ministries Project, Series 2009: 
 
 
 
1,350 
 
6.125%, 1/01/29 (Pre-refunded 1/01/19) 
1/19 at 100.00 
N/R (5) 
1,358,937 
150 
 
6.125%, 1/01/29 (Pre-refunded 1/01/19) 
1/19 at 100.00 
BBB+ (5) 
151,031 
2,000 
 
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, 
12/19 at 100.00 
N/R (5) 
2,123,160 
 
 
Series 2009, 7.750%, 12/15/27 (Pre-refunded 12/15/19) 
 
 
 
1,080 
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage 
8/20 at 100.00 
N/R 
1,275,448 
 
 
Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 2017-XF2454, 
 
 
 
 
 
13.390%, 8/01/24, 144A (IF) (4) 
 
 
 
1,000 
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, 
1/20 at 100.00 
BBB+ 
1,033,360 
 
 
Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 
 
 
 
1,000 
 
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, 
12/18 at 100.00 
BB+ 
983,500 
 
 
USG Corporation Project, Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 
 
 
 
1,200 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
7/20 at 100.00 
N/R (5) 
1,266,720 
 
 
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 
137,709 
 
 
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 
1,126,910 
 
 
Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured 
 
 
 
 
67

   
NEV 
Nuveen Enhanced Municipal Value Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Pennsylvania (continued) 
 
 
 
 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E: 
 
 
 
$ 3,530 
 
6.000%, 12/01/30 
12/27 at 100.00 
A 
$ 4,238,718 
2,000 
 
6.375%, 12/01/38 
12/27 at 100.00 
A 
2,404,220 
28,730 
 
Total Pennsylvania 
 
 
30,516,685 
 
 
Puerto Rico – 0.7% 
 
 
 
1,000 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 3.992%, 
No Opt. Call 
C 
880,000 
 
 
7/01/27 – AMBAC Insured 
 
 
 
1,500 
 
Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, 
12/18 at 100.00 
A+ 
1,549,200 
 
 
Modernization Series 2008, 5.125%, 12/01/27 
 
 
 
2,500 
 
Total Puerto Rico 
 
 
2,429,200 
 
 
South Carolina – 2.2% 
 
 
 
7,500 
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, 
12/26 at 100.00 
A+ 
7,891,500 
 
 
Federally Taxable Build America Series 2016B, 5.000%, 12/01/46 (UB) (4) 
 
 
 
 
 
Tennessee – 0.3% 
 
 
 
1,000 
 
Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle 
12/26 at 100.00 
N/R 
921,450 
 
 
Project, Series 2016A, 5.125%, 12/01/42, 144A 
 
 
 
155 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24 
No Opt. Call 
A 
169,703 
1,155 
 
Total Tennessee 
 
 
1,091,153 
 
 
Texas – 2.5% 
 
 
 
80 
 
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Leadership 
6/21 at 100.00 
BB 
79,050 
 
 
Prep School, Series 2016A, 5.000%, 6/15/46 
 
 
 
3,500 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
No Opt. Call 
N/R 
35 
 
 
Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (9) 
 
 
 
150 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. 
11/22 at 100.00 
Baa3 
152,400 
 
 
Project, Series 2012B, 4.750%, 11/01/42 
 
 
 
825 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
7/25 at 100.00 
B3 
708,683 
 
 
Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series 2015A, 
 
 
 
 
 
5.000%, 7/01/47 
 
 
 
1,800 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 
9/21 at 100.00 
N/R 
2,584,548 
 
 
2016-XF2220, 18.566%, 9/01/41, 144A (IF) 
 
 
 
1,000 
 
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden 
12/21 at 100.00 
N/R 
622,500 
 
 
Home Inc., Series 2012, 7.250%, 12/15/47 (9) 
 
 
 
455 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
A– 
519,191 
 
 
Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
810 
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility 
12/19 at 100.00 
Baa2 
847,017 
 
 
Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 
 
 
 
 
 
6.875%, 12/31/39 
 
 
 
 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, 
 
 
 
 
 
Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016: 
 
 
 
1,275 
 
5.000%, 12/31/50 (Alternative Minimum Tax) 
12/25 at 100.00 
Baa3 
1,332,656 
805 
 
5.000%, 12/31/55 (Alternative Minimum Tax) 
12/25 at 100.00 
Baa3 
838,874 
1,000 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ 
6/20 at 100.00 
Baa3 
1,065,800 
 
 
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34 
 
 
 
11,700 
 
Total Texas 
 
 
8,750,754 
 
68


           
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Utah – 0.3% 
 
 
 
$ 1,000 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
7/20 at 100.00 
BB 
$ 1,023,350 
 
 
School, Series 2010A, 6.250%, 7/15/30 
 
 
 
 
 
Vermont – 0.8% 
 
 
 
 
 
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School 
 
 
 
 
 
Project, Series 2011A: 
 
 
 
1,000 
 
6.125%, 1/01/28 (Pre-refunded 1/01/21) 
1/21 at 100.00 
N/R (5) 
1,080,250 
1,760 
 
6.250%, 1/01/33 (Pre-refunded 1/01/21) 
1/21 at 100.00 
N/R (5) 
1,905,869 
2,760 
 
Total Vermont 
 
 
2,986,119 
 
 
Virginia – 1.2% 
 
 
 
2,000 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
12/18 at 100.00 
B– 
1,968,220 
 
 
Series 2007B1, 5.000%, 6/01/47 
 
 
 
1,155 
 
Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 
6/27 at 100.00 
BBB 
1,206,086 
 
 
Project, Senior Lien Series 2017, 5.000%, 12/31/56 (Alternative Minimum Tax) 
 
 
 
1,010 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
7/22 at 100.00 
BBB 
1,078,054 
 
 
Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax) 
 
 
 
4,165 
 
Total Virginia 
 
 
4,252,360 
 
 
Washington – 4.3% 
 
 
 
5,000 
 
Port of Seattle, Washington, Revenue Bonds, Series 2016B, 5.000%, 10/01/31 (Alternative 
4/26 at 100.00 
AA 
5,527,150 
 
 
Minimum Tax) (UB) (4) 
 
 
 
3,155 
 
Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, 
12/26 at 100.00 
Baa2 
3,448,352 
 
 
Refunding & Improvement Series 2016, 5.000%, 12/01/27 
 
 
 
190 
 
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, 
4/19 at 100.00 
N/R 
189,979 
 
 
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+ 
2,098,280 
 
 
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) 
2,052,160 
 
 
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) 
2,063,620 
 
 
Series 2009, 5.625%, 10/01/40 (Pre-refunded 10/01/19) 
 
 
 
14,345 
 
Total Washington 
 
 
15,379,541 
 
 
West Virginia – 0.2% 
 
 
 
750 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., 
12/18 at 100.00 
N/R 
618,263 
 
 
Series 2008, 6.500%, 10/01/38 
 
 
 
 
 
Wisconsin – 10.4% 
 
 
 
3,500 
 
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 6.500%, 
2/19 at 102.00 
BBB+ 
3,601,185 
 
 
2/01/31, 144A 
 
 
 
25 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School 
6/24 at 100.00 
N/R 
24,378 
 
 
Bonds, North Carolina, Series 2017A, 5.000%, 6/15/37, 144A 
 
 
 
170 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter 
6/26 at 100.00 
N/R 
157,223 
 
 
Educational Foundation Project, Series 2016A, 5.000%, 6/15/36, 144A 
 
 
 
 
69

   
NEV 
Nuveen Enhanced Municipal Value Fund 
 
Portfolio of Investments (continued) 
 
October 31, 2018 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
Wisconsin (continued) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard 
 
 
 
 
 
Public Facilities Corporation, Second Tier Series 2018B: 
 
 
 
$ 69 
 
0.000%, 1/01/46 – ACA Insured, 144A 
No Opt. Call 
N/R 
$ 2,153 
68 
 
0.000%, 1/01/47 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,114 
68 
 
0.000%, 1/01/48 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,090 
67 
 
0.000%, 1/01/49 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,066 
67 
 
0.000%, 1/01/50 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,029 
73 
 
0.000%, 1/01/51 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,214 
1,896 
 
3.750%, 7/01/51 – ACA Insured, 144A 
3/28 at 100.00 
N/R 
1,797,491 
72 
 
0.000%, 1/01/52 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,191 
71 
 
0.000%, 1/01/53 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,154 
71 
 
0.000%, 1/01/54 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,132 
70 
 
0.000%, 1/01/55 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,096 
69 
 
0.000%, 1/01/56 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,059 
68 
 
0.000%, 1/01/57 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,039 
67 
 
0.000%, 1/01/58 – ACA Insured, 144A 
No Opt. Call 
N/R 
2,003 
67 
 
0.000%, 1/01/59 – ACA Insured, 144A 
No Opt. Call 
N/R 
1,983 
67 
 
0.000%, 1/01/60 – ACA Insured, 144A 
No Opt. Call 
N/R 
1,962 
66 
 
0.000%, 1/01/61 – ACA Insured, 144A 
No Opt. Call 
N/R 
1,928 
65 
 
0.000%, 1/01/62 – ACA Insured, 144A 
No Opt. Call 
N/R 
1,908 
64 
 
0.000%, 1/01/63 – ACA Insured, 144A 
No Opt. Call 
N/R 
1,874 
64 
 
0.000%, 1/01/64 – ACA Insured, 144A 
No Opt. Call 
N/R 
1,855 
63 
 
0.000%, 1/01/65 – ACA Insured, 144A 
No Opt. Call 
N/R 
1,836 
62 
 
0.000%, 1/01/66 – ACA Insured, 144A 
No Opt. Call 
N/R 
1,802 
808 
 
0.000%, 1/01/67 – ACA Insured, 144A 
No Opt. Call 
N/R 
23,414 
160 
 
Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., 
12/27 at 100.00 
N/R 
164,541 
 
 
Series 2017A, 5.200%, 12/01/37 
 
 
 
2,905 
 
Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing 
7/25 at 100.00 
BBB– 
3,014,751 
 
 
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 
627,810 
 
 
0.000%, 12/15/31 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, 
 
 
 
