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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-22253

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

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

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2016

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

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





ITEM 1. REPORTS TO STOCKHOLDERS.

 


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Table of Contents

 
Chairman's Letter to Shareholders
4
   
Portfolio Managers' Comments
5
   
Fund Leverage
8
   
Share Information
9
   
Risk Considerations
11
   
Performance Overview and Holding Summaries
12
   
Portfolios of Investments
20
   
Statement of Assets and Liabilities
65
   
Statement of Operations
66
   
Statement of Changes in Net Assets
67
   
Financial Highlights
70
   
Notes to Financial Statements
74
   
Additional Fund Information
86
   
Glossary of Terms Used in this Report
87
   
Reinvest Automatically, Easily and Conveniently
89

Nuveen
 
3


Chairman's Letter to Shareholders
 
 
Dear Shareholders,
The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level, a surprisingly weak jobs growth report in May was a disappointing sign, although not necessarily indicative of a lasting downtrend. Wages have grown slightly but not nearly enough to reinvigorate Americans' buying power. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including the dramatic slide in commodity prices, have kept inflation much lower for longer than many expected.
Furthermore, frail economies across the rest of the world have continued to cast a shadow over the U.S. Although the European Central Bank and Bank of Japan have been providing aggressive monetary stimulus, including adopting negative interest rates in both Europe and Japan, their economies continue to lag the U.S.'s recovery. China's policy makers have also continued to manage its slowdown but investors are still worried about where the world's second-largest economy might ultimately land. Additionally, global markets were surprised by the U.K.'s June 23, 2016 referendum vote to leave the European Union, known as "Brexit." Heightened price volatility and negative sentiment are to be expected in the near term as markets readjust and await clarity on the Brexit process and its impact on the U.K., Europe and across the world.
Many of these ambiguities – both domestic and international – have kept the U.S. Federal Reserve (Fed) from raising short-term interest rates any further since December's first and only increase thus far. While markets rallied on the widely held expectation that the Fed would defer any increases until June, the unusually weak May jobs report and the Brexit concerns compelled the Fed to again hold rates steady.
With global economic growth still looking fairly fragile, financial markets have become more volatile over the past year. Although sentiment has improved and conditions have generally recovered from the intense volatility seen in early 2016, we expect that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you're concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
William J. Schneider
Chairman of the Board
June 24, 2016

4
 
Nuveen


Portfolio Managers' Comments
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen AMT-Free Municipal Value Fund (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Investments, Inc. Portfolio managers Thomas C. Spalding, CFA, Christopher L. Drahn, CFA, and Steven M. Hlavin discuss key investment strategies and the six-month performance of these four national Funds. Tom has managed NUV since its inception in 1987, adding NUW at its inception in 2009. Chris assumed portfolio management responsibility for NMI in 2011. Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility in 2010.
Effective May 31, 2016 (subsequent to the close of this reporting period), Tom Spalding retired from NAM and Daniel J. Close, CFA, has taken over portfolio management responsibilities for NUV and NUW.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2016?
Municipal bonds rallied in the six-month reporting period amid falling interest rates, improved credit fundamentals, robust demand and tight supply. Our trading activity continued to focus on pursuing the Funds' investment objectives. We continued to seek bonds in areas of the market that we expected to perform well as the economy continued to improve. The Funds' positioning emphasized intermediate and longer maturities, lower-rated credits and sectors offering higher yields. To fund these purchases, we generally reinvested the proceeds from called and maturing bonds. In some cases, we sold bonds that we believed had deteriorating fundamentals or could be traded for a better relative value, as well as selling short-dated, higher quality issues that we tend to hold over short timeframes as a source of liquidity.
We have also continued to be more cautious in selecting individual securities. As investor demand for municipal securities has increased and created a slight supply-demand imbalance, we've started to see underwriters bring new issues to market that are structured with terms more favorable to the issuer and perhaps less advantageous to the investor than in the recent past. We believe this shift in the marketplace merits extra vigilance on our part to ensure that every credit considered for the portfolio offers adequate reward potential for the level of risk to the bondholder. In cases where our convictions have been less certain, we've sought compensation for the additional risk or have passed on the deal all together.
Buying activity covered a range of sectors and remained consistent with our strategy of investing in lower rated, longer maturity credits. We participated in a bond sale for the Chicago Board of Education, which manages the Chicago Public Schools system. The school system issued the bonds in January 2016 to help manage some of its short-term funding needs. NUV, NMI and NEV bought the bonds, which offered high yields and long maturities, and were available at attractive prices due to heightened

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.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch) Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Nuveen
 
5


Portfolio Managers' Comments (continued)
investor concerns about these credits at the time of issue. While the Chicago Board of Education continues to face challenges, the stabilization of some of the concerns helped the bond perform well since we initiated the positions.
Additionally, NUV and NUW bought a newly issued New Jersey State Transportation Trust credit and two hospital bonds, Wisconsin Health for Ascension Health Services and Orange County for Orlando Health. Ascension is the largest and possibly best-run hospital network in the country, with a strong balance sheet and AA credit rating. Orlando Health, which operates six hospitals in the Orlando, Florida area, carries an A rating and appears to be improving its financial position after losing market share a few years ago. NMI also made a purchase in the health care sector, a lower rated UMass Memorial Health Care bond. In NEV, we added credits from a range of sectors, including health care, tollroads, corporate-backed municipal bonds and tobacco.
Selling activity was generally muted during this reporting period, with cash for new purchases generated mainly from maturing and called bonds. NEV sold two Virgin Islands bonds due to our concerns about deteriorating credit conditions. However, demand for Virgin Islands bonds was strong, which helped these bonds command good prices, as investors continued to seek the triple (federal, state and local) tax-exemption feature offered by U.S. territory bonds while avoiding exposure to Puerto Rico. NEV also received cash proceeds from a shelf offering during this reporting period (discussed in the Notes to Financial Statement section of this semi-annual report), which were used to help fund buying activity.
As of April 30, 2016, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
How did the Funds perform during the six-month reporting period ended April 30, 2016?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the six-month, one-year, five-year, ten-year and since inception periods ended April 30, 2016. Each Fund's total returns at common share net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
For the six months ended April 30, 2016, the total returns at common share NAV for all four of these Funds exceeded the return for the national S&P Municipal Bond Index. NUV and NMI outperformed the average return for the Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average and NUW performed in line with this average, while NEV trailed the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average return.
Duration and yield curve positioning were among the main positive contributors to performance for the four Funds during this reporting period. Consistent with our long term strategy, these Funds tended to have longer durations than the benchmark, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. NUV and NUW, which have with higher weightings in zero coupon bonds, benefited from the strong performance of this segment of the market. "Zeros," which are typically issued with maturities of 25 years and longer remained in favor with investors seeking higher yields.
Credit ratings allocations also boosted performance of NUV, NUW and NMI during this reporting period but had a neutral impact on NEV's performance. The returns of lower quality bonds generally outpaced those of higher quality credits due to investor demand for higher yielding assets and a willingness to increase credit risk because of improving credit fundamentals. The Funds' overweight allocations to the lower quality categories and underweight allocations to AAA and AA rated credits were advantageous to performance.
Sector allocations and individual credit selection provided additional gains for the Funds. The tobacco sector, the best performing sector during this reporting period, contributed positively to the performance of NUV, NUW and NEV. NUV and NUW also benefited from their exposures to the transportation and education sectors, largely driven by holdings in strong-performing zero coupon bonds within those sectors. NMI's overweight allocation in the health care sector added to performance. NEV benefited from its overweight allocations to incremental tax, higher education and hospitals. Underweight positions in tollroads and utilities were somewhat detrimental to NEV's returns, but the gains from our credit selections within the two sectors more than offset the negative influence of the underweight allocations.

