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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05488

Nuveen Municipal Income Fund, Inc.
(Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2017

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

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




ITEM 1. REPORTS TO STOCKHOLDERS.


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Table 
 
   of Contents 
 
 
Chairman’s Letter to Shareholders 
4 
Portfolio Managers’ Comments 
5 
Fund Leverage 
10 
Share Information 
11 
Risk Considerations 
13 
Performance Overview and Holding Summaries 
14 
Shareholder Meeting Report 
22 
Report of Independent Registered Public Accounting Firm 
23 
Portfolios of Investments 
24 
Statement of Assets and Liabilities 
68 
Statement of Operations 
69 
Statement of Changes in Net Assets 
70 
Statement of Cash Flows 
72 
Financial Highlights 
74 
Notes to Financial Statements 
78 
Additional Fund Information 
89 
Glossary of Terms Used in this Report 
90 
Reinvest Automatically, Easily and Conveniently 
92 
Annual Investment Management Agreement Approval Process 
93 
Board Members and Officers 
101 
 
NUVEEN 3

Chairman’s Letter
   to Shareholders
Dear Shareholders,
Asset prices have steadily climbed this year, propelled by a “Goldilocks” economic scenario that enabled markets to sidestep geopolitical tensions, natural disasters, terrorism events and political noise. The U.S. economy continued to run not too hot, not too cold, with steady growth and low levels of unemployment, inflation and interest rates. Corporate earnings have been healthy and recession risk appeared low. At the same time, growth across the rest of the world has improved as well, leading to upward revisions in global growth projections.
Yet, a global synchronized recovery also brings the prospect of higher inflation. Central banks have to manage the delicate balance between too-loose financial conditions, which risks economies overheating, and too-tight conditions, which could trigger recession. The nomination of Jerome Powell for Chairman of the U.S. Federal Reserve (Fed) is largely expected to maintain the course set by Chair Janet Yellen after her term expires in February 2018, and the much anticipated tax overhaul, passed at the end of December, may likely boost economic growth but could complicate the Fed’s job of managing interest rates in the years ahead.
Meanwhile, politics will remain in the forefront. A budget showdown is expected in 2018, as Congress sets to debate the U.S. debt ceiling limit and spending related to the military, disaster relief, the Children’s Health Insurance Program and immigration policy. In addition, the ongoing “Brexit” negotiations and the North American Free Trade Agreement (NAFTA) talks may impact key trade and political partnerships. Tensions with North Korea may continue to flare.
The magnitude of the market’s bullishness this year has been somewhat surprising, but gains may not be so easy in the coming years. Nobody can predict market shifts, and that is why Nuveen encourages you to talk to your financial advisor to ensure your investment portfolio is appropriately diversified for your objectives, time horizon and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
December 22, 2017
4 NUVEEN

Portfolio Managers’
   Comments
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen AMT-Free Municipal Value Fund (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC. Portfolio managers Daniel J. Close, CFA, Christopher L. Drahn, CFA, and Steven M. Hlavin discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these four national Funds. Dan has managed NUV and NUW since 2016. Chris assumed portfolio management responsibility for NMI in 2011. Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility in 2010.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2017?
The U.S. economy continued to expand at a below-trend pace in the reporting period overall but did mark two consecutive quarters of above 3% growth in the second and third quarters of 2017. The Bureau of Economic Analysis reported its “second” estimate of third-quarter gross domestic product (GDP) at an annualized rate of 3.3%, an increase from 3.1% in the second quarter, alleviating concerns that Hurricanes Harvey, Irma and Maria depressed the nation’s output. GDP is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. Despite some softening in shopping and dining out activity due to the hurricanes, consumer spending remained the main driver of demand in the economy. Business investment had been muted for most of the recovery but has accelerated in 2017, with the “hard” data now falling more in line with the highly optimistic business sentiment levels, or “soft” data, seen after President Trump won the election.
Elsewhere in the economy, the labor market continued to tighten, with unemployment staying below 5% over the course of the reporting period. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.1% in October 2017 from 4.8% in October 2016 and job gains averaged around 167,000 per month for the past twelve months. Higher energy prices, especially gasoline, helped drive a steady increase in inflation over this reporting period. The twelve-month change in the Consumer Price
 
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
NUVEEN 5

Portfolio Managers’ Comments (continued)
Index (CPI) increased 2.0% over the twelve-month reporting period ended October 31, 2017 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 1.8% during the same period, slightly below the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%. The housing market also continued to improve, with historically low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 6.2% annual gain in September 2017 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 5.7% and 6.2%, respectively.
With the U.S. economy delivering a sustainable, albeit muted, growth rate, the Fed’s policy making committee raised its main benchmark interest rate in December 2016, March 2017 and June 2017. These moves were widely expected by the markets, as were the Fed’s decisions to leave rates unchanged at the July, September and October/November 2017 meetings. (There was no August meeting.) The Fed also announced it would begin reducing its balance sheet in October 2017 by allowing a small amount of maturing Treasury and mortgage securities to roll off without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption. The Fed also signaled its intention to raise its target interest rate one more time in 2017.
While the markets remained comfortable with the course of monetary policy during this reporting period, the political environment was frequently a source of uncertainty. Markets were initially highly optimistic about pricing in the new administration’s “pro-growth” fiscal agenda after Donald Trump won the election. However, several attempts at health care reform were unable to pass in Congress, which weakened the outlook for the remainder of President Trump’s agenda. The hurricanes caused enormous devastation in Texas, Florida and Puerto Rico, which will require federal aid. The debt ceiling vote, expected to be a protracted showdown in Congress, turned out to be a non-event after the Republican president and Congressional Democrats reached a compromise in early September (although the debate will resume when the current extension expires in December 2017). As the reporting period ended, legislators were refocusing their efforts on tax reform and President Trump nominated Jerome Powell to replace Fed Chair Janet Yellen when her term ends in February 2018. Although both events were initially considered market friendly, the specifics of a tax reform bill, its implications for the economic and corporate landscapes, and whether it passes remain to be seen and could pose challenges to the Fed’s ability to manage interest rates in the future (subsequent to the close of the reporting period, the tax bill was signed into law). Geopolitical risks also remained prominent throughout the reporting period, with the ongoing renegotiation of the North American Free Trade Agreement (NAFTA); the start of “Brexit” talks between the U.K. and European Union; closely watched elections in the Netherlands, France and Germany; and escalating tensions between the U.S. and North Korea.
After a sell-off in response to the U.S. presidential election in November 2016, the municipal bond market rallied for the remainder of the reporting period. Donald Trump’s unexpected win launched a wave of speculation that his legislative agenda would drive interest rates and inflation higher as well as introduce tax reforms that might be unfavorable to municipal bonds. A sharp rise in interest rates after the election fueled a reversal in municipal bond fund flow, with the largest outflows from the high yield municipal segment. Volatility intensified as mutual fund managers rushed to sell positions to help meet investor redemptions. At the same time, new issuance spiked in October 2016, further contributing to excess supply and exacerbating falling prices and credit spread widening.
Conditions began to stabilize after the municipal market bottomed on December 1, 2016. Although interest rates ended the reporting period slightly higher, municipal bond relative valuations had returned to their pre-election levels, as economic conditions remained steady, much of Trump’s agenda has yet to be passed and the initial tax reform proposals circulating in Congress did not modify the current municipal bond tax exemption. Fundamental credit conditions continued to be favorable overall, while the ongoing high-profile difficulties in Puerto Rico, Illinois and New Jersey were contained.
6 NUVEEN
 

The balance of municipal bond supply and demand remained advantageous for prices. In the reporting period overall, municipal bond issuance nationwide totaled $372.4 billion, a 15.5% drop from the issuance for the twelve-month reporting period ended October 31, 2016. The robust pace of issuance seen since the low volume depths of 2011 began to moderate in 2017 as interest rates have risen and are expected to move higher. Despite the increase, the overall level of interest rates still remained low, encouraging issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in four of the past seven calendar years. So, while gross issuance volume has been strong, the net has not, and this was an overall positive technical factor on municipal bond investment performance in recent years. However, the pace of refinancing has slowed somewhat in 2017.
Demand remained robust and continued to outstrip supply. Low global interest rates have continued to drive investors toward higher yielding assets, including U.S. municipal bonds. The Fed’s clearly stated intentions have met with market approval, which kept market volatility low, and fiscal policy expectations have moderated since the post-election frenzy, improving investor confidence. As a result, municipal bond fund inflows have steadily increased in 2017 so far.
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2017?
While the first two months of the reporting period saw widening credit spreads along with rising yields and falling prices (as prices and yields move in opposite directions), the municipal market recovered over the following ten months. Interest rates moderated, credit spreads narrowed and liquidity improved, which helped the broad municipal market post a modest gain for the reporting period overall. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
Our trading activity continued to focus on pursuing the Funds’ investment objectives. NUV and NUW executed numerous trades early in the reporting period to take advantage of the prevailing market conditions that provided attractive opportunities for tax loss swapping. This strategy involves selling bonds that were bought when interest rates were lower and using the proceeds to buy other bonds (typically at higher yield levels) to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities. The opportunity for tax loss swapping waned as the municipal market rallied and credit spreads tightened. In the second half of the reporting period, our buying was more concentrated in the new issue market, where we found more attractive values compared to the secondary market.
NUV and NUW bought bonds from a diverse group of sectors, generally on the long-intermediate to long end of the yield curve and in the medium credit quality range (A rated and low AA rated). We also favored premium coupon (5% and higher) structures, some with shorter calls. NMI also took advantage of engaging in tax loss swaps in the first half of the reporting period to help boost the Fund’s income stream. In the second half of the reporting period, NMI’s exposure to A rated bonds continued to rise. We bought two names from the education/civic organizations sector, the Arizona Academies of Math and Science charter school and the Field Museum of Natural History in Chicago, as well as some health care and airport credits. NEV’s buying activity was relatively light. We added to the tobacco securitization sector and increased exposure to Chicago Board of Education bonds. NEV also bought several transportation credits, including Foothill/Eastern Transportation Corridor Agency (a California toll road system), New York LaGuardia Airport and New Orleans Aviation Board. Outside of the one-for-one tax loss bond swaps, the Funds funded the purchases mainly with the proceeds from called and maturing bonds.
As of October 31, 2017, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
NUVEEN 7
 

Portfolio Managers’ Comments (continued)
How did the Funds perform during the twelve-month reporting period ended October 31, 2017?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year, ten-year and since inception periods ended October 31, 2017. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
For the twelve months ended October 31, 2017, the total returns at NAV for all four of these Funds exceeded the return for the national S&P Municipal Bond Index.
The factors affecting performance in this reporting period included yield curve and duration positioning, credit ratings allocation, sector allocation and credit selection. For NUV, NUW and NMI, yield curve and duration positioning were positive contributors to relative performance. NUV and NUW have maintained a “barbell” positioning strategy, holding overweight allocations to both the shortest and longest ends of the yield curve with an underweight to the middle of the curve. Although the shorter-dated buckets underperformed in this reporting period, which hurt the two Funds’ overweight allocations there, the Funds’ overweights to the longer-dated buckets generated gains that more than offset the loss. NMI was positioned with a slightly longer duration than the benchmark, which was modestly advantageous during this reporting period. The impact of yield curve and duration positioning was neutral on NEV’s relative results.
For all four Funds, credit ratings allocations were beneficial to performance in this reporting period. NUV and NUW were aided the most by their overweights to B rated bonds (which were primarily tobacco securitization bonds, a sector that outperformed in this reporting period) and underweight to CCC rated bonds (which were primarily Puerto Rico bonds, a group that lagged). NMI’s overweight allocations to A, BBB and B rated bonds added to outperformance, while NEV’s overweights to the BBB and non-rated categories generated excess returns relative to the benchmark.
Sector based performance was mixed across the four Funds. NUV’s sector positioning was modestly negative but NUW’s was modestly positive. Both Funds were hurt by overweight allocations to pre-refunded bonds, which trailed the broad market due to their high credit quality, as well as by underweight allocations to the transportation sector, which performed well in this reporting period. However, NUW benefited from an overweight to higher education bonds, which helped mitigate negative sector performance elsewhere. For NEV, sector allocation and credit selection were favorable to performance. NEV’s overweight position in tobacco securitization bonds, the top performing sector in this reporting period, benefited performance, as did an overweight to another strong performing sector, the industrial development revenue (IDR) sector. In addition, one of the Fund’s IDR holdings, U.S. Steel, outperformed the market and contributed positive performance. NEV’s higher weightings in Illinois-related bonds also boosted relative results, as the Chicago Board of Education, which oversees Chicago Public Schools (CPS), rallied strongly on positive news about CPS’s financial outlook. NMI’s sector allocation strategy was not a meaningful driver of performance.
In addition, the use of regulatory leverage was an important factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
An Update Involving Puerto Rico
As noted in the Funds’ previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds’ holdings and performance: Puerto Rico’s ongoing debt restructuring is one such case. Puerto Rico began warning investors in 2014 the island’s debt burden might prove to be unsustainable and the Commonwealth pursued various strategies to deal with this burden.
In June 2016, President Obama signed the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) into law. The legislation established an independent Financial Oversight and Management Board charged with restructuring Puerto Rico’s financial operations and encouraging economic development. In addition to creating an oversight board, PROMESA also provides a
8 NUVEEN
 

legal framework and court-supervised debt restructuring process that enables Puerto Rico to adjust its debt obligations. In March 2017, the oversight board certified a ten-year fiscal plan projecting revenues, expenditures and a primary fiscal surplus available for debt service over the plan’s horizon. The fiscal plan was considered quite detrimental to creditors, identifying available resources to pay only about 24% of debt service due over the ten-year term. In May 2017, the oversight board initiated a bankruptcy-like process for the general government, general obligation debt, the Puerto Rico Sales Tax Financing Corporation (COFINA), the Highways and Transportation Authority (HTA), and the Employee Retirement System. Officials have indicated more public corporations could follow. As of October 2017, Puerto Rico has defaulted on many of its debt obligations, including General Obligation bonds.
In mid-September 2017, Puerto Rico was severely impacted by two hurricanes within the span of just two weeks causing massive destruction. Rebuilding is expected to take months and some parts of Puerto Rico may need years to fully recover. Puerto Rico’s Oversight Board has said it will approve budgetary adjustments up to an amount of $1 billion to fund emergency relief efforts. Though it’s too early to accurately assess the long-term economic impact of the storms, recovering from the tragic damage caused by the hurricanes will likely prolong the restructuring process that was already underway under PROMESA.
In terms of Puerto Rico holdings, shareholders should note that NEV had limited exposure of 0.45%, which was either insured or investment grade to Puerto Rico debt, while NUV, NUW and NMI did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently in default and rated Caa3/D/D by Moody’s, S&P and Fitch, respectively, with negative outlooks.
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. Thus, the current net asset value of a Fund’s shares might be impacted, higher or lower, if the Fund were to use a different pricing service, or if its pricing service were to materially change its valuation methodology. On October 4, 2016, the Fund’s then-current municipal bond pricing service was acquired by the parent company of another pricing service, and the combination of the valuation methodologies used by the two organizations took place on October 16, 2017. The change of valuation methodologies due to that combination had little or no impact on the net asset value of each Fund’s shares.
NUVEEN 9

Fund
   Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of NEV relative to its comparative benchmark was the Fund’s use of leverage through investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. This was also a factor, although less significantly, for NUV, NUW and NMI because their use of leverage is more modest. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund’s net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage had a negligible impact on performance of NUV during the reporting period, while making a positive contribution to NUW, NMI and NEV over this reporting period.
As of October 31, 2017, the Funds’ percentages of leverage are as shown in the accompanying table. 
 
 
 
 
 
NUV 
NUW 
NMI 
NEV 
Effective Leverage* 
0.31% 
8.98% 
5.82% 
34.21% 
 
*     
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio.
10 NUVEEN
 

Share
   Information
DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of October 31, 2017. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to shareholders were as shown in the accompanying table.
 
 
Per Share Amounts 
 
Ex-Dividend Date 
NUV 
NUW 
NMI 
NEV 
November 2016 
$0.0325 
$0.0600 
$0.0415 
$0.0725 
December 
0.0325 
0.0600 
0.0405 
0.0680 
January 
0.0325 
0.0600 
0.0405 
0.0680 
February 
0.0325 
0.0600 
0.0405 
0.0680 
March 
0.0325 
0.0600 
0.0405 
0.0680 
April 
0.0325 
0.0600 
0.0405 
0.0680 
May 
0.0325 
0.0600 
0.0405 
0.0680 
June 
0.0325 
0.0600 
0.0405 
0.0680 
July 
0.0325 
0.0600 
0.0405 
0.0680 
August 
0.0325 
0.0600 
0.0405 
0.0680 
September 
0.0325 
0.0600 
0.0405 
0.0680 
October 2017 
0.0325 
0.0600 
0.0405 
0.0680 
Total Monthly Per Share Distributions 
$0.3900 
$0.7200 
$0.4870 
$0.8205 
Ordinary Income Distribution* 
$0.0022 
$0.0072 
$0.0020 
$0.0012 
Total Distributions from Net Investment Income 
$0.3922 
$0.7272 
$0.4890 
$0.8217 
 
Yields 
 
 
 
 
Market Yield** 
3.85% 
4.19% 
4.24% 
5.71% 
Taxable-Equivalent Yield** 
5.35% 
5.82% 
5.89% 
7.93% 
 
*     
Distribution paid in December 2016.
**     
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund’s net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of October 31, 2017, the Funds had positive UNII balances 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
NUVEEN 11
 

Share Information (continued)
gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the composition and per share amounts of each Fund’s dividends for the reporting period are presented in this report’s Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
EQUITY SHELF PROGRAMS
During the current reporting period, the Funds were authorized by the Securities and Exchange Commission to issue additional shares through an equity shelf program (Shelf Offering). Under these programs, the Funds, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per share. During the current fiscal period, each Fund was authorized to issue additional shares under one or more shelf offerings. The total amount of shares authorized under these Shelf Offerings are as shown in the accompanying table.
 
NUV 
NUW 
NMI 
NEV 
Additional authorized shares 
19,600,000* 
1,400,000 
800,000** 
5,200,000* 
 
* 
Represents additional authorized shares for the period November 1, 2016 through February 28, 2017. 
** 
Represents total additional authorized shares for the period May 17, 2017 through October 31, 2017. 
 
During the current reporting period, the following Funds sold common shares through their Shelf Offerings at a weighted average premium to their NAV per share as shown in the accompanying table.
     
 
NUW 
NMI 
Shares sold through shelf offering 
685,364 
209,600 
Weighted average premium to NAV per share sold 
2.14% 
3.29% 
 
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 2017, the Funds’ Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of October 31, 2017, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.
 
NUV 
NUW 
NMI 
NEV 
Shares cumulatively repurchased and retired 
— 
— 
— 
— 
Shares authorized for repurchase 
20,690,000 
1,485,000 
845,000 
2,495,000 
 
OTHER SHARE INFORMATION
As of October 31, 2017, and during the current reporting period, the Funds’ share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.
 
NUV 
NUW 
NMI 
NEV 
NAV 
$10.30 
$16.99 
$11.38 
$15.03 
Share price 
$10.12 
$17.17 
$11.45 
$14.28 
Premium/(Discount) to NAV 
(1.75)% 
1.06% 
0.62% 
(4.99)% 
12-month average premium/(discount) to NAV 
(2.54)% 
0.54% 
3.32% 
(3.67)% 
 
12 NUVEEN

Risk
   Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Municipal Value Fund, Inc. (NUV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NUV.
Nuveen AMT-Free Municipal Value Fund (NUW)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NUW.
Nuveen Municipal Income Fund, Inc. (NMI)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMI.
Nuveen Enhanced Municipal Value Fund (NEV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. The Fund uses only inverse floaters for its leverage, increasing its exposure to interest rate risk and credit risk, including counter-party credit risk. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NEV.
NUVEEN 13
 

NUV
Nuveen Municipal Value Fund, Inc.
      Performance Overview and Holding Summaries as of October 31, 2017
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2017
 
 
Average Annual 
 
 
1-Year 
5-Year 
10-Year 
NUV at NAV 
3.03% 
4.15% 
4.91% 
NUV at Share Price 
5.48% 
3.78% 
5.47% 
S&P Municipal Bond Index 
1.80% 
3.04% 
4.43% 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
 
14 NUVEEN

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
98.4% 
Corporate Bonds 
0.0% 
Short-Term Municipal Bonds 
0.2% 
Other Assets Less Liabilities 
1.7% 
Net Assets Plus Floating Rate 
 
Obligations 
100.3% 
Floating Rate Obligations 
(0.3)% 
Net Assets 
100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
AAA/U.S. Guaranteed 
14.4% 
AA 
36.4% 
A 
31.0% 
BBB 
9.5% 
BB or Lower 
7.4% 
N/R (not rated) 
1.3% 
Total 
100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Tax Obligation/Limited 
21.2% 
Transportation 
20.0% 
Health Care 
16.0% 
Tax Obligation/General 
12.1% 
U.S. Guaranteed 
10.8% 
Utilities 
7.0% 
Other 
12.9% 
Total 
100% 
 
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
15.1% 
Texas 
13.8% 
California 
11.3% 
Colorado 
6.3% 
Florida 
5.0% 
New York 
4.3% 
New Jersey 
4.1% 
Ohio 
3.9% 
Michigan 
3.8% 
Wisconsin 
3.5% 
Nevada 
2.5% 
Washington 
2.2% 
Indiana 
2.1% 
Tennessee 
1.9% 
Massachusetts 
1.9% 
Other 
18.3% 
Total 
100% 
 
NUVEEN 15
 

NUW
      Nuveen AMT-Free Municipal Value Fund
      Performance Overview and Holding Summaries as of October 31, 2017
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2017
 
 
Average Annual 
 
 
 
 
Since 
 
1-Year 
5-Year 
Inception 
NUW at NAV 
3.02% 
3.86% 
7.16% 
NUW at Share Price 
5.71% 
3.16% 
6.78% 
S&P Municipal Bond Index 
1.80% 
3.04% 
5.12% 
Since inception returns are from 2/25/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
 
16 NUVEEN
 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
   
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
104.6% 
Other Assets Less Liabilities 
1.3% 
Net Assets Plus Floating Rate 
 
Obligations 
105.9% 
Floating Rate Obligations 
(5.9)% 
Net Assets 
100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
AAA/U.S. Guaranteed 
29.7% 
AA 
28.4% 
A 
24.5% 
BBB 
9.7% 
BB or Lower 
6.3% 
N/R (not rated) 
1.4% 
Total 
100% 
 
Portfolio Composition 
 
(% of total investments) 
 
U.S. Guaranteed 
25.2% 
Transportation 
12.3% 
Tax Obligation/Limited 
12.0% 
Tax Obligation/General 
11.0% 
Utilities 
10.7% 
Health Care 
8.6% 
Water and Sewer 
7.2% 
Consumer Staples 
6.3% 
Other 
6.7% 
Total 
100% 
 
States and Territories 
 
(% of total municipal bonds) 
 
California 
17.8% 
Illinois 
11.9% 
Florida 
8.1% 
Texas 
7.8% 
Colorado 
5.3% 
New Jersey 
4.9% 
Ohio 
4.8% 
Wisconsin 
4.7% 
Indiana 
3.9% 
Louisiana 
3.1% 
Nevada 
3.1% 
Arizona 
3.0% 
New York 
2.9% 
Other 
18.7% 
Total 
100% 
 
NUVEEN 17

NMI
      Nuveen Municipal Income Fund, Inc.
      Performance Overview and Holding Summaries as of October 31, 2017
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2017
 
 
Average Annual 
 
 
1-Year 
5-Year 
10-Year 
NMI at NAV 
2.34% 
4.21% 
5.62% 
NMI at Share Price 
(2.04)% 
2.68% 
5.98% 
S&P Municipal Bond Index 
1.80% 
3.04% 
4.43% 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
 
18 NUVEEN
 

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
99.7% 
Other Assets Less Liabilities 
0.3% 
Net Assets 
100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
AAA/U.S. Guaranteed 
16.3% 
AA 
21.8% 
A 
28.3% 
BBB 
22.0% 
BB or Lower 
8.1% 
N/R (not rated) 
3.5% 
Total 
100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
21.2% 
Tax Obligation/General 
13.2% 
U.S. Guaranteed 
12.8% 
Education and Civic Organizations 
11.3% 
Tax Obligation/Limited 
10.5% 
Transportation 
9.8% 
Utilities 
6.8% 
Consumer Staples 
5.0% 
Other 
9.4% 
Total 
100% 
 
States and Territories 
 
(% of total municipal bonds) 
 
California 
17.3% 
Illinois 
10.3% 
Colorado 
9.6% 
Texas 
9.4% 
Wisconsin 
6.9% 
Missouri 
5.2% 
Florida 
5.1% 
Ohio 
4.5% 
Pennsylvania 
3.4% 
Arizona 
2.8% 
Tennessee 
2.4% 
Kentucky 
2.2% 
Georgia 
2.2% 
Other 
18.7% 
Total 
100% 
 
NUVEEN 19

NEV
      Nuveen Enhanced Municipal Value Fund
      Performance Overview and Holding Summaries as of October 31, 2017
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2017
 
 
Average Annual 
 
 
 
 
Since 
 
1-Year 
5-Year 
Inception 
NEV at NAV 
1.93% 
5.20% 
7.01% 
NEV at Share Price 
2.50% 
3.85% 
5.87% 
S&P Municipal Bond Index 
1.80% 
3.04% 
4.24% 
Since inception returns are from 9/25/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
20 NUVEEN

This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Fund Allocation 
 
(% of net assets) 
 
Long-Term Municipal Bonds 
109.7% 
Common Stocks 
0.6% 
Short-Term Municipal Bonds 
0.8% 
Other Assets Less Liabilities 
1.8% 
Net Assets Plus Floating Rate 
 
Obligations 
112.9% 
Floating Rate Obligations 
(12.9)% 
Net Assets 
100% 
 
Portfolio Credit Quality 
 
(% of total investment exposure) 
 
AAA/U.S. Guaranteed 
28.2% 
AA 
25.5% 
A 
16.8% 
BBB 
14.3% 
BB or Lower 
9.9% 
N/R (not rated) 
4.9% 
N/A (not applicable) 
0.4% 
Total 
100% 
 
Portfolio Composition 
 
(% of total investments) 
 
Health Care 
20.0% 
Tax Obligation/Limited 
18.8% 
Transportation 
13.5% 
U.S. Guaranteed 
11.4% 
Tax Obligation/General 
6.8% 
Education and Civic Organizations 
6.6% 
Utilities 
6.2% 
Consumer Staples 
5.6% 
Other 
11.1% 
Total 
100% 
 
States and Territories 
 
(% of total municipal bonds) 
 
Illinois 
14.5% 
California 
13.1% 
Ohio 
9.2% 
Wisconsin 
9.0% 
Pennsylvania 
5.7% 
Florida 
5.2% 
New Jersey 
4.6% 
New York 
4.1% 
Georgia 
3.9% 
Washington 
3.9% 
Louisiana 
3.8% 
Colorado 
3.1% 
Other 
19.9% 
Total 
100% 
 
NUVEEN 21

Shareholder
   Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen on August 2, 2017 for NUV, NUW, NMI and NEV; at this meeting the shareholders were asked to elect Board Members.
 