 
 
Series 2016A: 
 
 
 
10,000 
 
5.000%, 11/15/35 (UB) (4) 
5/26 at 100.00 
AA+ 
10,986,000 
5,000 
 
5.000%, 11/15/36 (UB) (4) 
5/26 at 100.00 
AA+ 
5,472,200 
3,000 
 
5.000%, 11/15/39 (UB) (4) 
5/26 at 100.00 
AA+ 
3,262,620 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 
6/20 at 100.00 
N/R (5) 
1,059,330 
 
 
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– 
511,915 
 
 
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: 
 
 
 
1,290 
 
10.899%, 4/01/42, 144A (IF) (4) 
10/22 at 100.00 
AA 
1,294,450 
1,000 
 
15.899%, 4/01/34, 144A (Pre-refunded 4/01/19) (IF) (4) 
4/19 at 100.00 
AA (5) 
1,064,110 
25 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., 
8/25 at 100.00 
N/R (5) 
28,560 
 
 
Refunding Series 2016, 5.000%, 2/15/28 (Pre-refunded 8/15/25) 
 
 
 
1,090 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior 
8/23 at 100.00 
A 
1,140,860 
 
 
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) 
2,808,176 
 
 
2016-XL0020, 24.988%, 5/01/36, 144A (Pre-refunded 5/01/19) (IF) (4) 
 
 
 
37,287 
 
Total Wisconsin 
 
 
37,081,502 
 
70


           
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 
$ 744,811 
1,600 
 
6.500%, 7/01/43 
7/21 at 100.00 
BBB 
1,671,600 
2,310 
 
Total Wyoming 
 
 
2,416,411 
$ 461,793 
 
Total Long-Term Investments (cost $432,803,313) 
 
 
446,924,905 
 
 
Floating Rate Obligations – (27.0)% 
 
 
(95,930,000) 
 
 
Other Assets Less Liabilities – 1.2% 
 
 
4,347,403 
 
 
Net Assets – 100% 
 
 
$ 355,342,308 
 
 
(1) All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3)
For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(6)
Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(7)
Variable rate security. The rate shown is the coupon as of end of the reporting period.
(8) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(9) 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.
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.
LIBOR
London Inter-Bank Offered Rate.
IF
Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
 
See accompanying notes to financial statements.
71

 
Statement of Assets and Liabilities 
 
Year Ended October 31, 2018 
 
   
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Assets 
                       
Long-term investments, at value (cost $1,977,913,638, $235,899,306, 
                       
$89,607,686 and $432,803,313, respectively) 
 
$
2,070,698,195
   
$
249,999,794
   
$
93,886,174
   
$
446,924,905
 
Cash 
   
1,439,498
     
3,848,018
     
1,706,547
     
 
Receivable for: 
                               
Interest 
   
25,732,398
     
3,227,304
     
1,202,751
     
7,697,322
 
Investments sold 
   
20,506,571
     
5,009,840
     
926,483
     
3,781,953
 
Other assets 
   
389,967
     
4,239
     
2,956
     
38,700
 
Total assets 
   
2,118,766,629
     
262,089,195
     
97,724,911
     
458,442,880
 
Liabilities 
                               
Cash overdraft 
   
     
     
     
5,379,521
 
Floating rate obligations 
   
49,500,000
     
9,125,000
     
     
95,930,000
 
Payable for: 
                               
Dividends 
   
5,763,140
     
821,672
     
287,529
     
1,400,524
 
Investments purchased 
   
26,818,407
     
7,348,630
     
1,943,175
     
 
Accrued expenses: 
                               
Management fees 
   
776,190
     
124,117
     
49,506
     
293,897
 
Directors/Trustees fees 
   
375,846
     
525
     
204
     
24,771
 
 Other 
   
312,439
     
57,526
     
48,260
     
71,859
 
Total liabilities 
   
83,546,022
     
17,477,470
     
2,328,674
     
103,100,572
 
Net assets 
 
$
2,035,220,607
   
$
244,611,725
   
$
95,396,237
   
$
355,342,308
 
Shares outstanding 
   
206,875,449
     
15,399,134
     
8,736,332
     
24,950,068
 
Net asset value (“NAV”) per share outstanding 
 
$
9.84
   
$
15.88
   
$
10.92
   
$
14.24
 
Net assets consist of: 
                               
Shares, $0.01 par value per share 
 
$
2,068,754
   
$
153,991
   
$
87,363
   
$
249,501
 
Paid-in surplus 
   
1,956,383,687
     
227,923,703
     
90,294,792
     
363,265,119
 
Total distributable earnings 
   
76,768,166
     
16,534,031
     
5,014,082
     
(8,172,312
)
Net assets 
 
$
2,035,220,607
   
$
244,611,725
   
$
95,396,237
   
$
355,342,308
 
Authorized shares 
   
350,000,000
   
Unlimited
     
200,000,000
   
Unlimited
 
 
See accompanying notes to financial statements.
72

 
Statement of Operations 
 
Year Ended October 31, 2018 
 
   
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Investment Income 
 
$
89,799,519
   
$
12,765,213
   
$
4,618,895
   
$
24,013,353
 
Expenses 
                               
Management fees 
   
9,439,873
     
1,525,978
     
591,359
     
3,474,718
 
Interest expense 
   
687,693
     
261,194
     
     
1,465,733
 
Custodian fees 
   
210,408
     
34,475
     
27,504
     
59,882
 
Directors/Trustees fees 
   
58,700
     
7,136
     
2,727
     
10,302
 
Professional fees 
   
87,870
     
88,631
     
47,866
     
48,774
 
Shareholder reporting expenses 
   
225,057
     
60,582
     
45,577
     
63,684
 
Shareholder servicing agent fees 
   
387,130
     
328
     
7,924
     
270
 
Shelf offering expenses 
   
     
     
105,876
     
 
Stock exchange listing fees 
   
58,424
     
9,407
     
7,536
     
9,176
 
Investor relations expenses 
   
57,997
     
7,912
     
3,486
     
10,115
 
Other 
   
105,546
     
30,434
     
27,036
     
56,133
 
Total expenses 
   
11,318,698
     
2,026,077
     
866,891
     
5,198,787
 
Net investment income (loss) 
   
78,480,821
     
10,739,136
     
3,752,004
     
18,814,566
 
Realized and Unrealized Gain (Loss) 
                               
Net realized gain (loss) from Investments 
   
(1,117,529
)
   
1,480,929
     
626,362
     
(814,787
)
Change in net unrealized appreciation (depreciation) of investments 
   
(91,610,753
)
   
(15,564,805
)
   
(4,414,017
)
   
(18,566,356
)
Net realized and unrealized gain (loss) 
   
(92,728,282
)
   
(14,083,876
)
   
(3,787,655
)
   
(19,381,143
)
Net increase (decrease) in net assets from operations 
 
$
(14,247,461
)
 
$
(3,344,740
)
 
$
(35,651
)
 
$
(566,577
)
 
See accompanying notes to financial statements.
73

 
Statement of Changes in Net Assets 
 
   
 
 
NUV
   
NUW
 
 
 
Year Ended
   
Year Ended(1)
   
Year Ended
   
Year Ended(1)
 
 
 
10/31/18
   
10/31/17
   
10/31/18
   
10/31/17
 
Operations 
                       
Net investment income (loss) 
 
$
78,480,821
   
$
81,826,781
   
$
10,739,136
   
$
10,937,076
 
Net realized gain (loss) from Investments 
   
(1,117,529
)
   
13,722,721
     
1,480,929
     
3,268,315
 
Change in net unrealized appreciation (depreciation) of investments 
   
(91,610,753
)
   
(34,810,434
)
   
(15,564,805
)
   
(6,871,435
)
Net increase (decrease) in net assets from operations 
   
(14,247,461
)
   
60,739,068
     
(3,344,740
)
   
7,333,956
 
Distributions to Shareholders(2) 
                               
Dividends(3) 
   
(80,577,992
)
   
(81,136,569
)
   
(13,775,655
)
   
(10,614,955
)
Decrease in net assets from distributions to shareholders 
   
(80,577,992
)
   
(81,136,569
)
   
(13,775,655
)
   
(10,614,955
)
Capital Share Transactions 
                               
Proceeds from shelf offering, net of offering costs 
   
     
     
5,126,753
     
11,730,314
 
Net proceeds from shares issued to shareholders due to 
                               
reinvestment of distributions 
   
     
     
324,271
     
437,916
 
Net increase (decrease) in net assets from capital share transactions 
   
     
     
5,451,024
     
12,168,230
 
Net increase (decrease) in net assets 
   
(94,825,453
)
   
(20,397,501
)
   
(11,669,371
)
   
8,887,231
 
Net assets at the beginning of period 
   
2,130,046,060
     
2,150,443,561
     
256,281,096
     
247,393,865
 
Net assets at the end of period 
 
$
2,035,220,607
   
$
2,130,046,060
   
$
244,611,725
   
$
256,281,096
 
 
(1)
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
(2)     
The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
(3)     
For the fiscal year ended October 31, 2017, the Fund’s distributions to shareholders were paid from net investment income.
 