6
 
Nuveen


In addition, the use of leverage was an important positive factor affecting the performance of NEV. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law. Subsequent to the close of the reporting period, Puerto Rico's effort to restructure its public utility debt was struck down by the U.S. Supreme Court. All Puerto Rico debt restructuring efforts are now concentrated in Congress.
In terms of Puerto Rico holdings, shareholders should note that NUV and NEV had limited exposure which was either insured or investment grade to Puerto Rico debt, 0.4% and 0.7%, respectively, while NUW and NMI did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.
A Note About Investment Valuations
The municipal securities held by the Funds are valued by the Funds' pricing service using a range of market-based inputs and assumptions. A different municipal pricing service might incorporate different assumptions and inputs into its valuation methodology, potentially resulting in different values for the same securities. These differences could be significant, both as to such individual securities, and as to the value of a given Fund's portfolio in its entirety. Thus, the current net asset value of a Fund's shares may be impacted, higher or lower, if the Fund were to change pricing service, or if its pricing service were to materially change its valuation methodology. The Funds have received notification by their current municipal bond pricing service that such service has agreed to be acquired by the parent company of another pricing service, and that the transaction is under regulatory review. Thus there is an increased risk that each Fund's pricing service may change, or that the Funds' current pricing service may change its valuation methodology, either of which could have an impact on the net asset value of each Fund's shares.

Nuveen
 
7


Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to its comparative benchmark was the Fund's use of leverage through investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. This was also a factor, although less significantly, for NUV, NUW and NMI because their use of leverage is more modest. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a positive contribution to the performance of the Funds over this reporting period.
As of April 30, 2016, the Funds' percentages of leverage are as shown in the accompanying table.

   
NUV
   
NUW
   
NMI
   
NEV
 
Effective Leverage*
   
1.41%
 
   
6.52%
 
   
8.76%
 
   
33.38%
 

*
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.

8
 
Nuveen


Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of April 30, 2016. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current reporting period, each Fund's distributions to shareholders were as shown in the accompanying table.

     
Per Share Amounts
Ex-Dividend Date
   
NUV
   
NUW
   
NMI
   
NEV
 
November 2015
 
$
0.0325
 
$
0.0650
 
$
0.0415
 
$
0.0800
 
December
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
January
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
February
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
March
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
April 2016
   
0.0325
   
0.0650
   
0.0415
   
0.0800
 
Total Monthly Per Share Distributions
 
$
0.1950
 
$
0.3900
 
$
0.2490
 
$
0.4800
 
Ordinary Income Distribution*
 
$
0.0019
 
$
0.0152
 
$
0.0098
 
$
0.0051
 
Total Distributions from Net Investment Income
 
$
0.1969
 
$
0.4052
 
$
0.2588
 
$
0.4851
 
Yields
                         
Market Yield**
   
3.71%
 
 
4.42%
 
 
4.04%
 
 
5.95%
 
Taxable-Equivalent Yield**
   
5.15%
 
 
6.14%
 
 
5.61%
 
 
8.26%
 

*
Distribution paid in December 2015.
**
Market Yield is based on the Fund's current annualized monthly dividend divided by the Fund's current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of April 30, 2016, the Funds had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.

Nuveen
 
9


Share Information (continued)
EQUITY SHELF PROGRAMS
During the current reporting period, the following Funds were authorized by the Securities and Exchange Commission (SEC) to issue additional shares through an equity shelf program (Shelf Offering). Under these programs, each Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per share. Under the Shelf Offering, each Fund is authorized to issue additional shares as shown in the accompanying table.

   
NUV
   
NUW
   
NEV
 
Additional authorized shares
   
19,600,000
     
1,200,000
     
5,200,000
 
During the current reporting period, each Fund sold common shares through its Shelf Offering at a weighted average premium to its NAV per share as shown in the accompanying table.

   
NUV
   
NUW
   
NEV
 
Shares sold through Shelf Offering
   
377,976
     
843,757
     
1,370,535
 
Weighted average premium to NAV per share sold
   
1.33
%
   
2.41
%
   
1.80
%
Subsequent to the close of this reporting period, NMI filed a registration statement with the SEC to establish a Shelf Offering.
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 2015, the Funds' Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of April 30, 2016, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.

   
NUV
   
NUW
   
NMI
   
NEV
 
Shares cumulatively repurchased and retired
   
     
     
     
 
Shares authorized for repurchase
   
20,565,000
     
1,335,000
     
830,000
     
2,110,000
 
OTHER SHARE INFORMATION
As of April 30, 2016, and during the current reporting period, the Funds' share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.

   
NUV
   
NUW
   
NMI
   
NEV
 
NAV
 
$
10.48
   
$
17.49
   
$
11.71
   
$
15.87
 
Share price
 
$
10.52
   
$
17.66
   
$
12.32
   
$
16.13
 
Premium/(Discount) to NAV
   
0.38
%
   
0.97
%
   
5.21
%
   
1.64
%
6-month average premium/(discount) to NAV
   
(2.60
)%
   
(0.31
)%
   
0.34
%
   
(1.49
)%

10
 
Nuveen


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

Nuveen
 
11


NUV
 
 
Nuveen Municipal Value Fund, Inc.
 
Performance Overview and Holding Summaries as of April 30, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2016

 
Cumulative
 
Average Annual
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NUV at NAV
4.71%
 
6.77%
 
7.37%
 
5.22%
 
NUV at Share Price
6.48%
 
10.85%
 
7.87%
 
5.95%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.87%
 
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
4.27%
 
6.18%
 
6.90%
 
5.17%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
12
 
Nuveen


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown 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. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
98.5%
 
Short-Term Municipal Bonds
0.2%
 
Common Stocks
0.2%
 
Corporate Bonds
0.0%
 
Other Assets Less Liabilities
1.4%
 
Net Assets Plus Floating Rate Obligations
100.3%
 
Floating Rate Obligations
(0.3)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
16.1%
 
AA
48.2%
 
A
15.8%
 
BBB
8.5%
 
BB or Lower
10.2%
 
N/R (not rated)
1.0%
 
N/A (not applicable)
0.2%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
Tax Obligation/Limited
21.1%
 
Health Care
17.0%
 
Transportation
16.0%
 
Tax Obligation/General
12.6%
 
U.S. Guaranteed
11.0%
 
Consumer Staples
7.3%
 
Other
15.0%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
Illinois
13.9%
 
Texas
13.6%
 
California
12.2%
 
Florida
6.7%
 
Colorado
5.5%
 
New York
4.5%
 
Ohio
4.5%
 
Michigan
4.0%
 
New Jersey
4.0%
 
Wisconsin
3.7%
 
Indiana
2.9%
 
Virginia
2.7%
 
Nevada
2.7%
 
Other
19.1%
 
Total
100%
 

Nuveen
 
13


NUW
 
 
Nuveen AMT-Free Municipal Value Fund
 
Performance Overview and Holding Summaries as of April 30, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2016

 
Cumulative
 
Average Annual
 
             
Since
 
 
6-Month
 
1-Year
 
5-Year
 
Inception
 
NUW at NAV
4.27%
 
6.74%
 
7.74%
 
8.18%
 
NUW at Share Price
4.97%
 
5.85%
 
8.64%
 
7.71%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
5.81%
 
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
4.27%
 
6.18%
 
6.90%
 
6.25%
 
Since inception returns are from 2/25/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
14
 
Nuveen


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown 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. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

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

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
28.8%
 
AA
34.4%
 
A
16.7%
 
BBB
11.4%
 
BB or Lower
7.5%
 
N/R (not rated)
1.2%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
U.S. Guaranteed
24.2%
 
Tax Obligation/Limited
17.2%
 
Tax Obligation/General
11.6%
 
Health Care
11.6%
 
Transportation
9.2%
 
Utilities
9.0%
 
Consumer Staples
6.9%
 
Other
10.3%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
California
12.2%
 
Florida
10.0%
 
Illinois
9.7%
 
Indiana
6.9%
 
Louisiana
6.6%
 
Texas
6.6%
 
Wisconsin
5.9%
 
Ohio
5.5%
 
New Jersey
5.4%
 
Nevada
4.1%
 
Colorado
4.0%
 
New York
3.5%
 
Other
19.6%
 
Total
100%
 

Nuveen
 
15


NMI
 
 
Nuveen Municipal Income Fund, Inc.
 
