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Table of Contents

 

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

Portfolio Managers' Comments

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

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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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

 

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.

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

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.

 

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.

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

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.

 

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.

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

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.

 

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.

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

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						14,258,272
			Texas – 13.4%
	2,000		Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/34	1/17 at 100.00		BB			2,037,720

Nuveen

33

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
			Texas (continued)
$	5,560		Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/38	2/17 at 100.00		AAA		$	5,738,254
	5,110		Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6)	7/16 at 100.00		C			114,975
	2,100		Carrollton-Farmers Branch Independent School District, Dallas County, Texas, General Obligation Bonds, Series 2007, 4.500%, 2/15/17	No Opt. Call		AAA			2,166,633
	2,420		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43	1/23 at 100.00		BBB+			2,688,959
	7,500		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (Alternative Minimum Tax)	No Opt. Call		A+			8,372,925
	240		Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44	9/24 at 100.00		BB+			257,561
	5,000		El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of Obligation, Series 2013, 5.000%, 8/15/39	8/23 at 100.00		AA–			5,534,850
	1,965		Fort Worth Independent School District, Tarrant County, Texas, General Obligation Bonds, Refunding Series 2006, 5.000%, 2/15/18	No Opt. Call		AAA			1,992,510
	6,005		Friendswood Independent School District, Galveston County, Texas, General Obligation Bonds, Schoolhouse Series 2008, 5.000%, 2/15/37 (Pre-refunded 2/15/18)	2/18 at 100.00		AAA			6,466,304
	27,340		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53	10/23 at 100.00		AA+			30,914,704
	2,845		Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 4.000%, 12/01/45	6/25 at 100.00		AA			3,018,602
	5,000		Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured	2/17 at 100.00		AA+			5,165,700
	7,295		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured	11/31 at 39.79		AA			1,550,625
	11,900		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/27 – NPFG Insured	No Opt. Call		AA–			7,927,185
	1,845		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/32	11/24 at 100.00		A3			2,139,370
	14,905		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/33 – NPFG Insured	11/24 at 59.10		AA–			6,385,898
			Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
	24,755		0.000%, 9/01/29 – AMBAC Insured	No Opt. Call		A2			15,716,702
	12,940		0.000%, 9/01/30 – AMBAC Insured	No Opt. Call		A2			7,877,225
	10,000		0.000%, 9/01/31 – AMBAC Insured	No Opt. Call		A2			5,798,300
	5,120		Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/15/39	8/25 at 100.00		AAA			6,123,930
	3,750		Lewisville Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 1996, 0.000%, 8/15/16	No Opt. Call		Aaa			3,744,750
	2,000		Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax)	11/22 at 100.00		Baa1			2,279,160
	1,750		Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36	4/21 at 100.00		BBB			1,972,198
	5,420		North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 9/01/26	3/22 at 100.00		AAA			6,484,596
			North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I:
	30,000		6.200%, 1/01/42 – AGC Insured	1/25 at 100.00		AA			39,381,600
	5,220		6.500%, 1/01/43	1/25 at 100.00		A1			6,744,292

34

Nuveen

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Texas (continued)
$	3,130		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40	1/18 at 100.00		AA+		$	3,380,244
	3,190		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 (Pre-refunded 1/01/18)	1/18 at 100.00		AA+ (4)			3,453,685
	15,450		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/36 – AGC Insured	No Opt. Call		AA			7,951,806
	9,020		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40	1/23 at 100.00		A1			10,343,865
	9,100		North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/32	1/25 at 100.00		A2			10,777,858
	2,000		Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003A, 5.800%, 7/01/22 (6)	7/16 at 100.00		C			45,000
	11,585		Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Tender Option Bond Trust 2016-XG0013, Formerly Tender Option Bond Trust 1201, 8.953%, 2/15/36 (IF) (7)	2/17 at 100.00		AA			12,244,882
			Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010:
	355		5.500%, 8/15/45 (Pre-refunded 8/15/20)	8/20 at 100.00		N/R (4)			421,946
	4,455		5.500%, 8/15/45 (Pre-refunded 8/15/20)	8/20 at 100.00		AA– (4)			5,301,316
	1,620		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42	5/26 at 100.00		AA–			1,730,565
	3,970		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured	1/19 at 100.00		AA			4,466,766
	1,030		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured	1/19 at 100.00		AA (4)			1,180,318
	6,435		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Refunding Series 2007A, 5.000%, 2/15/20	No Opt. Call		AA			6,664,022
			Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
	2,500		5.000%, 12/15/26	No Opt. Call		A3			2,894,375
	10,400		5.000%, 12/15/32	No Opt. Call		A3			11,654,655
	7,180		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41	8/22 at 100.00		A–			8,205,735
	3,000		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37	8/24 at 100.00		A–			3,487,800
	1,750		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/33	8/24 at 100.00		BBB+			2,020,533
	5,500		Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured	No Opt. Call		A–			4,319,260
	311,655		Total Texas						289,140,159
			Virginia – 2.7%
	1,500		Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42	10/17 at 100.00		BBB			1,553,895
	10,000		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5)	10/28 at 100.00		BBB+			11,682,499
	14,110		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53	4/22 at 100.00		BBB+			15,420,678
	1,270		Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 – SYNCORA GTY Insured	No Opt. Call		N/R			1,287,056

Nuveen

35

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
			Virginia (continued)
			Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C:
$	640		5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured	2/17 at 100.00		N/R (4)		$	661,312
	845		5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured	2/17 at 100.00		N/R (4)			873,139
	1,415		5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured	2/17 at 100.00		N/R (4)			1,462,558
	2,505		5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured	2/17 at 100.00		N/R (4)			2,588,417
	4,405		Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2006, 5.250%, 6/15/31	6/16 at 100.00		Baa1			4,418,303
	4,355		Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47	6/17 at 100.00		B–			3,833,010
	3,350		Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2011A, 5.000%, 8/01/16	No Opt. Call		AA+			3,389,262
			Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
	4,180		5.250%, 1/01/32 (Alternative Minimum Tax)	7/22 at 100.00		BBB–			4,723,734
	1,650		6.000%, 1/01/37 (Alternative Minimum Tax)	7/22 at 100.00		BBB–			1,958,303
	3,770		5.500%, 1/01/42 (Alternative Minimum Tax)	7/22 at 100.00		BBB–			4,310,995
	53,995		Total Virginia						58,163,161
			Washington – 2.3%
	3,780		Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35	1/21 at 100.00		A			4,255,940
	2,400		Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.375%, 12/01/33 (Pre-refunded 12/01/20)	12/20 at 100.00		N/R (4)			2,866,968
	12,000		Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/33	10/22 at 100.00		AA			14,021,520
	2,500		Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/04/17)	12/17 at 100.00		N/R (4)			2,692,575
	5,000		Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured	10/16 at 100.00		AA			5,040,600
	2,185		Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured	8/17 at 100.00		AA–			2,285,554
			Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:
	9,100		0.000%, 6/01/29 – NPFG Insured	No Opt. Call		AA+			6,696,053
	16,195		0.000%, 6/01/30 – NPFG Insured	No Opt. Call		AA+			11,621,694
	53,160		Total Washington						49,480,904
			West Virginia – 0.3%
	3,000		West Virginia Economic Development Authority, Lease Revenue Bonds, Juvenile & Public Safety Facilities, Refunding Series 2011A, 5.000%, 6/01/16	No Opt. Call		Aa2			3,012,330
	3,000		West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44	6/23 at 100.00		A			3,512,190
	6,000		Total West Virginia						6,524,520
			Wisconsin – 3.6%
	4,000		Milwaukee, Wisconsin, General Obligation Bonds, Series 2011N-3, 5.000%, 5/15/16	No Opt. Call		AA			4,008,360
	10,350		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 (WI/DD, Settling 5/11/16)	5/26 at 100.00		AA+			11,028,649
	7,115		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior Credit Group, Series 2010E, 5.000%, 11/15/33	11/19 at 100.00		AA+			8,070,971
	2,375		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40	2/22 at 100.00		A–			2,641,166
	4,410		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39	6/22 at 100.00		A3			4,875,431