See accompanying notes to financial statements.
74

 

                         
 
 
NMI
   
NEV
 
 
 
Year Ended
   
Year Ended(1)
   
Year Ended
   
Year Ended(1)
 
 
 
10/31/18
   
10/31/17
   
10/31/18
   
10/31/17
 
Operations 
                       
Net investment income (loss) 
 
$
3,752,004
   
$
4,016,128
   
$
18,814,566
   
$
20,371,268
 
Net realized gain (loss) from Investments 
   
626,362
     
188,720
     
(814,787
)
   
302,118
 
Change in net unrealized appreciation (depreciation) of investments 
   
(4,414,017
)
   
(2,134,044
)
   
(18,566,356
)
   
(13,926,077
)
Net increase (decrease) in net assets from operations 
   
(35,651
)
   
2,070,804
     
(566,577
)
   
6,747,309
 
Distributions to Shareholders(2) 
                               
Dividends(3) 
   
(3,961,991
)
   
(4,094,716
)
   
(19,171,632
)
   
(20,501,471
)
Decrease in net assets from distributions to shareholders 
   
(3,961,991
)
   
(4,094,716
)
   
(19,171,632
)
   
(20,501,471
)
Capital Share Transactions 
                               
Proceeds from shelf offering, net of offering costs 
   
2,135,825
     
2,442,544
     
     
 
Net proceeds from shares issued to shareholders due to 
                               
reinvestment of distributions 
   
120,057
     
187,363
     
     
 
Net increase (decrease) in net assets from capital share transactions 
   
2,255,882
     
2,629,907
     
     
 
Net increase (decrease) in net assets 
   
(1,741,760
)
   
605,995
     
(19,738,209
)
   
(13,754,162
)
Net assets at the beginning of period 
   
97,137,997
     
96,532,002
     
375,080,517
     
388,834,679
 
Net assets at the end of period 
 
$
95,396,237
   
$
97,137,997
   
$
355,342,308
   
$
375,080,517
 
 
(1)     
Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details.
(2)     
The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information.
(3)     
For the fiscal year ended October 31, 2017 the Funds’ distributions to shareholders were paid from net investment income.
 
See accompanying notes to financial statements.
75

 
Statement of Cash Flows 
 
Year Ended October 31, 2018 
 
   
 
 
NEV
 
Cash Flows from Operating Activities: 
     
Net Increase (Decrease) in Net Assets from Operations 
 
$
(566,577
)
Adjustments to reconcile the net increase (decrease) in net assets from 
       
operations to net cash provided by (used in) operating activities: 
       
Purchases of investments 
   
(119,689,889
)
Proceeds from sales and maturities of investments 
   
65,793,689
 
Proceeds from (Purchases of) short-term investments, net 
   
2,819,594
 
Amortization (Accretion) of premiums and discounts, net 
   
1,452,546
 
(Increase) Decrease in: 
       
Receivable for interest 
   
(1,056
)
Receivable for investments sold 
   
(2,966,480
)
Other assets 
   
(13,379
)
Increase (Decrease) in: 
       
Accrued management fees 
   
6,850
 
Accrued Director/Trustees fees 
   
2,588
 
Accrued other expenses 
   
(12,956
)
Net realized (gain) loss from investments 
   
814,787
 
Change in net unrealized (appreciation) depreciation of investments 
   
18,566,356
 
Net cash provided by (used in) operating activities 
   
(33,793,927
)
Cash Flows from Financing Activities: 
       
Increase (Decrease) in: 
       
Cash overdraft 
   
5,379,521
 
Floating rate obligations 
   
47,385,000
 
Cash distributions paid to shareholders 
   
(19,451,362
)
Net cash provided by (used in) financing activities 
   
33,313,159
 
Net Increase (Decrease) in Cash 
   
(480,768
)
Cash at the beginning of period 
   
480,768
 
Cash at the end of period 
 
$
 
       
       
Supplemental Disclosures of Cash Flow Information 
 
NEV
 
Cash paid for interest 
 
$
1,465,733
 
 
See accompanying notes to financial statements.
76

 
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77

 
Financial Highlights 
 
 
 
 
Selected data for a share outstanding throughout each period: 
 
 
 
   
 
       
Investment Operations
         
Less Distributions
                         
 
                                                 
Premium
             
 
                                                 
from
             
 
                               
From
               
Shares
             
 
       
Net
   
Net
         
From
   
Accumu-
               
Sold
             
 
       
Investment
   
Realized/
         
Net
   
lated Net
         
Shelf
   
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:
                                                       
2018 
 
$
10.30
   
$
0.38
   
$
(0.45
)
 
$
(0.07
)
 
$
(0.39
)
 
$
   
$
(0.39
)
 
$
   
$
   
$
9.84
   
$
9.18
 
2017 
   
10.39
     
0.40
     
(0.10
)
   
0.30
     
(0.39
)
   
     
(0.39
)
   
     
     
10.30
     
10.12
 
2016 
   
10.20
     
0.40
     
0.18
     
0.58
     
(0.39
)
   
     
(0.39
)
   
     
*
   
10.39
     
9.98
 
2015 
   
10.21
     
0.42
     
(0.03
)
   
0.39
     
(0.40
)
   
     
(0.40
)
   
     
     
10.20
     
10.07
 
2014 
   
9.61
     
0.43
     
0.61
     
1.04
     
(0.44
)
   
     
(0.44
)
   
     
     
10.21
     
9.64
 
   
NUW 
                                                                                       
Year Ended 10/31:
                                                                         
2018 
   
16.99
     
0.70
     
(0.92
)
   
(0.22
)
   
(0.72
)
   
(0.18
)
   
(0.90
)
   
     
0.01
     
15.88
     
14.36
 
2017 
   
17.22
     
0.75
     
(0.26
)
   
0.49
     
(0.73
)
   
     
(0.73
)
   
(0.01
)
   
0.02
     
16.99
     
17.17
 
2016 
   
17.17
     
0.76
     
0.06
     
0.82
     
(0.79
)
   
     
(0.79
)
   
(0.01
)
   
0.03
     
17.22
     
16.96
 
2015 
   
17.19
     
0.80
     
(0.04
)
   
0.76
     
(0.79
)
   
     
(0.79
)
   
     
0.01
     
17.17
     
17.22
 
2014 
   
16.35
     
0.82
     
0.92
     
1.74
     
(0.81
)
   
(0.09
)
   
(0.90
)
   
     
     
17.19
     
16.89
 
 
(a)     
Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
78


                                 
           
Ratios/Supplemental Data
 
Total Returns
         
Ratios to Average Net Assets
       
   
   
   
     
Based
   
Ending
                   
Based
   
on
   
Net
         
Net
   
Portfolio
 
on
   
Share
   
Assets
         
Investment
   
Turnover
 
NAV(a)
   
Price(a)
     
(000
)
 
Expenses(b)
   
Income (Loss)
   
Rate(c)
 
   
   
(0.71
)%
   
(5.55
)%
 
$
2,035,221
     
0.54
%
   
3.76
%
   
20
%
3.03
     
5.48
     
2,130,046
     
0.52
     
3.89
     
17
 
5.74
     
2.91
     
2,150,444
     
0.51
     
3.87
     
11
 
3.94
     
8.86
     
2,096,508
     
0.53
     
4.08
     
16
 
11.04
     
11.54
     
2,099,099
     
0.56
     
4.36
     
17
 
   
   
   
(1.31
)
   
(11.54
)
   
244,612
     
0.80
     
4.26
     
30
 
3.02
     
5.71
     
256,281
     
0.81
     
4.45
     
16
 
4.90
     
2.99
     
247,394
     
0.71
     
4.38
     
12
 
4.56
     
6.79
     
228,952
     
0.72
     
4.72
     
6
 
10.95
     
17.27
     
226,855
     
0.75
     
4.92
     
10
 
 
(b)     
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
   
 
NUV 
 
NUW 
 
Year Ended 10/31: 
 
Year Ended 10/31: 
 
2018 
0.03% 
2018 
0.10% 
2017 
0.01 
2017 
0.06 
2016 
0.01 
2016 
0.03 
2015 
0.00** 
2015 
0.02 
2014 
0.01 
2014 
0.02 
 
(c)     
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*     
Rounds to less than $0.01 per share.
**     
Rounds to less than 0.01%.
 
See accompanying notes to financial statements.
79

 
Financial Highlights (continued) 
 
 
 
 
Selected data for a share outstanding throughout each period: 
 
 
   
 
       
Investment Operations
   
Less Distributions
                         
 
                                                 
Premium
             
 
                                                 
from
             
 
                               
From
               
Shares
             
 
       
Net
   
Net
         
From
   
Accumu-
               
Sold
             
 
       
Investment
   
Realized/
         
Net
   
lated Net
         
Shelf
   
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:
                                                       
2018 
 
$
11.38
   
$
0.43
   
$
(0.43
)
 
$
   
$
(0.46
)
 
$
   
$
(0.46
)
 
$
(0.01
)
 
$
0.01
   
$
10.92
   
$
10.09
 
2017 
   
11.61
     
0.48
     
(0.22
)
   
0.26
     
(0.49
)
   
     
(0.49
)
   
(0.01
)
   
0.01
     
11.38
     
11.45
 
2016 
   
11.47
     
0.50
     
0.15
     
0.65
     
(0.51
)
   
     
(0.51
)
   
     
     
11.61
     
12.20
 
2015 
   
11.52
     
0.51
     
(0.05
)
   
0.46
     
(0.51
)
   
     
(0.51
)
   
     
     
11.47
     
11.05
 
2014 
   
10.80
     
0.50
     
0.77
     
1.27
     
(0.55
)
   
     
(0.55
)
   
     
     
11.52
     
11.30
 
   
NEV 
                                                                                       
Year Ended 10/31:
                                                                         
2018 
   
15.03
     
0.75
     
(0.77
)
   
(0.02
)
   
(0.77
)
   
     
(0.77
)
   
     
     
14.24
     
12.70
 
2017 
   
15.58
     
0.82
     
(0.55
)
   
0.27
     
(0.82
)
   
     
(0.82
)
   
     
     
15.03
     
14.28
 
2016 
   
15.59
     
0.85
     
0.04
     
0.89
     
(0.95
)
   
     
(0.95
)
   
     
0.05
     
15.58
     
14.75
 
2015 
   
15.69
     
0.93
     
(0.06
)
   
0.87
     
(0.97
)
   
     
(0.97
)
   
     
     
15.59
     
15.38
 
2014 
   
14.10
     
0.96
     
1.59
     
2.55
     
(0.96
)
   
     
(0.96
)
   
     
     
15.69
     
14.91
 
 
(a)     
Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
 
80


                                 
           
Ratios/Supplemental Data
 
Total Returns
         
Ratios to Average Net Assets
       
   
   
   
     
Based
   
Ending
                   
Based
   
on
   
Net
         
Net
   
Portfolio
 
on
   
Share
   
Assets
         
Investment
   
Turnover
 
NAV(a)
   