NUV 
NUW 
NMI 
NEV 
 
Common 
Common 
Common 
Common 
 
shares 
shares 
shares 
shares 
Approval of the Board Members 
 
 
 
 
was reached as follows: 
 
 
 
 
David J. Kundert 
 
 
 
 
For 
176,763,227 
13,194,344 
7,118,638 
22,534,942 
Withhold 
5,077,102 
226,568 
283,040 
383,728 
Total 
181,840,329 
13,420,912 
7,401,678 
22,918,670 
John K. Nelson 
 
 
 
 
For 
177,263,283 
13,207,547 
7,195,404 
22,639,740 
Withhold 
4,577,046 
213,365 
206,274 
278,930 
Total 
181,840,329 
13,420,912 
7,401,678 
22,918,670 
Terence J. Toth 
 
 
 
 
For 
177,161,214 
13,207,547 
7,187,587 
22,637,867 
Withhold 
4,679,115 
213,365 
214,091 
280,803 
Total 
181,840,329 
13,420,912 
7,401,678 
22,918,670 
Robert L. Young 
 
 
 
 
For 
177,255,457 
13,207,547 
7,196,715 
22,644,733 
Withhold 
4,584,872 
213,365 
204,963 
273,937 
Total 
181,840,329 
13,420,912 
7,401,678 
22,918,670 
 
22 NUVEEN

Report of
   Independent Registered Public Accounting Firm
To the Board of Directors/Trustees and Shareholders of
Nuveen Municipal Value Fund, Inc.
Nuveen AMT-Free Municipal Value Fund
Nuveen Municipal Income Fund, Inc.
Nuveen Enhanced Municipal Value Fund:
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Municipal Value Fund, Inc., Nuveen AMT-Free Municipal Value Fund, Nuveen Municipal Income Fund, Inc., and Nuveen Enhanced Municipal Value Fund (the “Funds”) as of October 31, 2017, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, the statement of cash flows (Nuveen Enhanced Municipal Value Fund) for the year then ended and the financial highlights for each of the years in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the year ended October 31, 2013 were audited by other auditors whose reports dated December 27, 2013 expressed an unqualified opinion on those financial highlights.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2017, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2017, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, its cash flows (Nuveen Enhanced Municipal Value Fund) for the year then ended and the financial highlights for each of the years in the four-year period then ended, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Chicago, Illinois
December 27, 2017
NUVEEN 23
 

   
NUV 
 
Nuveen Municipal Value Fund, Inc. 
 
Portfolio of Investments 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 98.4% 
 
 
 
           
 
  
MUNICIPAL BONDS – 98.4% 
 
 
 
           
 
  
Alaska – 0.1% 
 
 
 
$         2,710 
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
12/17 at 100.00 
B3 
$    2,654,960 
 
  
Series 2006A, 5.000%, 6/01/32 
 
 
 
 
  
Arizona – 1.0% 
 
 
 
2,500 
  
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 
7/18 at 100.00 
AA– 
2,563,275 
 
  
2008A, 5.000%, 7/01/38 
 
 
 
2,575 
  
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 
12/17 at 102.00 
B 
2,520,333 
 
  
2008, 7.000%, 12/01/27 
 
 
 
5,600 
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
6,849,864 
 
  
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
4,240 
  
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale 
9/20 at 100.00 
AA 
4,542,227 
 
  
Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured 
 
 
 
 
  
Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2017: 
 
 
 
1,000 
  
5.000%, 7/01/32 
7/27 at 100.00 
AA 
1,208,640 
1,410 
  
5.000%, 7/01/33 
7/27 at 100.00 
AA 
1,696,145 
1,000 
  
5.000%, 7/01/34 
7/27 at 100.00 
AA 
1,197,280 
750 
  
5.000%, 7/01/35 
7/27 at 100.00 
AA 
894,435 
19,075 
  
Total Arizona 
 
 
21,472,199 
 
  
Arkansas – 0.3% 
 
 
 
5,650 
  
Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A, 4.750%, 11/01/18 – 
11/17 at 100.00 
AA 
5,666,893 
 
  
AGM Insured 
 
 
 
 
  
California – 11.1% 
 
 
 
5,000 
  
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
BBB+ 
5,697,200 
 
  
Subordinate Lien Series 2016B, 5.000%, 10/01/36 
 
 
 
4,615 
  
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
No Opt. Call 
AA 
4,099,920 
 
  
Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured 
 
 
 
5,000 
  
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 
4/23 at 100.00 
AA– (4) 
5,929,550 
 
  
2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) 
 
 
 
4,600 
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold 
12/17 at 41.04 
CCC 
1,763,272 
 
  
Country Settlement Funding Corporation, Refunding Series 2006, 0.000%, 6/01/33 
 
 
 
 
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
 
 
 
 
  
Angeles County Securitization Corporation, Series 2006A: 
 
 
 
3,275 
  
5.450%, 6/01/28 
12/18 at 100.00 
B2 
3,336,799 
4,200 
  
5.600%, 6/01/36 
12/18 at 100.00 
B2 
4,280,934 
1,175 
  
California Department of Water Resources, Central Valley Project Water System Revenue Bonds, 
12/26 at 100.00 
AAA 
1,425,052 
 
  
Refunding Series 2016AW, 5.000%, 12/01/33 
 
 
 
10,000 
  
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, 
11/26 at 100.00 
AA– 
11,538,400 
 
  
Refunding Series 2016B, 5.000%, 11/15/46 
 
 
 
10,000 
  
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, 
11/27 at 100.00 
AA– 
11,590,500 
 
  
Refunding Series 2017A, 5.000%, 11/15/48 
 
 
 
1,200 
  
California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los 
8/27 at 100.00 
BBB+ 
1,373,688 
 
  
Angeles, Series 2017A, 5.000%, 8/15/37 
 
 
 
15,000 
  
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, 
No Opt. Call 
AA– 
19,416,750 
 
  
Series 2017A-2, 5.000%, 11/01/47 
 
 
 
3,850 
  
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, 
7/23 at 100.00 
AA– 
4,403,360 
 
  
Series 2013A, 5.000%, 7/01/33 
 
 
 
 
24 NUVEEN

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
California (continued) 
 
 
 
$        2,335 
  
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 
7/20 at 100.00 
Baa2 (4) 
$    2,613,986 
 
  
2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) 
 
 
 
1,625 
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/23 at 100.00 
A+ 
1,867,515 
 
  
2013I, 5.000%, 11/01/38 
 
 
 
55 
  
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30 
2/18 at 100.00 
AA– 
55,146 
5,000 
  
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 
10/21 at 100.00 
AA– 
5,640,350 
3,500 
  
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/26 at 100.00 
BB 
3,764,110 
 
  
University Medical Center, Series 2016A, 5.000%, 12/01/46 
 
 
 
3,125 
  
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
N/R (4) 
3,432,531 
 
  
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 
 
 
 
3,600 
  
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, 
7/18 at 100.00 
AA– (4) 
3,713,796 
 
  
Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 
 
 
 
5,000 
  
Coast Community College District, Orange County, California, General Obligation Bonds, Series 
8/18 at 100.00 
AA+ (4) 
5,149,600 
 
  
2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured 
 
 
 
4,505 
  
Covina-Valley Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
A+ 
3,342,800 
 
  
Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured 
 
 
 
2,180 
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
1/31 at 100.00 
BBB– 
1,912,078 
 
  
Refunding Series 2013A, 0.000%, 1/15/42 (5) 
 
 
 
30,000 
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
AAA 
28,271,700 
 
  
1995A, 0.000%, 1/01/22 (ETM) 
 
 
 
 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
  
Bonds, Series 2007A-1: 
 
 
 
10,180 
  
5.000%, 6/01/33 
12/17 at 100.00 
B+ 
10,146,813 
1,500 
  
5.125%, 6/01/47 
12/17 at 100.00 
B– 
1,481,970 
5,540 
  
Long Beach, California, Harbor Revenue Bonds, Series 2017C, 5.000%, 5/15/47 
5/27 at 100.00 
AA 
6,513,212 
 
  
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– 
2,236,175 
2,555 
  
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
AA– 
2,205,808 
2,365 
  
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
A+ 
1,812,229 
 
  
Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured 
 
 
 
 
  
Mount San Antonio Community College District, Los Angeles County, California, General 
 
 
 
 
  
Obligation Bonds, Election of 2008, Series 2013A: 
 
 
 
3,060 
  
0.000%, 8/01/28 (5) 
2/28 at 100.00 
Aa1 
2,981,021 
2,315 
  
0.000%, 8/01/43 (5) 
8/35 at 100.00 
Aa1 
1,861,515 
3,550 
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
5,043,875 
 
  
2009C, 6.500%, 11/01/39 
 
 
 
 
  
Napa Valley Community College District, Napa and Sonoma Counties, California, General 
 
 
 
 
  
Obligation Bonds, Election 2002 Series 2007C: 
 
 
 
7,200 
  
0.000%, 8/01/29 – NPFG Insured 
2/18 at 55.85 
Aa2 
3,980,592 
11,575 
  
0.000%, 8/01/31 – NPFG Insured 
2/18 at 50.34 
Aa2 
5,766,665 
2,350 
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
N/R (4) 
2,613,059 
 
  
6.750%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
10,150 
  
Placer Union High School District, Placer County, California, General Obligation Bonds, Series 
No Opt. Call 
AA 
6,006,059 
 
  
2004C, 0.000%, 8/01/33 – AGM Insured 
 
 
 
15,505 
  
Riverside Public Financing Authority, California, Tax Allocation Bonds, University 
2/18 at 100.00 
A 
15,545,003 
 
  
Corridor/Sycamore Canyon Merged Redevelopment Project, Arlington Redevelopment Project, 
 
 
 
 
  
Hunter Park/Northside Redevelopment Project, Magnolia Center Redevelopment Project, 5.000%, 
 
 
 
 
  
8/01/37 – NPFG Insured 
 
 
 
 
  
San Bruno Park School District, San Mateo County, California, General Obligation Bonds, Series 2000B: 
 
 
 
2,575 
  
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
AA 
2,243,958 
2,660 
  
0.000%, 8/01/25 – FGIC Insured 
No Opt. Call 
AA 
2,233,230 
250 
  
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
BBB+ (4) 
296,655 
 
  
Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41 (Pre-refunded 2/01/21) 
 
 
 
 
NUVEEN 25
 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
California (continued) 
 
 
 
$       12,095 
  
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
No Opt. Call 
A 
$    9,829,727 
 
  
Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured 
 
 
 
13,220 
  
San Mateo County Community College District, California, General Obligation Bonds, Series 
No Opt. Call 
AAA 
10,039,665 
 
  
2006A, 0.000%, 9/01/28 – NPFG Insured 
 
 
 
5,000 
  
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, 
No Opt. Call 
Aaa 
4,365,400 
 
  
Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured 
 
 
 
5,815 
  
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding 
No Opt. Call 
AA 
1,287,267 
 
  
Series 2015, 0.000%, 8/01/48 
 
 
 
2,000 
  
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
12/17 at 100.00 
B+ 
2,000,400 
 
  
Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27 
 
 
 
 
  
University of California, General Revenue Bonds, Series 2009O: 
 
 
 
370 
  
5.250%, 5/15/39 (Pre-refunded 5/15/19) 
5/19 at 100.00 
N/R (4) 
393,735 
720 
  
5.250%, 5/15/39 (Pre-refunded 5/15/19) 
5/19 at 100.00 
AA (4) 
766,188 
210 
  
5.250%, 5/15/39 (Pre-refunded 5/15/19) 
5/19 at 100.00 
N/R (4) 
223,471 
254,100 
  
Total California 
 
 
236,492,729 
 
  
Colorado – 6.2% 
 
 
 
5,000 
  
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – 
10/17 at 100.00 
BBB– 
5,000,300 
 
  
SYNCORA GTY Insured 
 
 
 
5,200 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
9/18 at 100.00 
BBB+ 
5,206,968 
 
  
Series 2006A, 4.500%, 9/01/38 
 
 
 
7,105 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
1/23 at 100.00 
BBB+ 
7,642,209 
 
  
Series 2013A, 5.250%, 1/01/45 
 
 
 
1,700 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, 
9/18 at 102.00 
AA 
1,773,083 
 
  
Series 2005C, 5.250%, 3/01/40 – AGM Insured 
 
 
 
2,845 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
3,075,388 
 
  
Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B, 5.000%, 1/01/21 
 
 
 
15,925 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
16,895,788 
 
  
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
960 
  
Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior 
12/24 at 100.00 
N/R 
1,049,866 
 
  
Lien Series 2017, 5.000%, 12/31/47 
 
 
 
2,000 
  
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/22 at 100.00 
Aa2 (4) 
2,302,380 
 
  
Revenue Bonds, Series 2012A, 5.000%, 3/01/41 (Pre-refunded 3/01/22) 
 
 
 
 
  
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B: 
 
 
 
2,750 
  
5.000%, 11/15/25 
11/22 at 100.00 
A+ 
3,200,670 
2,200 
  
5.000%, 11/15/29 
11/22 at 100.00 
A+ 
2,532,904 
5,160 
  
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 
11/23 at 100.00 
A 
5,728,838 
 
  
5.000%, 11/15/43 
 
 
 
2,000 
  
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, 
12/26 at 100.00 
Baa2 
2,266,520 
 
  
Refunding Senior Lien Series 2016, 5.000%, 12/01/35 
 
 
 
 
  
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
9,660 
  
0.000%, 9/01/29 – NPFG Insured 
No Opt. Call 
A 
6,581,455 
24,200 
  
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
A 
15,119,434 
17,000 
  
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
A 
10,146,960 
7,600 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 
9/26 at 52.09 
A 
2,819,752 
 
  
9/01/39 – NPFG Insured 
 
 
 
 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: 
 
 
 
7,700 
  
0.000%, 9/01/27 – NPFG Insured 
9/20 at 67.94 
A 
4,936,239 
10,075 
  
0.000%, 3/01/36 – NPFG Insured 
9/20 at 41.72 
A 
3,917,966 
5,000 
  
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 
12/17 at 100.00 
AA (4) 
5,017,850 
 
  
5.350%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured 
 
 
 
8,000 
  
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A 
11,268,880 
 
  
Utilities, Series 2008, 6.500%, 11/15/38 
 
 
 
 
26 NUVEEN

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Colorado (continued) 
 
 
 
$        5,000 
  
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding 
11/21 at 100.00 
Baa1 
$    5,694,450 
 
  
Series 2011, 6.000%, 11/01/26 
 
 
 
3,750 
  
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
7/20 at 100.00 
BBB+ 
4,112,475 
 
  
Activity Bonds, Series 2010, 6.000%, 1/15/41 
 
 
 
4,945 
  
Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Series 
11/26 at 100.00 
AA+ 
5,762,211 
 
  
2017A, 5.000%, 11/01/40 
 
 
 
155,775 
  
Total Colorado 
 
 
132,052,586 
 
  
Connecticut – 0.8% 
 
 
 
1,500 
  
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, 
7/21 at 100.00 
A 
1,606,380 
 
  
Series 2011A, 5.000%, 7/01/41 
 
 
 
8,440 
  
Connecticut State, General Obligation Bonds, Series 2015E, 5.000%, 8/01/29 
8/25 at 100.00 
A+ 
9,699,417 
5,000 
  
Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/33 
11/25 at 100.00 
A+ 
5,648,350 
9,230 
  
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 
No Opt. Call 
N/R 
369,211 
 
  
2013A, 6.050%, 7/01/31, (cash 4.000%, PIK 2.050%) (6) 
 
 
 
24,170 
  
Total Connecticut 
 
 
17,323,358 
 
  
District of Columbia – 1.8% 
 
 
 
15,000 
  
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
12/17 at 17.31 
N/R 
2,188,500 
 
  
Series 2006A, 0.000%, 6/15/46 
 
 
 
14,110 
  
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, 
4/22 at 100.00 
BBB+ 
15,003,868 
 
  
Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
  
5.000%, 10/01/53 
 
 
 
10,000 
  
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
BBB+ 
12,060,200 
 
  
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5) 
 
 
 
10,000 
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
4/18 at 100.00 
AA+ 
10,022,800 
 
  
Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured 
 
 
 
49,110 
  
Total District of Columbia 
 
 
39,275,368 
 
  
Florida – 4.9% 
 
 
 
3,000 
  
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – 
10/21 at 100.00 
AA 
3,349,140 
 
  
AGM Insured 
 
 
 
565 
  
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/25 at 100.00 
N/R 
602,629 
 
  
Charter School Income Projects, Series 2015A, 6.000%, 6/15/35 
 
 
 
4,000 
  
Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37 (WI/DD, 
10/27 at 100.00 
AA– 
4,733,400 
 
  
Settling 11/07/17) 
 
 
 
2,845 
  
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding 
10/19 at 100.00 
AA– (4) 
3,052,287 
 
  
Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19) 
 
 
 
2,290 
  
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/24 at 100.00 
A+ 
2,574,006 
 
  
Subordinate Lien Series 2015B, 5.000%, 10/01/40 
 
 
 
5,090 
  
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 
7/20 at 100.00 
A 
5,506,158 
 
  
5.000%, 7/01/40 
 
 
 
9,500 
  
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s 
8/21 at 100.00 
A+ (4) 
11,101,035 
 
  
Hospital, Series 2010A, 6.000%, 8/01/46 (Pre-refunded 8/01/21) 
 
 
 
2,000 
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding 
10/24 at 100.00 
A 
2,278,840 
 
  
Series 2014B, 5.000%, 10/01/37 
 
 
 
6,000 
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, 
10/19 at 100.00 
A (4) 
6,499,740 
 
  
5.500%, 10/01/36 (Pre-refunded 10/01/19) 
 
 
 
4,000 
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
A 
4,395,240 
 
  
5.000%, 10/01/29 
 
 
 
4,000 
  
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 
7/22 at 100.00 
AA 
4,520,280 
 
  
5.000%, 7/01/42 
 
 
 
 
NUVEEN 27
 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Florida (continued) 
 
 
 
$       9,590 
  
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 
10/20 at 100.00 
AA 
$   10,468,636 
 
  
10/01/39 – AGM Insured 
 
 
 
10,725 
  
Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, 
5/24 at 100.00 
AA+ (4) 
12,944,646 
 
  
5.000%, 11/01/44 (Pre-refunded 5/01/24) 
 
 
 
3,250 
  
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, 
11/22 at 100.00 
BBB+ 
3,436,582 
 
  
Series 2013A, 5.000%, 11/01/43 
 
 
 
6,865 
  
South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 
5/25 at 100.00 
AA 
7,122,163 
 
  
4.000%, 5/01/34 
 
 
 
3,035 
  
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/18 at 100.00 
AA– 
3,045,410 
 
  
Obligation Group, Refunding Series 2007, 5.000%, 8/15/19 
 
 
 
14,730 
  
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
1/18 at 100.00 
AA– 
14,760,933 
 
  
Obligation Group, Refunding Series 2007, 5.000%, 8/15/42 (UB) (7) 
 
 
 
3,300 
  
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
3,669,237 
 
  
5.000%, 11/15/33 
 
 
 
94,785 
  
Total Florida 
 
 
104,060,362 
 
  
Georgia – 0.9% 
 
 
 
3,325 
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/40 
5/25 at 100.00 
Aa2 
3,840,907 
2,290 
  
Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, 
4/27 at 100.00 
A 
2,579,456 
 
  
Inc. Project, Series 2017A, 5.000%, 4/01/47 
 
 
 
6,000 
  
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/27 at 100.00 
AA– 
7,252,500 
 
  
Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42 
 
 
 
2,415 
  
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 
1/25 at 100.00 
A 
2,724,192 
 
  
2015A, 5.000%, 1/01/35 
 
 
 
2,000 
  
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
10/26 at 100.00 
AA+ 
2,315,860 
 
  
Refunding Series 2016A, 5.000%, 10/01/46 
 
 
 
16,030 
  
Total Georgia 
 
 
18,712,915 
 
  
Guam – 0.0% 
 
 
 
330 
  
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 
10/23 at 100.00 
BBB 
375,949 
 
  
(Alternative Minimum Tax) 
 
 
 
 
  
Hawaii – 0.2% 
 
 
 
3,625 
  
Honolulu City and County, Hawaii, General Obligation Bonds, Refunding Series 2009A, 5.250%, 
4/19 at 100.00 
Aa1 (4) 
3,832,277 
 
  
4/01/32 (Pre-refunded 4/01/19) 
 
 
 
 
  
Illinois – 14.9% 
 
 
 
5,000 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement 
4/27 at 100.00 
A 
5,872,200 
 
  
Revenues, Series 2016, 6.000%, 4/01/46 
 
 
 
5,000 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/25 at 100.00 
B 
5,798,350 
 
  
2016A, 7.000%, 12/01/44 
 
 
 
2,945 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
B 
3,349,348 
 
  
2016B, 6.500%, 12/01/46 
 
 
 
4,710 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/27 at 100.00 
B 
5,592,466 
 
  
2017A, 7.000%, 12/01/46 
 
 
 
17,725 
  
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
A 
13,902,781 
 
  
Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured 
 
 
 
7,495 
  
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
A 
4,088,972 
 
  
Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured 
 
 
 
1,500 
  
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36 
1/22 at 100.00 
AA+ 
1,595,385 
 
  
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A: 
 
 
 
2,750 
  
4.750%, 1/01/30 – AGM Insured 
1/18 at 100.00 
AA 
2,760,312 
5,000 
  
4.625%, 1/01/31 – AGM Insured 
1/18 at 100.00 
AA 
5,018,100 
 
28 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Illinois (continued) 
 
 
 
$         285 
  
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured 
1/18 at 100.00 
AA– 
$       286,188 
7,750 
  
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured 
1/18 at 100.00 
AA 
7,768,910 
5,000 
  
Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured 
1/18 at 100.00 
AA 
5,027,850 
3,320 
  
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation 
No Opt. Call 
A+ 
3,137,865 
 
  
Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured 
 
 
 
8,875 
  
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 
11/20 at 100.00 
AA– 
9,541,069 
3,260 
  
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
B+ 
3,527,255 
 
  
Corporation Project, Series 2010, 6.500%, 10/15/40 
 
 
 
5,000 
  
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37 
11/22 at 100.00 
AAA 
5,610,650 
13,070 
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and 
No Opt. Call 
Aa3 
12,822,454 
 
  
DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured 
 
 
 
14,960 
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and 
No Opt. Call 
Aa3 (4) 
14,754,898 
 
  
DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured (ETM) 
 
 
 
1,800 
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and 
No Opt. Call 
A2 
1,757,826 
 
  
Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured 
 
 
 
1,875 
  
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 
11/19 at 100.00 
AA+ 
2,021,475 
3,000 
  
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 
11/19 at 100.00 
AA+ 
3,178,440 
1,415 
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
A 
1,518,833 
 
  
6.000%, 5/15/39 
 
 
 
3,110 
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
N/R (4) 
3,466,033 
 
  
6.000%, 5/15/39 (Pre-refunded 5/15/20) 
 
 
 
 
  
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A: 
 
 
 
45 
  
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
50,209 
4,755 
  
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
BBB– (4) 
5,305,391 
 
  
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B: 
 
 
 
70 
  
5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured 
5/18 at 100.00 
AA (4) 
71,485 
1,930 
  
5.000%, 5/15/19 (Pre-refunded 5/15/18) – AGM Insured 
5/18 at 100.00 
AA (4) 
1,970,955 
5,000 
  
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/25 at 100.00 
A+ 
5,507,600 
 
  
Series 2015A, 5.000%, 11/15/38 
 
 
 
4,475 
  
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
8/18 at 100.00 
BBB+ 
4,575,150 
 
  
Refunding Series 2008A, 5.500%, 8/15/30 
 
 
 
 
  
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
 
 
 
 
  
Refunding Series 2015C: 
 
 
 
560 
  
5.000%, 8/15/35 
8/25 at 100.00 
Baa1 
610,411 
825 
  
5.000%, 8/15/44 
8/25 at 100.00 
Baa1 
884,812 
2,500 
  
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 
2/21 at 100.00 
AA– (4) 
2,840,125 
 
  
5.500%, 8/15/41 (Pre-refunded 2/15/21) 
 
 
 
3,000 
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 
10/21 at 100.00 
AA+ 
3,232,590 
620 
  
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 
No Opt. Call 
N/R (4) 
630,515 
 
  
7.000%, 2/15/18 (ETM) 
 
 
 
3,750 
  
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – 
12/17 at 100.00 
BBB– 
3,758,325 
 
  
AMBAC Insured 
 
 
 
5,000 
  
Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/28 (WI/DD, 
11/27 at 100.00 
BBB– 
5,472,700 
 
  
Settling 11/08/17) 
 
 
 
1,755 
  
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 
2/27 at 100.00 
BBB 
1,914,951 
655 
  
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 
8/22 at 100.00 
BBB 
699,959 
5,590 
  
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
AA– 
6,237,042 
 
  
5.000%, 1/01/38 
 
 
 
5,000 
  
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel 
1/18 at 100.00 
N/R 
4,605,900 
 
  
Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured (6) 
 
 
 
 
NUVEEN 29
 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Illinois (continued) 
 
 
 
$      16,800 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
A 
$    15,104,040 
 
  
Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured 
 
 
 
 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
  
Project, Refunding Series 2002B: 
 
 
 
3,070 
  
5.500%, 6/15/20 – NPFG Insured 
6/18 at 100.50 
A 
3,111,537 
3,950 
  
5.550%, 6/15/21 – NPFG Insured 
6/18 at 100.50 
A 
4,003,562 
9,270 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
A 
9,141,332 
 
  
Project, Series 1993A, 0.010%, 6/15/18 – FGIC Insured 
 
 
 
 
  
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 
A 
7,150,240 
3,635 
  
0.000%, 6/15/21 – NPFG Insured 
No Opt. Call 
A 
3,314,102 
5,190 
  
0.000%, 6/15/28 – NPFG Insured 
No Opt. Call 
A 
3,508,959 
11,675 
  
0.000%, 6/15/29 – FGIC Insured 
No Opt. Call 
A 
7,538,781 
 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
  
Project, Series 2002A: 
 
 
 
10,000 
  
5.700%, 6/15/24 – NPFG Insured 
6/22 at 101.00 
A 
11,507,500 
4,950 
  
0.000%, 12/15/32 – NPFG Insured 
No Opt. Call 
A 
2,719,876 
21,375 
  
0.000%, 6/15/34 – NPFG Insured 
No Opt. Call 
A 
10,853,156 
21,000 
  
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
A 
9,941,400 
21,970 
  
0.000%, 6/15/36 – NPFG Insured 
No Opt. Call 
A 
10,114,109 
10,375 
  
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
A 
4,677,776 
10,000 
  
0.000%, 12/15/37 – NPFG Insured 
No Opt. Call 
A 
4,299,200 
25,825 
  
0.000%, 6/15/39 – NPFG Insured 
No Opt. Call 
A 
10,272,152 
6,095 
  
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
AA 
8,329,793 
 
  
Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured 
 
 
 