36

Nuveen

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Wisconsin (continued)
$	2,500		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2009, 6.000%, 12/01/38 (Pre-refunded 12/01/18)	12/18 at 100.00		N/R (4)		$	2,835,975
			Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A:
	3,500		5.750%, 5/01/35 (Pre-refunded 5/01/21)	5/21 at 100.00		N/R (4)			4,297,265
	5,000		6.000%, 5/01/41 (Pre-refunded 5/01/21)	5/21 at 100.00		N/R (4)			6,199,750
	6,600		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32	8/22 at 100.00		AA			7,509,876
	10,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2010A, 5.000%, 6/01/30	6/20 at 100.00		AA–			11,236,900
			Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
	2,550		5.750%, 5/01/33	5/19 at 100.00		AA–			2,912,687
	8,945		6.250%, 5/01/37	5/19 at 100.00		AA–			10,346,592
	2,620		Wisconsin State, General Obligation Bonds, Series 2012-1, 5.000%, 5/01/16	No Opt. Call		AA			2,620,707
	69,965		Total Wisconsin						78,584,329
			Wyoming – 0.2%
	2,035		Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39	7/19 at 100.00		A1			2,305,065
	1,850		West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40	6/21 at 100.00		BBB			2,187,662
	3,885		Total Wyoming						4,492,727
$	2,373,158		Total Municipal Bonds (cost $1,898,658,368)						2,127,251,620

	Shares		Description (1)						Value
			COMMON STOCKS – 0.2%
			Airlines – 0.2%
	97,183		American Airlines Group Inc. (8)					$	3,371,278
			Total Common Stocks (cost $2,775,109)						3,371,278

	Principal Amount (000)		Description (1)	Coupon		Maturity		Ratings (3)			Value
			CORPORATE BONDS – 0.0%
			Transportation – 0.0%
$	841		Las Vegas Monorail Company, Senior Interest Bonds (9), (10)	5.500%		7/15/19		N/R		$	25,230
	224		Las Vegas Monorail Company, Senior Interest Bonds (9), (10)	5.500%		7/15/55		N/R			6,710
$	1,065		Total Corporate Bonds (cost $95,463)								31,940
			Total Long-Term Investments (cost $1,901,528,940)								2,130,654,838

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			SHORT-TERM INVESTMENTS – 0.2%
			MUNICIPAL BONDS – 0.2%
			California – 0.1%
$	2,000		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender Option Bonds Floater 1043, 0.500%, 4/01/39 (11)	4/18 at 100.00		Aa3		$	2,000,000
			New York – 0.0%
	700		New York State Thruway Authority, General Revenue Bonds, Tender Option Bond Floater 3600Z, 0.530%, 1/01/16	No Opt. Call		A-1			700,000

Nuveen

37

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
			Utah – 0.1%
$	1,100		Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Floater 1050, 0.510%, 6/15/36 (11)	6/18 at 100.00		Aa2		$	1,100,000
$	3,800		Total Short-Term Investments (cost $3,800,000)						3,800,000
			Total Investments (cost $1,905,328,940) – 98.9%						2,134,454,838
			Floating Rate Obligations – (0.3)%						(6,630,000	)
			Other Assets Less Liabilities – 1.4%						31,361,972
			Net Assets – 100%					$	2,159,186,810

(1)	All percentages shown in the Portfolio of Investments are based on net assets.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)	As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(7)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(8)	On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(9)	Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(10)	During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(11)	Investment has a maturity of more than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)	Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

38

Nuveen

NUW
	Nuveen AMT-Free Municipal Value Fund
	Portfolio of Investments	April 30, 2016 (Unaudited)

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			LONG-TERM INVESTMENTS – 99.9%
			MUNICIPAL BONDS – 99.9%
			Alaska – 0.4%
			Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
$	605		4.625%, 6/01/23	7/16 at 100.00		Ba1		$	608,388
	350		5.000%, 6/01/46	7/16 at 100.00		B3			329,917
	955		Total Alaska						938,305
			Arizona – 3.4%
	4,000		Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40	2/19 at 100.00		Baa1			4,629,920
	3,045		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37	No Opt. Call		BBB+			3,807,255
	7,045		Total Arizona						8,437,175
			California – 12.2%
	1,730		Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured	No Opt. Call		AA			1,067,583
	2,500		California State Public Works Board, Lease Revenue Bonds, Department of General Services Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34	4/19 at 100.00		A+			2,908,775
	500		California State, General Obligation Bonds, Tender Option Bond Trust 3162, 18.840%, 3/01/18 – AGM Insured (IF)	No Opt. Call		AA			837,260
	4,235		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33	6/17 at 100.00		B–			4,239,743
	450		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39	No Opt. Call		A			645,786
	10,200		Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured (4)	8/29 at 100.00		AA			11,924,615
	1,030		Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35	No Opt. Call		AA–			535,600
	12,955		San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/35 – AGM Insured	No Opt. Call		AA			6,222,287
	5,185		San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/44	No Opt. Call		AA			1,344,004
	700		Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured	No Opt. Call		AA–			581,105
	39,485		Total California						30,306,758
			Colorado – 4.0%
	5,885		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured	No Opt. Call		AA–			3,162,658
	3,605		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – NPFG Insured	9/20 at 67.94		AA–			2,125,256
	4,000		Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.375%, 12/01/37 (Pre-refunded 12/01/19) – AGC Insured	12/19 at 100.00		AA (5)			4,753,400
	13,490		Total Colorado						10,041,314
			Florida – 10.0%
	1,605		Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 5.000%, 11/15/45	11/24 at 100.00		A2			1,827,822

Nuveen

39

NUW	Nuveen AMT-Free Municipal Value Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Florida (continued)
$	535		Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured	2/24 at 100.00		AA		$	615,715
	9,500		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41 (UB) (6)	10/19 at 100.00		A			10,696,810
			Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1:
	2,500		6.000%, 7/01/38 (Pre-refunded 7/01/18)	7/18 at 100.00		AA (5)			2,794,950
	2,000		5.625%, 7/01/38 (Pre-refunded 7/01/18)	7/18 at 100.00		AA (5)			2,198,240
	2,850		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2007A, 5.000%, 4/01/21 – AMBAC Insured	4/17 at 100.00		AA–			2,959,754
	660		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2016B, 4.000%, 10/01/45	10/26 at 100.00		A			687,720
	300		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (4)	5/17 at 100.00		N/R			240,987
	865		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (4)	5/19 at 100.00		N/R			519,709
	375		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (4)	5/22 at 100.00		N/R			167,044
	525		Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.450%, 5/01/23 (7)	5/18 at 100.00		N/R			5
	45		Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.450%, 5/01/23 (7)	5/18 at 100.00		N/R			45,865
	905		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.450%, 5/01/23	5/17 at 100.00		N/R			909,643
	1,315		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (7)	5/18 at 100.00		N/R			815,129
	805		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (7)	5/18 at 100.00		N/R			422,359
	880		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (7)	5/18 at 100.00		N/R			9
	25,665		Total Florida						24,901,761
			Georgia – 0.7%
	430		Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31	1/19 at 100.00		A2			494,749
	1,000		Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29	6/20 at 100.00		Baa3			1,234,960
	1,430		Total Georgia						1,729,709
			Illinois – 9.7%
	1,260		Chicago, Illinois, General Airport Revenue Bonds, O'Hare International Airport, Third Lien Series 2008B, 5.000%, 1/01/20 – AGM Insured	1/17 at 100.00		AA			1,296,515
			Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
	355		0.000%, 1/01/33 – FGIC Insured	No Opt. Call		AA–			149,746
	3,000		0.000%, 1/01/37 – FGIC Insured	No Opt. Call		AA–			996,120
	200		Chicago, Illinois, General Obligation Bonds, Refunding Series 2005A, 5.000%, 1/01/17 – AGM Insured	7/16 at 100.00		AA			200,744
	5,035		Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 6.000%, 8/15/39	8/19 at 100.00		AA+			5,834,558
	3,500		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A,  7.125%, 11/15/37 (Pre-refunded 5/15/19)	5/19 at 100.00		A (5)			4,163,355
	5,000		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/38 (Pre-refunded 11/01/18)	11/18 at 100.00		Aaa			5,804,500