Performance Overview and Holding Summaries as of April 30, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2016

 
Cumulative
 
Average Annual
 
 
6-Month
 
1-Year
 
5-Year
 
10-Year
 
NMI at NAV
4.39%
 
6.61%
 
7.84%
 
5.94%
 
NMI at Share Price
13.98%
 
5.79%
 
9.82%
 
7.13%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.87%
 
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
4.27%
 
6.18%
 
6.90%
 
5.17%
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
16
 
Nuveen


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown 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. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
102.2%
 
Other Assets Less Liabilities
1.2%
 
Net Assets Plus Floating Rate Obligations
103.4%
 
Floating Rate Obligations
(3.4)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
12.4%
 
AA
28.6%
 
A
24.9%
 
BBB
23.4%
 
BB or Lower
6.6%
 
N/R (not rated)
4.1%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
Health Care
21.6%
 
Tax Obligation/General
12.3%
 
Utilities
11.6%
 
Tax Obligation/Limited
10.8%
 
Education and Civic Organizations
9.9%
 
Transportation
9.8%
 
U.S. Guaranteed
8.6%
 
Other
15.4%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
California
17.2%
 
Texas
10.2%
 
Illinois
9.9%
 
Missouri
8.5%
 
Colorado
7.9%
 
Wisconsin
5.6%
 
Florida
5.4%
 
Ohio
4.8%
 
New York
3.7%
 
Pennsylvania
3.4%
 
Tennessee
2.4%
 
Georgia
2.3%
 
Other
18.7%
 
Total
100%
 

Nuveen
 
17


NEV
 
 
Nuveen Enhanced Municipal Value Fund
 
Performance Overview and Holding Summaries as of April 30, 2016
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of April 30, 2016

 
Cumulative
 
Average Annual
             
Since
 
 
6-Month
 
1-Year
 
5-Year
 
Inception
 
NEV at NAV
4.98%
 
8.07%
 
10.77%
 
8.18%
 
NEV at Share Price
8.15%
 
9.61%
 
12.22%
 
7.83%
 
S&P Municipal Bond Index
3.52%
 
5.16%
 
5.56%
 
4.79%
 
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
6.28%
 
8.61%
 
10.09%
 
7.79%
 
Since inception returns are from 9/25/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
18
 
Nuveen


This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown 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. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
   
(% of net assets)
   
Long-Term Municipal Bonds
106.4%
 
Short-Term Municipal Bonds
0.3%
 
Common Stocks
0.7%
 
Other Assets Less Liabilities
1.6%
 
Net Assets Plus Floating Rate Obligations
109.0%
 
Floating Rate Obligations
(9.0)%
 
Net Assets
100%
 

Credit Quality
   
(% of total investment exposure)
   
AAA/U.S. Guaranteed
11.2%
 
AA
40.3%
 
A
17.7%
 
BBB
12.9%
 
BB or Lower
10.1%
 
N/R (not rated)
7.3%
 
N/A (not applicable)
0.5%
 
Total
100%
 

Portfolio Composition
   
(% of total investments)
   
Health Care
24.8%
 
Tax Obligation/Limited
19.8%
 
Transportation
10.1%
 
Education and Civic Organizations
9.9%
 
U.S. Guaranteed
6.5%
 
Consumer Staples
5.9%
 
Tax Obligation/General
5.0%
 
Other
18.0%
 
Total
100%
 

States and Territories
   
(% of total municipal bonds)
   
California
16.0%
 
Wisconsin
11.2%
 
Illinois
10.5%
 
Ohio
10.0%
 
Florida
6.1%
 
Pennsylvania
5.9%
 
Georgia
4.6%
 
Arizona
3.4%
 
Colorado
3.4%
 
New York
3.2%
 
Louisiana
3.1%
 
Texas
3.0%
 
Other
19.6%
 
Total
100%
 

Nuveen
 
19


NUV
   
 
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
LONG-TERM INVESTMENTS – 98.7%
             
     
MUNICIPAL BONDS – 98.5%
             
     
Alaska – 0.1%
             
$
2,710
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
7/16 at 100.00
 
B3
 
$
2,577,535
 
     
Arizona – 0.8%
             
 
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2008A, 5.000%, 7/01/38
7/18 at 100.00
 
AA–
   
2,703,325
 
 
2,575
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
12/17 at 102.00
 
B–
   
2,508,205
 
 
5,600
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.  Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
 
BBB+
   
7,001,848
 
 
4,240
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured
9/20 at 100.00
 
AA
   
4,736,080
 
 
14,915
 
Total Arizona
         
16,949,458
 
     
Arkansas – 0.3%
             
 
1,150
 
Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding & Improvement Series 2007, 4.750%, 10/01/33 (Pre-refunded 10/01/17) – SYNCORA GTY Insured
10/17 at 100.00
 
A (4)
   
1,216,045
 
 
5,650
 
Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A, 
4.750%, 11/01/18 – AGM Insured
No Opt. Call
 
AA
   
5,771,419
 
 
6,800
 
Total Arkansas
         
6,987,464
 
     
California – 11.9%
             
 
4,615
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured
No Opt. Call
 
AA
   
3,949,932
 
 
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38
4/23 at 100.00
 
AA–
   
5,866,250
 
 
4,985
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Series 2006, 0.000%, 6/01/33
7/16 at 37.90
 
CCC
   
1,870,920
 
     
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A:
             
 
3,275
 
5.450%, 6/01/28
12/18 at 100.00
 
B3
   
3,320,130
 
 
4,200
 
5.600%, 6/01/36
12/18 at 100.00
 
B
   
4,257,834
 
 
3,850
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33
7/23 at 100.00
 
AA–
   
4,561,519
 
 
2,335
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
 
Baa2
   
2,589,305
 
 
2,130
 
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
6/17 at 100.00
 
A3
   
2,215,541
 
 
1,625
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
11/23 at 100.00
 
A+
   
1,940,689
 
 
4,400
 
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30 California State, General Obligation Bonds, Various Purpose Series 2007:
2/17 at 100.00
 
AA–
   
4,522,012
 
 
9,730
 
5.000%, 6/01/37 (Pre-refunded 6/01/17)
6/17 at 100.00
 
Aaa
   
10,199,958
 
 
6,270
 
5.000%, 6/01/37 (Pre-refunded 6/01/17)
6/17 at 100.00
 
Aaa
   
6,572,841
 
 
5,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
10/21 at 100.00
 
AA–
   
5,845,500
 
 
275
 
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
10/16 at 100.00
 
BBB+
   
276,152
 

20
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
California (continued)
             