8,000 
  
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
AA 
10,436,320 
 
  
Illinois, General Obligation Bonds, Series 2003A, 6.000%, 7/01/33 – NPFG Insured 
 
 
 
5,020 
  
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville 
No Opt. Call 
AA 
4,176,088 
 
  
Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured 
 
 
 
615 
  
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42 
10/23 at 100.00 
A– 
702,465 
1,575 
  
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School 
No Opt. Call 
A3 
1,570,621 
 
  
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured 
 
 
 
720 
  
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School 
No Opt. Call 
A3 (4) 
718,783 
 
  
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM) 
 
 
 
2,550 
  
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
A+ 
2,256,724 
 
  
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured 
 
 
 
780 
  
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
A3 (4) 
718,864 
 
  
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM) 
 
 
 
382,065 
  
Total Illinois 
 
 
316,933,160 
 
  
Indiana – 2.1% 
 
 
 
5,010 
  
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 
5/23 at 100.00 
A 
5,467,613 
 
  
2012A, 5.000%, 5/01/42 
 
 
 
2,250 
  
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, 
6/25 at 100.00 
AA 
2,316,825 
 
  
Refunding 2015A, 4.000%, 12/01/40 
 
 
 
5,740 
  
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
7/23 at 100.00 
A– 
6,169,467 
 
  
Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax) 
 
 
 
2,250 
  
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint 
5/18 at 100.00 
Aa3 (4) 
2,297,092 
 
  
Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured 
 
 
 
2,000 
  
Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 
7/26 at 100.00 
A+ 
2,278,560 
 
  
5.000%, 1/01/42 
 
 
 
 
30 NUVEEN

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Indiana (continued) 
 
 
 
 
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
 
 
 
$       12,550 
  
0.000%, 2/01/21 – AMBAC Insured 
No Opt. Call 
AA 
$    11,829,128 
2,400 
  
0.000%, 2/01/25 – AMBAC Insured 
No Opt. Call 
AA 
1,983,144 
14,595 
  
0.000%, 2/01/27 – AMBAC Insured 
No Opt. Call 
AA 
11,193,635 
46,795 
  
Total Indiana 
 
 
43,535,464 
 
  
Iowa – 1.3% 
 
 
 
14,500 
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/18 at 100.00 
B 
14,852,640 
 
  
Project, Series 2013, 5.500%, 12/01/22 
 
 
 
 
  
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
175 
  
5.375%, 6/01/38 
12/17 at 100.00 
B+ 
174,988 
7,000 
  
5.625%, 6/01/46 
12/17 at 100.00 
B+ 
7,029,960 
4,965 
  
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
12/17 at 100.00 
B+ 
4,998,315 
 
  
5.600%, 6/01/34 
 
 
 
26,640 
  
Total Iowa 
 
 
27,055,903 
 
  
Kentucky – 0.5% 
 
 
 
605 
  
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue 
1/18 at 100.00 
A 
606,827 
 
  
Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured 
 
 
 
 
  
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky 
 
 
 
 
  
International Airport, Series 2016: 
 
 
 
1,530 
  
5.000%, 1/01/27 
1/26 at 100.00 
A+ 
1,797,245 
1,600 
  
5.000%, 1/01/28 
1/26 at 100.00 
A+ 
1,862,848 
1,750 
  
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
6/18 at 100.00 
AA 
1,775,672 
 
  
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured 
 
 
 
6,000 
  
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
7/31 at 100.00 
Baa3 
5,264,880 
 
  
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5) 
 
 
 
11,485 
  
Total Kentucky 
 
 
11,307,472 
 
  
Louisiana – 1.1% 
 
 
 
2,310 
  
Louisiana Local Government Environmental Facilities and Community Development Authority, 
8/20 at 100.00 
BBB 
2,606,304 
 
  
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 
 
 
 
5,450 
  
Louisiana Local Government Environmental Facilities and Community Development Authority, 
11/20 at 100.00 
BBB 
6,151,524 
 
  
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35 
 
 
 
4,420 
  
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 
7/23 at 100.00 
AA– 
5,090,779 
 
  
5.000%, 7/01/28 
 
 
 
9,040 
  
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, 
1/27 at 100.00 
A– 
10,400,701 
 
  
Series 2017A, 5.000%, 1/01/48 
 
 
 
21,220 
  
Total Louisiana 
 
 
24,249,308 
 
  
Maine – 0.3% 
 
 
 
4,250 
  
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
BBB 
4,469,852 
 
  
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 
 
 
 
1,050 
  
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical 
7/21 at 100.00 
BB 
1,140,720 
 
  
Center, Series 2011, 6.750%, 7/01/41 
 
 
 
5,300 
  
Total Maine 
 
 
5,610,572 
 
  
Maryland – 0.5% 
 
 
 
 
  
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: 
 
 
 
630 
  
5.000%, 9/01/31 
9/27 at 100.00 
BBB– 
737,730 
1,465 
  
5.000%, 9/01/32 
9/27 at 100.00 
BBB– 
1,707,370 
1,820 
  
5.000%, 9/01/34 
9/27 at 100.00 
BBB– 
2,102,682 
2,350 
  
Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line 
9/26 at 100.00 
BBB+ 
2,636,911 
 
  
Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/41 (Alternative Minimum Tax) 
 
 
 
 
NUVEEN 31
 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Maryland (continued) 
 
 
 
$       1,050 
  
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, 
7/25 at 100.00 
BBB 
$    1,141,770 
 
  
Meritus Medical Center, Series 2015, 5.000%, 7/01/40 
 
 
 
1,500 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/22 at 100.00 
Baa3 
1,677,135 
 
  
Healthcare, Series 2011A, 6.125%, 1/01/36 
 
 
 
8,815 
  
Total Maryland 
 
 
10,003,598 
 
  
Massachusetts – 1.9% 
 
 
 
 
  
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A: 
 
 
 
1,450 
  
5.250%, 7/01/34 (Pre-refunded 7/01/18) 
7/18 at 100.00 
N/R (4) 
1,489,773 
3,550 
  
5.250%, 7/01/34 (Pre-refunded 7/01/18) 
7/18 at 100.00 
AAA 
3,649,791 
2,100 
  
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare 
11/23 at 100.00 
A+ 
2,352,210 
 
  
Obligated Group, Series 2013, 5.250%, 11/15/41 
 
 
 
 
  
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, 
 
 
 
 
  
Series 2016E: 
 
 
 
2,905 
  
5.000%, 7/01/35 
7/26 at 100.00 
BBB 
3,267,399 
1,105 
  
5.000%, 7/01/36 
7/26 at 100.00 
BBB 
1,239,313 
2,765 
  
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, 
12/26 at 100.00 
A1 
3,162,026 
 
  
Series 2016N, 5.000%, 12/01/41 
 
 
 
500 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., 
7/18 at 100.00 
A– (4) 
513,470 
 
  
Series 2008E-1 &2, 5.125%, 7/01/38 (Pre-refunded 7/01/18) 
 
 
 
770 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, 
7/19 at 100.00 
BBB 
820,012 
 
  
Refunding Series 2009A, 5.750%, 7/01/39 
 
 
 
1,530 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, 
7/19 at 100.00 
N/R (4) 
1,646,158 
 
  
Refunding Series 2009A, 5.750%, 7/01/39 (Pre-refunded 7/01/19) 
 
 
 
9,910 
  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 
12/18 at 100.00 
AA 
10,121,281 
 
  
(Alternative Minimum Tax) 
 
 
 
9,110 
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 
5/23 at 100.00 
AA+ 
10,366,451 
 
  
2013A, 5.000%, 5/15/43 
 
 
 
980 
  
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 
No Opt. Call 
A+ 
708,266 
 
  
1997A, 0.000%, 1/01/29 – NPFG Insured 
 
 
 
320 
  
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 
2/18 at 100.00 
Aaa 
321,235 
 
  
5.500%, 8/01/30 
 
 
 
36,995 
  
Total Massachusetts 
 
 
39,657,385 
 
  
Michigan – 3.5% 
 
 
 
 
  
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding 
 
 
 
 
  
Series 2013: 
 
 
 
1,930 
  
6.000%, 10/01/33 
10/23 at 100.00 
N/R 
1,895,009 
2,520 
  
6.000%, 10/01/43 
10/23 at 100.00 
N/R 
2,364,970 
5,870 
  
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 
11/17 at 100.00 
B– 
5,814,939 
 
  
5.500%, 5/01/21 
 
 
 
1,415 
  
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A 
1,570,112 
 
  
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
15 
  
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 
1/18 at 100.00 
A 
15,031 
 
  
7/01/35 – NPFG Insured 
 
 
 
3,000 
  
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
A 
3,624,840 
 
  
7/01/29 – FGIC Insured 
 
 
 
3,395 
  
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 
7/18 at 100.00 
AA+ (4) 
3,494,881 
 
  
7/01/36 (Pre-refunded 7/01/18) – BHAC Insured 
 
 
 
7,525 
  
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – 
7/18 at 100.00 
AA+ 
7,728,852 
 
  
FGIC Insured 
 
 
 
2,200 
  
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2005B, 4.750%, 
7/18 at 100.00 
AA+ (4) 
2,253,834 
 
  
7/01/34 (Pre-refunded 7/01/18) – BHAC Insured 
 
 
 
 
32 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Michigan (continued) 
 
 
 
$         5 
  
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%, 
1/18 at 100.00 
A 
$       5,015 
 
  
7/01/34 – NPFG Insured 
 
 
 
5 
  
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 
1/18 at 100.00 
A 
5,014 
 
  
7/01/34 – NPFG Insured 
 
 
 
895 
  
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson 
5/20 at 100.00 
A2 
956,585 
 
  
Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured 
 
 
 
1,105 
  
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson 
5/20 at 100.00 
A2 (4) 
1,213,831 
 
  
Methodist Hospital, Series 2010, 5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured 
 
 
 
1,950 
  
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/22 at 100.00 
A 
2,122,907 
 
  
Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 
 
 
 
4,585 
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
12/21 at 100.00 
AA– 
5,057,484 
 
  
5.000%, 12/01/39 
 
 
 
15 
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
12/21 at 100.00 
N/R (4) 
17,121 
 
  
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
 
 
 
5,000 
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 
6/22 at 100.00 
AA– 
5,623,000 
 
  
5.000%, 12/01/35 
 
 
 
6,000 
  
Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, 
11/26 at 100.00 
AA+ 
6,169,680 
 
  
Refunding and Project Series 2010F-6, 4.000%, 11/15/47 
 
 
 
2,155 
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 
10/20 at 100.00 
AAA 
2,383,559 
 
  
5.000%, 10/01/29 (Pre-refunded 10/01/20) 
 
 
 
5,000 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/21 at 100.00 
Aa2 
5,681,050 
 
  
2011-II-A, 5.375%, 10/15/41 
 
 
 
10,000 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 
10/25 at 100.00 
Aa2 
11,800,700 
 
  
5.000%, 4/15/30 
 
 
 
2,890 
  
Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 
3/22 at 100.00 
A1 
3,175,966 
1,150 
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
Aaa 
1,218,161 
 
  
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 
 
 
 
1,100 
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County 
12/25 at 100.00 
A 
1,252,570 
 
  
Airport, Series 2015D, 5.000%, 12/01/45 
 
 
 
69,725 
  
Total Michigan 
 
 
75,445,111 
 
  
Minnesota – 0.6% 
 
 
 
1,585 
  
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 
11/17 at 100.00 
BBB+ 
1,599,107 
6,375 
  
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare 
11/18 at 100.00 
A+ (4) 
6,739,586 
 
  
Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18) 
 
 
 
3,200 
  
Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 
No Opt. Call 
AA 
4,078,976 
 
  
2016B, 5.000%, 11/15/34 
 
 
 
11,160 
  
Total Minnesota 
 
 
12,417,669 
 
  
Missouri – 0.8% 
 
 
 
3,465 
  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/23 at 100.00 
A2 
3,776,815 
 
  
CoxHealth, Series 2013A, 5.000%, 11/15/48 
 
 
 
12,000 
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, 
6/20 at 100.00 
AA– 
12,883,320 
 
  
Series 2010B, 5.000%, 6/01/30 
 
 
 
15,465 
  
Total Missouri 
 
 
16,660,135 
 
  
Montana – 0.1% 
 
 
 
1,115 
  
Billings, Montana, Sewer System Revenue Bonds, Series 2017, 5.000%, 7/01/33 
7/27 at 100.00 
AA+ 
1,332,860 
 
  
Nebraska – 0.4% 
 
 
 
1,855 
  
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 
9/22 at 100.00 
A 
2,020,596 
1,400 
  
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 
11/25 at 100.00 
A– 
1,551,760 
 
  
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 
 
 
 
 
NUVEEN 33
 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Nebraska (continued) 
 
 
 
$       5,000 
  
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%, 
2/18 at 100.00 
AA (4) 
$    5,055,450 
 
  
2/01/39 (Pre-refunded 2/01/18) 
 
 
 
8,255 
  
Total Nebraska 
 
 
8,627,806 
 
  
Nevada – 2.4% 
 
 
 
5,075 
  
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
5,575,852 
 
  
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 
6,162,106 
10,000 
  
5.000%, 6/01/34 
12/24 at 100.00 
Aa1 
11,761,900 
9,000 
  
5.000%, 6/01/39 
12/24 at 100.00 
Aa1 
10,476,990 
5,505 
  
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water Improvement 
6/26 at 100.00 
Aa1 
6,422,959 
 
  
Series 2016A, 5.000%, 6/01/41 
 
 
 
10,000 
  
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured 
11/17 at 100.00 
A 
10,009,700 
1,500 
  
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax 
6/18 at 100.00 
Ba3 
1,524,990 
 
  
Revenue Bonds Series 2008A, 6.750%, 6/15/28 
 
 
 
46,300 
  
Total Nevada 
 
 
51,934,497 
 
  
New Hampshire – 0.1% 
 
 
 
1,500 
  
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group 
10/19 at 100.00 
Baa1 (4) 
1,641,150 
 
  
Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 
 
 
 
 
  
New Jersey – 4.0% 
 
 
 
930 
  
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
1/24 at 100.00 
AA 
1,035,992 
 
  
Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) 
 
 
 
6,000 
  
New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding 
12/26 at 100.00 
A– 
7,016,520 
 
  
Series 2016BBB, 5.500%, 6/15/31 
 
 
 
5,990 
  
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
No Opt. Call 
AA 
7,171,108 
 
  
2005N-1, 5.500%, 9/01/25 – AGM Insured 
 
 
 
4,000 
  
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
3/23 at 100.00 
A– 
4,397,440 
 
  
Bonds, Refunding Series 2013NN, 5.000%, 3/01/25 
 
 
 
3,300 
  
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/18 at 100.00 
BB+ 
3,365,208 
 
  
University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
9,420 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
A– 
5,187,688 
 
  
Appreciation Series 2010A, 0.000%, 12/15/31 
 
 
 
 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding 
 
 
 
 
  
Series 2006C: 
 
 
 
30,000 
  
0.000%, 12/15/30 – FGIC Insured 
No Opt. Call 
A 
18,027,300 
27,000 
  
0.000%, 12/15/32 – AGM Insured 
No Opt. Call 
AA 
15,169,140 
4,500 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 
6/23 at 100.00 
A– 
4,872,510 
 
  
5.000%, 6/15/29 
 
 
 
 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: 
 
 
 
2,750 
  
5.250%, 6/15/32 
6/25 at 100.00 
A– 
3,059,595 
2,150 
  
5.250%, 6/15/34 
6/25 at 100.00 
A– 
2,367,924 
2,000 
  
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2017B, 5.000%, 1/01/40 
1/28 at 100.00 
A+ 
2,332,840 
1,135 
  
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 
5/23 at 100.00 
Aa3 
1,283,628 
 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
  
Series 2007-1A: 
 
 
 
4,335 
  
4.625%, 6/01/26 
12/17 at 100.00 
BBB 
4,352,557 
6,215 
  
4.750%, 6/01/34 
12/17 at 100.00 
BB– 
6,034,206 
109,725 
  
Total New Jersey 
 
 
85,673,656 
 
  
New Mexico – 0.0% 
 
 
 
735 
  
University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21 
No Opt. Call 
AA 
796,012 
 
34 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
New York – 4.2% 
 
 
 
$       4,030 
  
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory 
7/27 at 100.00 
Aa3 
$    4,679,636 
 
  
Facilities, Series 2017A, 5.000%, 7/01/46 
 
 
 
5,160 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 
5/19 at 100.00 
AA+ (4) 
5,497,825 
 
  
5.500%, 5/01/33 (Pre-refunded 5/01/19) – BHAC Insured 
 
 
 
12,855 
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 
5/21 at 100.00 
A– 
14,206,446 
 
  
5.000%, 5/01/38 
 
 
 
9,850 
  
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium 
3/18 at 100.00 
A 
9,865,563 
 
  
Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured 
 
 
 
3,525 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
6/19 at 100.00 
AA+ 
3,746,758 
 
  
Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 
 
 
 
11,755 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
12,800,255 
 
  
Center Project, Class 1 Series 2014, 5.000%, 11/15/44 
 
 
 
5,825 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A+ 
6,721,701 
 
  
Center Project, Series 2011, 5.750%, 11/15/51 
 
 
 
8,270 
  
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport 
7/24 at 100.00 
BBB 
9,057,883 
 
  
Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) 
 
 
 
9,925 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
11,012,383 
 
  
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
7,000 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA 
5/27 at 100.00 
AA– 
8,358,560 
 
  
Bridges & Tunnels, Series 2017B, 5.000%, 11/15/38 
 
 
 
3,000 
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
5/25 at 100.00 
AA– 
3,417,180 
 
  
Series 2015A, 5.000%, 11/15/50 
 
 
 
650 
  
TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B, 
No Opt. Call 
BBB 
726,271 
 
  
5.000%, 6/01/24 
 
 
 
81,845 
  
Total New York 
 
 
90,090,461 
 
  
North Carolina – 1.1% 
 
 
 
3,000 
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/18 at 100.00 
AA– (4) 
3,024,630 
 
  
Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47 (Pre-refunded 1/15/18) 
 
 
 
1,500 
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/21 at 100.00 
AA– 
1,660,620 
 
  
Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37 
 
 
 
3,000 
  
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, 
10/26 at 100.00 
AA+ 
3,517,380 
 
  
Refunding Series 2016B, 5.000%, 10/01/44 
 
 
 
 
  
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes 
 
 
 
 
  
Project, Series 2015: 
 
 
 
905 
  
5.000%, 12/31/37 (Alternative Minimum Tax) 
6/25 at 100.00 
BBB– 
980,930 
4,175 
  
5.000%, 6/30/54 (Alternative Minimum Tax) 
6/25 at 100.00 
BBB– 
4,470,674 
2,010 
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/20 at 100.00 
AA (4) 
2,200,789 
 
  
Health System, Series 2010A, 5.000%, 6/01/42 (Pre-refunded 6/01/20) 
 
 
 
2,995 
  
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 
7/26 at 100.00 
BBB– 
3,276,560 
 
  
5.000%, 7/01/51 
 
 
 
 
  
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior 
 
 
 
 
  
Lien Series 2017: 
 
 
 
1,625 
  
5.000%, 1/01/30 
1/27 at 100.00 
BBB 
1,900,681 
1,850 
  
5.000%, 1/01/32 
1/27 at 100.00 
BBB 
2,138,045 
21,060 
  
Total North Carolina 
 
 
23,170,309 
 
  
North Dakota – 0.5% 
 
 
 
7,820 
  
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 
11/21 at 100.00 
A+ 
9,134,386 
 
  
6.250%, 11/01/31 
 
 
 
1,840 
  
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated 
12/27 at 100.00 
A– 
2,052,814 
 
  
Group, Series 2017A, 5.000%, 12/01/42 
 
 
 
9,660 
  
Total North Dakota 
 
 
11,187,200 
 
NUVEEN 35
 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Ohio – 3.8% 
 
 
 
$       9,405 
  
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 
2/18 at 100.00 
N/R (4) 
$    9,518,989 
 
  
2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18) 
 
 
 
595 
  
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 
2/18 at 100.00 
A1 
601,605 
 
  
2008A, 5.250%, 2/15/43 
 
 
 
 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
  
Bonds, Senior Lien, Series 2007A-2: 
 
 
 
12,205 
  
5.875%, 6/01/30 
12/17 at 100.00 
B– 
11,605,735 
4,020 
  
6.000%, 6/01/42 
12/17 at 100.00 
B– 
3,833,351 
11,940 
  
5.875%, 6/01/47 
12/17 at 100.00 
B– 
11,223,600 
16,415 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/22 at 100.00 
B– 
16,340,640 
 
  
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
 
 
 
3,485 
  
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 
6/27 at 100.00 
AA– 
3,574,286 
 
  
4.000%,12/01/46 
 
 
 
1,730 
  
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
2,013,824 
 
  
2011A, 6.000%, 11/15/41 
 
 
 
13,000 
  
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
B1 
12,865,710 
 
  
Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory put 9/15/21) 
 
 
 
4,110 
  
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth 
6/25 at 100.00 
AA 
4,597,117 
 
  
Bypass Project, Series 2015, 5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax) 
 
 
 
4,975 
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 
2/23 at 100.00 
A+ 
5,534,986 
 
  
2013A-1, 5.000%, 2/15/48 
 
 
 
81,880 
  
Total Ohio 
 
 
81,709,843 
 
  
Oklahoma – 1.0% 
 
 
 
1,400 
  
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue 
8/21 at 100.00 
N/R 
1,631,448 
 
  
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 
 
 
 
4,000 
  
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Refunding Series 
7/26 at 100.00 
AAA 
4,699,600 
 
  
2016, 5.000%, 7/01/36 
 
 
 
 
  
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical 
 
 
 
 
  
Center, Refunding Series 2015A: 
 
 
 
1,590 
  
5.000%, 8/15/27 
8/25 at 100.00 
AA– 
1,880,700 
1,250 
  
5.000%, 8/15/29 
8/25 at 100.00 
AA– 
1,460,038 
10,000 
  
Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A, 
1/26 at 100.00 
AA– 
11,540,000 
 
  
5.000%, 1/01/42 
 
 
 
18,240 
  
Total Oklahoma 
 
 
21,211,786 
 
  
Oregon – 0.6% 
 
 
 
3,580 
  
Eugene, Oregon, Electric Utility Revenue Bonds, Series 2017, 5.000%, 8/01/47 
8/27 at 100.00 
Aa2 
4,184,376 
1,750 
  
Metro, Oregon, Dedicated Tax Revenue Bonds, Oregon Convention Center Hotel, Series 2017, 
6/27 at 100.00 
Aa3 
2,010,540 
 
  
5.000%, 6/15/47 
 
 
 
 
  
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior 
 
 
 
 
  
Lien Series 2017C: 
 
 
 
3,525 
  
5.000%, 11/15/25 
No Opt. Call 
AAA 
4,338,746 
2,000 
  
5.000%, 11/15/26 
No Opt. Call 
AAA 
2,491,860 
10,855 
  
Total Oregon 
 
 
13,025,522 
 
  
Pennsylvania – 0.9% 
 
 
 
3,155 
  
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger 
2/27 at 100.00 
AA 
3,633,266 
 
  
Health System, Series 2017A-2, 5.000%, 2/15/39 
 
 
 
 
  
Pennsylvania State University, Revenue Bonds, Refunding Series 2016A: 
 
 
 
1,325 
  
5.000%, 9/01/35 
9/26 at 100.00 
Aa1 
1,564,110 
2,000 
  
5.000%, 9/01/41 
9/26 at 100.00 
Aa1 
2,323,360 
2,715 
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, 
12/21 at 100.00 
AA– 
2,995,568 
 
  
Subordinate Series 2011B, 5.000%, 12/01/41 
 
 
 
 
36 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Pennsylvania (continued) 
 
 
 
$       7,500 
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, 
12/22 at 100.00 
AA– 
$    8,336,250 
 
  
Subordinate Series 2013A, 5.000%, 12/01/43 
 
 
 
1,250 
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special 
No Opt. Call 
AA– 
1,137,038 
 
  
Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5) 
 
 
 
17,945 
  
Total Pennsylvania 
 
 
19,989,592 
 
  
South Carolina – 1.7% 
 
 
 
 
  
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: 
 
 
 
12,760 
  
0.000%, 1/01/28 – AMBAC Insured 
No Opt. Call 
AA 
9,437,296 
9,535 
  
0.000%, 1/01/29 – AMBAC Insured 
No Opt. Call 
AA 
6,785,869 
8,000 
  
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 
12/26 at 100.00 
A+ 
8,919,760 
 
  
2016B, 5.000%, 12/01/56 
 
 
 
5,500 
  
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
6/25 at 100.00 
A+ 
6,091,305 
 
  
Improvement Series 2015A, 5.000%, 12/01/50 
 
 
 
3,455 
  
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 
6/24 at 100.00 
A+ 
3,903,390 
 
  
5.500%, 12/01/54 
 
 
 
39,250 
  
Total South Carolina 
 
 
35,137,620 
 
  
Tennessee – 1.9% 
 
 
 
2,780 
  
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, 
4/18 at 100.00 
A+ 
2,826,259 
 
  
Refunding & Improvement Series 2008, 5.625%, 4/01/38 
 
 
 
7,520 
  
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, 
4/18 at 100.00 
N/R (4) 
7,661,301 
 
  
Refunding & Improvement Series 2008, 5.625%, 4/01/38 (Pre-refunded 4/01/18) 
 
 
 
6,000 
  
Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue 
5/27 at 100.00 
AA+ 
7,065,000 
 
  
Bonds, Series 2017A, 5.000%, 5/15/42 
 
 
 
2,260 
  
Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue 
7/27 at 100.00 
AA 
2,651,161 
 
  
Bonds, Green Series 2017A, 5.000%, 7/01/42 (WI/DD, Settling 11/02/17) 
 
 
 
10,000 
  
Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, 
11/27 at 100.00 
AA+ 
11,792,200 
 
  
Series 2017A, 5.000%, 11/01/47 
 
 
 
7,245 
  
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2017A, 4.000%, 5/01/48 
5/23 at 104.43 
A 
7,930,812 
 
  
(Mandatory put 5/01/23), (WI/DD, Settling 11/07/17) 
 
 
 
35,805 
  
Total Tennessee 
 
 
39,926,733 
 
  
Texas – 13.6% 
 
 
 
5,110 
  
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, 
No Opt. Call 
N/R 
51 
 
  
Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6) 
 
 
 
2,420 
  
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A, 
1/23 at 100.00 
BBB+ 
2,643,802 
 
  
5.000%, 1/01/43 
 
 
 
7,500 
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 
11/21 at 100.00 
A+ 
8,320,575 
 
  
5.000%, 11/01/38 (Alternative Minimum Tax) 
 
 
 