40

Nuveen

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Illinois (continued)
$	3,930		Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34	5/17 at 100.00		BBB+		$	4,002,430
	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
	1,045		Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – FGIC Insured	No Opt. Call		AA–			849,836
	23,940		Total Illinois						24,018,436
			Indiana – 6.9%
	5,000		Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 2009A, 6.750%, 3/01/39 (Pre-refunded 3/01/19)	3/19 at 100.00		AA– (5)			5,826,950
	3,600		Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured	5/18 at 100.00		Aa3 (5)			3,924,036
	1,770		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+			1,824,994
	1,880		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 (5)			1,957,042
	2,000		Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B,  6.000%, 1/01/39 (Pre-refunded 1/01/19)	1/19 at 100.00		A+ (5)			2,272,400
	1,500		Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured	No Opt. Call		AA			1,231,695
	15,750		Total Indiana						17,037,117
			Iowa – 1.9%
	1,545		Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22	12/18 at 100.00		BB–			1,609,504
	3,075		Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38	7/16 at 100.00		B+			3,074,723
	4,620		Total Iowa						4,684,227
			Kansas – 0.0%
	5		Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21	No Opt. Call		A–			3,783
			Louisiana – 6.6%
	5,000		Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 6.125%, 6/01/25 – AGC Insured	6/18 at 100.00		AA			5,527,400
			Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
	5,075		5.375%, 5/15/43	5/17 at 100.00		A–			5,259,679
	200		5.500%, 5/15/47	5/17 at 100.00		A–			207,620
			Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
	1,925		5.375%, 5/15/43 (Pre-refunded 5/15/17)	5/17 at 100.00		N/R (5)			2,020,981
	75		5.500%, 5/15/47 (Pre-refunded 5/15/17)	5/17 at 100.00		N/R (5)			78,837
	3,255		St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37	6/17 at 100.00		BBB			3,340,118
	15,530		Total Louisiana						16,434,635
			Maine – 1.8%
	3,335		Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Tender Option Bond Trust 2009-5B, 12.509%, 7/01/39 (IF) (6)	7/19 at 100.00		Aa2			4,479,472

Nuveen

41

NUW	Nuveen AMT-Free Municipal Value Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Maryland – 0.2%
			Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
$	180		5.250%, 9/01/26 – SYNCORA GTY Insured	9/16 at 100.00		Ba1		$	182,007
	275		5.250%, 9/01/27 – SYNCORA GTY Insured	9/16 at 100.00		Ba1			278,066
	455		Total Maryland						460,073
			Massachusetts – 0.6%
	1,000		Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2015-XF2181. Formerly Tender Option Bond Trust 2989, 12.809%, 8/01/38 (IF)	8/19 at 100.00		AAA			1,384,490
			Michigan – 1.8%
	50		Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B,  5.000%, 7/01/33 – NPFG Insured	7/16 at 100.00		AA–			50,344
	3,100		Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D, 5.000%, 7/01/32 – AGM Insured	7/16 at 100.00		AA			3,121,297
	2,085		Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/26 – AGM Insured	10/16 at 61.33		AA			1,271,370
	5,235		Total Michigan						4,443,011
			Missouri – 1.0%
	2,515		Missouri Highways and Transportation Commission, State Road Revenue Bonds, Refunding Senior Lien Series 2010C, 5.000%, 2/01/17	No Opt. Call		AAA			2,600,208
			Nevada – 4.1%
	1,000		Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/34	7/19 at 100.00		AAA			1,128,190
	5,415		Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 (Pre-refunded 6/15/19)	6/19 at 100.00		BBB+ (5)			6,569,316
	2,000		Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/39	12/24 at 100.00		Aa1			2,379,160
	8,415		Total Nevada						10,076,666
			New Jersey – 5.4%
	935		New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/27 – FGIC Insured	No Opt. Call		AA–			1,130,836
	1,000		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2011GG, 5.000%, 9/01/22	3/21 at 100.00		A–			1,089,730
	1,250		New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 5.500%, 12/15/19 – AMBAC Insured	No Opt. Call		A–			1,381,500
			New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B:
	2,135		7.125%, 12/01/23 (Pre-refunded 6/01/19)	6/19 at 100.00		N/R (5)			2,535,953
	3,000		7.500%, 12/01/32 (Pre-refunded 6/01/19)	6/19 at 100.00		N/R (5)			3,597,570
	5,020		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/31	No Opt. Call		A–			2,483,243
	255		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.250%, 6/15/41	6/25 at 100.00		A–			278,348
	1,000		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 5.000%, 6/01/29	6/17 at 100.00		B			1,000,450
	14,595		Total New Jersey						13,497,630
			New York – 3.5%
	2,845		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47	2/17 at 100.00		A			2,928,814
	1,450		New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40	No Opt. Call		AA+			1,632,207

42

Nuveen

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			New York (continued)
$	3,000		New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37	No Opt. Call		A		$	3,947,490
	130		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			152,889
	7,425		Total New York						8,661,400
			Ohio – 5.5%
	5,000		American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured	2/19 at 100.00		AA (5)			5,676,550
			Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	2,115		5.875%, 6/01/30	6/17 at 100.00		B–			2,066,609
	5,910		6.500%, 6/01/47	6/17 at 100.00		B–			5,919,870
	13,025		Total Ohio						13,663,029
			Oklahoma – 0.9%
	2,150		Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 5.125%, 9/01/37	9/17 at 100.00		BBB–			2,215,167
			Rhode Island – 1.4%
	3,000		Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39	5/19 at 100.00		BBB+			3,448,050
			South Carolina – 1.5%
	5,435		Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/29 – AMBAC Insured	No Opt. Call		AA			3,687,321
			Texas – 6.4%
	3,550		Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/31 (Pre-refunded 8/15/16)	8/16 at 46.64		Aaa			1,653,093
	1,855		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53	10/23 at 100.00		BBB+			2,100,917
	915		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/45	1/25 at 100.00		A1			1,050,777
	5,435		North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18)	1/18 at 100.00		A2 (5)			5,884,257
	195		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2016A, 4.000%, 11/15/42	5/26 at 100.00		AA–			208,309
	1,500		Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32	No Opt. Call		A3			1,680,960
	2,000		Wichita Falls Independent School District, Wichita County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/01/23 (Pre-refunded 2/01/17)	2/17 at 100.00		AAA			2,067,060
			Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School Building Series 2010:
	2,000		0.000%, 8/15/33	No Opt. Call		AAA			940,460
	1,945		0.000%, 8/15/38	No Opt. Call		AAA			680,167
	19,395		Total Texas						16,266,000
			Virgin Islands – 0.5%
	1,000		Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37	10/19 at 100.00		Baa3			1,124,230
			Virginia – 2.0%
	1,400		Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40 (4)	7/28 at 100.00		BBB			1,093,134

Nuveen

43

NUW	Nuveen AMT-Free Municipal Value Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Virginia (continued)
$	1,500		Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 3.350%, 5/01/36 (WI/DD, Settling 5/17/16)	5/25 at 100.00		AA+		$	1,510,395
	2,000		Washington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38	1/19 at 100.00		BBB+			2,287,280
	4,900		Total Virginia						4,890,809
			Washington – 0.9%
	3,330		Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29 – NPFG Insured	No Opt. Call		AA			2,273,424
			West Virginia – 0.7%
	1,500		West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44	6/23 at 100.00		A			1,756,095
			Wisconsin – 5.9%
	1,250		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 (WI/DD, Settling 5/11/16)	5/26 at 100.00		AA+			1,331,963
	1,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/27	2/22 at 100.00		A–			1,157,930
	1,605		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39 (Pre-refunded 2/15/19)	2/19 at 100.00		A1 (5)			1,862,346
	9,000		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36	5/19 at 100.00		AA–			10,355,310
	12,855		Total Wisconsin						14,707,549
$	257,480		Total Long-Term Investments (cost $207,948,126)						248,167,844
			Floating Rate Obligations – (2.9)%						(7,125,000	)
			Other Assets Less Liabilities – 3.0%						7,301,203
			Net Assets – 100%					$	248,344,047

(1)	All percentages shown in the Portfolio of Investments are based on net assets.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(5)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)	As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(IF)	Inverse floating rate investment.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)	Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.