$
3,125
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
8/19 at 100.00
 
N/R (4)
 
$
3,726,469
 
 
3,600
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
7/18 at 100.00
 
AA–
   
3,964,860
 
 
14,145
 
Chabot-Las Positas Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/43 – AMBAC Insured
No Opt. Call
 
Aa2
   
3,618,432
 
 
6,120
 
Chino Valley Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006D, 0.000%, 8/01/30
8/16 at 51.12
 
Aa2
   
3,119,731
 
 
5,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured
8/18 at 100.00
 
Aa1 (4)
   
5,484,750
 
 
4,505
 
Covina-Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured
No Opt. Call
 
AA–
   
2,931,584
 
 
16,045
 
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured
8/17 at 42.63
 
AA
   
6,730,717
 
 
2,180
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 6.850%, 1/15/42
1/31 at 100.00
 
BBB–
   
1,815,787
 
 
30,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
No Opt. Call
 
Aaa
   
27,709,800
 
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
             
 
23,995
 
4.500%, 6/01/27
6/17 at 100.00
 
B+
   
24,387,317
 
 
14,475
 
5.000%, 6/01/33
6/17 at 100.00
 
B–
   
14,491,212
 
 
1,500
 
5.125%, 6/01/47
6/17 at 100.00
 
B–
   
1,473,825
 
 
4,500
 
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.125%, 8/01/37 (Pre-refunded 8/01/16) – AGC Insured
8/16 at 102.00
 
AA (4)
   
4,644,090
 
     
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–
   
2,127,175
 
 
2,555
 
0.000%, 8/01/24 – FGIC Insured
No Opt. Call
 
AA–
   
2,095,253
 
 
2,365
 
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
 
AA–
   
1,664,392
 
     
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A:
             
 
3,060
 
0.000%, 8/01/28 (5)
2/28 at 100.00
 
AA
   
2,844,943
 
 
2,315
 
0.000%, 8/01/43 (5)
8/35 at 100.00
 
AA
   
1,817,692
 
 
3,550
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
No Opt. Call
 
A
   
5,094,534
 
     
Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C:
             
 
7,200
 
0.000%, 8/01/29 – NPFG Insured
8/17 at 54.45
 
Aa2
   
3,866,904
 
 
11,575
 
0.000%, 8/01/31 – NPFG Insured
8/17 at 49.07
 
Aa2
   
5,592,346
 
 
2,620
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
No Opt. Call
 
AA–
   
1,449,725
 
 
2,350
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
 
Ba1
   
2,631,601
 
 
10,150
 
Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/33 – AGM Insured
No Opt. Call
 
AA
   
5,745,611
 
 
2,125
 
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
7/17 at 100.00
 
A3
   
2,172,685
 
 
4,000
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2007A, 5.000%, 7/01/47
7/17 at 100.00
 
Baa2
   
4,120,880
 
 
15,505
 
Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 5.000%, 8/01/37 – NPFG Insured
8/17 at 100.00
 
AA–
   
16,133,417
 

Nuveen
 
21


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
California (continued)
             
     
San Bruno Park School District, San Mateo County, California, General Obligation Bonds, Series 2000B:
             
$
2,575
 
0.000%, 8/01/24 – FGIC Insured
No Opt. Call
 
AA
 
$
2,172,862
 
 
2,660
 
0.000%, 8/01/25 – FGIC Insured
No Opt. Call
 
AA
   
2,166,091
 
 
250
 
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41 (Pre-refunded 2/01/21)
2/21 at 100.00
 
BBB+ (4)
   
319,150
 
 
12,095
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured
No Opt. Call
 
AA–
   
9,127,250
 
 
5,000
 
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
3/17 at 100.00
 
A2
   
5,205,600
 
 
13,220
 
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/28 – NPFG Insured
No Opt. Call
 
AAA
   
10,090,033
 
 
5,000
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured
No Opt. Call
 
Aaa
   
4,258,200
 
 
5,815
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding  Series 2015, 0.000%, 8/01/48
No Opt. Call
 
AA
   
1,187,539
 
 
2,000
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27
6/17 at 100.00
 
B+
   
2,004,100
 
 
720
 
University of California, General Revenue Bonds, Series 2009O, 5.250%, 5/15/39
5/19 at 100.00
 
AA
   
810,252
 
     
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)
   
419,784
 
 
210
 
5.250%, 5/15/39 (Pre-refunded 5/15/19)
5/19 at 100.00
 
N/R (4)
   
238,256
 
 
308,665
 
Total California
         
257,443,432
 
     
Colorado – 5.4%
             
 
5,000
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
 
BBB–
   
5,053,400
 
 
5,200
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
9/16 at 100.00
 
A+
   
5,258,656
 
 
7,105
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
 
A+
   
8,067,159
 
 
1,700
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
9/18 at 102.00
 
AA
   
1,849,821
 
 
15,925
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
 
AA–
   
17,661,620
 
 
750
 
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 5.000%, 12/01/23 – RAAI Insured
12/16 at 100.00
 
AA
   
766,073
 
 
2,000
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2012A, 5.000%, 3/01/41
3/22 at 100.00
 
Aa2
   
2,302,860
 
     
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B:
             
 
2,750
 
5.000%, 11/15/25
No Opt. Call
 
A+
   
3,353,350
 
 
2,200
 
5.000%, 11/15/29
11/22 at 100.00
 
A+
   
2,637,492
 
 
5,160
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
 
A
   
5,915,837
 
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
             
 
9,660
 
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
 
AA–
   
6,354,251
 
 
24,200
 
0.000%, 9/01/31 – NPFG Insured
No Opt. Call
 
AA–
   
14,747,722
 
 
17,000
 
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
 
AA–
   
9,998,720
 
 
7,600
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured
9/26 at 52.09
 
AA–
   
2,675,808
 
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
             
 
7,700
 
0.000%, 9/01/27 – NPFG Insured
9/20 at 67.94
 
AA–
   
4,539,381
 
 
10,075
 
0.000%, 3/01/36 – NPFG Insured
9/20 at 41.72
 
AA–
   
3,570,782
 

22
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Colorado (continued)
             
$
5,000
 
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured
12/17 at 100.00
 
AA (4)
 
$
5,366,250
 
 
7,000
 
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.700%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured
6/16 at 100.00
 
N/R (4)
   
7,046,550
 
 
5,000
 
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding Series 2011, 6.000%, 11/01/26
11/21 at 100.00
 
Baa1
   
5,874,700
 
 
3,750
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
7/20 at 100.00
 
BBB+
   
4,347,000
 
 
144,775
 
Total Colorado
         
117,387,432
 
     
Connecticut – 0.8%
             
 
1,500
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
 
A
   
1,656,675
 
 
15,000
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
7/16 at 100.00
 
AAA
   
15,114,000
 
 
8,608
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31 (6)
No Opt. Call
 
N/R
   
542,044
 
 
25,108
 
Total Connecticut
         
17,312,719
 
     
District of Columbia – 0.5%
             
 
10,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
10/16 at 100.00
 
A1
   
10,130,800
 
     
Florida – 6.7%
             
 
3,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
 
AA
   
3,479,490
 
 
4,000
 
Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/16
No Opt. Call
 
AA–
   
4,016,360
 
 
565
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A, 6.000%, 6/15/35
6/25 at 100.00
 
N/R
   
582,973
 
 
2,845
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding Series 2009C, 5.000%, 10/01/34
No Opt. Call
 