240 
  
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 
9/24 at 100.00 
BB+ 
255,550 
 
  
5.250%, 9/01/44 
 
 
 
5,000 
  
El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of Obligation, 
8/23 at 100.00 
AA– 
5,367,850 
 
  
Series 2013, 5.000%, 8/15/39 
 
 
 
6,005 
  
Friendswood Independent School District, Galveston County, Texas, General Obligation Bonds, 
2/18 at 100.00 
AAA 
6,073,517 
 
  
Schoolhouse Series 2008, 5.000%, 2/15/37 (Pre-refunded 2/15/18) 
 
 
 
27,340 
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien 
10/23 at 100.00 
AA+ 
31,043,203 
 
  
Series 2013B, 5.000%, 4/01/53 
 
 
 
2,845 
  
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston 
6/25 at 100.00 
AA 
2,919,966 
 
  
Methodist Hospital System, Series 2015, 4.000%, 12/01/45 
 
 
 
5,000 
  
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A, 
8/26 at 100.00 
Aa2 
5,779,650 
 
  
5.000%, 8/15/41 
 
 
 
 
NUVEEN 37
 

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Texas (continued) 
 
 
 
$       7,295 
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding 
11/31 at 39.79 
AA 
$    1,608,475 
 
  
Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured 
 
 
 
11,900 
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 
No Opt. Call 
A 
8,269,191 
 
  
0.000%, 11/15/27 – NPFG Insured 
 
 
 
1,845 
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 
11/24 at 100.00 
A3 
2,089,979 
 
  
2014C, 5.000%, 11/15/32 
 
 
 
14,905 
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 59.10 
A 
6,801,301 
 
  
0.000%, 11/15/33 – NPFG Insured 
 
 
 
 
  
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
 
 
 
 
  
Project, Series 2001B: 
 
 
 
24,755 
  
0.000%, 9/01/29 – AMBAC Insured 
No Opt. Call 
A2 
16,964,354 
12,940 
  
0.000%, 9/01/30 – AMBAC Insured 
No Opt. Call 
A2 
8,449,044 
10,000 
  
0.000%, 9/01/31 – AMBAC Insured 
No Opt. Call 
A2 
6,230,800 
19,500 
  
0.000%, 9/01/32 – AMBAC Insured 
No Opt. Call 
A2 
11,537,760 
5,120 
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/25 at 100.00 
AAA 
5,941,760 
 
  
Bonds, Refunding Series 2015A, 5.000%, 8/15/39 
 
 
 
4,510 
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/26 at 100.00 
AAA 
5,209,456 
 
  
Bonds, Refunding Series 2016A, 5.000%, 8/15/49 
 
 
 
2,000 
  
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, 
11/22 at 100.00 
A3 
2,221,600 
 
  
Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 
 
 
 
 
  
11/01/28 (Alternative Minimum Tax) 
 
 
 
1,750 
  
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 
4/21 at 100.00 
BBB 
1,920,363 
 
  
2011A, 7.250%, 4/01/36 
 
 
 
5,420 
  
North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement 
3/22 at 100.00 
AAA 
6,197,716 
 
  
Series 2012, 5.000%, 9/01/26 
 
 
 
 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation 
 
 
 
 
  
Series 2008I: 
 
 
 
30,000 
  
6.200%, 1/01/42 – AGC Insured 
1/25 at 100.00 
AA 
37,640,700 
5,220 
  
6.500%, 1/01/43 
1/25 at 100.00 
A1 
6,569,840 
765 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 
1/18 at 100.00 
AA+ 
770,745 
 
  
5.750%, 1/01/40 – BHAC Insured 
 
 
 
3,190 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 
1/18 at 100.00 
AA+ (4) 
3,214,786 
 
  
5.750%, 1/01/40 (Pre-refunded 1/01/18) 
 
 
 
2,365 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 
1/18 at 100.00 
AA+ (4) 
2,383,376 
 
  
5.750%, 1/01/40 (Pre-refunded 1/01/18) – BHAC Insured 
 
 
 
15,450 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 
No Opt. Call 
AA 
8,197,307 
 
  
0.000%, 1/01/36 – AGC Insured 
 
 
 
9,020 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
A1 
10,152,371 
 
  
5.000%, 1/01/40 
 
 
 
8,000 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2017A, 
1/28 at 100.00 
A1 
9,255,760 
 
  
5.000%, 1/01/43 (WI/DD, Settling 11/01/17) 
 
 
 
9,100 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 
1/25 at 100.00 
A2 
10,454,717 
 
  
5.000%, 1/01/32 
 
 
 
2,000 
  
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
7/22 at 100.00 
N/R 
20 
 
  
Company, Series 2003A, 5.800%, 7/01/22 (6) 
 
 
 
2,000 
  
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment 
7/18 at 100.00 
A3 
2,000,280 
 
  
Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax) 
 
 
 
 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
 
 
 
 
  
Bonds, Scott & White Healthcare Project, Series 2010: 
 
 
 
355 
  
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R (4) 
396,074 
4,455 
  
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
AA– (4) 
4,976,948 
3,970 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
1/19 at 100.00 
AA 
4,179,140 
 
  
Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured 
 
 
 
 
38 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Texas (continued) 
 
 
 
$       1,030 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, 
1/19 at 100.00 
AA (4) 
$    1,094,251 
 
  
Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured 
 
 
 
1,750 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas 
8/26 at 100.00 
AA 
2,008,300 
 
  
Health Resources System, Series 2016A, 5.000%, 2/15/41 
 
 
 
7,250 
  
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
BBB+ 
8,890,095 
 
  
Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
 
  
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012: 
 
 
 
2,500 
  
5.000%, 12/15/26 
12/22 at 100.00 
A3 
2,854,025 
10,400 
  
5.000%, 12/15/32 
12/22 at 100.00 
A3 
11,610,040 
7,180 
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
8/22 at 100.00 
A– 
7,974,395 
 
  
Refunding Series 2012A, 5.000%, 8/15/41 
 
 
 
3,000 
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
8/24 at 100.00 
A– 
3,389,370 
 
  
Refunding Series 2015B, 5.000%, 8/15/37 
 
 
 
1,750 
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier 
8/24 at 100.00 
BBB+ 
1,980,598 
 
  
Refunding Series 2015C, 5.000%, 8/15/33 
 
 
 
5,500 
  
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
No Opt. Call 
A– 
4,560,600 
 
  
2002A, 0.000%, 8/15/25 – AMBAC Insured 
 
 
 
319,650 
  
Total Texas 
 
 
290,399,701 
 
  
Utah – 0.4% 
 
 
 
5,345 
  
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 5.000%, 7/01/42 
7/27 at 100.00 
A+ 
6,235,851 
 
  
Salt Lake City, Utah, Sales Tax Revenue Bonds, Series 2017: 
 
 
 
695 
  
5.000%, 2/01/36 
2/27 at 100.00 
AA+ 
823,137 
1,150 
  
5.000%, 2/01/37 
2/27 at 100.00 
AA+ 
1,358,932 
540 
  
Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017A, 
3/27 at 100.00 
AA– 
633,544 
 
  
5.000%, 3/01/37 
 
 
 
7,730 
  
Total Utah 
 
 
9,051,464 
 
  
Virginia – 0.8% 
 
 
 
1,805 
  
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First 
7/26 at 100.00 
BBB 
2,027,286 
 
  
Tier Series 2016, 5.000%, 7/01/46 
 
 
 
4,355 
  
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
6/18 at 100.00 
B– 
4,204,883 
 
  
Series 2007B1, 5.000%, 6/01/47 
 
 
 
 
  
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, 
 
 
 
 
  
Opco LLC Project, Series 2012: 
 
 
 
4,180 
  
5.250%, 1/01/32 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
4,616,977 
1,355 
  
6.000%, 1/01/37 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
1,533,779 
3,770 
  
5.500%, 1/01/42 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
4,175,464 
15,465 
  
Total Virginia 
 
 
16,558,389 
 
  
Washington – 2.2% 
 
 
 
 
  
Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016: 
 
 
 
1,930 
  
5.000%, 2/01/29 
2/26 at 100.00 
AA– 
2,312,951 
1,000 
  
5.000%, 2/01/30 
2/26 at 100.00 
AA– 
1,190,980 
3,780 
  
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A 
4,095,176 
 
  
Center, Series 2011A, 5.625%, 1/01/35 
 
 
 
2,400 
  
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, 
12/20 at 100.00 
N/R (4) 
2,695,128 
 
  
Series 2010, 5.375%, 12/01/33 (Pre-refunded 12/01/20) 
 
 
 
12,000 
  
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, 
10/22 at 100.00 
AA– 
13,465,440 
 
  
Refunding Series 2012A, 5.000%, 10/01/33 
 
 
 
1,310 
  
Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, 
8/27 at 100.00 
BBB 
1,468,117 
 
  
Series 2017, 5.000%, 8/15/37 
 
 
 
2,500 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
12/17 at 100.00 
N/R (4) 
2,510,500 
 
  
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/01/17) 
 
 
 
 
NUVEEN 39

     
NUV 
Nuveen Municipal Value Fund, Inc. 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
             
Principal 
  
 
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
 
Provisions (2) 
Ratings (3) 
Value 
 
  
Washington (continued) 
 
 
 
 
 
  
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+ 
$    6,655,285 
16,195 
  
0.000%, 6/01/30 – NPFG Insured 
 
No Opt. Call 
AA+ 
11,442,901 
50,215 
  
Total Washington 
 
 
 
45,836,478 
 
  
West Virginia – 0.2% 
 
 
 
 
3,000 
  
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
A 
3,367,110 
 
  
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
 
 
  
Wisconsin – 3.5% 
 
 
 
 
5,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health 
 
11/21 at 100.00 
AA+ 
5,498,850 
 
  
Alliance Senior Credit Group, Series 2012D, 5.000%, 11/15/41 
 
 
 
 
10,350 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health 
 
5/26 at 100.00 
AA+ 
10,636,488 
 
  
Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 
 
 
 
 
7,115 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior 
11/19 at 100.00 
AA+ 
7,619,027 
 
  
Credit Group, Series 2010E, 5.000%, 11/15/33 
 
 
 
 
2,375 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
 
2/22 at 100.00 
A– 
2,559,656 
 
  
Series 2012B, 5.000%, 2/15/40 
 
 
 
 
4,410 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., 
 
6/22 at 100.00 
A3 
4,729,019 
 
  
Series 2012, 5.000%, 6/01/39 
 
 
 
 
2,500 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., 
 
12/18 at 100.00 
N/R (4) 
2,630,925 
 
  
Series 2009, 6.000%, 12/01/38 (Pre-refunded 12/01/18) 
 
 
 
 
 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., 
 
 
 
 
 
  
Series 2011A: 
 
 
 
 
3,500 
  
5.750%, 5/01/35 (Pre-refunded 5/01/21) 
 
5/21 at 100.00 
N/R (4) 
4,025,630 
5,000 
  
6.000%, 5/01/41 (Pre-refunded 5/01/21) 
 
5/21 at 100.00 
N/R (4) 
5,793,450 
6,600 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, 
 
8/22 at 100.00 
N/R (4) 
7,696,062 
 
  
Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) 
 
 
 
 
10,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, 
6/20 at 100.00 
AA– 
10,736,100 
 
  
Series 2010A, 5.000%, 6/01/30 
 
 
 
 
 
  
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: 
 
 
 
240 
  
5.750%, 5/01/33 (Pre-refunded 5/01/19) 
 
5/19 at 100.00 
N/R (4) 
256,490 
2,310 
  
5.750%, 5/01/33 (Pre-refunded 5/01/19) 
 
5/19 at 100.00 
Aa2 (4) 
2,468,720 
8,945 
  
6.250%, 5/01/37 (Pre-refunded 5/01/19) 
 
5/19 at 100.00 
Aa2 (4) 
9,625,808 
68,345 
  
Total Wisconsin 
 
 
 
74,276,225 
 
  
Wyoming – 0.2% 
 
 
 
 
2,035 
  
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power 
 
7/19 at 100.00 
A 
2,158,179 
 
  
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 
 
 
 
 
1,850 
  
West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40 
6/21 at 100.00 
BBB 
2,048,968 
3,885 
  
Total Wyoming 
 
 
 
4,207,147 
$ 2,213,485 
  
Total Municipal Bonds (cost $1,910,106,719) 
 
 
 
2,093,946,934 
 
Principal 
  
 
 
 
 
 
Amount (000) 
  
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
  
CORPORATE BONDS – 0.0% 
 
 
 
 
             
 
  
Transportation – 0.0% 
 
 
 
 
$        821 
  
Las Vegas Monorail Company, Senior Interest Bonds (8), (9) 
5.500% 
7/15/19 
N/R 
$         516,917 
224 
  
Las Vegas Monorail Company, Senior Interest Bonds (8), (9) 
5.500% 
7/15/55 
N/R 
114,071 
$     1,045 
  
Total Corporate Bonds (cost $75,893) 
 
 
 
630,988 
 
  
Total Long-Term Investments (cost $1,910,182,612) 
 
 
 
2,094,577,922 
 
40 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
SHORT-TERM INVESTMENTS – 0.2% 
 
 
 
           
 
  
MUNICIPAL BONDS – 0.2% 
 
 
 
           
 
  
Michigan – 0.2% 
 
 
 
$ 5,000 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Tender Option Bond 
10/25 at 100.00 
F-1+ 
$       5,000,000 
 
  
Floater 2015-XM0123, Variable Rate Demand Obligations, 1.120%, 5/15/34 (10) 
 
 
 
$ 5,000 
  
Total Short-Term Investments (cost $5,000,000) 
 
 
5,000,000 
 
  
Total Investments (cost $1,915,182,612) – 98.6% 
 
 
2,099,577,922 
 
  
Floating Rate Obligations – (0.3)% 
 
 
(6,630,000) 
 
  
Other Assets Less Liabilities – 1.7% 
 
 
37,098,138 
 
  
Net Assets – 100% 
 
 
$ 2,130,046,060 
 
(1)          All percentages shown in the Portfolio of Investments are based on net assets.
(2)          Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3)          For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)          Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)         Step-up coupon bond, a bond with a coupon that increases (“steps up“), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(6)          As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(7)          Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(8)          Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(9)          During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing income on the Fund’s records.
(10)        Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
ETM      Escrowed to maturity.
PIK        Payment-in-kind (“PIK”) security. Depending on the terms of the security, income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period.
UB         Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
WI/DD    Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.
NUVEEN 41
 

           
NUW 
 
 
 
 
         Nuveen AMT-Free Municipal Value Fund 
 
 
 
Portfolio of Investments 
 
October 31, 2017 
 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 104.6% 
 
 
 
           
 
  
MUNICIPAL BONDS – 104.6% 
 
 
 
           
 
  
Alaska – 0.3% 
 
 
 
 
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
  
Series 2006A: 
 
 
 
$       505 
  
4.625%, 6/01/23 
12/17 at 100.00 
Ba2 
$    519,428 
350 
  
5.000%, 6/01/46 
12/17 at 100.00 
B3 
335,510 
855 
  
Total Alaska 
 
 
854,938 
 
  
Arizona – 3.1% 
 
 
 
4,000 
  
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El 
2/19 at 100.00 
Baa1 
4,282,480 
 
  
Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40 
 
 
 
3,045 
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
3,724,614 
 
  
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
7,045 
  
Total Arizona 
 
 
8,007,094 
 
  
California – 18.6% 
 
 
 
1,500 
  
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
BBB+ 
1,709,160 
 
  
Subordinate Lien Series 2016B, 5.000%, 10/01/36 
 
 
 
1,730 
  
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
No Opt. Call 
AA 
1,119,656 
 
  
Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured 
 
 
 
2,500 
  
California State Public Works Board, Lease Revenue Bonds, Department of General Services 
4/19 at 100.00 
Aaa 
2,684,525 
 
  
Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34 (Pre-refunded 4/01/19) 
 
 
 
500 
  
California State, General Obligation Bonds, Tender Option Bond Trust 2016-XG0039, 17.400%, 
3/20 at 100.00 
AA 
694,115 
 
  
3/01/40 – AGM Insured (IF) (4) 
 
 
 
10,000 
  
Eastern Municipal Water District Financing Authority, California, Water and Wastewater Revenue 
7/27 at 100.00 
AA+ 
11,776,902 
 
  
Bonds, Series 2017D, 5.000%, 7/01/47 (UB) (4) 
 
 
 
4,155 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
12/17 at 100.00 
B+ 
4,141,455 
 
  
Bonds, Series 2007A-1, 5.000%, 6/01/33 
 
 
 
450 
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
639,364 
 
  
2009A, 6.500%, 11/01/39 
 
 
 
10,200 
  
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – 
8/29 at 100.00 
AA 
12,507,240 
 
  
AGC Insured (5) 
 
 
 
1,030 
  
Poway Unified School District, San Diego County, California, General Obligation Bonds, School 
No Opt. Call 
AA– 
554,490 
 
  
Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35 
 
 
 
2,500 
  
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate 
7/27 at 100.00 
A 
2,918,950 
 
  
Series 2017A, 5.000%, 7/01/47 
 
 
 
12,955 
  
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 
No Opt. Call 
AA 
6,889,599 
 
  
Election Series 2012G, 0.000%, 8/01/35 – AGM Insured 
 
 
 
5,185 
  
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding 
No Opt. Call 
AA 
1,455,792 
 
  
Series 2015, 0.000%, 8/01/44 
 
 
 
700 
  
Victor Elementary School District, San Bernardino County, California, General Obligation 
No Opt. Call 
Aa3 
607,565 
 
  
Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured 
 
 
 
53,405 
  
Total California 
 
 
47,698,813 
 
  
Colorado – 5.5% 
 
 
 
 
  
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, 
 
 
 
 
  
Refunding Senior Lien Series 2016: 
 
 
 
1,000 
  
5.000%, 12/01/30 
12/26 at 100.00 
Baa2 
1,159,650 
1,500 
  
5.000%, 12/01/36 
12/26 at 100.00 
Baa2 
1,697,385 
 
42 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Colorado (continued) 
 
 
 
$       5,885 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – 
No Opt. Call 
A 
$    3,201,558 
 
  
NPFG Insured 
 
 
 
3,605 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – 
9/20 at 67.94 
A 
2,311,057 
 
  
NPFG Insured 
 
 
 
4,000 
  
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/19 at 100.00 
AA (6) 
4,428,400 
 
  
Bonds, Refunding Series 2009, 6.375%, 12/01/37 (Pre-refunded 12/01/19) – AGC Insured 
 
 
 
1,000 
  
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A 
1,408,610 
 
  
Utilities, Series 2008, 6.500%, 11/15/38 
 
 
 
16,990 
  
Total Colorado 
 
 
14,206,660 
 
  
Florida – 8.5% 
 
 
 
500 
  
Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37 (WI/DD, 
10/27 at 100.00 
AA– 
591,675 
 
  
Settling 11/07/17) 
 
 
 
1,605 
  
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, 
11/24 at 100.00 
A2 
1,779,592 
 
  
5.000%, 11/15/45 
 
 
 
535 
  
Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic 
2/24 at 100.00 
AA 
606,267 
 
  
Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured 
 
 
 
9,500 
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 
10/19 at 100.00 
A 
10,225,420 
 
  
5.500%, 10/01/41 (UB) (4) 
 
 
 
 
  
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 
 
 
 
 
  
2009-B1: 
 
 
 
2,500 
  
6.000%, 7/01/38 (Pre-refunded 7/01/18) 
7/18 at 100.00 
AA (6) 
2,582,625 
2,000 
  
5.625%, 7/01/38 (Pre-refunded 7/01/18) 
7/18 at 100.00 
AA (6) 
2,061,160 
300 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
11/17 at 100.00 
N/R 
299,982 
 
  
Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39 
 
 
 
865 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/19 at 100.00 
N/R 
797,392 
 
  
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (5) 
 
 
 
375 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
290,482 
 
  
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (5) 
 
 
 
525 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 
5/18 at 100.00 
N/R 
5 
 
  
2007-3, 6.450%, 5/01/23 (7) 
 
 
 
45 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
5/18 at 100.00 
N/R 
45,088 
 
  
ParcelSeries 2007-1. RMKT, 6.450%, 5/01/23 
 
 
 
870 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
871,340 
 
  
2012A-1, 6.450%, 5/01/23 
 
 
 
1,315 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
1,056,721 
 
  
2015-1, 0.000%, 5/01/40 (7) 
 
 
 
805 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
532,902 
 
  
2015-2, 0.000%, 5/01/40 (7) 
 
 
 
880 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
9 
 
  
2015-3, 6.610%, 5/01/40 (7) 
 
 
 
22,620 
  
Total Florida 
 
 
21,740,660 
 
  
Georgia – 2.9% 
 
 
 
415 
  
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 
1/19 at 100.00 
A2 (6) 
444,170 
 
  
1/01/31 (Pre-refunded 1/01/19) 
 
 
 
1,000 
  
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air 
6/20 at 100.00 
Baa3 
1,152,500 
 
  
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
2,000 
  
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/27 at 100.00 
AA– 
2,417,500 
 
  
Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42 
 
 
 
2,000 
  
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 
1/25 at 100.00 
A 
2,256,060 
 
  
2015A, 5.000%, 1/01/35 
 
 
 
 
NUVEEN 43
 

     
NUW 
Nuveen AMT-Free Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Georgia (continued) 
 
 
 
$    1,000 
  
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, 
10/26 at 100.00 
AA+ 
$    1,157,930 
 
  
Refunding Series 2016A, 5.000%, 10/01/46 
 
 
 
6,415 
  
Total Georgia 
 
 
7,428,160 
 
  
Illinois – 12.5% 
 
 
 
2,000 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement 
4/27 at 100.00 
A 
2,348,880 
 
  
Revenues, Series 2016, 6.000%, 4/01/46 
 
 
 
 
  
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
470 
  
0.000%, 1/01/33 – FGIC Insured 
No Opt. Call 
A 
249,133 
3,000 
  
0.000%, 1/01/37 – FGIC Insured 
No Opt. Call 
A 
1,295,520 
2,000 
  
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2017, 5.000%, 11/15/38 
11/27 at 100.00 
AAA 
2,321,840 
5,035 
  
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 
8/19 at 100.00 
AA+ 
5,445,151 
 
  
6.000%, 8/15/39 
 
 
 
3,500 
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, 
5/19 at 100.00 
A2 (6) 
3,819,760 
 
  
11/15/37 (Pre-refunded 5/15/19) 
 
 
 
5,000 
  
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
11/18 at 100.00 
Aaa 
5,303,600 
 
  
Series 2009A, 7.250%, 11/01/38 (Pre-refunded 11/01/18) 
 
 
 
3,500 
  
Illinois Finance Authority, State of Illinois Clean Water Initiative Revolving Fund Revenue 
1/27 at 100.00 
AAA 
4,093,775 
 
  
Bonds, Series 2017, 5.000%, 7/01/37 
 
 
 
525 
  
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 
2/27 at 100.00 
BBB 
572,848 
11,420 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
A 
4,909,686 
 
  
Project, Series 2002A, 0.000%, 12/15/37 – NPFG Insured 
 
 
 
615 
  
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
A– 
702,465 
 
  
6.000%, 10/01/42 
 
 
 
745 
  
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
A+ 
636,573 
 
  
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – NPFG Insured 
 
 
 
300 
  
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
A3 (6) 
269,913 
 
  
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – NPFG Insured (ETM) 
 
 
 
38,110 
  
Total Illinois 
 
 
31,969,144 
 
  
Indiana – 4.0% 
 
 
 
5,000 
  
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 
3/19 at 100.00 
A+ (6) 
5,368,550 
 
  
2009A, 6.750%, 3/01/39 (Pre-refunded 3/01/19) 
 
 
 
1,600 
  
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint 
5/18 at 100.00 
Aa3 (6) 
1,633,488 
 
  
Francis Health Services Inc., Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured 
 
 
 
2,000 
  
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%, 
1/19 at 100.00 
A1 (6) 
2,114,440 
 
  
1/01/39 (Pre-refunded 1/01/19) 
 
 
 
1,500 
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – 
No Opt. Call 
AA 
1,239,465 
 
  
AMBAC Insured 
 
 
 
10,100 
  
Total Indiana 
 
 
10,355,943 
 
  
Iowa – 1.8% 
 
 
 
1,545 
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
12/18 at 100.00 
B 
1,582,574 
 
  
Project, Series 2013, 5.500%, 12/01/22 
 
 
 
3,075 
  
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
12/17 at 100.00 
B+ 
3,074,785 
 
  
5.375%, 6/01/38 
 
 
 
4,620 
  
Total Iowa 
 
 
4,657,359 
 
  
Kentucky – 0.5% 
 
 
 
1,150 
  
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky 
1/26 at 100.00 
A+ 
1,329,825 
 
  
International Airport, Series 2016, 5.000%, 1/01/29 
 
 
 
 
44 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Louisiana – 3.3% 
 
 
 
$       5,000 
  
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 
6/18 at 100.00 
AA (6) 
$    5,147,000 
 
  
6.125%, 6/01/25 (Pre-refunded 6/01/18) – AGC Insured 
 
 
 
3,255 
  
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 
12/17 at 100.00 
BBB 
3,264,667 
 
  
5.125%, 6/01/37 
 
 
 
8,255 
  
Total Louisiana 
 
 
8,411,667 
 
  
Maine – 1.5% 
 
 
 
3,335 
  
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, 
7/19 at 100.00 
Aa2 
3,918,025 
 
  
Tender Option Bond Trust 2016-XL0014, 11.906%, 7/01/39 (IF) (4) 
 
 
 
 
  
Maryland – 2.2% 
 
 
 
5,000 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health 
5/27 at 100.00 
A 
5,651,210 
 
  
Issue, Series 2017A, 5.000%, 5/15/45 
 
 
 
 
  
Massachusetts – 0.5% 
 
 
 
1,000 
  
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond 
8/19 at 100.00 
AAA 
1,193,680 
 
  
Trust 2015-XF2181, 11.700%, 8/01/38 (IF) (4) 
 
 
 
 
  
Minnesota – 0.5% 
 
 
 
1,145 
  
Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47 
12/26 at 100.00 
Aa3 
1,326,801 
 
  
Nebraska – 0.2% 
 
 
 
500 
  
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 
9/22 at 100.00 
A 
544,635 
 
  
Nevada – 3.3% 
 
 
 
5,415 
  
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 
6/19 at 100.00 
BBB+ (6) 
6,001,824 
 
  
6/15/30 (Pre-refunded 6/15/19) 
 
 
 
2,000 
  
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 
12/24 at 100.00 
Aa1 
2,328,220 
 
  
5.000%, 6/01/39 
 
 
 
7,415 
  
Total Nevada 
 
 
8,330,044 
 
  
New Jersey – 5.2% 
 
 
 
935 
  
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 
No Opt. Call 
A 
1,133,575 
 
  
2005N-1, 5.500%, 9/01/27 – FGIC Insured 
 
 
 
1,000 
  
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
3/21 at 100.00 
A– 
1,079,050 
 
  
Bonds, Refunding Series 2011GG, 5.000%, 9/01/22 
 
 
 