44

Nuveen

NMI
	Nuveen Municipal Income Fund, Inc.
	Portfolio of Investments	April 30, 2016 (Unaudited)

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			LONG-TERM INVESTMENTS – 102.2%
			MUNICIPAL BONDS – 102.2%
			Alabama – 0.5%
$	500		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured	7/16 at 100.00		AA		$	503,000
			Arizona – 1.4%
	600		Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/39	12/24 at 100.00		A2			693,936
	515		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28	No Opt. Call		BBB+			633,908
	1,115		Total Arizona						1,327,844
			California – 17.6%
	5,530		Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 1997A, 0.000%, 9/01/22 – NPFG Insured	No Opt. Call		AA–			4,787,708
			Brea Olinda Unified School District, Orange County, California, General Obligation Bonds, Series 1999A:
	2,000		0.000%, 8/01/21 – FGIC Insured	No Opt. Call		Aa2			1,830,360
	2,070		0.000%, 8/01/22 – FGIC Insured	No Opt. Call		AA–			1,834,517
	2,120		0.000%, 8/01/23 – FGIC Insured	No Opt. Call		AA–			1,822,054
	345		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21	12/18 at 100.00		BBB–			351,945
	225		California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 4.800%, 8/01/37 (Alternative Minimum Tax)	2/17 at 100.00		A			230,108
	375		California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.000%, 10/01/29	10/19 at 100.00		BBB+			427,376
	1,000		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.250%, 7/01/39 (4)	7/16 at 100.00		CCC			1,001,310
			Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
	540		4.500%, 6/01/27	6/17 at 100.00		B+			548,829
	1,000		5.750%, 6/01/47	6/17 at 100.00		B–			1,002,920
	250		Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36	3/20 at 100.00		AA–			280,035
	300		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34	No Opt. Call		A			450,651
	250		Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37	6/20 at 100.00		A–			291,273
	385		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24 (Pre-refunded 2/01/21)	2/21 at 100.00		A– (5)			474,070
	500		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44	1/25 at 100.00		BB+			550,585
	1,000		Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22	12/21 at 100.00		A+			1,225,870
	17,890		Total California						17,109,611

Nuveen

45

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

	Principal			Optional Call
	Amount (000)		Description (1)	Provisions (2)		Ratings (3)			Value
			Colorado – 8.1%
			Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A:
$	150		5.125%, 12/01/29	12/23 at 100.00		BBB		$	173,118
	250		5.375%, 12/01/33	12/23 at 100.00		BBB			290,668
	1,000		Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40	1/20 at 100.00		AA–			1,109,050
	1,000		Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/35	6/16 at 100.00		BBB+			1,002,310
	750		Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 5.000%, 11/15/38	11/23 at 100.00		AA			891,803
	1,000		Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32	11/22 at 100.00		A+			1,186,880
	110		Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45	12/25 at 100.00		BBB			124,488
	1,000		Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured	12/20 at 100.00		AA (5)			1,221,570
	815		Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.125%, 11/15/23	No Opt. Call		A			1,028,488
	270		Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.250%, 12/01/34 – RAAI Insured	12/17 at 100.00		AA			283,460
	500		Tallyn's Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33	12/23 at 100.00		N/R			535,720
	6,845		Total Colorado						7,847,555
			Florida – 5.5%
	850		Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33	9/23 at 100.00		BBB–			896,359
	100		Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy Residential Services Inc., Series 1995, 8.000%, 6/01/22	6/16 at 100.00		N/R			100,049
	500		Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31	4/21 at 100.00		A–			594,685
	1,025		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured	10/20 at 100.00		AA			1,162,760
	1,000		Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42	10/22 at 100.00		Aa3			1,154,520
	515		North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40	10/20 at 100.00		AA			585,452
	310		Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42	4/22 at 100.00		A			335,445
	505		Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37	7/16 at 100.00		N/R			505,490
	4,805		Total Florida						5,334,760
			Georgia – 2.3%
	455		Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40	7/25 at 100.00		Aa3			545,827
	685		Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Trestletree Village Apartments, Series 2013A, 4.000%, 11/01/25	11/23 at 100.00		BBB+			723,956
	500		Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%,  11/01/34 – AGM Insured	11/19 at 100.00		AA			562,605
	355		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22	No Opt. Call		A			409,727
	1,995		Total Georgia						2,242,115

46

Nuveen

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Hawaii – 0.3%
$	250		Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.625%, 7/01/33	7/23 at 100.00		BB+		$	283,590
			Illinois – 10.1%
	650		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44	12/25 at 100.00		B+			617,728
	640		Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 4.500%, 11/01/36	11/24 at 100.00		A			665,690
	1,000		Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Tender Option Bond Trust 2016-XG0008, Formerly Tender Option Bond Trust 1098, 17.937%, 8/15/33 – AGC Insured (IF) (6)	8/18 at 100.00		AA			1,321,160
	280		Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35	5/20 at 100.00		AA–			308,669
	80		Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 5.500%, 7/01/28	7/23 at 100.00		A–			94,400
	450		Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29 (Pre-refunded 5/01/19)	5/19 at 100.00		Aaa			524,237
	200		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44	8/25 at 100.00		Baa1			224,376
	500		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19)	8/19 at 100.00		N/R (5)			598,825
	250		Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured	3/20 at 100.00		AA			280,055
	990		Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31	7/23 at 100.00		A–			1,079,981
	220		Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36 (7)	7/16 at 100.00		D			67,630
	1,555		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52	6/22 at 100.00		BBB+			1,649,046
	450		Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 5.000%, 10/01/27	10/22 at 100.00		Baa1			509,225
	800		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28	6/21 at 100.00		A–			956,864
	315		Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – AGM Insured	3/25 at 100.00		AA			362,263
	490		University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32	10/23 at 100.00		A			583,379
	8,870		Total Illinois						9,843,528
			Indiana – 2.0%
	525		Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39	10/19 at 100.00		B–			515,482
	655		Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax)	7/23 at 100.00		BBB+			713,341
	100		Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)	9/24 at 100.00		BBB–			113,175
	500		Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41	9/21 at 100.00		N/R			598,705
	1,780		Total Indiana						1,940,703
			Iowa – 0.9%
	835		Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26	10/21 at 100.00		BBB			931,083

Nuveen

47

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

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Kansas – 0.4%
$	375		Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured	1/17 at 100.00		BB+		$	377,760
			Kentucky – 2.3%
	500		Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45	6/20 at 100.00		BBB+			578,635
	1,500		Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint Mary's HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 (Pre-refunded 2/01/18)	2/18 at 100.00		Aaa			1,642,215
	2,000		Total Kentucky						2,220,850
			Louisiana – 0.6%
	500		Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, City of Shreveport Airport System Project, Series 2008A, 5.750%, 1/01/28 (Pre-refunded 1/01/19) – AGM Insured (Alternative Minimum Tax)	1/19 at 100.00		AA (5)			560,980
			Maryland – 1.9%
	1,000		Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35	6/20 at 100.00		Baa3			1,096,250
	210		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40	7/20 at 100.00		BBB–			222,447
	500		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Series 2015, 5.000%, 7/01/45	7/24 at 100.00		A			571,005
	1,710		Total Maryland						1,889,702
			Massachusetts – 0.6%
	500		Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Healthcare, Refunding Series 2016I, 5.000%, 7/01/46	7/26 at 100.00		A–			575,485
			Michigan – 1.6%
	355		Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39	7/22 at 100.00		A–			395,452
	1,025		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/36	10/21 at 100.00		Aa2			1,193,408
	1,380		Total Michigan						1,588,860
			Minnesota – 0.3%
	300		City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31	11/22 at 100.00		N/R			305,847
			Mississippi – 0.3%
	310		Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22	10/16 at 100.00		BBB			319,942
			Missouri – 8.7%
	265		Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36	10/19 at 100.00		A–			295,979
	4,450		Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB) (6)	12/16 at 100.00		AA+			4,500,018
	135		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33	5/23 at 100.00		BBB+			152,065
	1,000		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33	10/22 at 100.00		BBB–			1,083,830
	200		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34	10/23 at 100.00		A			232,646