AA–
   
3,191,891
 
 
2,290
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40
10/24 at 100.00
 
A+
   
2,648,866
 
 
2,650
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41
10/16 at 100.00
 
A
   
2,687,206
 
 
5,000
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Refunding and Improvement Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
10/17 at 100.00
 
BBB+ (4)
   
5,307,000
 
 
5,090
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
 
A
   
5,780,204
 
 
9,500
 
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's Hospital, Series 2010A, 6.000%, 8/01/46
8/21 at 100.00
 
A+
   
11,150,624
 
 
2,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37
10/24 at 100.00
 
A
   
2,359,280
 
 
6,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, 5.500%, 10/01/36
10/19 at 100.00
 
A
   
6,853,200
 
 
4,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/29
10/20 at 100.00
 
A
   
4,617,440
 
 
4,000
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/42
7/22 at 100.00
 
AA
   
4,657,280
 
 
9,590
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured
10/20 at 100.00
 
AA
   
10,940,175
 

Nuveen
 
23


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Florida (continued)
             
$
5,520
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45
10/26 at 100.00
 
A
 
$
5,751,840
 
 
2,900
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
10/16 at 100.00
 
AA
   
2,951,040
 
 
10,725
 
Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A,  5.000%, 11/01/44
5/24 at 100.00
 
AA+
   
12,356,808
 
 
3,250
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/43
11/22 at 100.00
 
BBB+
   
3,542,305
 
 
9,440
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
 
AA–
   
9,864,706
 
 
8,175
 
Saint John's County, Florida, Sales Tax Revenue Bonds, Series 2006, 5.000%, 10/01/36 (Pre-refunded 10/01/16) – BHAC Insured
10/16 at 100.00
 
AA+ (4)
   
8,329,753
 
 
2,500
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
10/17 at 100.00
 
BBB–
   
2,601,500
 
 
6,865
 
South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/34
5/25 at 100.00
 
AA
   
7,390,104
 
     
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Refunding Series 2007:
             
 
3,035
 
5.000%, 8/15/19
8/17 at 100.00
 
AA–
   
3,203,473
 
 
14,730
 
5.000%, 8/15/42 (UB) (7)
8/17 at 100.00
 
AA–
   
15,285,616
 
 
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
5/22 at 100.00
 
Aa2
   
3,819,750
 
 
130,970
 
Total Florida
         
143,368,884
 
     
Georgia – 0.1%
             
 
2,500
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/34
5/25 at 100.00
 
AA–
   
3,014,625
 
     
Guam – 0.0%
             
 
330
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
10/23 at 100.00
 
BBB
   
388,770
 
     
Hawaii – 0.2%
             
 
3,625
 
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2009A, 5.250%, 4/01/32 
(Pre-refunded 4/01/19)
4/19 at 100.00
 
Aa1 (4)
   
4,090,559
 
     
Illinois – 13.7%
             
 
5,000
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44
12/25 at 100.00
 
B+
   
4,751,750
 
 
17,725
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured
No Opt. Call
 
AA–
   
12,190,545
 
 
7,495
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured
No Opt. Call
 
AA–
   
3,332,577
 
 
1,500
 
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36
1/22 at 100.00
 
AA+
   
1,598,880
 
     
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
             
 
2,585
 
4.750%, 1/01/30 – AGM Insured
7/16 at 100.00
 
AA
   
2,588,257
 
 
5,000
 
4.625%, 1/01/31 – AGM Insured
7/16 at 100.00
 
AA
   
5,005,350
 
 
595
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2006A, 5.000%, 1/01/17 – AGM Insured
7/16 at 100.00
 
AA
   
599,022
 
 
230
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2005A, 5.000%, 1/01/17 – AGM Insured
7/16 at 100.00
 
AA
   
230,856
 
 
285
 
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured
7/16 at 100.00
 
AA–
   
285,624
 
 
7,750
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
7/16 at 100.00
 
AA
   
7,760,385
 
 
3,320
 
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured
No Opt. Call
 
AA–
   
2,895,936
 

24
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Illinois (continued)
             
$
3,020
 
Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 – AGM Insured
12/16 at 100.00
 
AA
 
$
3,094,956
 
 
8,875
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
 
AA
   
9,580,208
 
 
3,260
 
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
10/20 at 100.00
 
Caa1
   
3,268,606
 
 
5,000
 
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37
No Opt. Call
 
AAA
   
5,750,250
 
 
13,070
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured
No Opt. Call
 
Aa3
   
12,384,871
 
 
14,960
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured (ETM)
No Opt. Call
 
Aa3 (4)
   
14,545,158
 
 
1,800
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured
No Opt. Call
 
A2
   
1,707,120
 
 
1,875
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
 
AA+
   
2,141,231
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
 
AA+
   
3,337,110
 
 
4,845
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
5/20 at 100.00
 
A
   
5,604,502
 
 
4,800
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
 
Baa2
   
5,732,352
 
 
2,000
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B, 5.000%, 5/15/19 – AGM Insured
5/18 at 100.00
 
AA
   
2,156,940
 
 
4,260
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17)
8/17 at 100.00
 
N/R (4)
   
4,514,833
 
 
4,475
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2008A, 5.500%, 8/15/30
8/18 at 100.00
 
BBB+
   
4,753,300
 
     
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
   
636,843
 
 
825
 
5.000%, 8/15/44
8/25 at 100.00
 
Baa1
   
925,551
 
 
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
 
AA–
   
2,835,575
 
 
3,000
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
 
AA+
   
3,351,810
 
 
5,245
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 8.984%, 7/01/46 (Pre-refunded 7/01/17) (IF) (7)
7/17 at 100.00
 
AA+ (4)
   
5,780,147
 
 
1,205
 
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM)
No Opt. Call
 
N/R (4)
   
1,293,640
 
 
3,750
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – AMBAC Insured
6/16 at 100.00
 
A
   
3,772,275
 
 
655
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
8/22 at 100.00
 
A–
   
720,127
 
 
5,590
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
 
AA–
   
6,366,339
 
 
5,000
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured
7/16 at 100.00
 
CC
   
4,248,300
 
 
16,800
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured
No Opt. Call
 
AA–
   
14,216,663
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B:
             
 
3,070
 
5.500%, 6/15/20 – NPFG Insured
6/17 at 101.00
 
AA–
   
3,257,178
 
 
3,950
 
5.550%, 6/15/21 – NPFG Insured
6/17 at 101.00
 
AA–
   
4,189,331
 

Nuveen
 
25


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Illinois (continued)
             
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B:
             
$
705
 
5.500%, 6/15/20 (Pre-refunded 6/15/17) – NPFG Insured
6/17 at 101.00
 
AA– (4)
 
$
750,522
 
 
1,765
 
5.550%, 6/15/21 (Pre-refunded 6/15/17) – NPFG Insured
6/17 at 101.00
 
AA– (4)
   
1,879,954
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
             
 
9,415
 
0.000%, 6/15/17 – NPFG Insured
No Opt. Call
 
AA–
   
9,239,975
 
 
9,270
 
0.010%, 6/15/18 – FGIC Insured
No Opt. Call
 
BBB+
   
8,878,435
 
 
2,905
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured (ETM)
No Opt. Call
 
AA– (4)
   
2,877,867
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B:
             