1,250 
  
New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, 
No Opt. Call 
A– 
1,341,663 
 
  
5.500%, 12/15/19 – AMBAC Insured 
 
 
 
 
  
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and 
 
 
 
 
  
Dentistry of New Jersey, Refunding Series 2009B: 
 
 
 
2,135 
  
7.125%, 12/01/23 (Pre-refunded 6/01/19) 
6/19 at 100.00 
N/R (6) 
2,333,491 
3,000 
  
7.500%, 12/01/32 (Pre-refunded 6/01/19) 
6/19 at 100.00 
N/R (6) 
3,296,490 
5,020 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
A– 
2,764,564 
 
  
Appreciation Series 2010A, 0.000%, 12/15/31 
 
 
 
255 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 
6/25 at 100.00 
A– 
278,371 
 
  
5.250%, 6/15/41 
 
 
 
1,000 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
12/17 at 100.00 
BBB– 
1,002,200 
 
  
Series 2007-1A, 5.000%, 6/01/29 
 
 
 
14,595 
  
Total New Jersey 
 
 
13,229,404 
 
  
New York – 3.0% 
 
 
 
1,450 
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
6/19 at 100.00 
AA+ 
1,541,220 
 
  
Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 
 
 
 
1,500 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
11/21 at 100.00 
A+ 
1,730,910 
 
  
Center Project, Series 2011, 5.750%, 11/15/51 
 
 
 
 
NUVEEN 45
 

     
NUW 
Nuveen AMT-Free Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
New York (continued) 
 
 
 
$     3,000 
  
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, 
No Opt. Call 
A 
$    3,978,600 
 
  
Series 2007, 5.500%, 10/01/37 
 
 
 
430 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
477,111 
 
  
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
6,380 
  
Total New York 
 
 
7,727,841 
 
  
North Carolina – 1.2% 
 
 
 
2,000 
  
North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, 
10/26 at 100.00 
AA+ 
2,344,920 
 
  
Refunding Series 2016B, 5.000%, 10/01/44 
 
 
 
700 
  
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior 
1/27 at 100.00 
BBB 
808,990 
 
  
Lien Series 2017, 5.000%, 1/01/32 
 
 
 
2,700 
  
Total North Carolina 
 
 
3,153,910 
 
  
Ohio – 5.1% 
 
 
 
3,500 
  
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 
2/19 at 100.00 
AA (6) 
3,707,200 
 
  
2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured 
 
 
 
 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
  
Bonds, Senior Lien, Series 2007A-2: 
 
 
 
2,115 
  
5.875%, 6/01/30 
12/17 at 100.00 
B– 
2,011,154 
5,910 
  
6.500%, 6/01/47 
12/17 at 100.00 
B– 
5,909,527 
1,305 
  
Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 4.000%, 12/01/46 
6/27 at 100.00 
AA– 
1,338,434 
12,830 
  
Total Ohio 
 
 
12,966,315 
 
  
Rhode Island – 1.3% 
 
 
 
3,000 
  
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, 
5/19 at 100.00 
Aaa 
3,270,780 
 
  
Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39 (Pre-refunded 5/15/19) 
 
 
 
 
  
South Carolina – 1.5% 
 
 
 
5,435 
  
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 
No Opt. Call 
AA 
3,867,981 
 
  
0.000%, 1/01/29 – AMBAC Insured 
 
 
 
 
  
Tennessee – 0.3% 
 
 
 
605 
  
Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue 
7/27 at 100.00 
AA 
709,713 
 
  
Bonds, Green Series 2017A, 5.000%, 7/01/42 (WI/DD, Settling 11/02/17) 
 
 
 
 
  
Texas – 8.1% 
 
 
 
2,000 
  
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2017, 5.000%, 11/15/35 
11/26 at 100.00 
AA 
2,356,100 
1,855 
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 
10/23 at 100.00 
BBB+ 
2,111,009 
 
  
2013A, 5.500%, 4/01/53 
 
 
 
 
  
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
 
 
 
 
  
Project, Series 2001B: 
 
 
 
3,000 
  
0.000%, 9/01/32 – AMBAC Insured 
No Opt. Call 
A2 
1,775,040 
7,935 
  
0.000%, 9/01/33 – AMBAC Insured 
No Opt. Call 
A2 
4,448,044 
915 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/25 at 100.00 
A1 
1,024,635 
 
  
5.000%, 1/01/45 
 
 
 
5,435 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 
1/18 at 100.00 
A2 (6) 
5,477,230 
 
  
5.750%, 1/01/38 (Pre-refunded 1/01/18) 
 
 
 
250 
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas 
8/26 at 100.00 
AA 
286,900 
 
  
Health Resources System, Series 2016A, 5.000%, 2/15/41 
 
 
 
1,500 
  
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 
12/22 at 100.00 
A3 
1,674,525 
 
  
2012, 5.000%, 12/15/32 
 
 
 
 
  
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School 
 
 
 
 
  
Building Series 2010: 
 
 
 
2,000 
  
0.000%, 8/15/33 
No Opt. Call 
AAA 
951,500 
1,945 
  
0.000%, 8/15/38 
No Opt. Call 
AAA 
694,598 
26,835 
  
Total Texas 
 
 
20,799,581 
 
46 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Utah – 0.6% 
 
 
 
$       1,405 
  
Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 5.000%, 7/01/42 
7/27 at 100.00 
A+ 
$    1,639,171 
 
  
Virginia – 2.4% 
 
 
 
1,160 
  
Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First 
7/26 at 100.00 
BBB 
1,294,537 
 
  
Tier Series 2016, 5.000%, 7/01/51 
 
 
 
1,400 
  
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital 
7/28 at 100.00 
BBB 
1,185,534 
 
  
Appreciation Series 2012B, 0.000%, 7/15/40 (5) 
 
 
 
1,500 
  
Virginia Housing Development Authority, Rental Housing Bonds, Series 2016B, 3.350%, 5/01/36 
5/25 at 100.00 
AA+ 
1,511,115 
2,000 
  
Washington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Mountain 
1/19 at 100.00 
BBB+ 
2,120,080 
 
  
States Health Alliance, Series 2009C, 7.750%, 7/01/38 
 
 
 
6,060 
  
Total Virginia 
 
 
6,111,266 
 
  
Washington – 1.1% 
 
 
 
3,330 
  
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric 
No Opt. Call 
AA+ 
2,377,687 
 
  
System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29 – NPFG Insured 
 
 
 
440 
  
Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, 
8/27 at 100.00 
BBB 
493,108 
 
  
Series 2017, 5.000%, 8/15/37 
 
 
 
3,770 
  
Total Washington 
 
 
2,870,795 
 
  
West Virginia – 0.7% 
 
 
 
1,500 
  
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
A 
1,683,555 
 
  
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
 
  
Wisconsin – 4.9% 
 
 
 
1,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/22 at 100.00 
A– 
1,110,430 
 
  
Series 2012B, 5.000%, 2/15/27 
 
 
 
1,605 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. 
2/19 at 100.00 
N/R (6) 
1,716,820 
 
  
Obligated Group, Series 2009, 6.625%, 2/15/39 (Pre-refunded 2/15/19) 
 
 
 
9,000 
  
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 
5/19 at 100.00 
Aa2 (6) 
9,651,697 
 
  
6.000%, 5/01/36 (Pre-refunded 5/01/19) 
 
 
 
11,605 
  
Total Wisconsin 
 
 
12,478,947 
$ 284,680 
  
Total Long-Term Investments (cost $238,468,624) 
 
 
268,133,917 
 
  
Floating Rate Obligations – (5.9)% 
 
 
(15,125,000) 
 
  
Other Assets Less Liabilities – 1.3% 
 
 
3,272,179 
 
  
Net Assets – 100% 
 
 
$ 256,281,096 
 
(1)          All percentages shown in the Portfolio of Investments are based on net assets.
(2)          Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3)          For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)          Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)          Step-up coupon bond, a bond with a coupon that increases (“steps up“), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(6)          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.
(7)          As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
ETM       Escrowed to maturity.
IF           Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
UB         Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
WI/DD    Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.
NUVEEN 47

   
NMI 
 
Nuveen Municipal Income Fund, Inc. 
 
Portfolio of Investments 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 99.7% 
 
 
 
           
 
  
MUNICIPAL BONDS – 99.7% 
 
 
 
           
 
  
Arizona – 2.8% 
 
 
 
$       600 
  
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, 
12/24 at 100.00 
A2 
$    674,112 
 
  
Refunding Series 2014A, 5.000%, 12/01/39 
 
 
 
1,250 
  
Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & 
7/27 at 100.00 
AA– 
1,410,212 
 
  
Science Projects, Series 2017A, 5.000%, 7/01/37 
 
 
 
515 
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
624,623 
 
  
Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28 
 
 
 
2,365 
  
Total Arizona 
 
 
2,708,947 
 
  
California – 17.2% 
 
 
 
5,530 
  
Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 
No Opt. Call 
A+ 
4,939,838 
 
  
1997A, 0.000%, 9/01/22 – NPFG Insured 
 
 
 
 
  
Brea Olinda Unified School District, Orange County, California, General Obligation Bonds, 
 
 
 
 
  
Series 1999A: 
 
 
 
2,000 
  
0.000%, 8/01/21 – FGIC Insured 
No Opt. Call 
Aa2 
1,889,040 
2,070 
  
0.000%, 8/01/22 – FGIC Insured 
No Opt. Call 
AA– 
1,904,504 
2,120 
  
0.000%, 8/01/23 – FGIC Insured 
No Opt. Call 
AA– 
1,900,919 
305 
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
12/18 at 100.00 
Baa2 
310,929 
 
  
Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21 
 
 
 
375 
  
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB+ 
403,166 
 
  
of the West, Series 2010, 6.000%, 10/01/29 
 
 
 
275 
  
California Statewide Communities Development Authority, Revenue Bonds, Front Porch Communities 
4/27 at 100.00 
A– 
286,839 
 
  
and Services Project, Series 2017A, 4.000%, 4/01/36 
 
 
 
1,000 
  
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
1/18 at 100.00 
CCC 
1,000,020 
 
  
Health System, Series 2005A, 5.500%, 7/01/39 (4) 
 
 
 
940 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
12/17 at 100.00 
B3 
939,981 
 
  
Bonds, Series 2007A-1, 5.750%, 6/01/47 
 
 
 
250 
  
Madera County, California, Certificates of Participation, Children’s Hospital Central 
3/20 at 100.00 
AA– 
268,085 
 
  
California, Series 2010, 5.375%, 3/15/36 
 
 
 
300 
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A 
429,795 
 
  
2009A, 7.000%, 11/01/34 
 
 
 
250 
  
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– 
272,202 
 
  
Bonds, Refunding Series 2010, 6.125%, 6/30/37 
 
 
 
385 
  
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
A– (5) 
444,606 
 
  
Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24 (Pre-refunded 2/01/21) 
 
 
 
500 
  
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
1/25 at 100.00 
BBB– 
548,580 
 
  
Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 
 
 
 
1,000 
  
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, 
12/21 at 100.00 
A+ (5) 
1,186,620 
 
  
Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22 (Pre-refunded 12/01/21) 
 
 
 
17,300 
  
Total California 
 
 
16,725,124 
 
  
Colorado – 9.6% 
 
 
 
 
  
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding 
 
 
 
 
  
Series 2013A: 
 
 
 
150 
  
5.125%, 12/01/29 
12/23 at 100.00 
BBB 
165,139 
250 
  
5.375%, 12/01/33 
12/23 at 100.00 
BBB 
276,475 
350 
  
Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The 
6/27 at 100.00 
BBB 
388,500 
 
  
Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, 5.000%, 6/01/42 
 
 
 
 
48 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Colorado (continued) 
 
 
 
$       500 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods 
1/24 at 102.00 
N/R 
$    528,085 
 
  
Project, Refunding Series 2016, 5.000%, 1/01/37 
 
 
 
1,000 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth 
1/20 at 100.00 
AA– 
1,060,960 
 
  
Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
750 
  
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 
11/23 at 100.00 
AA 
866,257 
 
  
5.000%, 11/15/38 
 
 
 
1,000 
  
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 
11/22 at 100.00 
A+ 
1,145,100 
425 
  
Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Airlines, Inc. 
10/23 at 100.00 
BB– 
461,133 
 
  
Project, Refunding Series 2017, 5.000%, 10/01/32 (Alternative Minimum Tax) 
 
 
 
110 
  
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Bonds, 
12/25 at 100.00 
N/R 
118,393 
 
  
Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
1,000 
  
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
AA (5) 
1,147,190 
 
  
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
520 
  
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A 
625,321 
 
  
Utilities, Series 2008, 6.125%, 11/15/23 
 
 
 
1,500 
  
Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special 
12/27 at 100.00 
AA 
1,706,085 
 
  
Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/47 – AGM Insured 
 
 
 
270 
  
Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2007, 
12/17 at 100.00 
AA 
270,715 
 
  
5.250%, 12/01/34 – RAAI Insured 
 
 
 
500 
  
Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and 
12/23 at 100.00 
N/R 
533,125 
 
  
Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33 
 
 
 
8,325 
  
Total Colorado 
 
 
9,292,478 
 
  
Florida – 5.1% 
 
 
 
850 
  
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
9/23 at 100.00 
BBB– 
888,819 
 
  
Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33 
 
 
 
100 
  
Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy 
12/17 at 100.00 
N/R 
100,455 
 
  
Residential Services Inc., Series 1995, 8.000%, 6/01/22 
 
 
 
500 
  
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern 
4/21 at 100.00 
A– 
568,810 
 
  
University, Refunding Series 2011, 6.375%, 4/01/31 
 
 
 
800 
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
AA 
875,448 
 
  
5.000%, 10/01/35 – AGM Insured 
 
 
 
1,000 
  
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 
10/22 at 100.00 
Aa3 
1,126,740 
 
  
5.000%, 10/01/42 
 
 
 
515 
  
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 
10/20 at 100.00 
AA 
569,348 
 
  
5.375%, 10/01/40 
 
 
 
310 
  
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, 
4/22 at 100.00 
A 
342,014 
 
  
Inc., Series 2012A, 5.000%, 10/01/42 
 
 
 
455 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
11/17 at 100.00 
N/R 
455,491 
 
  
5.400%, 5/01/37 
 
 
 
4,530 
  
Total Florida 
 
 
4,927,125 
 
  
Georgia – 2.1% 
 
 
 
455 
  
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, 
7/25 at 100.00 
Aa3 
530,707 
 
  
Senior Lien Series 2015A-1, 5.250%, 7/01/40 
 
 
 
590 
  
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, 
11/23 at 100.00 
BBB+ 
614,904 
 
  
Trestletree Village Apartments, Series 2013A, 4.000%, 11/01/25 
 
 
 
325 
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 
11/19 at 100.00 
Aa2 (5) 
351,234 
 
  
11/01/34 (Pre-refunded 11/01/19) – AGM Insured 
 
 
 
175 
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 
11/19 at 100.00 
Aa2 
188,296 
 
  
11/01/34 – AGM Insured 
 
 
 
355 
  
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 
No Opt. Call 
A 
397,444 
1,900 
  
Total Georgia 
 
 
2,082,585 
 
NUVEEN 49

     
NMI 
Nuveen Municipal Income Fund, Inc. 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Hawaii – 0.3% 
 
 
 
$       250 
  
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
$    267,385 
 
  
University, Series 2013A, 6.625%, 7/01/33 
 
 
 
 
  
Illinois – 10.2% 
 
 
 
250 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement 
4/27 at 100.00 
A 
293,610 
 
  
Revenues, Series 2016, 6.000%, 4/01/46 
 
 
 
650 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/25 at 100.00 
B 
753,786 
 
  
2016A, 7.000%, 12/01/44 
 
 
 
1,000 
  
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, 
11/24 at 100.00 
A 
1,050,180 
 
  
Series 2002, 4.500%, 11/01/36 
 
 
 
1,000 
  
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Tender Option Bond 
8/18 at 100.00 
AA 
1,126,680 
 
  
Trust 2016-XG0008, 15.847%, 8/15/33 – AGC Insured (IF) (6) 
 
 
 
280 
  
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 
5/20 at 100.00 
AA– 
296,195 
 
  
5.125%, 5/15/35 
 
 
 
80 
  
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 
7/23 at 100.00 
A– 
91,508 
 
  
5.500%, 7/01/28 
 
 
 
250 
  
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/19 at 100.00 
Aaa 
269,295 
 
  
Series 2009C, 6.375%, 11/01/29 (Pre-refunded 5/01/19) 
 
 
 
200 
  
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
8/25 at 100.00 
Baa1 
214,500 
 
  
Refunding Series 2015C, 5.000%, 8/15/44 
 
 
 
500 
  
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 
8/19 at 100.00 
N/R (5) 
551,270 
 
  
7.000%, 8/15/44 (Pre-refunded 8/15/19) 
 
 
 
250 
  
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA (5) 
273,380 
 
  
Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured 
 
 
 
990 
  
Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31 
7/23 at 100.00 
BBB 
1,067,717 
220 
  
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel 
1/18 at 100.00 
D 
61,600 
 
  
Revenue Bonds, Series 2005B, 5.250%, 1/01/36 (7) 
 
 
 
1,555 
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
6/22 at 100.00 
BBB– 
1,552,372 
 
  
Refunding Series 2012B, 5.000%, 6/15/52 
 
 
 
450 
  
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana 
10/22 at 100.00 
Baa1 
503,982 
 
  
College, Series 2012, 5.000%, 10/01/27 
 
 
 
800 
  
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 
6/21 at 100.00 
A– 
902,336 
 
  
2010, 6.000%, 6/01/28 
 
 
 
315 
  
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – 
3/25 at 100.00 
AA 
350,904 
 
  
AGM Insured 
 
 
 
490 
  
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32 
10/23 at 100.00 
A– 
570,546 
9,280 
  
Total Illinois 
 
 
9,929,861 
 
  
Indiana – 1.9% 
 
 
 
525 
  
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational 
10/19 at 100.00 
B– 
529,893 
 
  
Excellence, Inc., Series 2009A, 7.000%, 10/01/39 
 
 
 
655 
  
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, 
7/23 at 100.00 
A– 
706,097 
 
  
Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax) 
 
 
 
500 
  
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 
9/21 at 100.00 
N/R (5) 
622,010 
 
  
8.000%, 9/01/41 (Pre-refunded 9/01/21) 
 
 
 
1,680 
  
Total Indiana 
 
 
1,858,000 
 
  
Iowa – 0.9% 
 
 
 
835 
  
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of 
10/21 at 100.00 
BBB 
905,708 
 
  
Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26 
 
 
 
 
50 NUVEEN

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Kansas – 0.3% 
 
 
 
$       330 
  
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park 
1/18 at 100.00 
BB+ 
$    330,538 
 
  
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 
 
 
 
 
  
Kentucky – 2.1% 
 
 
 
500 
  
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical 
6/20 at 100.00 
BBB (5) 
566,450 
 
  
Health System, Series 2010A, 6.500%, 3/01/45 (Pre-refunded 6/01/20) 
 
 
 
1,500 
  
Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, 
2/18 at 100.00 
Aaa 
1,519,125 
 
  
Jewish Hospital & Saint Mary’s HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 
 
 
 
 
  
(Pre-refunded 2/01/18) 
 
 
 
2,000 
  
Total Kentucky 
 
 
2,085,575 
 
  
Louisiana – 0.8% 
 
 
 
500 
  
Louisiana Local Government Environmental Facilities and Community Development Authority, 
1/19 at 100.00 
AA (5) 
525,670 
 
  
Revenue Refunding Bonds, City of Shreveport Airport System Project, Series 2008A, 5.750%, 
 
 
 
 
  
1/01/28 (Pre-refunded 1/01/19) – AGM Insured (Alternative Minimum Tax) 
 
 
 
200 
  
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, 
1/27 at 100.00 
A– 
226,690 
 
  
Series 2017B, 5.000%, 1/01/48 (Alternative Minimum Tax) 
 
 
 
700 
  
Total Louisiana 
 
 
752,360 
 
  
Maine – 0.5% 
 
 
 
500 
  
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
BBB 
516,635 
 
  
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 
 
 
 
 
  
Maryland – 1.9% 
 
 
 
1,000 
  
Maryland Economic Development Corporation, Economic Development Revenue Bonds, 
6/20 at 100.00 
Baa3 
1,066,490 
 
  
Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 
 
 
 
210 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park 
7/19 at 100.00 
BB+ 
216,798 
 
  
Public Charter School Issue, Series 2010, 6.000%, 7/01/40 
 
 
 
500 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional 
7/24 at 100.00 
A 
544,605 
 
  
Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 
 
 
 
1,710 
  
Total Maryland 
 
 
1,827,893 
 
  
Massachusetts – 0.6% 
 
 
 
500 
  
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, 
7/26 at 100.00 
BBB+ 
550,115 
 
  
Series 2016I, 5.000%, 7/01/46 
 
 
 
 
  
Michigan – 1.6% 
 
 
 
355 
  
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A 
393,915 
 
  
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
1,025 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/21 at 100.00 
Aa2 
1,166,717 
 
  
2011-II-A, 5.375%, 10/15/36 
 
 
 
1,380 
  
Total Michigan 
 
 
1,560,632 
 
  
Minnesota – 0.6% 
 
 
 
300 
  
City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker 
11/22 at 100.00 
N/R 
296,184 
 
  
Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31 
 
 
 
300 
  
Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes 
9/24 at 100.00 
N/R 
302,466 
 
  
Bloomington Project, Refunding Series 2017, 4.250%, 9/01/37 
 
 
 
600 
  
Total Minnesota 
 
 
598,650 
 
  
Mississippi – 1.5% 
 
 
 
310 
  
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
4/18 at 100.00 
BBB+ 
310,980 
 
  
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
 
 
 
1,000 
  
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial 
9/26 at 100.00 
BBB+ 
1,114,020 
 
  
Healthcare, Series 2016A, 5.000%, 9/01/36 
 
 
 
1,310 
  
Total Mississippi 
 
 
1,425,000 
 
NUVEEN 51
 

     
NMI 
Nuveen Municipal Income Fund, Inc. 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Missouri – 5.2% 
 
 
 
$ 265 
  
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, 
10/19 at 100.00 
A– 
$ 277,044 
 
  
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
 
 
 
135 
  
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
5/23 at 100.00 
BBB+ 
149,969 
 
  
Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 
 
 
 
1,000 
  
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
10/22 at 100.00 
BBB– 
1,073,220 
 
  
Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33 
 
 
 
200 
  
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
10/23 at 100.00 
A+ 
227,090 
 
  
University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 
 
 
 
850 
  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy 
11/27 at 100.00 
AA– 
873,307 
 
  
Health, Series 2017C, 4.000%, 11/15/47 (WI/DD, Settling 11/14/17) 
 
 
 
965 
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health 
2/22 at 100.00 
BBB+ 
1,056,270 
 
  
System, Series 2012, Reg S, 5.000%, 2/15/26 
 
 
 
500 
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, 
10/18 at 103.00 
BB+ 
530,175 
 
  
Series 1999, 6.000%, 10/01/25 
 
 
 
500 
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, 
10/18 at 103.00 
BB+ 
527,945 
 
  
Series 2011A, 5.250%, 10/01/20 
 
 
 
335 
  
Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, 
10/23 at 100.00 
N/R 
330,273 
 
  
Missouri Valley College, Series 2017, 4.500%, 10/01/40 
 
 
 
4,750 
  
Total Missouri 
 
 
5,045,293 
 
  
Nebraska – 0.5% 
 
 
 
400 
  
Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding 
5/21 at 100.00 
Aa3 
449,132 
 
  
Series 2011, 5.050%, 9/01/30 
 
 
 
 
  
New Jersey – 1.9% 
 
 
 
100 
  
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue 
No Opt. Call 
BBB– 
108,874 
 
  
Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) 
 
 
 
300 
  
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding 
7/27 at 100.00 
AA 
295,881 
 
  
Series 2017A, 3.125%, 7/01/31 – BAM Insured 
 
 
 
110 
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital 
7/25 at 100.00 
AA 
122,804 
 
  
Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
545 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 
6/25 at 100.00 
A– 
581,946 
 
  
5.000%, 6/15/45 
 
 
 
 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
  
Series 2007-1A: 
 
 
 
250 
  
4.625%, 6/01/26 
12/17 at 100.00 
BBB 
251,013 
500 
  
4.750%, 6/01/34 
12/17 at 100.00 
BB– 
485,455 
1,805 
  
Total New Jersey 
 
 
1,845,973 
 
  
New York – 2.1% 
 
 
 
630 
  
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
1/20 at 100.00 
AA+ (5) 
700,844 
 
  
Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 (Pre-refunded 1/15/20) 
 
 
 
60 
  
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, 
7/25 at 100.00 
BBB+ 
67,733 
 
  
Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 
 
 
 
160 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
2/21 at 100.00 
AA– 
182,384 
 
  
2011A, 5.750%, 2/15/47 
 
 
 
240 
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 
2/21 at 100.00 
Aa3 (5) 
274,826 
 
  
2011A, 5.750%, 2/15/47 (Pre-refunded 2/15/21) 
 
 
 
500 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
544,460 
 
  
Center Project, Class 1 Series 2014, 5.000%, 11/15/44 
 
 
 
265 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
294,033 
 
  
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
1,855 
  
Total New York 
 
 
2,064,280 
 
52 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
North Dakota – 0.7% 
 
 
 
$       200 
  
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center 
7/21 at 100.00 
N/R (5) 
$    225,166 
 
  
Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21) 
 
 
 
300 
  
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 
11/21 at 100.00 
A+ 
350,424 
 
  
6.250%, 11/01/31 
 
 
 
100 
  
Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes 
12/26 at 100.00 
N/R 
100,358 
 
  
and Services Obligated Group, Series 2017, 5.000%, 12/01/36 
 
 
 
600 
  
Total North Dakota 
 
 
675,948 
 
  
Ohio – 4.6% 
 
 
 
 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
  
Bonds, Senior Lien, Series 2007A-2: 
 
 
 
300 
  
5.375%, 6/01/24 
12/17 at 100.00 
B– 
285,222 
1,020 
  
5.125%, 6/01/24 
12/17 at 100.00 
B– 
956,250 
725 
  
6.000%, 6/01/42 
12/17 at 100.00 
B– 
691,338 
1,750 
  
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center 
8/21 at 100.00 
A2 
1,944,250 
 
  
Project, Refunding Series 2011, 5.250%, 8/01/36 
 
 
 
500 
  
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
539,965 
 
  
Refunding & improvement Series 2010, 6.375%, 4/01/30 
 
 
 
4,295 
  
Total Ohio 
 
 
4,417,025 
 
  
Oregon – 1.3% 
 
 
 
300 
  
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding 
5/22 at 100.00 
BBB 
318,576 
 
  
Series 2014A, 5.000%, 5/01/40 
 
 
 
850 
  
Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 
6/22 at 100.00 
A1 
952,782 
 
  
5.000%, 6/15/29 
 
 
 
1,150 
  
Total Oregon 
 
 
1,271,358 
 
  
Pennsylvania – 3.4% 
 
 
 