48

Nuveen

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Missouri (continued)
$	965		Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2012, Reg S, 5.000%, 2/15/26	2/22 at 100.00		BBB+		$	1,086,320
	500		Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 1999, 6.000%, 10/01/25	10/18 at 103.00		BBB–			557,535
	500		Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 5.250%, 10/01/20	10/18 at 103.00		BBB–			554,880
	8,015		Total Missouri						8,463,273
			Nebraska – 0.5%
	400		Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.050%, 9/01/30	5/21 at 100.00		Aa3			459,872
			New Jersey – 1.6%
	100		Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax)	No Opt. Call		BBB–			114,285
	110		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured	7/25 at 100.00		AA			125,767
	545		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 5.000%, 6/15/45	6/25 at 100.00		A–			579,449
			Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
	250		4.625%, 6/01/26	6/17 at 100.00		B+			251,990
	500		4.750%, 6/01/34	6/17 at 100.00		B–			472,180
	1,505		Total New Jersey						1,543,671
			New York – 3.8%
	630		Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40	1/20 at 100.00		BBB–			725,697
	60		Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35	7/25 at 100.00		BBB+			70,568
	400		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47	2/21 at 100.00		A			470,692
	500		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44	11/24 at 100.00		N/R			543,420
	265		Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42	12/20 at 100.00		Baa1			311,659
	1,525		Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41	8/16 at 100.00		N/R			1,564,833
	3,380		Total New York						3,686,869
			North Dakota – 0.6%
	200		Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21)	7/21 at 100.00		N/R (5)			238,610
	300		Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31	11/21 at 100.00		A+			368,439
	500		Total North Dakota						607,049
			Ohio – 4.9%
			Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	300		5.375%, 6/01/24	6/17 at 100.00		B–			291,561
	1,020		5.125%, 6/01/24	6/17 at 100.00		B–			986,269
	1,000		Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center Project, Series 2006, 5.250%, 8/15/46	8/16 at 100.00		A–			1,009,020

Nuveen

49

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

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Ohio (continued)
$	1,750		Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/36	8/21 at 100.00		A2		$	1,935,114
	500		Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30	4/20 at 100.00		BBB–			556,405
	4,570		Total Ohio						4,778,369
			Oregon – 1.4%
	300		Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 5.000%, 5/01/40	5/22 at 100.00		BBB			332,403
	850		Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/29	6/22 at 100.00		A1			993,786
	1,150		Total Oregon						1,326,189
			Pennsylvania – 3.5%
	1,000		Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 5.000%, 11/01/40	5/22 at 100.00		AA–			1,115,570
	45		Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29	1/19 at 100.00		BBB+			50,557
	415		Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19)	1/19 at 100.00		N/R (5)			472,058
	560		Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36	1/25 at 100.00		Baa2			626,539
	1,000		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41	7/22 at 100.00		BBB+			1,108,320
	3,020		Total Pennsylvania						3,373,044
			South Carolina – 0.6%
	475		Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 1991, 6.750%, 1/01/19 – FGIC Insured (ETM)	No Opt. Call		A3 (5)			549,499
			Tennessee – 2.5%
	1,250		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45	1/23 at 100.00		A+			1,416,850
	1,000		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+			1,012,890
	2,250		Total Tennessee						2,429,740
			Texas – 10.4%
	670		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 5.000%, 1/01/40	7/25 at 100.00		BBB+			772,657
	335		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43	10/23 at 100.00		BBB+			372,781
	500		Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40	5/25 at 100.00		A+			576,125
			North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond Trust 1015:
	150		19.374%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6)	1/18 at 100.00		A2 (5)			221,780
	850		19.263%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6)	1/18 at 100.00		A2 (5)			1,234,301
	200		North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital Appreciation Series 2011C, 0.000%, 9/01/43 (8)	9/31 at 100.00		AA+			204,790

50

Nuveen

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Texas (continued)
$	410		North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40	1/23 at 100.00		A1		$	470,176
	500		North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/38	1/25 at 100.00		A2			577,495
	240		Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.000%, 2/01/34	2/24 at 100.00		Baa2			262,973
	295		SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27	No Opt. Call		A			371,756
			Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
	1,165		5.000%, 12/15/27	No Opt. Call		A3			1,341,077
	505		5.000%, 12/15/28	No Opt. Call		A3			578,669
	405		Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39	12/19 at 100.00		Baa2			478,050
	770		Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40	6/20 at 100.00		Baa3			924,447
	500		Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured	8/17 at 100.00		BBB (5)			528,055
	1,000		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/32	8/24 at 100.00		BBB+			1,158,580
	45		West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998, 0.000%, 8/15/25	7/16 at 60.81		AAA			27,167
	8,540		Total Texas						10,100,879
			Virgin Islands – 0.5%
	420		Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37	10/19 at 100.00		Baa3			472,177
			Virginia – 0.3%
	250		Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax)	7/22 at 100.00		BBB–			296,713
			Washington – 0.5%
	500		Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/04/17)	12/17 at 100.00		N/R (5)			538,515
			Wisconsin – 5.7%
	290		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30	4/20 at 100.00		A–			310,471
	955		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39	10/21 at 100.00		A+			1,088,280
	1,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, Series 2012, 4.000%, 10/01/32	10/22 at 100.00		A2			1,078,610
	1,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.500%, 5/01/31 (Pre-refunded 5/01/21)	5/21 at 100.00		N/R (5)			1,215,640
	1,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39	8/24 at 100.00		A+			1,140,730

Nuveen

51

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

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Wisconsin (continued)
$	500		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44	7/24 at 100.00		BBB+		$	556,075
	200		Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.125%, 10/01/34	10/22 at 102.00		N/R			207,786
	4,945		Total Wisconsin						5,597,592
$	91,880		Total Long-Term Investments (cost $87,761,426)						99,426,666
			Floating Rate Obligations – (3.4)%						(3,335,000	)
			Other Assets Less Liabilities – 1.2%						1,174,095
			Net Assets – 100%					$	97,265,761

(1)	All percentages shown in the Portfolio of Investments are based on net assets.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(5)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(7)	On May 7, 2015, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.250% to 2.100%.
(8)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(ETM)	Escrowed to maturity.
(IF)	Inverse floating rate investment.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
Reg S	Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

52

Nuveen

NEV
	Nuveen Enhanced Municipal Value Fund
	Portfolio of Investments	April 30, 2016 (Unaudited)

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			LONG-TERM INVESTMENTS – 107.1%
			MUNICIPAL BONDS – 106.4%
			Alabama – 1.0%
$	2,000		Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured	7/16 at 100.00		AA		$	2,012,000
	1,350		Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, 10/01/48 10/01/48 – AGM Insured	10/23 at 102.00		AA			1,520,289
	3,350		Total Alabama						3,532,289
			Arizona – 3.6%
	1,585		Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 2015-XF2046, 16.958%, 7/01/36 (IF) (4)	1/22 at 100.00		AA–			2,338,065
	2,000		Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured	10/19 at 100.00		AA			2,236,460
	2,500		Festival Ranch Community Facilities District, Town of Buckeye, Arizona, District General Obligation Bonds, Series 2009, 6.500%, 7/15/31 – BAM Insured	7/19 at 100.00		AA			2,818,150
	1,030		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47	7/21 at 100.00		BB			1,154,609
	320		Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27	12/17 at 102.00		B–			311,699
	2,000		Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25	5/22 at 100.00		B+			2,252,380
	50		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32	No Opt. Call		BBB+			61,368
	1,775		Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30	7/16 at 100.00		N/R			1,779,651
	11,260		Total Arizona						12,952,382
			California – 17.1%
	5,000		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19)	4/19 at 100.00		AA (5)			5,604,550
	920		California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 2015-XF2188. Formerly Tender Option Bond Trust 3144, 17.602%, 11/15/16 (IF)	No Opt. Call		Aa1			1,306,345
	2,040		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF0120, 23.062%, 10/01/33 (IF) (4)	10/19 at 100.00		AA			3,453,149
			California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3248:
	1,700		22.945%, 2/15/23 (IF) (4)	8/20 at 100.00		AA–			3,363,280
	300		22.945%, 2/15/23 (IF) (4)	8/20 at 100.00		AA–			586,365
	1,000		California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)	11/19 at 100.00		A3 (5)			1,239,430
	3,450		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56 (WI/DD, Settling 5/11/16)	6/26 at 100.00		BB+			3,765,260
	500		California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 5.750%, 10/01/25	10/19 at 100.00		BBB+			566,725
	400		Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36	12/21 at 100.00		A+			508,040