 
7,250
 
0.000%, 6/15/18 – NPFG Insured
No Opt. Call
 
AA–
   
6,943,760
 
 
3,635
 
0.000%, 6/15/21 – NPFG Insured
No Opt. Call
 
AA–
   
3,132,679
 
 
5,190
 
0.000%, 6/15/28 – NPFG Insured
No Opt. Call
 
AA–
   
3,263,472
 
 
11,670
 
0.000%, 6/15/29 – FGIC Insured
No Opt. Call
 
AA–
   
6,975,626
 
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
             
 
10,000
 
0.000%, 6/15/24 – NPFG Insured (5)
6/22 at 101.00
 
AA–
   
11,026,400
 
 
4,950
 
0.000%, 12/15/32 – NPFG Insured
No Opt. Call
 
AA–
   
2,486,039
 
 
21,375
 
0.000%, 6/15/34 – NPFG Insured
No Opt. Call
 
AA–
   
9,841,050
 
 
21,000
 
0.000%, 12/15/35 – NPFG Insured
No Opt. Call
 
AA–
   
8,963,430
 
 
21,970
 
0.000%, 6/15/36 – NPFG Insured
No Opt. Call
 
AA–
   
9,068,337
 
 
10,375
 
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
 
AA–
   
4,189,321
 
 
25,825
 
0.000%, 6/15/39 – NPFG Insured
No Opt. Call
 
AA–
   
9,133,528
 
 
6,095
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured
No Opt. Call
 
AA
   
8,736,207
 
 
1,160
 
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, Series 2007, 4.700%, 3/01/33 – AGC Insured
3/17 at 100.00
 
AA
   
1,189,302
 
 
5,020
 
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured
No Opt. Call
 
AA
   
4,071,320
 
 
3,100
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 (Pre-refunded 3/01/17) – NPFG Insured
3/17 at 100.00
 
AA– (4)
   
3,213,553
 
 
615
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
 
A
   
720,632
 
 
1,575
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured
No Opt. Call
 
A3
   
1,513,024
 
 
720
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)
No Opt. Call
 
A3 (4)
   
709,330
 
     
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004:
             
 
3,680
 
0.000%, 11/01/16 – FGIC Insured
No Opt. Call
 
AA–
   
3,662,888
 
 
3,330
 
0.000%, 11/01/22 – NPFG Insured
No Opt. Call
 
AA–
   
2,819,977
 
 
371,470
 
Total Illinois
         
296,691,026
 
     
Indiana – 2.9%
             
 
300
 
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24
4/17 at 100.00
 
BB+
   
301,113
 
 
5,010
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
 
A
   
5,613,655
 
 
2,250
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 4.000%, 12/01/40
6/25 at 100.00
 
AA
   
2,381,828
 
 
5,740
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
7/23 at 100.00
 
BBB+
   
6,224,800
 

26
 
Nuveen

 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
 
Ratings (3)
   
Value
 
     
Indiana (continued)
             
$
6,400
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
 
BBB–
 
$
6,934,656
 
 
2,250
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured
5/18 at 100.00
 
Aa3 (4)
   
2,452,523
 
 
970
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
 
A+
   
1,000,138
 
 
1,030
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
 
N/R (4)
   
1,072,209
 
 
8,235
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 (Pre-refunded 1/01/17) – NPFG Insured
1/17 at 100.00
 
AA– (4)
   
8,477,933
 
     
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
             
 
12,550
 
0.000%, 2/01/21 – AMBAC Insured
No Opt. Call
 
AA
   
11,610,131
 
 
2,400
 
0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
 
AA
   
1,970,712
 
 
14,595
 
0.000%, 2/01/27 – AMBAC Insured
No Opt. Call
 
AA
   
11,159,483
 
 
2,565
 
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.750%, 1/15/32
7/20 at 100.00
 
N/R
   
2,835,967
 
 
64,295
 
Total Indiana
         
62,035,148
 
     
Iowa – 1.3%
             
 
14,500
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
12/18 at 100.00
 
BB–
   
15,105,375
 
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
             
 
175
 
5.375%, 6/01/38
7/16 at 100.00
 
B+
   
174,984
 
 
7,000
 
5.625%, 6/01/46
7/16 at 100.00
 
B+
   
6,999,510
 
 
4,965
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
 
B+
   
4,977,710
 
 
26,640
 
Total Iowa
         
27,257,579
 
     
Kansas – 0.0%
             
 
45
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
 
A–
   
34,050
 
     
Kentucky – 0.4%
             
 
720
 
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
7/16 at 100.00
 
AA–
   
722,153
 
 
1,750
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
6/18 at 100.00
 
AA
   
1,892,293
 
 
1,170
 
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 (Pre-refunded 9/01/17) – NPFG Insured
9/17 at 100.00
 
AA– (4)
   
1,237,802
 
 
6,000
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5)
7/31 at 100.00
 
Baa3
   
4,867,680
 
 
9,640
 
Total Kentucky
         
8,719,928
 
     
Louisiana – 1.8%
             
 
12,000
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
11/17 at 100.00
 
BBB+
   
13,009,560
 
 
2,310
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
8/20 at 100.00
 
BBB+
   
2,759,064
 
 
5,450
 
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
11/20 at 100.00
 
BBB+
   
6,569,485
 
 
5,075
 
Louisiana Public Facilities Authority, Revenue Bonds, Nineteenth Judicial District Court Building Project, Series 2007, 5.500%, 6/01/41 (Pre-refunded 6/01/17) – NPFG Insured
6/17 at 100.00
 
AA– (4)
   
5,345,295
 


Nuveen
 
27


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Louisiana (continued)
             
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
             
$
2,640
 
5.250%, 5/15/38
5/17 at 100.00
 
A–
 
$
2,735,753
 
 
1,415
 
5.375%, 5/15/43
5/17 at 100.00
 
A–
   
1,466,492
 
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
             
 
1,005
 
5.250%, 5/15/38 (Pre-refunded 5/15/17)
5/17 at 100.00
 
N/R (4)
   
1,053,803
 
 
525
 
5.375%, 5/15/43 (Pre-refunded 5/15/17)
5/17 at 100.00
 
N/R (4)
   
551,177
 
 
5,000
 
Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology, Series 2006, 5.250%, 3/01/37 (Pre-refunded 9/01/16) – NPFG Insured
9/16 at 100.00
 
AA– (4)
   
5,081,000
 
 
35,420
 
Total Louisiana
         
38,571,629
 
     
Maine – 0.1%
             
 
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41
7/21 at 100.00
 
BBB–
   
1,196,255
 
     
Maryland – 0.7%
             
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
             
 
1,300
 
5.250%, 9/01/17 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
   
1,317,277
 
 
3,240
 
4.600%, 9/01/30 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
   
3,276,158
 
 
1,545
 
5.250%, 9/01/39 – SYNCORA GTY Insured
9/16 at 100.00
 
Ba1
   
1,562,227
 
 
2,500
 
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39
9/16 at 100.00
 
BB
   
2,523,500
 
 
1,050
 
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, Meritus Medical Center, Series 2015, 5.000%, 7/01/40
7/25 at 100.00
 
BBB
   
1,200,507
 
 
1,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36
1/22 at 100.00
 
Baa2
   
1,755,975
 
 
3,510
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2016A, 4.000%, 7/01/42
7/26 at 100.00
 
BBB
   
3,633,096
 
 
14,645
 
Total Maryland
         
15,268,740
 
     
Massachusetts – 1.9%
             
 
3,550
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34
7/18 at 100.00
 
Aaa
   
3,877,381
 
 
1,450
 
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34 (Pre-refunded 7/01/18)
7/18 at 100.00
 
N/R (4)
   
1,590,810
 
 
2,100
 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41
11/23 at 100.00
 
A
   
2,442,258
 
 
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
7/18 at 100.00
 
A–
   
530,130
 
 
2,300
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
 
BBB
   
2,570,940
 
 
11,510
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 (Alternative Minimum Tax)
12/18 at 100.00
 