1,000 
  
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & Medical 
5/22 at 100.00 
A 
1,082,040 
 
  
Center Project, Series 2012A, 5.000%, 11/01/40 
 
 
 
45 
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
BBB+ 
47,172 
 
  
Ministries Project, Series 2009, 6.125%, 1/01/29 
 
 
 
415 
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R (5) 
438,842 
 
  
Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) 
 
 
 
560 
  
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue 
1/25 at 100.00 
BBB 
611,453 
 
  
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36 
 
 
 
1,000 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student 
7/22 at 100.00 
N/R (5) 
1,157,560 
 
  
Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41 (Pre-refunded 7/01/22) 
 
 
 
3,020 
  
Total Pennsylvania 
 
 
3,337,067 
 
  
South Carolina – 0.5% 
 
 
 
475 
  
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 
No Opt. Call 
A3 (5) 
505,999 
 
  
1991, 6.750%, 1/01/19 – FGIC Insured (ETM) 
 
 
 
 
  
South Dakota – 0.1% 
 
 
 
100 
  
Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, Series 
11/26 at 100.00 
N/R 
103,015 
 
  
2017, 5.125%, 11/01/47 
 
 
 
 
  
Tennessee – 2.4% 
 
 
 
1,250 
  
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic 
1/23 at 100.00 
BBB+ 
1,344,513 
 
  
Health Initiatives, Series 2013A, 5.250%, 1/01/45 
 
 
 
870 
  
Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
9/26 at 100.00 
BBB+ 
955,869 
 
  
University Health System, Inc., Series 2016, 5.000%, 9/01/47 
 
 
 
2,120 
  
Total Tennessee 
 
 
2,300,382 
 
NUVEEN 53
 

     
NMI 
Nuveen Municipal Income Fund, Inc. 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Texas – 9.4% 
 
 
 
$       670 
  
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
BBB+ 
$    750,393 
 
  
5.000%, 1/01/40 
 
 
 
335 
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 
10/23 at 100.00 
BBB+ 
372,922 
 
  
2013A, 5.125%, 10/01/43 
 
 
 
500 
  
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission 
5/25 at 100.00 
A+ 
570,615 
 
  
Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 
 
 
 
 
  
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option 
 
 
 
 
  
Bond Trust 2017-XG0134: 
 
 
 
150 
  
17.697%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6) 
1/18 at 100.00 
A2 (5) 
174,819 
850 
  
17.604%, 1/01/38 (Pre-refunded 1/01/18) (IF) (6) 
1/18 at 100.00 
A2 (5) 
972,205 
200 
  
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital 
9/31 at 100.00 
AA+ (5) 
224,470 
 
  
Appreciation Series 2011C, 0.000%, 9/01/43 (Pre-refunded 9/01/31) (8) 
 
 
 
410 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
A1 
461,471 
 
  
5.000%, 1/01/40 
 
 
 
500 
  
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 
1/25 at 100.00 
A2 
566,080 
 
  
5.000%, 1/01/38 
 
 
 
240 
  
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 
2/24 at 100.00 
Ba2 
255,180 
 
  
5.000%, 2/01/34 
 
 
 
295 
  
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 
No Opt. Call 
A 
363,936 
 
  
2007, 5.500%, 8/01/27 
 
 
 
 
  
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
  
Series 2012: 
 
 
 
1,165 
  
5.000%, 12/15/27 
12/22 at 100.00 
A3 
1,322,093 
505 
  
5.000%, 12/15/28 
12/22 at 100.00 
A3 
570,221 
405 
  
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility 
12/19 at 100.00 
Baa2 
449,420 
 
  
Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 
 
 
 
 
  
6.875%, 12/31/39 
 
 
 
770 
  
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ 
6/20 at 100.00 
Baa3 
869,692 
 
  
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40 
 
 
 
1,000 
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier 
8/24 at 100.00 
BBB+ 
1,135,730 
 
  
Refunding Series 2015C, 5.000%, 8/15/32 
 
 
 
45 
  
West Texas Independent School District, McLennan and Hill Counties, General Obligation 
2/18 at 66.33 
AAA 
29,463 
 
  
Refunding Bonds, Series 1998, 0.000%, 8/15/25 
 
 
 
8,040 
  
Total Texas 
 
 
9,088,710 
 
  
Virginia – 0.2% 
 
 
 
205 
  
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
7/22 at 100.00 
BBB 
232,048 
 
  
Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax) 
 
 
 
 
  
Washington – 0.5% 
 
 
 
500 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
12/17 at 100.00 
N/R (5) 
502,100 
 
  
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/01/17) 
 
 
 
 
  
Wisconsin – 6.9% 
 
 
 
290 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
A– 
304,712 
 
  
Inc., Series 2010B, 5.000%, 4/01/30 
 
 
 
955 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, 
10/21 at 100.00 
A+ 
1,041,131 
 
  
Series 2011A, 5.250%, 10/15/39 
 
 
 
1,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, 
10/22 at 100.00 
A2 
1,049,090 
 
  
Series 2012, 4.000%, 10/01/32 
 
 
 
1,155 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/26 at 100.00 
A– 
1,295,390 
 
  
Series 2016B, 5.000%, 2/15/35 
 
 
 
 
54 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Wisconsin (continued) 
 
 
 
$       1,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., 
5/21 at 100.00 
N/R (5) 
$  1,141,660 
 
  
Series 2011A, 5.500%, 5/01/31 (Pre-refunded 5/01/21) 
 
 
 
1,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. 
8/24 at 100.00 
A+ 
1,108,520 
 
  
Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 
 
 
 
500 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial 
7/24 at 100.00 
A– 
542,665 
 
  
Hospital, Inc., Series 2014B, 5.000%, 7/01/44 
 
 
 
200 
  
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson 
10/22 at 102.00 
N/R 
213,326 
 
  
Hollow Project. Series 2014, 5.125%, 10/01/34 
 
 
 
6,100 
  
Total Wisconsin 
 
 
6,696,494 
$     90,910 
  
Total Long-Term Investments (cost $88,186,930) 
 
 
96,879,435 
 
  
Other Assets Less Liabilities – 0.3% 
 
 
258,562 
 
  
Net Assets – 100% 
 
 
$ 97,137,997 
 
(1)          All percentages shown in the Portfolio of Investments are based on net assets.
(2)          Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3)          For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)          The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 0.25% effective May 11, 2016.
(5)          Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)          Investment, or portion of investment, has been pledged as collateral for the net payment obligations in inverse floating rate transactions.
(7)          On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.250% to 2.100%.
(8)          Step-up coupon bond, a bond with a coupon that increases (“steps up“), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
ETM       Escrowed to maturity.
IF           Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
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.
WI/DD    Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
See accompanying notes to financial statements.
NUVEEN 55
 

   
NEV 
 
Nuveen Enhanced Municipal Value Fund 
 
Portfolio of Investments 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
LONG-TERM INVESTMENTS – 110.3% 
 
 
 
           
 
  
MUNICIPAL BONDS – 109.7% 
 
 
 
           
 
  
Alabama – 0.4% 
 
 
 
$       1,350 
  
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, 10/01/48 – 
10/23 at 102.00 
AA 
$    1,517,265 
 
  
AGM Insured 
 
 
 
 
  
Arizona – 3.3% 
 
 
 
1,585 
  
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Banner 
1/22 at 100.00 
AA– 
2,174,366 
 
  
Health Systems, Tender Option Bond Trust 2015-XF2046, 15.314%, 1/01/43 (IF) (4) 
 
 
 
2,000 
  
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured 
10/19 at 100.00 
AA 
2,150,020 
1,295 
  
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, 
7/19 at 100.00 
AA 
1,366,963 
 
  
Series 2009, 6.500%, 7/15/31 – BAM Insured 
 
 
 
1,205 
  
Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, 
7/19 at 100.00 
AA (5) 
1,313,799 
 
  
Series 2009, 6.500%, 7/15/31 (Pre-refunded 7/15/19) – BAM Insured 
 
 
 
1,030 
  
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great 
7/21 at 100.00 
BB+ (5) 
1,222,239 
 
  
Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47 (Pre-refunded 7/01/21) 
 
 
 
320 
  
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 
12/17 at 102.00 
B 
313,206 
 
  
2008, 7.000%, 12/01/27 
 
 
 
1,835 
  
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, 
5/22 at 100.00 
BB– 
2,098,855 
 
  
Series 2012A, 9.750%, 5/01/25 
 
 
 
50 
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. 
No Opt. Call 
BBB+ 
60,632 
 
  
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32 
 
 
 
1,604 
  
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 
7/18 at 100.00 
N/R 
1,554,533 
 
  
2005, 6.000%, 7/01/30 
 
 
 
10,924 
  
Total Arizona 
 
 
12,254,613 
 
  
California – 14.5% 
 
 
 
180 
  
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second 
10/26 at 100.00 
BBB+ 
204,651 
 
  
Subordinate Lien Series 2016B, 5.000%, 10/01/37 
 
 
 
5,000 
  
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 
4/19 at 100.00 
AA (5) 
5,281,500 
 
  
2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19) 
 
 
 
920 
  
California Educational Facilities Authority, Revenue Bonds, University of Southern California, 
10/18 at 100.00 
Aa1 (5) 
1,062,388 
 
  
Tender Option Bond Trust 2015-XF2188, 16.269%, 10/01/38 (Pre-refunded 10/01/18) (IF) (4) 
 
 
 
2,040 
  
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA– 
2,793,311 
 
  
Tender Option Bond Trust 2015-XF0120, 21.241%, 10/01/39 (IF) (4) 
 
 
 
 
  
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option 
 
 
 
 
  
Bond Trust 2016-XG0048: 
 
 
 
300 
  
21.284%, 8/15/26 (IF) (4) 
8/20 at 100.00 
AA– 
475,308 
1,700 
  
21.284%, 8/15/26 (IF) (4) 
8/20 at 100.00 
AA– 
2,692,987 
1,000 
  
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 
11/19 at 100.00 
A3 (5) 
1,134,440 
 
  
2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19) 
 
 
 
3,450 
  
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/26 at 100.00 
BB 
3,757,878 
 
  
University Medical Center, Series 2016A, 5.250%, 12/01/56 
 
 
 
500 
  
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB+ 
536,100 
 
  
of the West, Series 2010, 5.750%, 10/01/25 
 
 
 
400 
  
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, 
12/21 at 100.00 
A+ 
486,228 
 
  
Subordinate Series 2011A, 7.000%, 12/01/36 
 
 
 
490 
  
Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities 
9/19 at 100.00 
N/R (5) 
537,716 
 
  
District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32 (Pre-refunded 9/01/19) 
 
 
 
 
56 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
California (continued) 
 
 
 
$       2,000 
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding 
No Opt. Call 
AA 
$    1,796,940 
 
  
Series 2013A, 0.000%, 1/15/29 – AGM Insured (6) 
 
 
 
1,885 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
12/17 at 100.00 
B3 
1,884,962 
 
  
Bonds, Series 2007A-1, 5.750%, 6/01/47 
 
 
 
 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
  
Bonds, Tender Option Bond Trust 2015-XF1038: 
 
 
 
1,250 
  
14.717%, 6/01/40 (IF) (4) 
6/25 at 100.00 
A+ 
1,985,225 
2,445 
  
14.706%, 6/01/40 (IF) (4) 
6/25 at 100.00 
A+ 
3,881,878 
2,550 
  
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 
7/21 at 100.00 
Aaa 
5,229,345 
 
  
2017-XF2453, 28.546%, 7/15/40 (Pre-refunded 7/15/21) (IF) (4) 
 
 
 
905 
  
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed 
12/17 at 100.00 
N/R 
905,344 
 
  
Bonds, Series 2007, 4.625%, 6/01/21 
 
 
 
225 
  
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 
No Opt. Call 
A 
215,415 
 
  
2007B, 2.331%, 11/15/27 (LIBOR* 0.67 reference rate + 1.45% spread) (12) 
 
 
 
1,710 
  
Los Angeles Community College District, California, General Obligation Bonds, Tender Option 
8/18 at 100.00 
AA+ (5) 
1,994,202 
 
  
Bond Trust 2016-XG0045, 20.730%, 8/01/33 (Pre-refunded 8/01/18) (IF) 
 
 
 
1,600 
  
Los Angeles County, California, Community Development Commission Headquarters Office Building, 
9/21 at 100.00 
Aa3 
2,620,144 
 
  
Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender 
 
 
 
 
  
Option Bond Trust 2016-XL0022, 19.617%, 9/01/42 (IF) (4) 
 
 
 
525 
  
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/20 at 100.00 
AA 
573,856 
 
  
Airport, Senior Lien Series 2010A, 5.000%, 5/15/31 
 
 
 
1,080 
  
National City Community Development Commission, California, Tax Allocation Bonds, National 
8/21 at 100.00 
A (5) 
1,307,221 
 
  
City Redevelopment Project, Series 2011, 7.000%, 8/01/32 (Pre-refunded 8/01/21) 
 
 
 
1,165 
  
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment 
9/21 at 100.00 
BBB+ 
1,339,773 
 
  
Project, Series 2011, 6.750%, 9/01/40 
 
 
 
840 
  
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, 
4/18 at 100.00 
CCC+ 
836,102 
 
  
Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25 
 
 
 
265 
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
N/R (5) 
294,664 
 
  
6.750%, 11/01/39 (Pre-refunded 11/01/19) 
 
 
 
250 
  
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– 
272,202 
 
  
Bonds, Refunding Series 2010, 6.125%, 6/30/37 
 
 
 
 
  
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) 
585,360 
700 
  
6.750%, 8/01/33 (Pre-refunded 2/01/21) 
2/21 at 100.00 
A– (5) 
825,069 
500 
  
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, 
2/21 at 100.00 
BBB+ (5) 
587,345 
 
  
Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 (Pre-refunded 2/01/21) 
 
 
 
1,000 
  
San Jose, California, Airport Revenue Bonds, Refunding Series 2017B, 5.000%, 3/01/42 
3/27 at 100.00 
A2 
1,165,220 
360 
  
Santee Community Development Commission, California, Santee Redevelopment Project Tax 
2/21 at 100.00 
A (5) 
426,546 
 
  
Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) 
 
 
 
1,000 
  
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
12/19 at 100.00 
A+ (5) 
1,079,560 
 
  
California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 (Pre-refunded 12/01/19) 
 
 
 
2,400 
  
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, 
12/19 at 100.00 
A+ (5) 
3,354,360 
 
  
Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 17.671%, 12/01/34 (Pre-refunded 
 
 
 
 
  
12/01/19) (IF) (4) 
 
 
 
1,045 
  
Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, 
6/21 at 100.00 
A+ 
1,225,670 
 
  
Series 2011A, 6.500%, 12/01/28 
 
 
 
1,020 
  
Western Placer Unified School District, Placer County, California, Certificates of Participation, 
8/19 at 100.00 
AA (5) 
1,093,960 
 
  
Refunding Series 2009, 5.250%, 8/01/35 (Pre-refunded 8/01/19) – AGM Insured 
 
 
 
43,200 
  
Total California 
 
 
54,442,870 
 
NUVEEN 57
 

     
NEV 
Nuveen Enhanced Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Colorado – 3.4% 
 
 
 
$       1,859 
  
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of 
12/17 at 100.00 
N/R 
$    1,859,372 
 
  
Evergreen, Series 2005A, 6.500%, 12/01/35 
 
 
 
26 
  
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 
No Opt. Call 
N/R 
28,079 
 
  
2007, 5.000%, 12/01/17 (Alternative Minimum Tax) (8) 
 
 
 
250 
  
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 
No Opt. Call 
N/R 
230,032 
 
  
2017, 5.500%, 4/01/22 (Alternative Minimum Tax) 
 
 
 
2,000 
  
Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation 
12/17 at 100.00 
AA (5) 
2,006,780 
 
  
Bonds, Limited Tax Series 2007, 5.125%, 12/01/37 (Pre-refunded 12/01/17) – RAAI Insured 
 
 
 
4,000 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 
9/26 at 52.09 
A 
1,484,080 
 
  
9/01/39 – NPFG Insured 
 
 
 
 
  
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
 
 
 
 
  
Utilities, Series 2008: 
 
 
 
475 
  
6.250%, 11/15/28 
No Opt. Call 
A 
609,829 
4,030 
  
6.500%, 11/15/38 
No Opt. Call 
A 
5,676,698 
815 
  
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax 
12/20 at 100.00 
N/R 
845,489 
 
  
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 
 
 
 
13,455 
  
Total Colorado 
 
 
12,740,359 
 
  
Connecticut – 0.2% 
 
 
 
827 
  
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue 
4/20 at 100.00 
N/R 
885,088 
 
  
Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 
 
 
 
 
  
District of Columbia – 0.4% 
 
 
 
1,500 
  
District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., 
3/21 at 100.00 
BBB– 
1,622,595 
 
  
Series 2011, 6.375%, 3/01/31 
 
 
 
 
  
Florida – 5.7% 
 
 
 
1,690 
  
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 
11/17 at 100.00 
N/R 
1,604,706 
 
  
2006A, 5.125%, 5/01/38 
 
 
 
1,000 
  
Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, 
5/27 at 100.00 
N/R 
993,090 
 
  
Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34 
 
 
 
2,000 
  
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, 
6/23 at 100.00 
BBB– 
2,192,460 
 
  
Refunding Series 2013A, 5.625%, 6/01/33 
 
 
 
950 
  
Copperstone Community Development District, Manatee County, Florida, Capital Improvement 
11/17 at 100.00 
N/R 
950,057 
 
  
Revenue Bonds, Series 2007, 5.200%, 5/01/38 
 
 
 
1,000 
  
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/21 at 100.00 
BB 
1,118,220 
 
  
Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33 
 
 
 
265 
  
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s 
8/20 at 100.00 
A+ 
291,532 
 
  
Hospital, Series 2010A, 6.000%, 8/01/30 
 
 
 
735 
  
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s 
8/20 at 100.00 
N/R (5) 
826,640 
 
  
Hospital, Series 2010A, 6.000%, 8/01/30 (Pre-refunded 8/01/20) 
 
 
 
1,625 
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/20 at 100.00 
A 
1,803,847 
 
  
2010A-1, 5.375%, 10/01/35 
 
 
 
3,660 
  
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A, 
4/19 at 100.00 
AA (5) 
3,865,546 
 
  
5.125%, 4/01/34 (Pre-refunded 4/01/19) – AGC Insured 
 
 
 
1,500 
  
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 
10/20 at 100.00 
AA 
1,658,295 
 
  
5.375%, 10/01/40 
 
 
 
 
  
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, 
 
 
 
 
  
Series 2013A: 
 
 
 
1,000 
  
5.000%, 11/01/33 
11/22 at 100.00 
BBB+ 
1,072,490 
2,000 
  
5.000%, 11/01/43 
11/22 at 100.00 
BBB+ 
2,114,820 
80 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
11/17 at 100.00 
N/R 
79,995 
 
  
Capital Appreciation, Series 2012A-2, 6.610%, 5/01/39 
 
 
 
 
58 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Florida (continued) 
 
 
 
$       230 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/19 at 100.00 
N/R 
$    212,023 
 
  
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6) 
 
 
 
95 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
73,589 
 
  
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) 
 
 
 
135 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 
5/18 at 100.00 
N/R 
1 
 
  
2007-3, 6.650%, 5/01/40 (7) 
 
 
 
15 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
5/18 at 100.00 
N/R 
14,692 
 
  
ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 
 
 
 
230 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
230,087 
 
  
2012A-1, 6.650%, 5/01/40 
 
 
 
350 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
281,256 
 
  
2015-1, 0.000%, 5/01/40 (7) 
 
 
 
215 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
142,328 
 
  
2015-2, 0.000%, 5/01/40 (7) 
 
 
 
235 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
2 
 
  
2015-3, 6.610%, 5/01/40 (7) 
 
 
 
775 
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
11/17 at 100.00 
N/R 
775,837 
 
  
5.400%, 5/01/37 
 
 
 
1,080 
  
Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue 
5/22 at 100.00 
N/R 
1,121,753 
 
  
Bonds, Series 2012-A2, 5.500%, 5/01/34 
 
 
 
20,865 
  
Total Florida 
 
 
21,423,266 
 
  
Georgia – 4.4% 
 
 
 
12,000 
  
Atlanta, Georgia, Airport General Revenue Bonds, Series 2010C, 5.250%, 1/01/30 (UB) 
1/21 at 100.00 
AA 
13,373,280 
615 
  
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 
1/19 at 100.00 
A2 (5) 
658,228 
 
  
1/01/31 (Pre-refunded 1/01/19) 
 
 
 
430 
  
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 
1/19 at 100.00 
A2 (5) 
448,881 
 
  
1/01/20 (Pre-refunded 1/01/19) 
 
 
 
1,250 
  
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air 
6/20 at 100.00 
Baa3 
1,440,625 
 
  
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
 
 
 
90 
  
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 
No Opt. Call 
A 
100,760 
260 
  
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26 
No Opt. Call 
A 
309,834 
14,645 
  
Total Georgia 
 
 
16,331,608 
 
  
Guam – 0.9% 
 
 
 
1,760 
  
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 
1/22 at 100.00 
A 
1,828,851 
1,250 
  
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/23 at 100.00 
A– 
1,382,787 
 
  
Series 2013, 5.500%, 7/01/43 
 
 
 
3,010 
  
Total Guam 
 
 
3,211,638 
 
  
Illinois – 15.3% 
 
 
 
2,570 
  
CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004, 
12/22 at 100.00 
N/R 
2,597,833 
 
  
4.000%, 6/15/23 
 
 
 
5,000 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement 
4/27 at 100.00 
A 
5,872,200 
 
  
Revenues, Series 2016, 6.000%, 4/01/46 
 
 
 
480 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 
3/18 at 100.00 
BB– 
482,635 
 
  
2011C-2, 9.000%, 3/01/32 
 
 
 
2,255 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Project 
12/24 at 100.00 
BB– 
2,247,085 
 
  
Series 2015C, 5.250%, 12/01/35 
 
 
 
1,335 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
B 
1,518,296 
 
  
2016B, 6.500%, 12/01/46 
 
 
 
 
NUVEEN 59

     
NEV 
Nuveen Enhanced Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Illinois (continued) 
 
 
 
 
  
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 
A 
$    859,600 
1,000 
  
0.000%, 12/01/27 – NPFG Insured 
No Opt. Call 
A 
668,180 
1,000 
  
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 
1/25 at 100.00 
BBB+ 
1,096,490 
 
  
5.500%, 1/01/33 
 
 
 
 
  
Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C: 
 
 
 
320 
  
5.000%, 1/01/23 
1/22 at 100.00 
BBB+ 
345,386 
160 
  
5.000%, 1/01/25 
1/22 at 100.00 
BBB+ 
170,494 
 
  
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: 
 
 
 
3,470 
  
5.000%, 1/01/24 
No Opt. Call 
BBB+ 
3,822,864 
350 
  
5.000%, 1/01/29 
1/26 at 100.00 
BBB+ 
379,992 
2,000 
  
Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 
12/21 at 100.00 
AA 
2,299,240 
 
  
2005, 6.000%, 12/01/24 – AGM Insured 
 
 
 
3,000 
  
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
B+ 
3,245,940 
 
  
Corporation Project, Series 2010, 6.500%, 10/15/40 
 
 
 
 
  
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 
 
 
 
 
  
2016-XF2339: 
 
 
 
1,605 
  
17.913%, 9/01/38 (IF) (4) 
9/22 at 100.00 
BBB– 
1,996,540 
1,540 
  
14.688%, 9/01/38 (IF) (4) 
9/22 at 100.00 
BBB– 
1,841,162 
645 
  
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 
5/20 at 100.00 
BBB– 
694,846 
 
  
6.125%, 5/15/27 
 
 
 
355 
  
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, 
5/20 at 100.00 
N/R (5) 
398,161 
 
  
6.125%, 5/15/27 (Pre-refunded 5/15/20) 
 
 
 
835 
  
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 
2/18 at 100.00 
BB– 
835,777 
 
  
5.375%, 2/15/25 
 
 
 
4,000 
  
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 
4/18 at 100.00 
Baa3 
3,952,400 
 
  
2006A, 5.000%, 4/01/36 
 
 
 
 
  
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option 
 
 
 
 
  
Bond Trust 2015-XF0076: 
 
 
 
690 
  
15.090%, 8/15/37 (IF) 
8/22 at 100.00 
AA+ 
940,097 
150 
  
15.090%, 8/15/43 (IF) 
8/22 at 100.00 
AA+ 
199,901 
1,975 
  
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds 
8/19 at 100.00 
AA+ 
2,779,418 
 
  
Trust 2016-XL0021, 23.869%, 8/15/39 (IF) (4) 
 
 
 
1,000 
  
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 
5/20 at 100.00 
AA– 
1,057,840 
35 
  
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding 
5/19 at 100.00 
N/R (5) 
37,638 
 
  
Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19) 
 
 
 
 
  
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding 
 
 
 
 
  
Series 2009: 
 
 
 
30 
  
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
N/R (5) 
32,261 
935 
  
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
BBB– (5) 
1,005,471 
500 
  
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA (5) 
546,760 
 
  
Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured 
 
 
 
455 
  
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 
8/21 at 100.00 
AA 
753,782 
 
  
2015-XF0121, 22.928%, 8/15/41 – AGM Insured (IF) (4) 
 
 
 
3,000 
  
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/23 – 
No Opt. Call 
BBB– 
2,500,140 
 
  
AMBAC Insured 
 
 
 
1,615 
  
Illinois State, Sales Tax Revenue Bonds, Build Illinois, Refunding Junior Obligation September 
6/26 at 100.00 
AA 
1,726,677 
 
  
Series 2016C, 4.000%, 6/15/30 – BAM Insured 
 
 
 
1,000 
  
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, 
7/26 at 100.00 
AA– 
1,140,900 
 
  
5.000%, 1/01/41 
 
 
 
 
60 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Illinois (continued) 
 
 
 
 
  
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel 
 
 
 
 
  
Revenue Bonds, Series 2005B: 
 
 
 
$        2,685 
  
5.250%, 1/01/30 (9) 
1/18 at 100.00 
D 
$    751,800 
1,515 
  
5.250%, 1/01/36 (9) 
1/18 at 100.00 
D 
424,200 
5,000 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
A 
3,160,850 
 
  
Project, Series 2002A, 0.000%, 12/15/29 – NPFG Insured 
 
 
 
1,000 
  
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 
6/21 at 100.00 
A– 
1,127,920 
 
  
2010, 6.000%, 6/01/28 
 
 
 
1,000 
  
Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special 
3/19 at 100.00 
N/R 
1,021,950 
 
  
Assessment Bonds, Series 2009, 7.875%, 3/01/32 
 
 
 
2,500 
  
Wauconda, Illinois, Special Service Area 1 Special Tax Bonds, Liberty Lake Project, Refunding 
3/25 at 100.00 
AA 
2,790,125 
 
  
Series 2015, 5.000%, 3/01/33 – BAM Insured 
 
 
 
58,005 
  
Total Illinois 
 
 
57,322,851 
 
  
Indiana – 1.5% 
 
 
 