Nuveen

53

NEV	Nuveen Enhanced Municipal Value Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			California (continued)
$	275		Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Series 2006A, 5.000%, 7/01/32 (Pre-refunded 7/01/16) – NPFG Insured	7/16 at 100.00		AA+ (5)		$	277,181
	490		Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Faculties District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32	9/19 at 100.00		N/R			545,762
	2,000		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47	6/17 at 100.00		B–			2,005,840
			Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038:
	1,250		16.036%, 6/01/40 (IF) (4)	6/25 at 100.00		A+			2,148,838
	2,445		16.024%, 6/01/40 (IF) (4)	6/25 at 100.00		A+			4,201,610
	2,550		Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 31.352%, 1/15/19 (IF) (4)	No Opt. Call		Aaa			6,437,399
	1,000		Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007, 4.625%, 6/01/21	6/17 at 100.00		CC			1,005,220
	1,710		Los Angeles Community College District, California, General Obligation Bonds, Tender Option Bond Trust 3237, 23.318%, 8/01/27 (Pre-refunded 8/01/18) (IF)	8/18 at 100.00		AA+ (5)			2,631,023
	1,600		Los Angeles County, California, Community Development Commission Headquarters Office Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option Bond Trust Series 2011-23B, 21.297%, 9/01/42 (IF) (4)	9/21 at 100.00		Aa3			2,976,480
	525		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/31	5/20 at 100.00		AA			604,858
	1,080		National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32	8/21 at 100.00		A			1,356,372
	1,165		Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40	9/21 at 100.00		BBB+			1,418,551
	945		Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25	7/16 at 102.00		CCC+			928,935
	265		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39	11/19 at 100.00		Ba1			296,755
	250		Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37	6/20 at 100.00		A–			291,273
			San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C:
	500		6.500%, 8/01/27 (Pre-refunded 2/01/21)	2/21 at 100.00		A– (5)			627,255
	700		6.750%, 8/01/33 (Pre-refunded 2/01/21)	2/21 at 100.00		A– (5)			886,263
	500		San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 (Pre-refunded 2/01/21)	2/21 at 100.00		BBB+ (5)			629,620
	360		Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31	2/21 at 100.00		A			444,290
	1,000		Semi trophic Improvement District of Semi trophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38	12/19 at 100.00		A+			1,128,280
	2,400		Semi trophic Improvement District of Semi trophic Water Storage District, Kern County, California, Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 19.710%, 6/01/17 (IF) (4)	No Opt. Call		A+			3,938,712
	3,110		Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2005 Series 2007, 5.000%, 8/01/31 (Pre-refunded 8/01/17) – AGM Insured	8/17 at 100.00		AA (5)			3,282,417
	1,045		Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, Series 2011A, 6.500%, 12/01/28	6/21 at 100.00		A+			1,282,225
	1,020		Western Placer Unified School District, Placer County, California, Certificates of Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured	8/19 at 100.00		AA			1,141,156
	43,495		Total California						60,879,459

54

Nuveen

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Colorado – 3.6%
$	1,902		Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of Evergreen, Series 2005A, 6.500%, 12/01/35	7/16 at 100.00		N/R		$	1,904,682
			Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007:
	250		6.200%, 4/01/16 (Alternative Minimum Tax) (6)	No Opt. Call		N/R			224,988
	26		5.000%, 9/01/16 (Alternative Minimum Tax) (6), (7)	No Opt. Call		N/R			24,003
	2,000		Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Series 2007, 5.125%, 12/01/37 – RAAI Insured	12/17 at 100.00		AA			2,024,520
	4,000		E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured	9/26 at 52.09		AA–			1,408,320
			Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008:
	475		6.250%, 11/15/28	No Opt. Call		A			615,135
	4,030		6.500%, 11/15/38	No Opt. Call		A			5,760,803
	815		Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39	12/20 at 100.00		N/R			877,299
	13,498		Total Colorado						12,839,750
			Connecticut – 0.3%
	936		Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22	4/20 at 100.00		N/R			1,052,944
			Delaware – 0.0%
	140		Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16	6/16 at 100.00		N/R			140,101
			District of Columbia – 0.5%
	1,500		District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., Series 2011, 6.375%, 3/01/31	3/21 at 100.00		BBB–			1,693,905
			Florida – 6.5%
	1,745		Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38	5/16 at 100.00		N/R			1,730,220
	1,000		Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34	5/27 at 100.00		N/R			1,002,580
	2,000		Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, Refunding Series 2013A, 5.625%, 6/01/33	6/23 at 100.00		BBB–			2,193,480
	975		Copperstone Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Series 2007, 5.200%, 5/01/38	5/17 at 100.00		N/R			981,484
	1,000		Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33	6/21 at 100.00		BB–			1,181,300
	600		Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Shell Point/Alliance Obligated Group, Shell Point Village/Alliance Community Project, Series 2006, 5.000%, 11/15/32	11/16 at 100.00		BBB			610,926
	1,000		Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's Hospital, Series 2010A, 6.000%, 8/01/30	8/20 at 100.00		A+			1,164,370
	1,625		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35	10/20 at 100.00		A			1,872,910
	3,660		Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A, 5.125%, 4/01/34 – AGC Insured	4/19 at 100.00		AA			3,996,426
	1,500		North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40	10/20 at 100.00		AA			1,705,200

Nuveen

55

NEV	Nuveen Enhanced Municipal Value Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Florida (continued)
			Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A:
$	1,000		5.000%, 11/01/33	11/22 at 100.00		BBB+		$	1,099,100
	2,000		5.000%, 11/01/43	11/22 at 100.00		BBB+			2,179,880
	425		Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured	7/17 at 100.00		AA–			444,886
	80		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (8)	5/17 at 100.00		N/R			64,263
	230		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (8)	5/19 at 100.00		N/R			138,189
	95		Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (8)	5/22 at 100.00		N/R			42,318
	135		Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (6)	5/18 at 100.00		N/R			1
	15		Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 (6)	5/18 at 100.00		N/R			15,332
	245		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40	5/17 at 100.00		N/R			247,901
	350		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (6)	5/18 at 100.00		N/R			216,955
	215		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (6)	5/18 at 100.00		N/R			112,804
	235		Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (6)	5/18 at 100.00		N/R			2
	865		Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37	7/16 at 100.00		N/R			865,839
	1,080		Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2, 5.500%, 5/01/34	5/22 at 100.00		N/R			1,151,010
	22,075		Total Florida						23,017,376
			Georgia – 4.9%
	12,000		Atlanta, Georgia, Airport General Revenue Bonds, Series 2010C, 5.250%, 1/01/30 (UB)	1/21 at 100.00		AA			13,987,560
	640		Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31	1/19 at 100.00		A2			736,371
	555		Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20	1/19 at 100.00		A2			635,636
	1,250		Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29	6/20 at 100.00		Baa3			1,543,700
	90		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22	No Opt. Call		A			103,874
	260		Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26	No Opt. Call		A			325,764
	14,795		Total Georgia						17,332,905
			Guam – 1.4%
	1,760		Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42	1/22 at 100.00		A			1,941,315
	1,250		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43	7/23 at 100.00		A–			1,456,400
	1,500		Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/44	10/24 at 100.00		AA			1,732,650
	4,510		Total Guam						5,130,365