Price(a)
     
(000
)
 
Expenses(b)
   
Income (Loss)
   
Rate(d)
 
   
   
 
(0.05
)%
   
(8.14
)%
 
$
95,396
     
0.89
%
   
3.87
%
   
17
%
 
2.34
     
(2.04
)
   
97,138
     
0.79
     
4.23
     
12
 
 
5.71
     
15.22
     
96,532
     
0.76
     
4.33
     
4
 
 
4.08
     
2.31
     
95,149
     
0.74
     
4.43
     
10
 
 
12.06
     
17.55
     
95,464
     
0.76
     
4.55
     
15
 
   
   
   
 
(0.17
)
   
(5.93
)
   
355,342
     
1.42
     
5.14
     
15
 
 
1.93
     
2.50
     
375,081
     
1.14
     
5.47
     
8
 
 
6.10
     
1.85
     
388,835
     
1.03
     
5.44
     
6
 
 
5.68
     
9.90
     
328,856
     
1.05(c
)
   
5.93(c
)
   
12
 
 
18.67
     
14.58
     
330,869
     
1.08
     
6.49
     
5
 
 
(b)     
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
   
 
NMI 
 
NEV 
 
Year Ended 10/31: 
 
Year Ended 10/31: 
 
2018 
—%    
2018 
0.40% 
2017 
—       
2017 
0.17 
2016 
0.03       
2016 
0.07 
2015 
0.01       
2015 
0.07 
2014 
0.01       
2014 
0.09 
 
(c)     
During the fiscal year ended October 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with an equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows:
 
 
 
 
Ratios to Average Net Assets
 
 
       
Net Investment
 
NEV 
 
Expenses
   
Income (Loss)
 
Year Ended 10/31: 
           
2015 
   
1.08
%
   
5.91
%
 
(d)     
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
 
See accompanying notes to financial statements.
81

Notes to
Financial Statements
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
·
Nuveen Municipal Value Fund, Inc. (NUV)
·
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 October 31, 2018, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2018 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
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
   
NUW
   
NMI
 
Outstanding when-issued/delayed delivery purchase commitments 
 
$
20,284,598
   
$
7,348,630
   
$
1,042,380
 
 
Investment Income
Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
82

 

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.
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.
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
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, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
83

Notes to Financial Statements (continued)
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, 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.
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* 
 
$
   
$
2,070,066,464
   
$
   
$
2,070,066,464
 
Corporate Bonds** 
   
     
     
631,731
***
   
631,731
 
Total 
 
$
   
$
2,070,066,464
   
$
631,731
   
$
2,070,698,195
 
 
NUW 
                               
Long-Term Investments: 
                               
Municipal Bonds* 
 
$
   
$
249,999,794
   
$
   
$
249,999,794
 
 
NMI 
                               
Long-Term Investments: 
                               
Municipal Bonds* 
 
$
   
$
93,886,174
   
$
   
$
93,886,174
 
 
NEV 
                               
Long-Term Investments: 
                               
Municipal Bonds* 
 
$
   
$
446,893,392
   
$
31,513
***
 
$
446,924,905
 
 
*     
Refer to the Fund’s Portfolio of Investments for state classifications.
**     
Refer to the Fund’s Portfolio of Investments for industry classifications.
***     
Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.
 
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
84

 
TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense” on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
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 
 
$
49,500,000
   
$
9,125,000
   
$
   
$
95,930,000
 
Floating rate obligations: externally-deposited Inverse Floaters 
   
     
10,165,000
     
     
135,940,000
 
Total 
 
$
49,500,000
   
$
19,290,000
   
$
   
$
231,870,000
 
 
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 
 
$
37,131,151
   
$
14,566,096
   
$
   
$
77,067,685
 
Average annual interest rate and fees 
   
1.85
%
   
1.79
%
   
%
   
1.90
%
 
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 is not sufficient to pay the purchase price of the Floaters.
85

Notes to Financial Statements (continued)
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, NEV had outstanding borrowings under such liquidity facilities in the amount of $1,739,130, which is recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities. There were no loans outstanding under any such facility for NUV, NUW or NMI as of the end of the reporting period.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (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 
 
$
49,500,000
   
$
9,125,000
   
$
   
$
87,930,000
 
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
   
     
10,165,000
     
     
133,430,000
 
Total 
 
$
49,500,000
   
$
19,290,000
   
$
   
$
221,360,000
 
 
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.
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
86

 

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
Share Equity Shelf Programs and Offering Costs
The 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 each Fund’s NAV per share. In the event each Fund’s Shelf Offering registration statement is no longer current, the Funds 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 Funds’ current and prior fiscal period were as follows:
                                                 
 
 
NUV
   
NUW
   
NMI
   
NEV
 
 
 
Year
   
Year
   
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
 
10/31/18
   
10/31/17*
   
10/31/18
   
10/31/17
   
10/31/18
   
10/31/17**
   
10/31/18
   
10/31/17*
 
Additional authorized shares 
   
     
19,600,000
     
1,400,000
     
1,400,000
     
800,000
     
800,000
     
     
5,200,000
 
Shares sold 
   
     
     
299,412
     
685,364
     
187,400
     
209,600
     
     
 
Offering proceeds, net of offering costs 
 
$
   
$
   
$
5,126,753
   
$
11,730,314
   
$
2,135,825
   
$
2,442,544
   
$
   
$
 
 
*     
Represents total additional authorized shares for the period November 1, 2016 through February 28, 2017.
**     
Represents total additional authorized shares for the period May 17, 2017 through October 31, 2017.
 
Costs incurred by the Funds in connection with their initial shelf registrations are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Shelf offering expenses” on the Statement of Operations.
Share Transactions
Transactions in shares during the Funds’ current and prior fiscal period, where applicable, were as follows:
                         
 
 
NUW
   
NMI
 
 
 
Year
   
Year
   
Year
   
Year
 
 
 
Ended
   
Ended
   
Ended
   
Ended
 
 
 
10/31/18
   
10/31/17
   
10/31/18
   
10/31/17
 
Shares: 
                       
Issued to shareholders due to reinvestment of distributions 
   
19,194
     
25,922
     
10,654
     
16,379
 
Sold through shelf offering 
   
299,412
     
685,364
     
187,400
     
209,600
 
Weighted average share: 
                               
Premium to NAV per shelf offering share sold 
   
2.92
%
   
2.14
%
   
4.54
%
   
3.29
%
 
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Purchases 
 
$
488,672,279
   
$
77,811,934
   
$
16,642,083
   
$
119,689,889
 
Sales and maturities 
   
429,560,551
     
83,522,267
     
16,215,793
     
65,793,689
 
 
87

Notes to Financial Statements (continued)
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.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of October 31, 2018.
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Tax cost of investments 
 
$
1,919,942,767
   
$
226,081,571
   
$
89,433,937
   
$
336,030,711
 
Gross unrealized: 
                               
Appreciation 
 
$
124,757,777
   
$
16,690,590
   
$
5,021,017
   
$
24,286,300
 
Depreciation 
   
(23,502,422
)
   
(1,897,319
)
   
(568,780
)
   
(9,320,748
)
Net unrealized appreciation (depreciation) of investments 
 
$
101,255,355
   
$
14,793,271
   
$
4,452,237
   
$
14,965,552
 
 
Permanent differences, primarily due to taxable market discount, expiration of capital loss carryforwards and nondeductible offering costs resulted in reclassifications among the Funds’ components of net assets as of October 31, 2018, the Funds’ tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2018, the Funds’ tax year end, were as follows:
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Undistributed net tax-exempt income1 
 
$
6,423,887
   
$
687,819
   
$
175,743
   
$
784,795
 
Undistributed net ordinary income2 
   
659,485
     
339,279
     
72,049
     
198,859
 
Undistributed net long-term capital gains 
   
     
1,576,014
     
628,561
     
 
 
1     
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2018 and paid on November 1, 2018.
2     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
The tax character of distributions paid during the Funds’ tax years ended October 31, 2018 and October 31, 2017 was designated for purposes of the dividends paid deduction as follows:
                         
2018 
 
NUV
   
NUW
   
NMI
   
NEV
 
Distributions from net tax-exempt income3 
 
$
77,578,299
   
$
10,780,837
   
$
3,970,866
   
$
19,174,127
 
Distributions from net ordinary income2 
   
3,310,007
     
288,792
     
22,215
     
284,431
 
Distributions from net long-term capital gains 
   
     
2,745,797
     
     
 
2017 
 
NUV
   
NUW
   
NMI
   
NEV
 
Distributions from net tax-exempt income 
 
$
80,679,082
   
$
10,468,012
   
$
4,077,447
   
$
20,583,806
 
Distributions from net ordinary income2 
   
457,488
     
103,869
     
16,631
     
29,940
 
Distributions from net long-term capital gains 
   
     
     
     
 
 
2     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3     
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2018 as Exempt Interest Dividends.
 