1,395 
  
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B– 
1,404,946 
 
  
Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29 
 
 
 
1,500 
  
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
7/23 at 100.00 
A– 
1,636,350 
 
  
Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax) 
 
 
 
2,000 
  
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 
9/21 at 100.00 
N/R (5) 
2,473,680 
 
  
2011, 7.750%, 9/01/31 (Pre-refunded 9/01/21) 
 
 
 
4,895 
  
Total Indiana 
 
 
5,514,976 
 
  
Iowa – 0.3% 
 
 
 
 
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
 
 
 
 
  
Project, Series 2013: 
 
 
 
995 
  
5.000%, 12/01/19 
No Opt. Call 
B 
1,031,765 
155 
  
5.250%, 12/01/25 
12/23 at 100.00 
B 
165,447 
1,150 
  
Total Iowa 
 
 
1,197,212 
 
  
Kansas – 2.3% 
 
 
 
3,000 
  
Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding 
5/20 at 100.00 
A 
3,166,500 
 
  
Series 2010S, 5.000%, 5/15/30 
 
 
 
1,000 
  
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park 
1/18 at 100.00 
BB+ 
1,001,630 
 
  
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 
 
 
 
3,565 
  
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate 
12/22 at 100.00 
N/R 
3,074,313 
 
  
Project, Series 2012, 6.000%, 12/15/32 
 
 
 
1,130 
  
Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35 
7/25 at 100.00 
A1 
1,305,421 
8,695 
  
Total Kansas 
 
 
8,547,864 
 
  
Kentucky – 0.3% 
 
 
 
1,000 
  
Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series 
8/23 at 100.00 
AA 
1,142,170 
 
  
2013, 5.700%, 8/01/39 – AGM Insured 
 
 
 
 
  
Louisiana – 4.2% 
 
 
 
1,215 
  
Louisiana Local Government Environmental Facilities and Community Development Authority, 
10/25 at 100.00 
AA 
1,393,313 
 
  
Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative 
 
 
 
 
  
Student Facilities Inc. Project, Refunding Series 2015, 5.000%, 10/01/33 
 
 
 
2,000 
  
Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General 
5/20 at 100.00 
A– 
2,145,140 
 
  
Medical Center Project, Series 2010, 5.500%, 11/01/40 
 
 
 
1,000 
  
Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship Properties 
7/26 at 100.00 
A 
1,094,790 
 
  
LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, 5.000%, 7/01/56 
 
 
 
3,305 
  
Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 
5/23 at 100.00 
A3 
3,419,617 
 
  
4.250%, 12/01/38 
 
 
 
 
NUVEEN 61
 

     
NEV 
Nuveen Enhanced Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Louisiana (continued) 
 
 
 
$       2,575 
  
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation 
12/21 at 100.00 
N/R 
$    2,818,441 
 
  
Project, Series 2011A, 7.750%, 12/15/31 
 
 
 
985 
  
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding 
10/21 at 100.00 
Aaa 
1,133,400 
 
  
Series 2011, 5.250%, 10/01/28 (Pre-refunded 10/01/21) 
 
 
 
1,165 
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0035, 
5/20 at 100.00 
AA (5) 
1,600,326 
 
  
15.372%, 5/01/39 (Pre-refunded 5/01/20) (IF) 
 
 
 
1,000 
  
New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, 
1/27 at 100.00 
A– 
1,133,450 
 
  
Series 2017B, 5.000%, 1/01/48 (Alternative Minimum Tax) 
 
 
 
1,000 
  
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 
12/17 at 100.00 
BBB 
1,002,970 
 
  
5.125%, 6/01/37 
 
 
 
14,245 
  
Total Louisiana 
 
 
15,741,447 
 
  
Massachusetts – 1.0% 
 
 
 
800 
  
Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, 
7/26 at 100.00 
BBB– 
877,072 
 
  
5.000%, 7/01/47 
 
 
 
1,620 
  
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds Issue K Series 
7/22 at 100.00 
AA 
1,744,481 
 
  
2013, 5.000%, 7/01/25 (Alternative Minimum Tax) 
 
 
 
625 
  
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 
1/20 at 100.00 
AA 
672,188 
 
  
2010A, 5.500%, 1/01/22 
 
 
 
50 
  
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 
1/20 at 100.00 
AA 
52,770 
 
  
2010B, 5.500%, 1/01/23 (Alternative Minimum Tax) 
 
 
 
555 
  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 
6/20 at 100.00 
AA 
574,825 
 
  
(Alternative Minimum Tax) 
 
 
 
3,650 
  
Total Massachusetts 
 
 
3,921,336 
 
  
Michigan – 0.6% 
 
 
 
10 
  
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 
1/18 at 100.00 
A 
10,029 
 
  
7/01/34 – NPFG Insured 
 
 
 
2,100 
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A (5) 
2,293,851 
 
  
Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 
 
 
 
2,110 
  
Total Michigan 
 
 
2,303,880 
 
  
Mississippi – 0.1% 
 
 
 
310 
  
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
4/18 at 100.00 
BBB+ 
310,980 
 
  
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
 
 
 
 
  
Missouri – 0.0% 
 
 
 
55 
  
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue 
3/27 at 100.00 
BBB– 
60,459 
 
  
Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 
 
 
 
 
  
Nevada – 1.2% 
 
 
 
2,000 
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
Aa3 
2,156,460 
 
  
International Airport, Series 2010A, 5.000%, 7/01/30 
 
 
 
1,670 
  
Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 2016-XF2312, 27.748%, 
4/19 at 100.00 
AA (5) 
2,353,999 
 
  
4/01/39 (Pre-refunded 4/01/19) (IF) (4) 
 
 
 
3,670 
  
Total Nevada 
 
 
4,510,459 
 
  
New Jersey – 5.0% 
 
 
 
795 
  
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
6/25 at 100.00 
A– 
863,481 
 
  
Bonds, Series 2015WW, 5.250%, 6/15/40 (UB) (4) 
 
 
 
 
  
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
 
 
 
 
  
Airlines Inc., Series 1999: 
 
 
 
1,000 
  
5.125%, 9/15/23 (Alternative Minimum Tax) 
3/18 at 100.00 
BB– 
1,102,290 
1,650 
  
5.250%, 9/15/29 (Alternative Minimum Tax) 
8/22 at 101.00 
BB– 
1,808,846 
 
62 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
New Jersey (continued) 
 
 
 
$       1,460 
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare 
7/26 at 100.00 
Baa2 
$    1,657,421 
 
  
System, Series 2016A, 5.000%, 7/01/34 
 
 
 
1,000 
  
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 
12/19 at 100.00 
Aaa 
1,062,480 
 
  
5.000%, 12/01/26 
 
 
 
20,000 
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C, 
No Opt. Call 
A– 
8,900,000 
 
  
0.000%, 12/15/36 – AMBAC Insured (UB) (4) 
 
 
 
 
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
  
Series 2007-1A: 
 
 
 
1,500 
  
4.625%, 6/01/26 
12/17 at 100.00 
BBB 
1,506,075 
1,000 
  
5.000%, 6/01/29 
12/17 at 100.00 
BBB– 
1,002,200 
1,000 
  
4.750%, 6/01/34 
12/17 at 100.00 
BB– 
970,910 
29,405 
  
Total New Jersey 
 
 
18,873,703 
 
  
New York – 4.5% 
 
 
 
 
  
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
 
 
 
 
  
Bonds, Barclays Center Project, Series 2009: 
 
 
 
1,100 
  
6.000%, 7/15/30 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (5) 
1,217,733 
1,225 
  
6.250%, 7/15/40 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (5) 
1,362,751 
2,500 
  
6.375%, 7/15/43 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (5) 
2,787,925 
1,000 
  
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher 
6/21 at 100.00 
A– 
1,117,680 
 
  
College, Series 2011, 6.000%, 6/01/34 
 
 
 
1,000 
  
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball 
1/18 at 100.00 
BBB 
1,016,180 
 
  
Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured 
 
 
 
500 
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
553,680 
 
  
Center Project, Class 2 Series 2014, 5.150%, 11/15/34 
 
 
 
 
  
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport 
 
 
 
 
  
Terminal B Redevelopment Project, Series 2016A: 
 
 
 
4,000 
  
4.000%, 7/01/33 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
4,177,080 
2,105 
  
5.000%, 7/01/46 (Alternative Minimum Tax) 
7/24 at 100.00 
BBB 
2,305,543 
265 
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
Baa1 
294,033 
 
  
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
 
 
 
2,150 
  
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 
6/27 at 100.00 
N/R 
2,167,802 
15,845 
  
Total New York 
 
 
17,000,407 
 
  
Ohio – 10.2% 
 
 
 
 
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
  
Bonds, Senior Lien, Series 2007A-2: 
 
 
 
6,000 
  
5.750%, 6/01/34 
12/17 at 100.00 
B– 
5,645,520 
6,500 
  
5.875%, 6/01/47 
12/17 at 100.00 
B– 
6,110,000 
760 
  
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/20 at 100.00 
BBB– 
811,482 
 
  
Services, Improvement Series 2010A, 5.625%, 7/01/26 
 
 
 
10,000 
  
Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, 
5/25 at 100.00 
AA+ 
11,349,200 
 
  
5.000%, 5/15/40 (UB) 
 
 
 
3,000 
  
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
3,446,910 
 
  
2011A, 5.750%, 11/15/31 
 
 
 
1,000 
  
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
1,079,930 
 
  
Refunding & improvement Series 2010, 6.375%, 4/01/30 
 
 
 
 
  
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 
 
 
 
 
  
2016-XF2311: 
 
 
 
580 
  
22.651%, 5/01/34 (Pre-refunded 5/01/19) (IF) (4) 
5/19 at 100.00 
N/R (5) 
765,107 
1,090 
  
22.651%, 5/01/34 (Pre-refunded 5/01/19) (IF) (4) 
5/19 at 100.00 
N/R (5) 
1,437,874 
6,000 
  
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
Caa1 
2,977,500 
 
  
Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (Mandatory put 12/03/18) 
 
 
 
1,200 
  
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation 
No Opt. Call 
BBB– 
1,242,492 
 
  
Project, Series 2009E, 5.625%, 10/01/19 
 
 
 
 
NUVEEN 63
 

     
NEV 
Nuveen Enhanced Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Ohio (continued) 
 
 
 
 
  
Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, 
 
 
 
 
  
Refunding Series 2016: 
 
 
 
$       1,460 
  
5.000%, 2/15/33 
2/26 at 100.00 
A2 
$    1,665,028 
1,455 
  
5.000%, 2/15/34 
2/26 at 100.00 
A2 
1,653,622 
39,045 
  
Total Ohio 
 
 
38,184,665 
 
  
Pennsylvania – 6.3% 
 
 
 
1,274 
  
Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated 
5/18 at 100.00 
N/R 
1,279,355 
 
  
Series 2013, 5.000%, 5/15/26 
 
 
 
1,390 
  
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement 
11/19 at 100.00 
B 
1,438,622 
 
  
Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24 
 
 
 
1,500 
  
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement 
12/21 at 100.00 
B 
1,567,350 
 
  
Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27 
 
 
 
1,335 
  
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley 
4/18 at 100.00 
Caa1 
1,227,359 
 
  
General Hospital, Series 2005A, 5.125%, 4/01/35 
 
 
 
530 
  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
B1 
524,546 
 
  
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 (Mandatory 
 
 
 
 
  
put 4/01/21) 
 
 
 
2,000 
  
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
Caa1 
968,600 
 
  
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 
 
 
 
 
  
(Mandatory put 6/01/20) 
 
 
 
150 
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
BBB+ 
157,239 
 
  
Ministries Project, Series 2009, 6.125%, 1/01/29 
 
 
 
1,350 
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R (5) 
1,427,558 
 
  
Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) 
 
 
 
2,000 
  
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, 
12/19 at 100.00 
N/R (5) 
2,100,520 
 
  
Series 2009, 7.750%, 12/15/27 (Pre-refunded 12/15/19) 
 
 
 
1,080 
  
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue 
8/20 at 100.00 
N/R (5) 
1,521,007 
 
  
Bonds, New Regional Medical Center Project, Tender Option Bond Trust 2017-XF2454, 15.576%, 
 
 
 
 
  
8/01/24 (Pre-refunded 8/01/20) (IF) (4) 
 
 
 
1,000 
  
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, 
1/20 at 100.00 
BBB+ 
1,052,500 
 
  
Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 
 
 
 
1,000 
  
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, 
12/17 at 100.00 
BB+ 
1,002,040 
 
  
USG Corporation Project, Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 
 
 
 
1,200 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
7/20 at 100.00 
N/R (5) 
1,342,260 
 
  
Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 (Pre-refunded 7/01/20) 
 
 
 
130 
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties 
7/26 at 100.00 
Baa3 
142,221 
 
  
Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, 
 
 
 
 
  
5.000%, 7/01/31 
 
 
 
1,000 
  
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of 
No Opt. Call 
AA 
1,180,040 
 
  
Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured 
 
 
 
 
  
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E: 
 
 
 
3,530 
  
0.000%, 12/01/30 (6) 
12/27 at 100.00 
A– 
4,317,896 
2,000 
  
0.000%, 12/01/38 (6) 
12/27 at 100.00 
A– 
2,480,460 
22,469 
  
Total Pennsylvania 
 
 
23,729,573 
 
  
Puerto Rico – 0.7% 
 
 
 
1,500 
  
Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, 
12/18 at 100.00 
A+ 
1,571,175 
 
  
Modernization Series 2008, 5.125%, 12/01/27 
 
 
 
1,000 
  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding Series 
No Opt. Call 
C 
1,022,420 
 
  
2005C, 5.500%, 7/01/26 – AMBAC Insured 
 
 
 
2,500 
  
Total Puerto Rico 
 
 
2,593,595 
 
  
Rhode Island – 0.3% 
 
 
 
1,110 
  
Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and Municipal 
4/25 at 100.00 
Baa2 
1,228,559 
 
  
Building Projects, Refunding Series 2015A, 5.000%, 4/01/27 
 
 
 
 
64 NUVEEN
 

           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
South Carolina – 2.3% 
 
 
 
$       7,500 
  
South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 
12/26 at 100.00 
A+ 
$    8,449,275 
 
  
2016B, 5.000%, 12/01/41 (UB) 
 
 
 
 
  
Tennessee – 0.0% 
 
 
 
155 
  
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24 
No Opt. Call 
A 
179,707 
 
  
Texas – 3.3% 
 
 
 
80 
  
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Leadership 
6/21 at 100.00 
BB 
80,337 
 
  
Prep School, Series 2016A, 5.000%, 6/15/46 
 
 
 
3,500 
  
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
7/18 at 100.00 
N/R 
35 
 
  
Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (7) 
 
 
 
2,095 
  
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series 
1/26 at 100.00 
BBB 
2,360,751 
 
  
2016, 5.000%, 1/01/35 
 
 
 
150 
  
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. 
11/22 at 100.00 
Baa3 
154,913 
 
  
Project, Series 2012B, 4.750%, 11/01/42 
 
 
 
250 
  
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 
10/18 at 103.00 
BB– 
262,693 
 
  
2016B, 5.750%, 10/01/31 (Alternative Minimum Tax) 
 
 
 
825 
  
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
7/25 at 100.00 
BBB– 
819,893 
 
  
Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series 2015A, 
 
 
 
 
  
5.000%, 7/01/47 
 
 
 
1,800 
  
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 
9/21 at 100.00 
AA+ (5) 
3,142,314 
 
  
2016-XF2220, 21.494%, 9/01/41 (Pre-refunded 9/01/21) (IF) 
 
 
 
1,000 
  
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden 
12/21 at 100.00 
N/R 
580,000 
 
  
Home Inc., Series 2012, 7.250%, 12/15/47 (7) 
 
 
 
455 
  
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
BBB+ 
557,930 
 
  
Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
 
  
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, 
 
 
 
 
  
Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016: 
 
 
 
1,275 
  
5.000%, 12/31/50 (Alternative Minimum Tax) 
12/25 at 100.00 
Baa3 
1,397,400 
805 
  
5.000%, 12/31/55 (Alternative Minimum Tax) 
12/25 at 100.00 
Baa3 
879,310 
810 
  
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility 
12/19 at 100.00 
Baa2 
898,841 
 
  
Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 
 
 
 
 
  
6.875%, 12/31/39 
 
 
 
1,000 
  
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ 
6/20 at 100.00 
Baa3 
1,134,770 
 
  
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34 
 
 
 
14,045 
  
Total Texas 
 
 
12,269,187 
 
  
Utah – 0.3% 
 
 
 
1,000 
  
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
7/20 at 100.00 
BB 
1,048,400 
 
  
School, Series 2010A, 6.250%, 7/15/30 
 
 
 
 
  
Vermont – 0.8% 
 
 
 
 
  
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School 
 
 
 
 
  
Project, Series 2011A: 
 
 
 
1,000 
  
6.125%, 1/01/28 (Pre-refunded 1/01/21) 
1/21 at 100.00 
N/R (5) 
1,149,060 
1,760 
  
6.250%, 1/01/33 (Pre-refunded 1/01/21) 
1/21 at 100.00 
N/R (5) 
2,029,157 
2,760 
  
Total Vermont 
 
 
3,178,217 
 
  
Virginia – 0.8% 
 
 
 
2,000 
  
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
6/18 at 100.00 
B– 
1,931,060 
 
  
Series 2007B1, 5.000%, 6/01/47 
 
 
 
1,010 
  
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
7/22 at 100.00 
BBB 
1,118,626 
 
  
Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax) 
 
 
 
3,010 
  
Total Virginia 
 
 
3,049,686 
 
NUVEEN 65
 

     
NEV 
Nuveen Enhanced Municipal Value Fund 
 
 
Portfolio of Investments (continued) 
October 31, 2017 
 
           
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
Washington – 4.3% 
 
 
 
$       5,000 
  
Port of Seattle, Washington, Revenue Bonds, Refunding First Lien Series 2016B, 5.000%, 
4/26 at 100.00 
Aa2 
$    5,827,550 
 
  
10/01/31 (Alternative Minimum Tax) (UB) 
 
 
 
3,155 
  
Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, 
12/26 at 100.00 
Baa2 
3,543,822 
 
  
Refunding & Improvement Series 2016, 5.000%, 12/01/27 
 
 
 
215 
  
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, 
4/18 at 100.00 
N/R 
215,254 
 
  
Series 2013, 5.750%, 4/01/43 
 
 
 
2,000 
  
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A 
2,163,080 
 
  
Center, Series 2011A, 5.375%, 1/01/31 
 
 
 
2,000 
  
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A (5) 
2,160,060 
 
  
Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 
 
 
 
2,000 
  
Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, 
10/19 at 100.00 
Baa1 (5) 
2,167,320 
 
  
Series 2009, 5.625%, 10/01/40 (Pre-refunded 10/01/19) 
 
 
 
14,370 
  
Total Washington 
 
 
16,077,086 
 
  
West Virginia – 0.2% 
 
 
 
750 
  
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., 
10/18 at 100.00 
N/R 
763,785 
 
  
Series 2008, 6.500%, 10/01/38 
 
 
 
 
  
Wisconsin – 10.0% 
 
 
 
3,500 
  
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 
2/19 at 102.00 
BBB+ 
3,761,205 
 
  
6.500%, 2/01/31 
 
 
 
2,905 
  
Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing 
7/25 at 100.00 
BBB– 
3,108,815 
 
  
Foundation – Cullowhee LLC – Western California University Project, Series 2015A, 
 
 
 
 
  
5.000%, 7/01/35 
 
 
 
1,000 
  
Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A, 
No Opt. Call 
AA 
659,510 
 
  
0.000%, 12/15/31 
 
 
 
 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health Alliance 
 
 
 
 
  
Senior Credit Group, Series 2016A: 
 
 
 
10,000 
  
5.000%, 11/15/35 (UB) (4) 
5/26 at 100.00 
AA+ 
11,506,597 
5,000 
  
5.000%, 11/15/36 (UB) (4) 
5/26 at 100.00 
AA+ 
5,732,950 
3,000 
  
5.000%, 11/15/39 (UB) (4) 
5/26 at 100.00 
AA+ 
3,427,620 
1,000 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 
6/20 at 100.00 
Baa2 (5) 
1,120,240 
 
  
2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) 
 
 
 
500 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
A– 
525,365 
 
  
Inc., Series 2010B, 5.000%, 4/01/30 
 
 
 
 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community 
 
 
 
 
  
Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118: 
 
 
 
1,000 
  
18.720%, 4/01/34 (Pre-refunded 4/01/19) (IF) (4) 
4/19 at 100.00 
AA– (5) 
1,272,060 
1,290 
  
13.701%, 4/01/42 (IF) (4) 
10/22 at 100.00 
AA– 
1,443,304 
25 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., 
8/25 at 100.00 
A– 
29,136 
 
  
Refunding Series 2016, 5.000%, 2/15/28 
 
 
 
1,090 
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior 
8/23 at 100.00 
A 
1,177,876 
 
  
Living Communities, Refunding Series 2013, 5.000%, 8/15/43 
 
 
 
2,500 
  
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 
5/19 at 100.00 
Aa2 (5) 
3,586,150 
 
  
2016-XL0020, 28.168%, 5/01/36 (Pre-refunded 5/01/19) (IF) (4) 
 
 
 
32,810 
  
Total Wisconsin 
 
 
37,350,828 
 
  
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 
769,434 
1,600 
  
6.500%, 7/01/43 
7/21 at 100.00 
BBB 
1,725,904 
2,310 
  
Total Wyoming 
 
 
2,495,338 
$ 396,645 
  
Total Municipal Bonds (cost $379,682,560) 
 
 
411,474,947 
 
66 NUVEEN
 

           
Shares 
  
Description (1) 
 
 
Value 
 
  
COMMON STOCKS – 0.6% 
 
 
 
           
 
  
Airlines – 0.6% 
 
 
 
50,333 
  
American Airlines Group Inc., (10) 
 
 
$    2,356,591 
 
  
Total Common Stocks (cost $1,491,886) 
 
 
2,356,591 
 
  
Total Long-Term Investments (cost $381,174,446) 
 
 
413,831,538 
 
Principal 
  
 
Optional Call 
 
 
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
  
SHORT-TERM INVESTMENTS – 0.8% 
 
 
 
           
 
  
MUNICIPAL BONDS – 0.8% 
 
 
 
           
 
  
Illinois – 0.8% 
 
 
 
$ 1,910 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Alternative Revenue, 
3/18 at 100.00 
B 
$     1,920,372 
 
  
Project Series 2015G, Variable Rate Demand Obligations, 9.000%, 3/01/32 (11) 
 
 
 
925 
  
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 2011C-1, 
3/18 at 100.00 
BB– 
930,078 
 
  
Variable Rate Demand Obligations, 9.000%, 3/01/32 (11) 
 
 
 
$ 2,835 
  
Total Short-Term Investments (cost $2,819,594) 
 
 
2,850,450 
 
  
Total Investments (cost $383,994,040) – 111.1% 
 
 
416,681,988 
 
  
Floating Rate Obligations – (12.9)% 
 
 
(48,545,000) 
 
  
Other Assets Less Liabilities – 1.8% 
 
 
6,943,529 
 
  
Net Assets – 100% 
 
 
$ 375,080,517 
 
(1)          All percentages shown in the Portfolio of Investments are based on net assets.
(2)          Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm.
(3)          For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm.
(4)          Investment, or portion of investment, has been pledged as collateral for the net payment obligations 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)         Step-up coupon bond, a bond with a coupon that increases (“steps up“), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period.
(7)          As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records.
(8)          Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(9)          On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.250% to 2.100%.
(10)        On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120– day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(11)        Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect at the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(12)        Variable rate security. The rate shown is the coupon as of the end of the reporting period.
IF           Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust.
LIBOR    London Inter-Bank Offered Rate.
UB         Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
144A      Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
See accompanying notes to financial statements.
NUVEEN 67
 

         
Statement of 
 
 
 
 
Assets and Liabilities 
 
 
October 31, 2017 
 
 
 
  
NUV
   
NUW
   
NMI
   
NEV
 
Assets 
                        
Long-term investments, at value (cost $1,910,182,612, $238,468,624, 
                        
$88,186,930 and $381,174,446 respectively) 
  
$
2,094,577,922
    
$
268,133,917
    
$
96,879,435
    
$
413,831,538
  
Short-term investments, at value (cost $5,000,000, $—, $— and 
                                
$2,819,594, respectively) 
    
5,000,000
      
—
      
—
      
2,850,450
  
Cash 
    
37,048,040
      
1,676,456
      
67,719
      
480,768
  
Receivable for: 
                                
Shares sold 
    
—
      
166,324
      
—
      
—
  
Interest 
    
25,254,062
      
3,740,995
      
1,272,534
      
7,696,266
  
Investments sold 
    
12,000,000
      
35,000
      
55,000
      
815,473
  
Deferred offering costs 
    
—
      
—
      
149,794
      
—
  
Other assets 
    
344,186
      
3,132
      
2,280
      
25,321
  
        Total assets 
    
2,174,224,210
      
273,755,824
      
98,426,762
      
425,699,816
  
Liabilities 
                                
Floating rate obligations 
    
6,630,000
      
15,125,000
      
—
      
48,545,000
  
Payable for: 
                                
Dividends 
    
5,988,410
      
850,644
      
316,016
      
1,680,254
  
Investments purchased 
    
30,029,314
      
1,298,606
      
871,871
      
—
  
Accrued expenses: 
                                
Management fees 
    
805,679
      
131,762
      
50,330
      
287,047
  
Directors/Trustees fees 
    
342,003
      
2,590
      
986
      
22,183
  
Other 
    
382,744
      
66,126
      
49,562
      
84,815
  
        Total liabilities 
    
44,178,150
      
17,474,728
      
1,288,765
      
50,619,299
  
Net assets 
  
$
2,130,046,060
    
$
256,281,096
    
$
97,137,997
    
$
375,080,517
  
Shares outstanding 
    
206,875,449
      
15,080,528
      
8,538,278
      
24,950,068
  
Net asset value (”NAV”) per share outstanding 
  
$
10.30
    
$
16.99
    
$
11.38
    
$
15.03
  
   
Net assets consist of: 
                                
Shares, $0.01 par value per share 
  
$
2,068,754
    
$
150,805
    
$
85,383
    
$
249,501
  
Paid-in surplus 
    
1,956,383,687
      
222,475,865
      
88,146,766
      
366,211,930
  
Undistributed (Over-distribution of) net investment income 
    
11,538,094
      
1,244,145
      
213,343
      
804,197
  
Accumulated net realized gain (loss) 
    
(24,339,785
)
    
2,744,988
      
—
      
(24,873,059
)
Net unrealized appreciation (depreciation) 
    
184,395,310
      
29,665,293
      
8,692,505
      
32,687,948
  
Net assets 
  
$
2,130,046,060
    
$
256,281,096
    
$
97,137,997
    
$
375,080,517
  
Authorized shares 
    
350,000,000
    
Unlimited
     
200,000,000
    
Unlimited
 
 
See accompanying notes to financial statements.
68 NUVEEN
 

                         
Statement of 
                        
Operations 
        
Year Ended October 31, 2017
 
   
   