AA–
   
12,126,705
 
 
9,110
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
5/23 at 100.00
 
AA+
   
10,655,966
 
 
980
 
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/29 – NPFG Insured
No Opt. Call
 
AA–
   
731,149
 
 
320
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30
7/16 at 100.00
 
Aaa
   
321,347
 
 
5,005
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A, 5.000%, 8/01/41 (Pre-refunded 8/01/16)
8/16 at 100.00
 
AA+ (4)
   
5,060,455
 
 
36,825
 
Total Massachusetts
         
39,907,141
 

28
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Michigan – 3.9%
             
     
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013:
             
$
2,065
 
6.000%, 10/01/33
10/23 at 100.00
 
N/R
 
$
2,014,821
 
 
2,520
 
6.000%, 10/01/43
10/23 at 100.00
 
N/R
   
2,393,446
 
 
7,150
 
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
5/16 at 100.00
 
B–
   
7,081,432
 
 
1,415
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,   Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
 
A–
   
1,576,239
 
 
3,700
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
11/20 at 100.00
 
AA
   
4,042,583
 
 
15
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 7/01/35 – NPFG Insured
7/16 at 100.00
 
AA–
   
15,044
 
 
3,000
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
No Opt. Call
 
AA–
   
3,814,800
 
 
3,395
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
7/18 at 100.00
 
AA+
   
3,657,569
 
 
7,525
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – FGIC Insured
7/18 at 100.00
 
AA+
   
8,112,251
 
 
5
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%, 7/01/34 – NPFG Insured
7/16 at 100.00
 
AA–
   
5,016
 
 
3,060
 
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
No Opt. Call
 
AA
   
3,081,022
 
 
5
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/34 – NPFG Insured
7/16 at 100.00
 
Baa1
   
5,016
 
 
2,200
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2005B, 4.750%, 7/01/34 – BHAC Insured
No Opt. Call
 
AA+
   
2,322,144
 
     
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D:
             
 
165
 
5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
 
AA
   
166,134
 
 
5,250
 
4.625%, 7/01/32 – AGM Insured
7/16 at 100.00
 
AA
   
5,282,655
 
 
2,000
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
5/20 at 100.00
 
A2
   
2,239,320
 
 
1,950
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44
7/22 at 100.00
 
A–
   
2,133,671
 
 
4,585
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
 
AA–
   
5,161,472
 
 
15
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 (Pre-refunded 12/01/21)
12/21 at 100.00
 
N/R (4)
   
18,144
 
 
5,000
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/35
6/22 at 100.00
 
AA
   
5,738,350
 
 
2,155
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/29
10/20 at 100.00
 
AAA
   
2,488,529
 
 
5,000
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/41
10/21 at 100.00
 
Aa2
   
5,821,500
 
 
10,000
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/30
10/25 at 100.00
 
Aa2
   
12,243,000
 
 
2,890
 
Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42
No Opt. Call
 
A1
   
3,256,712
 
 
1,150
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
9/18 at 100.00
 
Aaa
   
1,349,916
 
 
1,100
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D, 5.000%, 12/01/45
12/25 at 100.00
 
A
   
1,257,476
 
 
77,315
 
Total Michigan
         
85,278,262
 

Nuveen
 
29


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Minnesota – 0.7%
             
$
1,670
 
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
7/16 at 100.00
 
A+
 
$
1,675,929
 
 
6,375
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18)
11/18 at 100.00
 
A+ (4)
   
7,302,308
 
 
6,730
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
 
Aaa
   
6,903,499
 
 
14,775
 
Total Minnesota
         
15,881,736
 
     
Missouri – 0.9%
             
 
3,465
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
11/23 at 100.00
 
A2
   
3,911,015
 
 
12,000
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B, 5.000%, 6/01/30
6/20 at 100.00
 
AA–
   
13,379,400
 
 
725
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 4.500%, 12/15/25 – NPFG Insured
12/16 at 100.00
 
AA–
   
742,436
 
 
1,875
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 4.500%, 12/15/25 (Pre-refunded 12/15/16)
12/16 at 100.00
 
AA– (4)
   
1,921,500
 
 
18,065
 
Total Missouri
         
19,954,351
 
     
Nebraska – 0.3%
             
 
1,400
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
11/25 at 100.00
 
A–
   
1,598,352
 
 
5,000
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%, 2/01/39 (Pre-refunded 2/01/18)
2/18 at 100.00
 
AA (4)
   
5,419,650
 
 
6,400
 
Total Nebraska
         
7,018,002
 
     
Nevada – 2.6%
             
 
2,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2007A-1, 5.000%, 7/01/26 – AMBAC Insured (Alternative Minimum Tax)
No Opt. Call
 
A+
   
2,081,000
 
 
5,075
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
 
A+
   
5,894,054
 
     
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:
             
 
5,220
 
5.000%, 6/01/33
12/24 at 100.00
 
Aa1
   
6,344,440
 
 
10,000
 
5.000%, 6/01/34
12/24 at 100.00
 
Aa1
   
12,110,600
 
 
9,000
 
5.000%, 6/01/39
12/24 at 100.00
 
Aa1
   
10,706,220
 
 
275
 
Nevada State, General Obligation Bonds, Municipal Bond Bank Projects R9A-R12, Refunding Series 2005F, 5.000%, 12/01/16 – AGM Insured
7/16 at 100.00
 
AA+
   
276,114
 
 
5,040
 
Nevada State, Unemployment Compensation Fund Special Revenue Bonds, Series 2013, 5.000%, 6/01/16
No Opt. Call
 
AAA
   
5,060,916
 
 
10,000
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
 
AA–
   
9,999,600
 
 
2,500
 
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Trust 2634, 17.812%, 7/01/31 – BHAC Insured (IF) (7)
7/17 at 100.00
 
AA+
   
2,930,300
 
 
1,500
 
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A, 6.750%, 6/15/28
6/18 at 100.00
 
B1
   
1,594,920
 
 
50,610
 
Total Nevada
         
56,998,164
 
     
New Hampshire – 0.1%
             
 
1,500
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
10/19 at 100.00
 
Baa1
   
1,691,175
 
     
New Jersey – 3.9%
             
 
930
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
1/24 at 100.00
 
AA
   
1,041,498
 
 
2,550
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
7/16 at 100.00
 
AA–
   
2,576,367
 
 
5,990
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/25 – AGM Insured
No Opt. Call
 
AA
   
7,362,309
 

30
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
New Jersey (continued)
             
$
4,000
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/25
3/23 at 100.00
 
A–
 
$
4,396,080
 
 
3,300
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
7/18 at 100.00
 
BB+
   
3,536,148
 
 
4,740
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/34
1/17 at 41.49
 
A–
   
1,916,240
 
 
9,420
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/31
No Opt. Call
 
A–
   
4,659,791
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C:
             
 
30,000
 
0.000%, 12/15/30 – FGIC Insured
No Opt. Call
 
AA–
   
16,749,000
 
 
27,000
 
0.000%, 12/15/32 – AGM Insured
No Opt. Call
 
AA
   
13,805,370
 
 
6,095
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42
No Opt. Call
 
A–
   
6,423,886
 
 
4,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 5.000%, 6/15/29
6/23 at 100.00
 
A–
   
4,869,540
 
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:
             