88

 
As of October 31, 2018, the Funds’ tax year end, the following 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
   
NEV
 
Expiration: 
           
October 31, 2019 
 
$
   
$
16,146,849
 
Not subject to expiration: 
               
Short-term 
   
10,121,262
     
4,386,474
 
Long-term  
   
15,036,160
     
2,178,516
 
Total 
 
$
25,157,422
   
$
22,711,839
 
 
As of October 31, 2018, the Funds’ tax year end, $2,946,811 of NEV’s capital loss carryforward expired.
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.
The annual fund-level fee, payable monthly, for NUV is calculated according to the following schedule:
       
 
 
NUV
 
Average Daily Net Assets 
 
Fund-Level Fee Rate
 
For the first $500 million 
   
0.1500
%
For the next $500 million 
   
0.1250
 
For net assets over $1 billion 
   
0.1000
 
 
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 Rate
 
For the first $50 million 
   
4.125
%
For the next $50 million 
   
4.000
 
For gross income over $100 million 
   
3.875
 
 
89

Notes to Financial Statements (continued)
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 Rate
 
For the first $125 million 
   
0.4000
%
For the next $125 million 
   
0.3875
 
For the next $250 million 
   
0.3750
 
For the next $500 million 
   
0.3625
 
For the next $1 billion 
   
0.3500
 
For the next $3 billion 
   
0.3250
 
For managed assets over $5 billion 
   
0.3125
 
       
 
 
NMI
 
Average Daily Net Assets 
 
Fund-Level Fee Rate
 
For the first $125 million 
   
0.4500
%
For the next $125 million 
   
0.4375
 
For the next $250 million 
   
0.4250
 
For the next $500 million 
   
0.4125
 
For the next $1 billion 
   
0.4000
 
For the next $3 billion 
   
0.3750
 
For net assets over $5 billion 
   
0.3625
 
       
 
 
NEV
 
Average Daily Managed Assets* 
 
Fund-Level Fee Rate
 
For the first $125 million 
   
0.4500
%
For the next $125 million 
   
0.4375
 
For the next $250 million 
   
0.4250
 
For the next $500 million 
   
0.4125
 
For the next $1 billion 
   
0.4000
 
For the next $3 billion 
   
0.3750
 
For managed assets over $5 billion 
   
0.3625
 
 
90

 

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 Eligible Asset Breakpoint Level* 
Effective Complex-Level Fee Rate at Breakpoint Level 
$55 billion 
0.2000% 
$56 billion 
0.1996 
$57 billion 
0.1989 
$60 billion 
0.1961 
$63 billion 
0.1931 
$66 billion 
0.1900 
$71 billion 
0.1851 
$76 billion 
0.1806 
$80 billion 
0.1773 
$91 billion 
0.1691 
$125 billion 
0.1599 
$200 billion 
0.1505 
$250 billion 
0.1469 
$300 billion 
0.1445 
 
*     
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2018, the complex-level fee rate for each Fund was 0.1595%.
 
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 following Fund engaged in inter-fund trades pursuant to these procedures as follows:
       
Inter-Fund Trades 
 
NMI
 
Purchases 
 
$
1,199,286
 
Sales 
   
2,163,051
 
 
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.65 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. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in July 2019 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 1.00% per annum or (b) the Fed Funds rate plus 1.00% 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 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.
91

Notes to Financial Statements (continued)
During the current fiscal period, the Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period was as follows:
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Maximum Outstanding Balance 
 
$
16,900,000
   
$
1,472,407
   
$
532,765
   
$
41,700,000
 
 
During each Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
Average daily balance outstanding 
 
$
7,700,000
   
$
1,472,407
   
$
532,765
   
$
13,473,667
 
Average annual interest rate 
   
2.81
%
   
2.56
%
   
2.56
%
   
2.54
%
 
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
9. New Accounting Pronouncements
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has 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.
Disclosure Update and Simplification
During August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification (“Final Rule Release No. 33-10532”). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X
92


(statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.
The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532.
For the prior fiscal period, the total amount of distributions paid to shareholders from net investment income and from accumulated net realized gains, if any, are recognized as “Dividends” on the Statement of Changes in Net Assets.
As of October 31, 2017, the Funds’ Statement of Changes in Net Assets reflected the following UNII balances.
                         
 
 
NUV
   
NUW
   
NMI
   
NEV
 
UNII at the end of period 
 
$
11,538,094
   
$
1,244,145
   
$
213,343
   
$
804,197
 
 
93

Additional Fund Information (unaudited)
           
Board of Directors/Trustees 
 
 
 
 
Margo Cook* 
Jack B. Evans 
William C. Hunter 
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.
**     
Retired from the Funds’ Board of Directors/Trustees effective December 31, 2018.
 
 
Fund Manager 
Custodian 
Legal Counsel 
Independent Registered 
Transfer Agent and 
Nuveen Fund Advisors, LLC 
State Street Bank 
Chapman and Cutler LLP 
Public Accounting Firm 
Shareholder Services 
333 West Wacker Drive 
& Trust Company 
Chicago, IL 60603 
KPMG LLP 
Computershare Trust 
Chicago, IL 60606 
One Lincoln Street 
 
200 East Randolph Street 
Company, N.A. 
 
Boston, MA 02111 
 
Chicago, IL 60601 
250 Royall Street 
 
 
 
 
Canton, MA 02021 
 
 
 
 
(800) 257-8787 

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.

94

Glossary of Terms Used in this Report (Unaudited)
 
 
 
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or 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.
 
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
 
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.
 
95

Glossary of Terms Used in this Report (Unaudited) (continued)
 
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
96

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.
97

Annual Investment Management Agreement Approval Process (Unaudited)
At a meeting held on May 22-24, 2018 (the “May Meeting”), the Board of Trustees or Directors, as applicable (each, a “Board,” and each Trustee or Director, a “Board Member”) of each Fund, including the Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for its respective Fund, the renewal of the management agreement (the “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (the “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as investment sub-adviser to such Fund. Following an initial two-year period, the Board, including the Independent Board Members, is required under the 1940 Act to review and approve each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.”
In response to a request on behalf of the Independent Board Members by independent legal counsel, the Board received and reviewed prior to the May Meeting extensive materials specifically prepared for the annual review of Advisory Agreements by the Adviser as well as by Broadridge Financial Solutions, Inc. (“Broadridge” or “Lipper”), an independent provider of investment company data. The materials provided in connection with the annual review covered a breadth of subject matter including, but not limited to, a description of the nature, extent and quality of services provided by each Fund Adviser; a review of the Sub-Adviser and the applicable investment team(s); an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the secondary market for Nuveen closed-end funds (including, among other things an analysis of performance, distribution and valuation and capital raising trends in the broader closed-end fund market and in particular to Nuveen closed-end funds; a review of the leverage management actions taken on behalf of the Nuveen closed-end funds and the resulting impact on performance; and a description of the distribution management process and any capital management activities); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular Nuveen fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the various sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Board Members held an in-person meeting on April 10-11, 2018 (the “April Meeting”), in part, to review and discuss the performance of the Nuveen funds and the Adviser’s evaluation of the various sub-advisers to the Nuveen funds. Prior to the May Meeting, the Board Members also received and reviewed supplemental information provided in response to questions posed by the Board Members.
The information prepared specifically for the annual review of the Advisory Agreements supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed were relevant to the review of the Advisory Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Nuveen funds; strategic plans of the Adviser which may impact the services it provides to the Nuveen funds; the review of the Nuveen funds and applicable investment teams; the management of leveraging financing for the Nuveen closed-end funds; the secondary market trading of the Nuveen closed-end funds and any actions to address discounts; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers; valuation of securities; fund expenses; and overall market and regulatory developments. The Board further continued its practice of seeking to meet periodically with the various sub-advisers to the Nuveen funds and their investment teams, when feasible. As a result, the Independent Board Members considered the review of the Advisory Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience the Board Members had gained during
98


their tenure on the boards governing the Nuveen funds and working with the Fund Advisers in their review of the Advisory Agreements. Throughout the year and during the annual review of Advisory Agreements, the Independent Board Members met in executive sessions with independent legal counsel and had the benefit of counsel’s advice.
In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as determinative, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund and the resulting performance of each Fund. With respect to the Adviser, the Board recognized the comprehensive set of management, oversight and administrative services the Adviser and its affiliates provided to manage and operate the Nuveen funds in a highly regulated industry. As illustrative, these services included, but were not limited to, product management; investment oversight, risk management and securities valuation services; fund accounting and administration services; board support and administration services; compliance and regulatory oversight services; legal support; and with respect to closed-end funds, leverage, capital and distribution management services.
In addition to the services necessary to operate and maintain the Nuveen funds, the Board recognized the Adviser’s continued program of improvements and innovations to make the Nuveen fund complex more relevant and attractive to existing and new investors and to accommodate the new and changing regulatory requirements in an increasingly complex regulatory environment. The Board noted that some of the initiatives the Adviser had taken over recent years to benefit the complex and particular Nuveen funds included, among other things:
Fund Rationalizations – continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs;
Product Innovations – developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds (“ETFs”) and multi-asset class funds;
Risk Management Enhancements – continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate operational risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system;
Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganization of the compliance team adding further depth to its senior leadership;
Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process; and
• with respect specifically to closed-end funds, such initiatives also included:
•• Leverage Management Services – continuing activities to expand financing relationships and develop new product structures to lower fund leverage expenses and to manage associated risks, particularly in an interest rate increasing environment;
 
99

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
••
Capital Management Services – continuing capital management activities through the share repurchase program and additional equity offerings in seeking to increase net asset value and/or improve fund performance for the respective Nuveen funds;
••
Data and Market Analytics – continuing development of databases that help with obtaining and analyzing ownership data of closed-end funds;
••
Enhanced Secondary Market Reporting – providing enhanced reporting and commentary on the secondary market trad- ing of closed-end funds which permit more efficient analysis of the performance of the Nuveen funds compared to peers and of trends in the marketplace; and
••
Tender Option Bond Services – providing the additional support services necessary for Nuveen funds that seek to use tender option bonds to meet new regulatory requirements.
The Board also recognized the Adviser’s investor relations program which seeks to advance the Nuveen closed-end funds through, among other things, raising awareness and delivering education regarding closed-end funds to investors and financial advisors and promoting the Nuveen closed-end funds with such investors.
In addition to the services provided by the Adviser, the Board also noted the business related risks the Adviser incurred in managing the Nuveen funds, including entrepreneurial, legal and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and the investment and compliance oversight over the Sub-Adviser provided by the Adviser. The Board recognized that the Sub-Adviser generally provided the portfolio advisory services for the Funds. The Board reviewed the Adviser’s analysis of the Sub-Adviser which evaluated, among other things, the investment team, the members’ experience and any changes to the team during the year, the team’s assets under management, the stability and history of the organization, the team’s investment approach and the performance of the Funds over various periods. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
As part of its evaluation of the services provided by the Fund Advisers, the Board considered the investment performance of each Fund. In this regard, the Board reviewed fund performance over the quarter, one-, three- and five-year periods ending December 31, 2017 as well as performance data for the first quarter of 2018 ending March 31, 2018. The Independent Board Members noted that they reviewed and discussed fund performance over various time periods with management at their quarterly meetings throughout the year and their review and analysis of performance during the annual review of Advisory Agreements incorporated such discussions.
The Board reviewed performance on an absolute basis and in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). The Board considered the Adviser’s analysis of each Nuveen fund’s performance, including, in particular, an analysis of the Nuveen funds determined to be performance outliers and the factors contributing to their underperformance. In addition to the foregoing, in recognizing the importance of secondary market trading to shareholders of closed-end funds, the Board reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date as well as relative to the premiums or discounts of certain peers and the funds’ total return based on net asset value and market price over various periods. The Board considers the review of premiums and discounts of the closed-end funds to be a continuing priority and as such, the Board and/or its Closed-end Fund Committee also receives an update on the secondary closed-end fund market and evaluates the premiums and discounts of the Nuveen closed-end funds at each quarterly meeting, reviewing, among other things, the premium and discount trends in the broader closed-end fund market, by asset category and by closed-end fund; the historical total return performance data for the Nuveen closed-end funds based on net asset value and price over various periods; the volatility trends in the market; the distribution data of the Nuveen closed-end
100