56

Nuveen

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Illinois – 11.0%
$	2,945		CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004, 3.490%, 6/15/23	12/16 at 100.00		N/R		$	2,950,536
			Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1:
	1,000		0.000%, 12/01/22 – NPFG Insured	No Opt. Call		AA–			762,600
	1,000		0.000%, 12/01/27 – NPFG Insured	No Opt. Call		AA–			573,760
	1,000		Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 5.500%, 1/01/33	1/25 at 100.00		BBB+			999,920
	2,000		Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 2005, 6.000%, 12/01/24 – AGM Insured	12/21 at 100.00		AA			2,385,860
	3,000		Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40	10/20 at 100.00		Caa1			3,007,920
			Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 1122:
	1,605		18.914%, 9/01/38 (IF) (4)	9/22 at 100.00		BBB			2,304,138
	1,540		15.398%, 9/01/38 (IF) (4)	9/22 at 100.00		BBB			2,077,768
	645		Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 6.125%, 5/15/27	5/20 at 100.00		BBB–			720,775
	355		Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 6.125%, 5/15/27 (Pre-refunded 5/15/20)	5/20 at 100.00		N/R (5)			426,550
	920		Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.375%, 2/15/25	7/16 at 100.00		BB–			920,322
	4,000		Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A, 5.000%, 4/01/36	7/16 at 100.00		Baa3			3,999,920
	1,000		Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 5.500%, 5/15/26	5/17 at 100.00		N/R			1,012,000
			Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 2015-XF0076:
	690		16.787%, 8/15/20 (IF)	No Opt. Call		AA+			1,048,276
	150		16.787%, 8/15/20 (IF)	No Opt. Call		AA+			222,360
	1,975		Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds Trust 11-16B, 25.989%, 8/15/39 (IF) (4)	8/19 at 100.00		AA+			3,543,150
	1,000		Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35	5/20 at 100.00		AA–			1,102,390
	970		Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25	5/19 at 100.00		Baa2			1,092,172
	30		Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19)	5/19 at 100.00		N/R (5)			34,717
	500		Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured	3/20 at 100.00		AA			560,110
	455		Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 2015-XF0121, 25.254%, 2/15/35 – AGM Insured (IF) (4)	8/21 at 100.00		AA			887,842
	2,235		Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois IV LLC, Fullerton Village Project, Series 2004A, 5.000%, 6/01/24 (6)	7/16 at 100.00		Caa2			2,011,433
			Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:
	2,685		5.250%, 1/01/30 (9)	7/16 at 100.00		D			825,396
	1,515		5.250%, 1/01/36 (9)	7/16 at 100.00		D			465,726

Nuveen

57

NEV	Nuveen Enhanced Municipal Value Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Illinois (continued)
$	1,000		Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28	6/21 at 100.00		A–		$	1,196,080
	1,000		Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32	3/17 at 102.00		N/R			1,036,720
	2,500		Wauconda, Illinois, Special Service Area 1 Serial Tax Bonds, Liberty Lake Project, Refunding Series 2015, 5.000%, 3/01/33 – BAM Insured	3/25 at 100.00		AA			2,885,575
	37,715		Total Illinois						39,054,016
			Indiana – 1.5%
	1,395		Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29	10/19 at 100.00		B–			1,361,673
	1,500		Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax)	7/23 at 100.00		BBB+			1,663,635
	2,000		Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 7.750%, 9/01/31	9/21 at 100.00		N/R			2,395,980
	4,895		Total Indiana						5,421,288
			Kansas – 2.5%
	3,000		Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding Series 2010S, 5.000%, 5/15/30	5/20 at 100.00		A			3,245,310
	1,130		Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured	1/17 at 100.00		BB+			1,138,317
	3,565		Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32	No Opt. Call		N/R			3,365,431
	1,130		Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35	7/25 at 100.00		A1			1,323,840
	8,825		Total Kansas						9,072,898
			Kentucky – 0.3%
	1,000		Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series 2013, 5.700%, 8/01/39 – AGM Insured	8/23 at 100.00		AA			1,183,190
			Louisiana – 3.3%
	2,000		Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2010, 5.500%, 11/01/40	5/20 at 100.00		A–			2,187,780
	3,305		Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 4.250%, 12/01/38	5/23 at 100.00		A3			3,528,286
	2,710		Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31	12/21 at 100.00		N/R			3,087,800
	1,165		Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 11899, 17.070%, 5/01/33 (IF)	5/20 at 100.00		AA			1,796,430
	1,000		St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37	6/17 at 100.00		BBB			1,026,150
	10,180		Total Louisiana						11,626,446
			Massachusetts – 1.2%
	2,000		Massachusetts Educational Financing Authority, Education Loan Revenue Bonds Issue K Series 2013, 5.000%, 7/01/25 (Alternative Minimum Tax)	7/22 at 100.00		AA			2,167,360
	625		Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010A, 5.500%, 1/01/22	1/20 at 100.00		AA			707,275
	480		Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23 (Alternative Minimum Tax)	1/20 at 100.00		AA			520,368

58

Nuveen

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Massachusetts (continued)
$	3,000		Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (6)	1/18 at 100.00		N/R		$	7,320
	1,000		Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 (Alternative Minimum Tax)	6/20 at 100.00		AA–			1,056,490
	7,105		Total Massachusetts						4,458,813
			Michigan – 1.5%
	10		Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%,  7/01/34 – NPFG Insured	7/16 at 100.00		Baa1			10,032
	2,865		Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, School Building and Site, Series 2007, 5.000%, 5/01/32 (Pre-refunded 5/01/17) – AGM Insured	5/17 at 100.00		Aa1 (5)			2,991,948
	2,100		Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39	11/19 at 100.00		A–			2,389,779
	4,975		Total Michigan						5,391,759
			Mississippi – 0.1%
	310		Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22	10/16 at 100.00		BBB			319,942
			Missouri – 0.2%
	640		St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.375%, 9/01/21	9/17 at 100.00		BBB–			658,822
			Nebraska – 0.3%
	1,000		Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43 (Pre-refunded 2/01/17)	2/17 at 100.00		AA (5)			1,033,530
			Nevada – 1.5%
	2,000		Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30	1/20 at 100.00		A+			2,243,820
	1,670		Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 3265, 30.867%, 4/01/17 (IF)	No Opt. Call		AA			3,161,093
	3,670		Total Nevada						5,404,913
			New Jersey – 2.3%
	795		New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2015, 5.250%, 6/15/40 (UB) (4)	6/25 at 100.00		A–			870,970
			New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
	1,000		5.125%, 9/15/23 (Alternative Minimum Tax)	9/16 at 100.00		BB–			1,117,920
	1,650		5.250%, 9/15/29 (Alternative Minimum Tax)	9/22 at 101.00		BB–			1,831,286
	1,460		New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A, 5.000%, 7/01/34	7/26 at 100.00		Baa2			1,736,144
	1,240		New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/26	12/19 at 100.00		AA			1,301,913
	1,500		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.625%, 6/01/26	6/17 at 100.00		B+			1,511,940
	7,645		Total New Jersey						8,370,173

Nuveen

59

NEV	Nuveen Enhanced Municipal Value Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			New York – 3.4%
			Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
$	1,100		6.000%, 7/15/30	1/20 at 100.00		BBB–		$	1,259,764
	1,225		6.250%, 7/15/40	1/20 at 100.00		BBB–			1,411,078
	2,500		6.375%, 7/15/43	1/20 at 100.00		BBB–			2,886,800
	1,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/34	6/21 at 100.00		BBB+			1,159,510
	2,500		New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)	8/16 at 101.00		N/R			2,569,824
	500		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014, 5.150%, 11/15/34	11/24 at 100.00		N/R			550,765
	265		Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42	12/20 at 100.00		Baa1			311,659
	2,000		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/26	6/16 at 100.00		BB–			2,004,580
	11,090		Total New York						12,153,980
			Ohio – 10.7%
			Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
	1,000		5.125%, 6/01/24	6/17 at 100.00		B–			966,930
	6,000		5.750%, 6/01/34	6/17 at 100.00		B–			5,753,100
	6,500		5.875%, 6/01/47	6/17 at 100.00		B–			6,333,080
	760		Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26	7/21 at 100.00		BBB–			835,004
	10,000		Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, 5.000%, 5/15/40 (UB)	5/25 at 100.00		AA+			11,686,000
	3,000		Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 5.750%, 11/15/31	11/21 at 100.00		AA			3,636,720
	1,000		Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30	4/20 at 100.00		BBB–			1,112,810
	1,670		Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 3260, 27.505%, 5/01/29 (IF)	5/19 at 100.00		A+			2,878,997
	1,200		Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19	No Opt. Call		BBB–			1,337,052
			Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, Refunding Series 2016:
	1,460		5.000%, 2/15/33 (WI/DD, Settling 5/10/16)	2/26 at 100.00		A2			1,741,619
	1,455		5.000%, 2/15/34 (WI/DD, Settling 5/10/16)	2/26 at 100.00		A2			1,728,802
	34,045		Total Ohio						38,010,114
			Pennsylvania – 6.2%
	1,361		Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated Series 2013, 5.000%, 5/15/26	No Opt. Call		N/R			1,418,815
	1,390		Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24	11/19 at 100.00		B+			1,308,685
	1,500		Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27	12/21 at 100.00		B+			1,396,290
	1,335		Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35	7/16 at 100.00		B2			1,335,280
	1,070		Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States Steel Corporation, Series 2005, 5.500%, 11/01/16	No Opt. Call		B+			1,078,164