 
2,750
 
5.250%, 6/15/32
6/25 at 100.00
 
A–
   
3,055,003
 
 
2,150
 
5.250%, 6/15/34
6/25 at 100.00
 
A–
   
2,369,279
 
 
1,135
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
5/23 at 100.00
 
Aa3
   
1,312,366
 
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
             
 
4,335
 
4.625%, 6/01/26
6/17 at 100.00
 
B+
   
4,369,507
 
 
6,215
 
4.750%, 6/01/34
6/17 at 100.00
 
B–
   
5,869,197
 
 
115,110
 
Total New Jersey
         
84,311,581
 
     
New Mexico – 0.1%
             
 
910
 
University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21
No Opt. Call
 
AA
   
1,013,931
 
     
New York – 4.4%
             
 
10,000
 
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35 (Pre-refunded 8/15/16)
8/16 at 100.00
 
N/R (4)
   
10,123,000
 
 
9,490
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
 
A
   
9,769,575
 
 
2,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 (Pre-refunded 6/01/16)
6/16 at 100.00
 
A– (4)
   
2,008,040
 
 
5,160
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 5/01/33 (Pre-refunded 5/01/19) – BHAC Insured
5/19 at 100.00
 
AA+ (4)
   
5,869,139
 
 
12,855
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
 
A–
   
14,364,691
 
 
1,510
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006B, 5.000%, 12/01/31
12/16 at 100.00
 
BB–
   
1,527,456
 
 
9,850
 
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
9/16 at 100.00
 
AA–
   
9,964,753
 
 
3,525
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40
No Opt. Call
 
AA+
   
3,967,952
 
 
1,680
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27
5/17 at 100.00
 
AAA
   
1,746,679
 
 
3,320
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27 (Pre-refunded 5/01/17)
5/17 at 100.00
 
N/R (4)
   
3,457,415
 
 
10,000
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
 
N/R
   
10,868,400
 

Nuveen`
 
31


NUV
Nuveen Municipal Value Fund, Inc.
 
 
Portfolio of Investments (continued)
April 30, 2016 (Unaudited)

 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
New York (continued)
             
$
2,700
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51
No Opt. Call
 
A+
 
$
3,225,717
 
 
3,250
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, 5.000%, 8/15/33 (Pre-refunded 8/15/17) – AGM Insured
8/17 at 100.00
 
AA (4)
   
3,433,658
 
 
9,925
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
 
Baa1
   
11,672,495
 
 
3,000
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50
5/25 at 100.00
 
AA–
   
3,534,570
 
 
88,265
 
Total New York
         
95,533,540
 
     
North Carolina – 0.4%
             
 
3,000
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
1/18 at 100.00
 
AA–
   
3,131,970
 
 
1,500
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37
1/21 at 100.00
 
AA–
   
1,701,750
 
 
2,010
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2010A, 5.000%, 6/01/42
6/20 at 100.00
 
AA
   
2,219,764
 
 
1,255
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health Combined Group, Series 2007, 4.500%, 10/01/31
10/17 at 100.00
 
AA–
   
1,308,312
 
 
745
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health Combined Group, Series 2007, 4.500%, 10/01/31 (Pre-refunded 10/01/17)
10/17 at 100.00
 
N/R (4)
   
785,476
 
 
8,510
 
Total North Carolina
         
9,147,272
 
     
North Dakota – 0.5%
             
 
7,820
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
11/21 at 100.00
 
A+
   
9,603,977
 
     
Ohio – 4.4%
             
 
9,405
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18)
2/18 at 100.00
 
N/R (4)
   
10,163,984
 
 
595
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43
2/18 at 100.00
 
A1
   
635,799
 
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
             
 
6,615
 
5.375%, 6/01/24
6/17 at 100.00
 
B–
   
6,428,920
 
 
6,075
 
5.125%, 6/01/24
6/17 at 100.00
 
B–
   
5,874,100
 
 
12,205
 
5.875%, 6/01/30
6/17 at 100.00
 
B–
   
11,925,750
 
 
17,165
 
5.750%, 6/01/34
6/17 at 100.00
 
B–
   
16,458,660
 
 
4,020
 
6.000%, 6/01/42
6/17 at 100.00
 
B–
   
3,985,709
 
 
11,940
 
5.875%, 6/01/47
6/17 at 100.00
 
B–
   
11,633,381
 
 
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–
   
16,433,549
 
 
1,730
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
11/21 at 100.00
 
AA
   
2,093,456
 
 
4,000
 
Ohio State, General Obligation Bonds, Higher Education, Series 2015C, 2.000%, 11/01/16
No Opt. Call
 
AA+
   
4,031,400
 
 
4,975
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
 
A+
   
5,646,476
 
 
95,140
 
Total Ohio
         
95,311,184
 
     
Oklahoma – 0.3%
             
 
1,400
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
8/21 at 100.00
 
N/R
   
1,693,370
 
 
2,000
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 5.125%, 9/01/37
9/17 at 100.00
 
BBB–
   
2,060,620
 

32
 
Nuveen


 
Principal
Amount (000)
 
 
Description (1)
Optional Call
Provisions (2)
 
 
Ratings (3)
   
 
Value
 
     
Oklahoma (continued)
             
     
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical Center, Refunding Series 2015A:
             
$
1,590
 
5.000%, 8/15/27
8/25 at 100.00
 
AA–
 
$
1,973,890
 
 
1,250
 
5.000%, 8/15/29
8/25 at 100.00
 
AA–
   
1,533,725
 
 
6,240
 
Total Oklahoma
         
7,261,605
 
     
Oregon – 0.1%
             
 
2,860
 
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/32
10/17 at 100.00
 
A
   
3,008,920
 
     
Pennsylvania – 0.6%
             
 
1,250
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5)
No Opt. Call
 
AA–
   
1,075,063
 
 
2,715
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41
12/21 at 100.00
 
AA–
   
3,053,370
 
 
7,500
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/43
12/22 at 100.00
 
AA–
   
8,568,750
 
 
11,465
 
Total Pennsylvania
         
12,697,183
 
     
Puerto Rico – 0.4%
             
 
76,485
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
 
Caa3
   
6,438,507
 
 
21,000
 
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
7/16 at 11.94
 
BB
   
1,895,880
 
 
97,485
 
Total Puerto Rico
         
8,334,387
 
     
Rhode Island – 0.3%
             
 
6,250
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – NPFG Insured
5/16 at 100.00
 
AA–
   
6,270,125
 
     
South Carolina – 1.8%
             
     
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
             
 
12,560
 
0.000%, 1/01/28 – AMBAC Insured
No Opt. Call
 
AA
   
8,918,479
 
 
9,535
 
0.000%, 1/01/29 – AMBAC Insured
No Opt. Call
 
AA
   
6,468,925
 
 
3,000
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, Refunding Series 2011B, 5.000%, 12/01/16
No Opt. Call
 
AA–
   
3,078,450
 
     
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A:
             
 
5,500
 
5.000%, 12/01/50
6/25 at 100.00
 
AA–
   
6,275,280
 
 
8,000
 
5.000%, 12/01/55
6/25 at 100.00
 
AA–
   
9,154,800
 
 
3,455
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
 
AA–
   
4,063,045
 
 
42,050
 
Total South Carolina
         
37,958,979
 
     
Tennessee – 0.7%
             
 
2,780
 
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding Series 2008, 5.625%, 4/01/38
4/18 at 100.00
 
A+
   
2,997,535
 
 
7,520
 
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding Series 2008, 5.625%, 4/01/38 (Pre-refunded 4/01/18)
4/18 at 100.00
 
N/R (4)
   
8,222,067
 
 
3,000
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
 
BBB+
   
3,038,670
 
 
13,300
 
Total Tennessee