funds and as compared to peer averages; and a summary of the common share shelf offerings and share repurchase activity during the applicable quarter. As the Board’s Closed-end Fund Committee oversees matters particularly impacting the closed-end fund product line, the committee further engages in more in-depth discussions of the premiums and discounts of the Nuveen closed-end funds at each of its quarterly meetings.
In reviewing performance data, the Independent Board Members appreciated some of the inherent limitations of such data. In this regard, the Independent Board Members recognized that there may be limitations with the comparative data of certain peer groups or benchmarks as they may pursue objective(s), strategies or have other characteristics that are different from the respective Nuveen fund and therefore the performance results necessarily are different and limit the value of the comparisons. As an example, some funds may utilize leverage which may add to or detract from performance compared to an unlevered benchmark. The Independent Board Members also noted that management had ranked the relevancy of the peer group as low, medium or high to help the Board evaluate the value of the comparative peer performance data. The Board was aware that the performance data was measured as of a specific date and a different time period may reflect significantly different results and a period of underperformance can significantly impact long term performance figures. The Board further recognized that a shareholder’s experience in a Fund depends on his or her own holding period which may differ from that reviewed by the Independent Board Members.
In their review of performance, the Independent Board Members focused, in particular, on the Adviser’s analysis of Nuveen funds determined to be underperforming performance outliers. The Independent Board Members noted that only a limited number of the Nuveen funds appeared to be underperforming performance outliers at the end of 2017 and considered the factors contributing to the respective fund’s performance and whether there were any performance concerns that needed to be addressed. The Board recognized that some periods of underperformance may only be temporary while other periods of underperformance may indicate a broader issue that may require a corrective action. Accordingly, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
For Nuveen Municipal Value Fund, Inc. (the “Municipal Value Fund”), the Board noted that although the Fund ranked in the fourth quartile of its Performance Peer Group for the five-year period, the Fund ranked in the third quartile in the one- and three-year periods. The Fund also outperformed its benchmark in the one-, three- and five-year periods. In its review, the Board noted that the Performance Peer Group was classified as low in relevancy. The Board was satisfied with the Fund’s overall performance.
For Nuveen AMT-Free Municipal Value Fund (the “AMT-Free Municipal Fund”), the Board noted that the Fund ranked in the second quartile of its Performance Peer Group in the one- and three-year periods and third quartile in the five-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. In its review, the Board noted that the Performance Peer Group was classified as low in relevancy. The Board was satisfied with the Fund’s overall performance.
For Nuveen Municipal Income Fund, Inc. (the “Municipal Income Fund”), the Board noted that the Fund ranked in the third quartile of its Performance Peer Group in the one- and three-year periods and second quartile in the five-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. In its review, the Board noted that the Performance Peer Group was classified as low in relevancy. The Board was satisfied with the Fund’s overall performance.
For Nuveen Enhanced Municipal Value Fund (the “Enhanced Municipal Fund”), the Board noted that the Fund ranked in the second quartile of its Performance Peer Group in the one- and five-year periods and the third quartile in the three-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
In its annual review, the Board considered the fees paid to the Fund Advisers and the total operating expense ratio of each Fund. More specifically, the Independent Board Members reviewed, among other things, each Fund’s gross and net management fee rates and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”)
101

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund. In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of leverage for closed-end funds) of six basis points or higher compared to that of its peer average (each an “Expense Outlier Fund”). The Board noted that the number of Nuveen funds classified as an Expense Outlier Fund pursuant to the foregoing criteria had decreased over the past few years with only a limited number of the Nuveen funds identified as Expense Outlier Funds in 2017. The Independent Board Members reviewed an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. In addition, although the Board reviewed a fund’s total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the Nuveen closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees (excluding leverage costs and leveraged assets for the closed-end funds) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules, as applicable. The Board considered that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by $47.4 million and fund-level breakpoints reduced fees by $54.6 million in 2017.
The Board considered the sub-advisory fees paid to the Sub-Adviser, including any breakpoint schedule, and as described below, comparative data of the fees the Sub-Adviser charges to other clients.
The Independent Board Members noted that the Municipal Value Fund, the AMT-Free Municipal Fund and the Municipal Income Fund had net management fees and net expense ratios below their respective peer averages; and the Enhanced Municipal Fund had a net management fee in line with its peer average and a net expense ratio below its peer average.
Based on their review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In determining the appropriateness of fees, the Board also reviewed information regarding the fee rates the respective Fund Advisers charged for certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or affiliated sub-advisers to the municipal funds, such other clients may include retail and institutional managed accounts, passively managed ETFs sub-advised by the Sub-Adviser but that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser.
The Board recognized that each Fund had an affiliated sub-adviser and reviewed, among other things, the range of fees and average fee rates assessed for managed accounts. In addition to the comparative fee data, the Board also reviewed, among other things, a description of the different levels of services provided to other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. In general, the Board noted that the higher fee levels reflect higher levels of services provided by Nuveen, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial risks incurred in sponsoring and advising a registered investment company.
102


3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members considered Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2017 and 2016. In considering profitability, the Independent Board Members reviewed the level of profitability realized by Nuveen including and excluding any distribution expenses incurred by Nuveen from its own resources. The Independent Board Members also reviewed a description of the expense allocation methodology employed to develop the financial information and a summary of the history of changes to the methodology over the years. For comparability purposes, the Board recognized that a prior year’s profitability would be restated to reflect any refinements to the methodology. The Independent Board Members were aware of the inherent limitations in calculating profitability as the use of different reasonable allocation methodologies may lead to significantly different results and in reviewing profitability margins over extended periods given the refinements to the methodology over time. The Board noted that two Independent Board Members, along with independent counsel, serve as the Board’s liaisons to review and discuss any proposed changes to the methodology prior to the full Board’s review.
In their review, the Independent Board Members evaluated, among other things, Nuveen’s adjusted operating margins, gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services for each of the last two calendar years. The Independent Board Members also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2017 versus 2016. The Board noted that Nuveen recently launched its ETF product line in 2016 and reviewed the revenues, expenses and operating margin from this product line.
In addition to reviewing Nuveen’s profitability in absolute terms, the Independent Board Members also examined comparative profitability data reviewing, among other things, the revenues, expenses and adjusted total company margins of other advisory firms that had publicly available information and comparable assets under management (based on asset size and asset composition) for 2017 and as compared to their adjusted operating margins for 2016. The Independent Board Members, however, recognized the difficulty in comparing the profitability of various fund managers given the limited public information available and the subjective nature of calculating profitability which may be affected by numerous factors including the fund manager’s organizational structure, types of funds, other lines of business, methodology used to allocate expenses and cost of capital. Nevertheless, considering such limitations and based on the information provided, the Board noted that Nuveen’s adjusted operating margins appeared reasonable when compared to the adjusted margins of the peers.
Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2017 and 2016 calendar years to consider the financial strength of TIAA.
In reviewing profitability, the Independent Board Members also considered the profitability of the various sub-advisers from their relationships with the respective Nuveen fund(s). The Independent Board Members reviewed the Sub-Adviser’s revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2017. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2017 and the pre- and post-tax revenue margin from 2017 and 2016.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
103

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Independent Board Members considered the extent to which economies of scale may be achieved as a Fund grows and whether these economies of scale have been shared with shareholders. Although the Board recognized that economies of scale are difficult to measure, the Independent Board Members noted that there are several methods that may be used in seeking to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waivers and/or expense limitation agreements and the Adviser’s investment in its business which can enhance the services provided to the Nuveen funds. With respect to breakpoint schedules, because the Board had previously recognized that economies of scale may occur not only when the assets of a particular fund grow but also when the assets in the complex grow, the Nuveen funds generally pay the Adviser a management fee comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. In general terms, the breakpoint schedule at the fund level reduces fees as assets in the particular fund pass certain thresholds and the breakpoint schedule at the complex level reduces fees on certain funds as the eligible assets in the complex pass certain thresholds. Subject to exceptions for certain Nuveen funds, the Independent Board Members reviewed the fund-level and complex-level fee schedules and any resulting savings in fees. In addition, with respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios. Further, the Independent Board Members recognized the Adviser’s continued reinvestment in its business through, among other things, improvements in technology, additional staffing, product innovations and other organizational changes designed to expand or enhance the services provided to the benefit of all of the Nuveen funds.
Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members reviewed the revenues that an affiliate of the Adviser received in 2017 as a result of serving as co-manager in the initial public offerings of new closed-end funds and as the underwriter on shelf offerings of existing closed-end funds.
In addition to the above, the Independent Board Members considered whether the Sub-Adviser uses commissions paid by the Funds on portfolio transactions to obtain research products and other services (“soft dollar transactions”). The Board recognized that the Sub-Adviser may benefit from research received from broker-dealers that execute Fund portfolio transactions. The Board, however, noted that the benefits for sub-advisers transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board noted that although the Sub-Adviser may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own resources, the research may also benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds or is acquired through the commissions paid on portfolio transactions of other funds or clients.
Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
104

Board Members & Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at eleven. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members: 
 
 
 
 
 
 
■ TERENCE J. TOTH 
 
 
Formerly, a Co-Founding Partner, Promus Capital (2008-2017); 
 
1959 
 
 
Director, Fulcrum IT Service LLC (since 2010) and Quality Control 
 
333 W. Wacker Drive 
Chairman and 
2008 
Corporation (since 2012); member: Catalyst Schools of Chicago Board 
169 
Chicago, IL 6o6o6 
Board Member 
Class II 
(since 2008) and Mather Foundation Board (since 2012), and chair of 
 
 
 
 
its Investment Committee; formerly, Director, Legal & General Investment 
 
 
 
 
Management America, Inc. (2008-2013); formerly, CEO and President, 
 
 
 
 
Northern Trust Global Investments (2004-2007): Executive Vice President, 
 
 
 
 
Quantitative Management & Securities Lending (2000-2004); prior thereto, 
 
 
 
 
various positions with Northern Trust Company (since 1994); formerly, 
 
 
 
 
Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust 
 
 
 
 
Global Investments Board (2004-2007), Northern Trust Japan Board 
 
 
 
 
(2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern 
 
 
 
Trust Hong Kong Board (1997-2004). 
 