60

Nuveen

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Pennsylvania (continued)
$	150		Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29	1/19 at 100.00		BBB+		$	168,522
	1,350		Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19)	1/19 at 100.00		N/R (5)			1,535,612
	2,000		Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27	12/19 at 100.00		N/R			2,096,480
	1,080		Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 16.946%, 8/01/38 (Pre-refunded 8/01/20) (IF) (4)	8/20 at 100.00		N/R (5)			1,803,265
	25		Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds, NHS Youth Services Inc. Series 2002A, 7.500%, 2/15/29	7/16 at 100.00		N/R			19,475
	1,000		Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)	6/16 at 100.00		B			1,000,290
	1,000		Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32	1/20 at 100.00		BBB+			1,106,660
	1,200		Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30	7/20 at 100.00		Baa3			1,293,816
	1,000		Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured	No Opt. Call		AA			1,172,690
			Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E:
	3,530		0.000%, 12/01/30 (8)	12/27 at 100.00		A–			4,315,672
	1,000		0.000%, 12/01/38 (8)	12/27 at 100.00		A–			1,208,920
	19,991		Total Pennsylvania						22,258,636
			Puerto Rico – 0.7%
	1,500		Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27	12/18 at 100.00		A+			1,628,760
	1,000		Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/26 – AMBAC Insured	No Opt. Call		Ca			1,041,280
	2,500		Total Puerto Rico						2,670,040
			Rhode Island – 0.4%
	1,110		Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and Municipal Building Projects, Refunding Series 2015A, 5.000%, 4/01/27	4/25 at 100.00		Baa2			1,280,762
			Tennessee – 0.1%
	155		The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24	No Opt. Call		A			184,566
			Texas – 3.2%
	3,500		Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (6)	7/18 at 100.00		N/R			78,750
	25		Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. Project, Series 2012B, 4.750%, 11/01/42	11/22 at 100.00		Baa3			26,007
	250		Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 2016B, 5.750%, 10/01/31 (WI/DD, Settling 5/04/16) (Alternative Minimum Tax)	10/18 at 103.00		BB–			260,688
	1,800		North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 11947, 23.388%, 3/01/35 (IF)	9/21 at 100.00		AA+			3,452,400
	1,000		Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012, 7.250%, 12/15/47 (6)	12/21 at 100.00		N/R			883,620
	455		Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26	No Opt. Call		BBB+			575,880

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NEV	Nuveen Enhanced Municipal Value Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Texas (continued)
			Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016:
$	1,275		5.000%, 12/31/50 (WI/DD, Settling 5/09/16) (Alternative Minimum Tax)	12/25 at 100.00		Baa3		$	1,394,251
	805		5.000%, 12/31/55 (WI/DD, Settling 5/09/16) (Alternative Minimum Tax)	12/25 at 100.00		Baa3			873,530
	810		Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39	12/19 at 100.00		Baa2			956,100
	1,000		Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34	6/20 at 100.00		Baa3			1,201,470
	1,500		Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured	8/17 at 100.00		BBB (5)			1,584,165
	12,420		Total Texas						11,286,861
			Utah – 0.3%
	1,000		Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.250%, 7/15/30	7/20 at 100.00		BB–			1,039,680
			Vermont – 0.8%
			Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A:
	1,000		6.125%, 1/01/28	1/21 at 100.00		N/R			1,057,550
	1,760		6.250%, 1/01/33	1/21 at 100.00		N/R			1,853,843
	2,760		Total Vermont						2,911,393
			Virginia – 0.8%
	2,000		Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47	6/17 at 100.00		B–			1,760,280
	1,010		Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)	7/22 at 100.00		BBB–			1,154,935
	3,010		Total Virginia						2,915,215
			Washington – 2.3%
	240		Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43	4/17 at 100.00		N/R			240,715
	2,000		Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31	1/21 at 100.00		A			2,241,220
	2,000		Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)	7/19 at 100.00		A (5)			2,316,560
	1,000		Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of Puget Sound, Series 2006, 5.000%, 12/01/36 – RAAI Insured	12/16 at 100.00		AA			1,021,740
	2,000		Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.625%, 10/01/40	10/19 at 100.00		Baa1			2,224,420
	7,240		Total Washington						8,044,655
			West Virginia – 0.2%
	750		West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38	10/18 at 100.00		N/R			791,963

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	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			Wisconsin – 12.0%
$	3,500		Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 6.500%, 2/01/31	2/19 at 102.00		AA–		$	4,004,980
	2,905		Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing Foundation – Cullowhee LLC – Western California University Project, Series 2015A, 5.000%, 7/01/35	7/25 at 100.00		BBB–			3,098,473
	1,000		Wisconsin Center District, Senior Dedicated Tax Revenue Refunding Bonds, Series 2003A, 0.000%, 12/15/31	No Opt. Call		AA			647,060
			Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Series 2016A:
	10,000		5.000%, 11/15/35 (WI/DD, Settling 5/12/16) (UB) (4)	5/26 at 100.00		AA+			12,113,300
	5,000		5.000%, 11/15/36 (WI/DD, Settling 5/12/16) (UB) (4)	5/26 at 100.00		AA+			6,002,900
	3,000		5.000%, 11/15/39 (WI/DD, Settling 5/12/16) (UB) (4)	5/26 at 100.00		AA+			3,575,610
	1,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30	6/20 at 100.00		Baa2			1,127,980
	500		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30	4/20 at 100.00		A–			535,295
			Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118:
	1,290		15.602%, 10/01/20 (IF) (4)	No Opt. Call		AA–			1,617,402
	1,000		20.597%, 4/01/29 (IF) (4)	4/19 at 100.00		AA–			1,411,800
	1,090		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43	8/23 at 100.00		A–			1,186,716
	2,000		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/21 (Pre-refunded 8/15/16)	8/16 at 100.00		N/R (5)			2,027,880
	500		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30 (Pre-refunded 8/15/16)	8/16 at 100.00		N/R (5)			506,790
	2,500		Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 10B, 30.816%, 5/01/36 (IF) (4)	5/19 at 100.00		AA–			4,758,850
	35,285		Total Wisconsin						42,615,036
			Wyoming – 0.7%
			Wyoming Community Development Authority, Student Housing Revenue Bonds, CHF-Wyoming, L.L.C. – University of Wyoming Project, Series 2011:
	710		6.250%, 7/01/31	7/21 at 100.00		BBB			802,478
	1,600		6.500%, 7/01/43	7/21 at 100.00		BBB			1,819,888
	2,310		Total Wyoming						2,622,366
$	337,185		Total Municipal Bonds (cost $372,357,301)						379,352,533

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63

NEV	Nuveen Enhanced Municipal Value Fund
	Portfolio of Investments (continued)	April 30, 2016 (Unaudited)

Shares		Description (1)			Value
		COMMON STOCKS – 0.7%
		Airlines – 0.7%
75,333		American Airlines Group Inc. (10)		$	2,613,302
		Total Common Stocks (cost $2,340,765)			2,613,302
		Total Long-Term Investments (cost $329,698,066)			381,965,835

	Principal Amount (000)		Description (1)	Optional Call Provisions (2)		Ratings (3)			Value
			SHORT-TERM INVESTMENTS – 0.3%
			MUNICIPAL BONDS – 0.3%
			Illinois – 0.3%
$	1,000		Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011C-1, 0.960%, 3/01/32 (Mandatory Put 3/01/16) (11)	7/16 at 100.00		B+		$	999,230
			Total Short-Term Investments (cost $996,250)						999,230
			Total Investments (cost $330,694,316) – 107.4%						382,965,065
			Floating Rate Obligations – (9.0)%						(32,095,000	)
			Other Assets Less Liabilities – 1.6%						5,665,217
			Net Assets – 100%					$	356,535,282

(1)	All percentages shown in the Portfolio of Investments are based on net assets.
(2)	Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)	Ratings: Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)	Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)	As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(7)	Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)	Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(9)	On May 7, 2015, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.250% to 2.100%.
(10)	On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(11)	Investment has a maturity of more than one year, but has variable rate and demand features which qualify it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(IF)	Inverse floating rate investment.
(UB)	Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
(WI/DD)	Investment, or portion of investment purchased on a when-issued or delayed delivery basis.
144A	Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.

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