 
■ JACK B. EVANS 
 
 
President, The Hall-Perrine Foundation, a private philanthropic 
 
1948 
 
 
corporation (since 1996); Director and Chairman, United Fire 
 
333 W. Wacker Drive 
Board Member 
1999 
Group, a publicly held company; Director, Public Member, American 
169 
Chicago, IL 6o6o6 
 
Class III 
Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College 
 
 
 
 
and the Iowa College Foundation; formerly, President Pro-Tem of the 
 
 
 
 
Board of Regents for the State of Iowa University System; formerly, 
 
 
 
 
Director, Alliant Energy and The Gazette Company; formerly, Director, 
 
 
 
 
Federal Reserve Bank of Chicago; formerly, President and Chief Operating 
 
 
 
 
Officer, SCI Financial Group, Inc., a regional financial services firm. 
 
 
■ WILLIAM C. HUNTER 
 
 
Dean Emeritus, formerly, Dean, Tippie College of Business, University 
 
1948 
 
 
of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director 
 
333 W. Wacker Drive 
Board Member 
2003 
(2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., 
169 
Chicago, IL 6o6o6 
 
Class I 
The International Business Honor Society; formerly, Director (2004-2018) 
 
 
 
 
of Xerox Corporation; Dean and Distinguished Professor of Finance, School 
 
 
 
 
of Business at the University of Connecticut (2003-2006); previously, Senior 
 
 
 
 
Vice President and Director of Research at the Federal Reserve Bank of 
 
 
 
 
Chicago (1995-2003); formerly, Director (1997-2007), Credit Research 
 
 
 
 
Center at Georgetown University. 
 
 
 
■ ALBIN F. MOSCHNER 
 
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, a 
 
1952 
 
 
management consulting firm (since 2012); Director, USA Technologies, Inc., 
 
333 W. Wacker Drive 
Board Member 
2016 
a provider of solutions and services to facilitate electronic payment 
169 
Chicago, IL 6o6o6 
 
Class III 
transactions (since 2012); formerly, Director, Wintrust Financial 
 
 
 
 
Corporation (1996-2016); previously, held positions at Leap Wireless 
 
 
 
 
International, Inc., including Consultant (2011-2012), Chief Operating 
 
 
 
 
Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, 
 
 
 
 
President, Verizon Card Services division of Verizon Communications, Inc. 
 
 
 
 
(2000-2003); formerly, President, One Point Services at One Point 
 
 
 
 
Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, 
 
 
 
 
Incorporated (1996-1997); formerly, various executive positions with Zenith 
 
 
 
 
Electronics Corporation (1991-1996). 
 
 
105

Board Members & Officers (Unaudited) (continued)
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members (continued): 
 
 
 
 
■ JOHN K. NELSON 
 
 
Member of Board of Directors of Core12 LLC (since 2008), a private firm 
 
1962 
 
 
which develops branding, marketing and communications strategies 
 
333 W. Wacker Drive 
Board Member 
2013 
for clients; Director of The Curran Center for Catholic American Studies 
169 
Chicago, IL 6o6o6 
 
Class II 
(since 2009) and The President’s Council, Fordham University (since 2010); 
 
 
 
 
formerly, senior external advisor to the financial services practice of Deloitte 
 
 
 
 
Consulting LLP (2012-2014): formerly, Chairman of the Board of Trustees of 
 
 
 
 
Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief 
 
 
 
 
Executive Officer of ABN AMRO N.V. North America, and Global Head of 
 
 
 
 
its Financial Markets Division (2007-2008); prior senior positions held at 
 
 
 
 
ABN AMRO include Corporate Executive Vice President and Head of 
 
 
 
 
Global Markets-the Americas (2006-2007), CEO of Wholesale Banking 
 
 
 
 
North America and Global Head of Foreign Exchange and Futures Markets 
 
 
 
 
(2001-2006), and Regional Commercial Treasurer and Senior Vice President 
 
 
 
 
Trading-North America (1996-2001); formerly, Trustee at St. Edmund 
 
 
 
 
Preparatory School in New York City. 
 
 
■ WILLIAM J. SCHNEIDER(1) 
 
 
Chairman of Miller-Valentine Partners, a real estate investment 
 
1944 
 
 
company; Board Member of WDPR Public Radio station; formerly, 
 
333 W. Wacker Drive 
Board Member 
1996 
Senior Partner and Chief Operating Officer (retired (2004) of 
169 
Chicago, IL 6o6o6 
 
Class III 
Miller-Valentine Group; formerly, Board member, Business Advisory 
 
 
 
 
Council of the Cleveland Federal Reserve Bank and University of 
 
 
 
 
Dayton Business School Advisory Council; past Chair and Director, 
 
 
 
 
Dayton Development Coalition. 
 
 
■ JUDITH M. STOCKDALE 
 
 
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment 
 
1947 
 
 
for Forestry and Communities (since 2013); formerly, Executive Director 
 
333 W. Wacker Drive 
Board Member 
1997 
(1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, 
169 
Chicago, IL 6o6o6 
 
Class I 
Executive Director, Great Lakes Protection Fund (1990-1994). 
 
 
■ CAROLE E. STONE 
 
 
Former Director, Chicago Board Options Exchange, Inc. (2006-2017); 
 
1947 
 
 
and C2 Options Exchange, Incorporated (2009-2017); Director, CBOE 
 
333 W. Wacker Drive 
Board Member 
2007 
Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); 
169 
Chicago, IL 6o6o6 
 
Class I 
formerly, Commissioner, New York State Commission on Public 
 
 
 
 
Authority Reform (2005-2010). 
 
 
■ MARGARET L. WOLFF 
 
 
Formerly, member of the Board of Directors (2013-2017) of Travelers 
 
1955 
 
 
Insurance Company of Canada and The Dominion of Canada General 
 
333 W. Wacker Drive 
Board Member 
2016 
Insurance Company (each, a part of Travelers Canada, the Canadian 
169 
Chicago, IL 6o6o6 
 
Class I 
operation of The Travelers Companies, Inc.); formerly, Of Counsel, 
 
 
 
 
Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions 
 
 
 
 
Group) (2005-2014); Member of the Board of Trustees of New York- 
 
 
 
 
Presbyterian Hospital (since 2005); Member (since 2004) and Chair 
 
 
 
 
(since 2015) of the Board of Trustees of The John A. Hartford Foundation 
 
 
 
 
(a philanthropy dedicated to improving the care of older adults); formerly, 
 
 
 
 
Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of 
 
 
 
 
Mt. Holyoke College. 
 
 
106


         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed 
Including other 
in Fund Complex 
 
 
and Term(1) 
Directorships 
Overseen by 
 
 
 
During Past 5 Years 
Board Member 
 
Independent Board Members (continued): 
 
 
 
 
■ ROBERT L. YOUNG(2) 
 
 
Formerly, Chief Operating Officer and Director, J.P.Morgan Investment 
 
1963 
 
 
Management Inc. (2010-2016); formerly, President and Principal Executive 
 
333 W. Wacker Drive 
Board Member 
2017 
Officer (2013-2016), and Senior Vice President and Chief Operating Officer 
167 
Chicago, IL 6o6o6 
 
Class II 
(2005-2010), of J.P.Morgan Funds; formerly, Director and various officer 
 
 
 
 
positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan 
 
 
 
 
Funds Management, Inc. and formerly, One Group Administrative Services) 
 
 
 
 
and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer 
 
 
 
 
Services, Inc.) (1999-2017). 
 
Interested Board Member: 
 
 
 
 
 
■ MARGO L. COOK(3)(4) 
 
 
President (since 2017), formerly, Co-Chief Executive Officer and 
 
1964 
 
 
Co-President (2016-2017), formerly, Senior Executive Vice President of 
 
333 W. Wacker Drive 
Board Member 
2016 
Nuveen Investments, Inc.; President, Global Products and Solutions (since 
169 
Chicago, IL 6o6o6 
 
Class III 
2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive 
 
 
 
 
Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice 
 
 
 
 
President (since 2017) of Nuveen, LLC; President (since August 
 
 
 
 
2017), formerly Co-President (2016- 2017), formerly, Senior Executive 
 
 
 
 
Vice President of Nuveen Fund Advisors, LLC (Executive Vice 
 
 
 
 
President since 2011); President (since 2017), Nuveen Alternative 
 
 
 
 
Investments, LLC; Chartered Financial Analyst. 
 
 
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed(4) 
During Past 5 Years 
in Fund Complex 
 
 
 
 
Overseen by 
 
 
 
 
Officer 
 
Officers of the Funds: 
 
 
 
 
 
CEDRIC H. ANTOSIEWICZ 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
 
1962 
Chief 
 
(2004-2017) of Nuveen Securities, LLC; Senior Managing Director 
 
333 W. Wacker Drive 
Administrative 
2007 
(since 2017), formerly, Managing Director (2014-2017) of Nuveen 
75 
Chicago, IL 6o6o6 
Officer 
 
Fund Advisors, LLC. 
 
 
STEPHEN D. FOY 
 
 
Managing Director (since 2014), formerly, Senior Vice President (2013- 
 
1954 
 
 
2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; 
 
333 W. Wacker Drive 
Vice President 
1998 
Managing Director (since 2016) of Nuveen Securities, LLC Managing 
169 
Chicago, IL 6o6o6 
and Controller 
 
Director (since 2016) of Nuveen Alternative Investments, LLC; Certified 
 
 
 
 
Public Accountant. 
 
 
NATHANIEL T. JONES 
 
 
Managing Director (since 2017), formerly, Senior Vice President (2016- 
 
1979 
 
 
2017), formerly, Vice President (2011-2016) of Nuveen; Managing 
169 
333 W. Wacker Drive 
Vice President 
2016 
Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. 
 
Chicago, IL 6o6o6 
and Treasurer 
 
 
 
 
WALTER M. KELLY 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
 
1970 
Chief Compliance 
 
(2008-2017) of Nuveen. 
169 
333 W. Wacker Drive 
Officer and 
2003 
 
 
Chicago, IL 6o6o6 
Vice President 
 
 
 
 
107

Board Members & Officers (Unaudited) (continued)
         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed(4) 
During Past 5 Years 
in Fund Complex 
 
 
 
 
Overseen by 
 
 
 
 
Officer 
 
Officers of the Funds (continued): 
 
 
 
 
 ■DAVID J. LAMB 
 
 
Managing Director (since 2017), formerly, Senior Vice President of 
 
1963 
 
 
Nuveen (since 2006), Vice President prior to 2006. 
75 
333 W. Wacker Drive 
Vice President 
2015 
 
 
Chicago, IL 6o6o6 
 
 
 
 
 
 ■TINA M. LAZAR 
 
 
Managing Director (since 2017), formerly, Senior Vice President 
 
1961 
 
 
(2014-2017) of Nuveen Securities, LLC. 
169 
333 W. Wacker Drive 
Vice President 
2002 
 
 
Chicago, IL 6o6o6 
 
 
 
 
 
 ■KEVIN J. MCCARTHY 
 
 
Senior Managing Director (since 2017) and Secretary and General Counsel 
 
1966 
Vice President 
 
(since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President 
 
333 W. Wacker Drive 
and Assistant 
2007 
(2016-2017) and Managing Director and Assistant Secretary (2008-2016); 
169 
Chicago, IL 6o6o6 
Secretary 
 
Senior Managing Director (since 2017) and Assistant Secretary (since 2008) 
 
 
 
 
of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and 
 
 
 
Managing Director (2008-2016); Senior Managing Director (since 2017), 
 
 
 
 
Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund 
 
 
 
 
Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing 
 
 
 
 
Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing 
 
 
 
 
Director (since 2017), Secretary (since 2016) and Associate General Counsel 
 
 
 
 
(since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice 
 
 
 
 
President (2016-2017) and Managing Director and Assistant Secretary (2011- 
 
 
 
 
2016); Senior Managing Director (since 2017) and Secretary (since 2016) of 
 
 
 
 
Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016- 
 
 
 
 
2017); Vice President (since 2007) and Secretary (since 2016), formerly, 
 
 
 
 
Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony 
 
 
 
Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow 
 
 
 
Capital Management, LLC (since 2010). Senior Managing Director (since 2017) 
 
 
 
and Secretary (since 2016) of Nuveen Alternative Investments, LLC. 
 
 
 ■WILLIAM T. MEYERS 
 
 
Senior Managing Director (since 2017), formerly, Managing Director 
 
1966 
Vice President 
 
(2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; 
 
333 W. Wacker Drive 
 
2018 
and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017), 
75 
Chicago, IL 60606 
 
 
formerly, Managing Director (2016-2017), Senior Vice President (2010- 
 
 
 
 
2016) of Nuveen, has held various positions with Nuveen since 1991. 
 
 
 ■MICHAEL A. PERRY 
 
 
Executive Vice President (since 2017), previously Managing Director 
 
1967 
 
 
from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative 
 
333 W. Wacker Drive 
Vice President 
2017 
Investments, LLC; Executive Vice President (since 2017), formerly, 
75 
Chicago, IL 6o6o6 
 
 
Managing Director (2015-2017), of Nuveen Securities, LLC; 
 
 
 
 
formerly, Managing Director (2010-2015) of UBS Securities, LLC. 
 
 
 ■CHRISTOPHER M. ROHRBACHER 
 
 
Managing Director (since 2017) and Assistant Secretary of Nuveen 
 
1971 
Vice President 
 
Securities, LLC; Managing Director (since 2017), formerly, Senior 
 
333 W. Wacker Drive 
and Assistant 
2008 
Vice President (2016-2017) and Assistant Secretary (since 2016) of 
169 
Chicago, IL 6o6o6 
Secretary 
 
Nuveen Fund Advisors, LLC. 
 
 
 ■WILLIAM A. SIFFERMANN 
 
 
Managing Director (since 2017), formerly Senior Vice President 
 
1975 
 
 
(2016-2017) and Vice President (2011-2016) of Nuveen. 
169 
333 W. Wacker Drive 
Vice President 
2017 
 
 
Chicago, IL 6o6o6 
 
 
 
 
 
■ JOEL T. SLAGER 
 
 
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice 
 
1978 
Vice President 
 
President of Morgan Stanley Investment Management, Inc., Assistant 
 
333 W. Wacker Drive 
and Assistant 
2013 
Treasurer of the Morgan Stanley Funds (from 2010 to 2013). 
169 
Chicago, IL 6o6o6 
Secretary 
 
 
 
 
108


         
Name, 
Position(s) Held 
Year First 
Principal 
Number 
Year of Birth 
with the Funds 
Elected or 
Occupation(s) 
of Portfolios 
& Address 
 
Appointed(4) 
During Past 5 Years 
in Fund Complex 
 
 
 
 
Overseen by 
 
 
 
 
Officer 
 
Officers of the Funds (continued): 
 
 
 
 
■ MARK L. WINGET 
 
 
Vice President and Assistant Secretary of Nuveen Securities, LLC 
 
1968 
Vice President 
 
(since 2008); Vice President (since 2010) and Associate General 
169 
333 W. Wacker Drive 
and Assistant 
2008 
Counsel (since 2008) of Nuveen. 
 
Chicago, IL 60606 
Secretary 
 
 
 
 
■ GIFFORD R. ZIMMERMAN 
 
 
Managing Director (since 2002), and Assistant Secretary of Nuveen 
 
1956 
Vice President 
 
Securities, LLC; Managing Director (since 2004) and Assistant Secretary 
 
333 W. Wacker Drive 
Secretary 
1988 
(since 1994) of Nuveen Investments, Inc.; Managing Director (since 
169 
Chicago, IL 60606 
 
 
2002), Assistant Secretary (since 1997) and Co-General Counsel (since 
 
 
 
 
2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary 
 
 
 
and Associate General Counsel of Nuveen Asset Management, LLC (since 
 
 
 
 
2011); Vice President (since 2017), formerly, Managing Director (2003-2017) 
 
 
 
 
and Assistant Secretary (since 2003) of Symphony Asset Management LLC; 
 
 
 
 
Managing Director and Assistant Secretary (since 2002) of Nuveen Investments 
 
 
 
Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment 
 
 
 
 
Management Company, LLC (since 2002), Santa Barbara Asset Management, 
 
 
 
LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); 
 
 
 
 
Chartered Financial Analyst. 
 
 
(1)     
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. Mr. Schneider will retire from the Board as of December 31, 2018.
(2)     
On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund.
(3)     
“Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(4)     
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
109

Notes
 
110

Notes
 
111

 
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
    EAN-A-1018D 690631-INV-Y-12/19
 



 
ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
 
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
 
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Municipal Income Fund, Inc.

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2018
 
$
22,420
   
$
5,500
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2017
 
$
21,820
   
$
9,000
   
$
0
   
$
0
 
                                 
Percentage approved
   
0
%
   
0
%
   
0
%
   
0
%
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
 
connection with statutory and regulatory filings or engagements.
                         
                                 
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
 
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
 
                                 
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
 
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
 
                                 
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
 
represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
                 
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2018
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
October 31, 2017
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
     
pre-approval
     
exception
     
 
NON-AUDIT SERVICES

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

   
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2018
 $                            0
 $                                  0
 $                                0
 $                        0
October 31, 2017
 $                            0
 $                                  0
 $                                0
 $                        0
         
         
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective
amounts from the previous table.
       
         
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
 
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

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

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

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

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

As of the date of filing this report, the following individuals had primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Christopher L. Drahn, CFA, manages several municipal funds and portfolios.  He began working in the financial industry when he joined FAF Advisors in 1980.  Chris became a portfolio manager in 1988.  He received a B.A. from Wartburg College and an M.B.A. in finance from the University of Minnesota.  Chris holds the Chartered Financial Analyst designation.

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

In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets*
Christopher L. Drahn
Registered Investment Company
9
$ 13.00 billion
 
Other Pooled Investment Vehicles
0
$ 0
 
Other Accounts
4
$123 million
*
Assets are as of October 31, 2018.  None of the assets in these accounts are subject to an advisory fee based on performance.

POTENTIAL MATERIAL CONFLICTS OF INTEREST

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

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

As of the most recently completed fiscal year end, portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

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

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

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

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

Long-term incentive compensation.  Certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.

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

Item 8(a)(4). OWNERSHIP OF NMI SECURITIES AS OF OCTOBER 31, 2018

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.
 
ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
 
(a)(4)     Change in the registrant’s independent public accountant. Not applicable.
(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.




SIGNATURES


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

(Registrant) Nuveen Municipal Income Fund, Inc.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
 
Date: January 7, 2019

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

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)
 
Date: January 7, 2019
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 7, 2019