 
  
NUV
   
NUW
   
NMI
   
NEV
 
Investment Income 
  
$
92,872,282
    
$
12,922,095
    
$
4,765,950
    
$
24,623,691
  
Expenses 
                                
Management fees 
    
9,652,039
      
1,478,811
      
579,564
      
3,361,589
  
Interest expense 
    
153,487
      
140,988
      
—
      
648,435
  
Custodian fees 
    
207,085
      
30,169
      
22,755
      
53,594
  
Directors/Trustees fees 
    
67,105
      
7,831
      
3,021
      
11,922
  
Professional fees 
    
103,082
      
37,658
      
27,303
      
58,869
  
Shareholder reporting expenses 
    
252,926
      
29,704
      
17,864
      
35,509
  
Shareholder servicing agent fees 
    
251,291
      
290
      
10,840
      
326
  
Shelf offering expenses 
    
—
      
203,246
      
53,179
      
—
  
Stock exchange listing fees 
    
63,795
      
7,768
      
7,162
      
18,277
  
Investor relations expenses 
    
171,321
      
20,687
      
9,747
      
31,378
  
Other 
    
123,370
      
27,867
      
18,387
      
32,524
  
Total expenses 
    
11,045,501
      
1,985,019
      
749,822
      
4,252,423
  
Net investment income (loss) 
    
81,826,781
      
10,937,076
      
4,016,128
      
20,371,268
  
Realized and Unrealized Gain (Loss) 
                                
Net realized gain (loss) from investments 
    
13,722,721
      
3,268,315
      
188,720
      
302,118
  
Change in net unrealized appreciation (depreciation) of investments 
    
(34,810,434
)
    
(6,871,435
)
    
(2,134,044
)
    
(13,926,077
)
Net realized and unrealized gain (loss) 
    
(21,087,713
)
    
(3,603,120
)
    
(1,945,324
)
    
(13,623,959
)
Net increase (decrease) in net assets from operations 
  
$
60,739,068
    
$
7,333,956
    
$
2,070,804
    
$
6,747,309
  
 
See accompanying notes to financial statements.
NUVEEN 69
 

           
Statement of 
 
 
 
 
 
Changes in Net Assets 
 
 
 
 
 
 
 
  
NUV
     NUW  
 
  
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
 
  
10/31/17
   
10/31/16
   
10/31/17
   
10/31/16
 
Operations 
                        
Net investment income (loss) 
  
$
81,826,781
    
$
83,294,176
    
$
10,937,076
    
$
10,645,109
  
Net realized gain (loss) from investments 
    
13,722,721
      
(9,063,243
)
    
3,268,315
      
767,370
  
Change in net unrealized appreciation (depreciation) of investments 
    
(34,810,434
)
    
47,249,567
      
(6,871,435
)
    
(193,067
)
Net increase (decrease) in net assets from operations 
    
60,739,068
      
121,480,500
      
7,333,956
      
11,219,412
  
Distributions to Shareholders 
                                
From net investment income 
    
(81,136,569
)
    
(80,761,259
)
    
(10,614,955
)
    
(10,943,206
)
Decrease in net assets from distributions to shareholders 
    
(81,136,569
)
    
(80,761,259
)
    
(10,614,955
)
    
(10,943,206
)
Capital Share Transactions 
                                
Proceeds from shelf offering, net of offering costs 
    
—
      
9,540,333
      
11,730,314
      
17,451,974
  
Net proceeds from shares issued to shareholders due to 
                                
     reinvestment of distributions 
    
—
      
3,676,267
      
437,916
      
713,294
  
Net increase (decrease) in net assets from capital share transactions 
    
—
      
13,216,600
      
12,168,230
      
18,165,268
  
Net increase (decrease) in net assets 
    
(20,397,501
)
    
53,935,841
      
8,887,231
      
18,441,474
  
Net assets at the beginning of period 
    
2,150,443,561
      
2,096,507,720
      
247,393,865
      
228,952,391
  
Net assets at the end of period 
  
$
2,130,046,060
    
$
2,150,443,561
    
$
256,281,096
    
$
247,393,865
  
Undistributed (Over-distribution of) 
                                
net investment income at the end of period 
  
$
11,538,094
    
$
10,907,476
    
$
1,244,145
    
$
727,093
  
 
See accompanying notes to financial statements.
70 NUVEEN
 

 
   NMI     NEV  
 
  
Year Ended
   
Year Ended
   
Year Ended
   
Year Ended
 
 
  
10/31/17
   
10/31/16
   
10/31/17
   
10/31/16
 
Operations 
                        
Net investment income (loss) 
  
$
4,016,128
    
$
4,200,062
    
$
20,371,268
    
$
19,652,593
  
Net realized gain (loss) from investments 
    
188,720
      
(20,534
)
    
302,118
      
(537,166
)
Change in net unrealized appreciation (depreciation) of investments 
    
(2,134,044
)
    
1,237,919
      
(13,926,077
)
    
633,718
  
Net increase (decrease) in net assets from operations 
    
2,070,804
      
5,417,447
      
6,747,309
      
19,749,145
  
Distributions to Shareholders 
                                
From net investment income 
    
(4,094,716
)
    
(4,216,821
)
    
(20,501,471
)
    
(21,633,059
)
Decrease in net assets from distributions to shareholders 
    
(4,094,716
)
    
(4,216,821
)
    
(20,501,471
)
    
(21,633,059
)
Capital Share Transactions 
                                
Proceeds from shelf offering, net of offering costs 
    
2,442,544
      
—
      
—
      
61,693,894
  
Net proceeds from shares issued to shareholders due to 
                                
     reinvestment of distributions 
    
187,363
      
181,990
      
—
      
168,274
  
Net increase (decrease) in net assets from capital share transactions 
    
2,629,907
      
181,990
      
—
      
61,862,168
  
Net increase (decrease) in net assets 
    
605,995
      
1,382,616
      
(13,754,162
)
    
59,978,254
  
Net assets at the beginning of period 
    
96,532,002
      
95,149,386
      
388,834,679
      
328,856,425
  
Net assets at the end of period 
  
$
97,137,997
    
$
96,532,002
    
$
375,080,517
    
$
388,834,679
  
Undistributed (Over-distribution of) 
                                
net investment income at the end of period 
  
$
213,343
    
$
259,836
    
$
804,197
    
$
987,103
  
 
See accompanying notes to financial statements.
NUVEEN 71
 

   
Statement of 
 
Cash Flows 
Year Ended October 31, 2017 
 
   
 
  
NEV
 
Cash Flows from Operating Activities: 
      
Net Increase (Decrease) in Net Assets from Operations 
  
$
6,747,309
  
Adjustments to reconcile the net increase (decrease) in net assets from 
        
operations to net cash provided by (used in) operating activities: 
        
Purchases of investments 
    
(32,244,023
)
Proceeds from sales and maturities of investments 
    
37,201,742
  
Proceeds from (Purchases of) short-term investments, net 
    
(1,823,344
)
Taxes paid 
    
(224
)
Amortization (Accretion) of premiums and discounts, net 
    
746,275
  
(Increase) Decrease in: 
        
Receivable for interest 
    
16,351
  
Receivable for investments sold 
    
634,305
  
Other assets 
    
(8,713
)
Increase (Decrease) in: 
        
Payable for investments purchased 
    
(1,936,062
)
Accrued management fees 
    
(5,061
)
Accrued Director/Trustees fees 
    
4,416
  
Accrued other expenses 
    
11,912
  
Net realized (gain) loss from investments 
    
(302,118
)
Change in net unrealized (appreciation) depreciation of investments 
    
13,926,077
  
Net cash provided by (used in) operating activities 
    
22,968,842
  
Cash Flows from Financing Activities: 
        
Increase (Decrease) in: 
        
Cash overdraft 
    
(1,941,564
)
Floating rate obligations 
    
65,000
  
Cash distributions paid to shareholders 
    
(20,611,510
)
Net cash provided by (used in) financing activities 
    
(22,488,074
)
Net Increase (Decrease) in Cash 
    
480,768
  
Cash at the beginning of period 
    
—
  
Cash at the end of period 
  
$
480,768
  
       
 
  
NEV
 
Cash paid for interest 
  
$
648,435
  
 
See accompanying notes to financial statements.
72 NUVEEN
 

THIS PAGE INTENTIONALLY LEFT BLANK
NUVEEN 73
 

Financial 
 
 
 
 
 
 
 
 
 
 
 
Highlights 
 
 
 
 
 
 
 
 
 
 
Selected data for a share outstanding throughout each period: 
 
 
 
 
 
 
 
 
 
 
Investment Operations 
  
Less Distributions
 
 
 
 
 
 
 
 
 
  
 
 
 
 
Premium 
 
 
 
 
 
 
 
  
 
 
 
 
from 
 
 
 
 
 
 
 
  
 
From 
 
 
Shares 
 
 
 
 
Net 
Net 
 
  
From 
Accumu- 
 
 
Sold 
 
 
 
 
Investment 
Realized/ 
 
  
Net 
lated Net 
 
Shelf 
through 
 
Ending 
 
Beginning 
Income 
Unrealized 
 
  
Investment 
Realized 
 
Offering 
Shelf 
Ending 
Share 
 
NAV 
(Loss) 
Gain (Loss) 
Total 
  
Income 
Gains 
Total 
Costs 
Offering 
NAV 
Price 
NUV 
 
 
 
 
  
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
  
 
 
 
 
 
 
 
2017 
$10.39 
$0.40 
$(0.10) 
$ 0.30 
  
$(0.39) 
$ — 
$(0.39) 
$ — 
$ — 
$10.30 
$10.12 
2016 
10.20 
0.40 
0.18 
0.58 
  
(0.39) 
— 
(0.39) 
— 
—* 
10.39 
9.98 
2015 
10.21 
0.42 
(0.03) 
0.39 
  
(0.40) 
— 
(0.40) 
— 
— 
10.20 
10.07 
2014 
9.61 
0.43 
0.61 
1.04 
  
(0.44) 
— 
(0.44) 
— 
— 
10.21 
9.64 
2013 
10.31 
0.44 
(0.70) 
(0.26) 
  
(0.45) 
— 
(0.45) 
— 
0.01 
9.61 
9.05 
NUW 
 
 
 
 
  
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
  
 
 
 
 
 
 
 
2017 
17.22 
0.75 
(0.26) 
0.49 
  
(0.73) 
— 
(0.73) 
(0.01) 
0.02 
16.99 
17.17 
2016 
17.17 
0.76 
0.06 
0.82 
  
(0.79) 
— 
(0.79) 
(0.01) 
0.03 
17.22 
16.96 
2015 
17.19 
0.80 
(0.04) 
0.76 
  
(0.79) 
— 
(0.79) 
— 
0.01 
17.17 
17.22 
2014 
16.35 
0.82 
0.92 
1.74 
  
(0.81) 
(0.09) 
(0.90) 
— 
— 
17.19 
16.89 
2013 
17.78 
0.85 
(1.48) 
(0.63) 
  
(0.80) 
(0.01) 
(0.81) 
—* 
0.01 
16.35 
15.23 
 
(a)     
Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
74 NUVEEN
 

 
 
  
 
Ratios/Supplemental Data 
 
Total Returns 
  
 
Ratios to Average Net Assets 
 
 
Based 
  
Ending 
 
 
 
Based 
on 
  
Net 
 
Net 
Portfolio 
on 
Share 
  
Assets 
 
Investment 
Turnover 
NAV(a) 
Price(a) 
  
(000) 
Expenses(b) 
Income (Loss) 
Rate(c) 
3.03% 
5.48% 
  
$2,130,046 
0.52% 
3.89% 
17% 
5.74 
2.91 
  
2,150,444 
0.51 
3.87 
11 
3.94 
8.86 
  
2,096,508 
0.53 
4.08 
16 
11.04 
11.54 
  
2,099,099 
0.56 
4.36 
17 
(2.55) 
(8.67) 
  
1,975,227 
0.55 
4.34 
19 
3.02 
5.71 
  
256,281 
0.81 
4.45 
16 
4.90 
2.99 
  
247,394 
0.71 
4.38 
12 
4.56 
6.79 
  
228,952 
0.72 
4.72 
6 
10.95 
17.27 
  
226,855 
0.75 
4.92 
10 
(3.59) 
(14.31) 
  
215,764 
0.72 
4.93 
7 
 
(b)     
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
 
NUV 
 
  
NUW 
 
Year Ended 10/31: 
 
  
Year Ended 10/31: 
 
2017 
0.01% 
  
2017 
0.06% 
2016 
0.01    
  
2016 
0.03    
2015 
0.00** 
  
2015 
0.02    
2014 
0.01   
 
2014 
0.02    
2013 
0.00** 
  
2013 
0.00** 
 
(c)     
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*     
Rounds to less than $0.01 per share.
**     
Rounds to less than 0.01%.
See accompanying notes to financial statements.
NUVEEN 75

Financial Highlights (continued) 
 
 
 
 
 
 
 
 
 
Selected data for a share outstanding throughout each period: 
 
 
 
 
 
 
 
 
 
Investment Operations
  
Less Distributions
 
 
 
 
 
 
 
 
 
  
 
 
 
 
Premium 
 
 
 
 
 
 
 
  
 
 
 
 
from 
 
 
 
 
 
 
 
  
 
From 
 
 
Shares 
 
 
 
 
Net 
Net 
 
  
From 
Accumu- 
 
 
Sold 
 
 
 
 
Investment 
Realized/ 
 
  
Net 
lated Net 
 
Shelf 
through 
 
Ending 
 
Beginning 
Income 
Unrealized 
 
  
Investment 
Realized 
 
Offering 
Shelf 
Ending 
Share 
 
NAV 
(Loss) 
Gain (Loss) 
Total 
  
Income 
Gains 
Total 
Costs 
Offering 
NAV 
Price 
NMI 
 
 
 
 
  
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
  
 
 
 
 
 
 
 
2017 
$11.61 
$0.48 
$(0.22) 
$ 0.26 
  
$(0.49) 
$ — 
$(0.49) 
$(0.01) 
$0.01 
$11.38 
$11.45 
2016 
11.47 
0.50 
0.15 
0.65 
  
(0.51) 
— 
(0.51) 
— 
— 
11.61 
12.20 
2015 
11.52 
0.51 
(0.05) 
0.46 
  
(0.51) 
— 
(0.51) 
— 
— 
11.47 
11.05 
2014 
10.80 
0.50 
0.77 
1.27 
  
(0.55) 
— 
(0.55) 
— 
— 
11.52 
11.30 
2013 
11.66 
0.54 
(0.83) 
(0.29) 
  
(0.57) 
— 
(0.57) 
— 
— 
10.80 
10.11 
NEV 
 
 
 
 
  
 
 
 
 
 
 
 
Year Ended 10/31: 
 
 
 
 
  
 
 
 
 
 
 
 
2017 
15.58 
0.82 
(0.55) 
0.27 
  
(0.82) 
— 
(0.82) 
— 
— 
15.03 
14.28 
2016 
15.59 
0.85 
0.04 
0.89 
  
(0.95) 
— 
(0.95) 
— 
0.05 
15.58 
14.75 
2015 
15.69 
0.93 
(0.06) 
0.87 
  
(0.97) 
— 
(0.97) 
— 
— 
15.59 
15.38 
2014 
14.10 
0.96 
1.59 
2.55 
  
(0.96) 
— 
(0.96) 
— 
— 
15.69 
14.91 
2013 
15.82 
0.96 
(1.80) 
(0.84) 
  
(0.96) 
— 
(0.96) 
(0.01) 
0.09 
14.10 
13.92 
 
(a)     
Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
 
Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
76 NUVEEN
 

 
 
  
 
Ratios/Supplemental Data 
 
Total Returns 
  
 
Ratios to Average Net Assets 
 
 
Based 
  
Ending 
 
 
 
Based 
on 
  
Net 
 
Net 
Portfolio 
on 
Share 
  
Assets 
 
Investment 
Turnover 
NAV(a) 
Price(a) 
  
(000) 
Expenses(b) 
Income (Loss) 
Rate(d) 
2.34% 
(2.04)% 
  
$ 97,138 
0.79% 
4.23% 
12% 
5.71 
15.22 
  
96,532 
0.76 
4.33 
4 
4.08 
2.31 
  
95,149 
0.74 
4.43 
10 
12.06 
17.55 
  
95,464 
0.76 
4.55 
15 
(2.58) 
(15.91) 
  
89,384 
0.73 
4.73 
18 
1.93 
2.50 
  
375,081 
1.14 
5.47 
8 
6.10 
1.85 
  
388,835 
1.03 
5.44 
6 
5.68 
9.90 
  
328,856 
1.05(c) 
5.93(c) 
12 
18.67 
14.58 
  
330,869 
1.08 
6.49 
5 
(5.02)* 
(8.12) 
  
297,404 
1.08 
6.44 
12 
 
(b)     
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:
 
NMI 
 
  
NEV 
 
Year Ended 10/31: 
 
  
Year Ended 10/31: 
 
2017 
—% 
  
2017 
0.17% 
2016 
0.03   
  
2016 
0.07   
2015 
0.01   
  
2015 
0.07   
2014 
0.01   
  
2014 
0.09   
2013 
0.01   
  
2013 
0.08   
 
(c)     
During the fiscal year ended October 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with an equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows:
 
 
Ratios to Average Net Assets 
 
 
Net Investment 
NEV 
Expenses 
Income (Loss) 
Year Ended 10/31: 
 
 
2015 
1.08% 
5.91% 
 
(d)     
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*     
During the fiscal year ended October 31, 2013, NEV received payments from the Adviser of $168,146 to offset losses realized on the disposal of investments purchased in violation of the Fund’s investment restrictions. This reimbursement did not have an impact on the Fund’s Total Return on NAV.
See accompanying notes to financial statements.
NUVEEN 77
           
Notes to
 
 
 
 
 
Financial Statements
 
 
 
 
 

 
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
·
Nuveen Municipal Value Fund, Inc. (NUV)
·
Nuveen AMT-Free Municipal Value Fund (NUW)
·
Nuveen Municipal Income Fund, Inc. (NMI)
·
Nuveen Enhanced Municipal Value Fund (NEV)
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NUV and NMI were incorporated under the state laws of Minnesota on April 8, 1987 and February 26, 1988, respectively. NUW and NEV were organized as Massachusetts business trusts on November 19, 2008 and July 27, 2009, respectively.
The end of the reporting period for the Funds is October 31, 2017, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2017 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund’s primary investment objective is to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
       
 
NUV 
NUW 
NMI 
Outstanding when-issued/delayed delivery purchase commitments 
$30,029,314 
$1,298,606 
$871,871 
 
Investment Income
Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
78 NUVEEN
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Compensation
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Directors/Trustees (“the Board”) has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality,
NUVEEN 79

Notes to Financial Statements (continued)
type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (“NAV”) (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
                         
NUV 
  
Level 1
   
Level 2
   
Level 3
   
Total
 
Long-Term Investments*: 
                        
Municipal Bonds 
  
$
—
    
$
2,093,946,934
    
$
—
    
$
2,093,946,934
  
Corporate Bonds 
    
—
      
—
      
630,988
**
    
630,988
**
Short-Term Investments*: 
                                
Municipal Bonds 
    
—
      
5,000,000
      
—
      
5,000,000
  
Total 
  
$
—
    
$
2,098,946,934
    
$
630,988
    
$
2,099,577,922
  
   
NUW 
                                
   
Long-Term Investments*: 
                                
Municipal Bonds 
  
$
—
    
$
268,133,917
    
$
—
    
$
268,133,917
  
   
NMI 
                                
   
Long-Term Investments*: 
                                
Municipal Bonds 
  
$
—
    
$
96,879,435
    
$
—
    
$
96,879,435
  
   
NEV 
                                
   
Long-Term Investments*: 
                                
Municipal Bonds 
  
$
—
    
$
411,446,868
    
$
28,079
**
  
$
411,474,947
  
Common Stocks 
    
2,356,591
      
—
      
—
      
2,356,591
  
Short-Term Investments*: 
                                
Municipal Bonds 
    
—
      
2,850,450
      
—
      
2,850,450
  
Total 
  
$
2,356,591
    
$
414,297,318
    
$
28,079
    
$
416,681,988
  
 
*     
Refer to the Fund’s Portfolio of Investments for state and/or industry classifications.
**     
Refer to the Fund’s Portfolio of Investments for securities classified as Level 3.
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the
80 NUVEEN
 
Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i)     
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
(ii)     
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense” on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the
NUVEEN 81

Notes to Financial Statements (continued)
Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
                         
Floating Rate Obligations Outstanding 
  
NUV
   
NUW
   
NMI
   
NEV
 
Floating rate obligations: self-deposited Inverse Floaters 
  
$
6,630,000
    
$
15,125,000
    
$
—
    
$
48,545,000
  
Floating rate obligations: externally-deposited Inverse Floaters 
    
—
      
10,165,000
      
6,005,000
      
146,485,000
  
Total 
  
$
6,630,000
    
$
25,290,000
    
$
6,005,000
    
$
195,030,000
  
 
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
                         
Self-Deposited Inverse Floaters 
  
NUV
   
NUW
   
NMI
   
NEV
 
Average floating rate obligations outstanding 
  
$
11,664,247
    
$
10,785,274
    
$
—
    
$
48,515,247
  
Average annual interest rate and fees 
    
1.32
%
    
1.31
%
    
—
%
    
1.34
%
 
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, there were no loans outstanding under any such facility.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
                         
Floating Rate Obligations – Recourse Trusts 
  
NUV
   
NUW
   
NMI
   
NEV
 
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters 
  
$
6,630,000
    
$
15,125,000
    
$
—
    
$
34,920,000
  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters 
    
—
      
10,165,000
      
6,005,000
      
136,185,000
  
Total 
  
$
6,630,000
    
$
25,290,000
    
$
6,005,000
    
$
171,105,000
  
 
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
82 NUVEEN
 

Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Equity Shelf Programs and Offering Costs
The Funds have each filed registration statements with the Securities and Exchange Commission (“SEC”) authorizing each Fund to issue additional shares through one or more equity shelf program (“Shelf Offering”), which became effective with the SEC during the current and/or prior fiscal period.
Under these Shelf Offerings, the Funds, subject to market conditions, may raise additional equity capital by issuing additional shares from time to time in varying amounts and by different offering methods at a net price at or above each Fund’s NAV per share. In the event each Fund’s Shelf Offering registration statement is no longer current, the Funds may not issue additional shares until a post-effective amendment to the registration statement has been filed with the SEC.
Additional authorized shares, shares sold and offering proceeds, net of offering costs under each Fund’s Shelf Offering during each Fund’s shelf offering during the current and/or prior fiscal period (unless otherwise noted), were as follows:
                                                 
 
  
NUV
   
NUW
   
NMI
   
NEV
 
 
  
Year
   
Year
   
Year
   
Year
   
Year
   
Year
   
Year
   
Year
 
 
  
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
   
Ended
 
 
  
10/31/17****
   
10/31/16*
   
10/31/17
   
10/31/16**
   
10/31/17***
   
10/31/16
   
10/31/17
   
10/31/16
 
Additional authorized shares 
    
19,600,000
      
19,600,000
      
1,400,000
      
2,600,000
      
800,000
      
—
      
5,200,000
****
    
5,200,000
  
Shares sold 
    
—
      
900,076
      
685,364
      
992,372
      
209,600
      
—
      
—
      
3,842,469
  
Offering proceeds, net of offering costs 
  
$
—
    
$
9,540,333
    
$
11,730,314
    
$
17,451,974
    
$
2,442,544
    
$
—
    
$
—
    
$
61,693,894
  
 
*     
Represents total additional authorized shares for the period March 22, 2016 through October 31, 2016.
**     
Represents total additional authorized shares for the period February 26, 2016 through October 31, 2016; and the period November 1, 2015 through November 15, 2015.
***     
Represents total additional authorized shares for the period May 17, 2017 through October 31, 2017.
****     
Represents total additional authorized shares for the period November 1, 2016 through February 28, 2017.
Costs incurred by the Funds in connection with their Shelf Offerings were recorded as a deferred charge and recognized as a component of “Deferred offering costs” on the Statement of Assets and Liabilities. The deferred assets are reduced during the one-year period that additional shares are sold by reducing the proceeds from such sales and is recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any remaining deferred charges at the end of the one-year life of the Shelf Offering period will be expensed accordingly, as well as any additional Shelf Offering costs the Funds may incur. As Shelf Offering costs are expensed they are recognized as a component of “Shelf offering expenses” on the Statement of Operations.
NUVEEN 83
 
Notes to Financial Statements (continued)
During the prior reporting period, NMI filed an initial registration statement with the SEC to establish a new Shelf Offering, which was declared effective during the current fiscal period.
Share Transactions
Transactions in shares during the Funds’ current and prior fiscal period, where applicable, were as follows:
                         
 
  
NUV
    
NUW
  
 
  
Year
   
Year
   
Year
   
Year
 
 
  
Ended
   
Ended
   
Ended
   
Ended
 
 
  
10/31/17
   
10/31/16
   
10/31/17
   
10/31/16
 
Shares : 
                        
Issued to shareholders due to reinvestment of distributions 
    
—
      
347,727
      
25,922
      
40,963
  
Sold through shelf offering 
    
—
      
900,076
      
685,364
      
992,372
  
Weighted average share: 
                                
Premium to NAV per shelf offering share sold 
    
—
%
    
1.22
%
    
2.14
%
    
2.34
%
   
   
 
  
NMI
   
NEV
 
 
  
Year
   
Year
   
Year
   
Year
 
 
  
Ended
   
Ended
   
Ended
   
Ended
 
 
  
10/31/17
   
10/31/16
   
10/31/17
   
10/31/16
 
Shares: 
                                
Issued to shareholders due to reinvestment of distributions 
    
16,379
      
15,227
      
—
      
10,581
  
Sold through shelf offering 
    
209,600
      
—
      
—
      
3,842,469
  
Weighted average share: 
                                
Premium to NAV per shelf offering share sold 
    
3.29
%
    
—
%
    
—
%
    
1.80
%
 
 
5. Investment Transactions 
 
 
 
 
Long-term purchases and sales (including maturities) during the current fiscal period were as follows: 
 
 
 
 
 
  
NUV
   
NUW
   
NMI
   
NEV
 
Purchases 
  
$
351,239,109
    
$
63,707,493
    
$
12,005,207
    
$
32,244,023
  
Sales and maturities 
    
374,367,138
      
40,894,797
      
11,408,208
      
37,201,742
  
 
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of AMT-Free Municipal Value (NUW) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
84 NUVEEN

The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of October 31, 2017.
                         
 
  
NUV
   
NUW
   
NMI
   
NEV
 
Tax cost of investments 
  
$
1,899,428,558
    
$
222,304,717
    
$
87,960,106
    
$
334,522,606
  
Gross unrealized: 
                                
Appreciation 
  
$
203,901,676
    
$
30,841,650
    
$
9,155,869
    
$
42,831,912
  
Depreciation 
    
(10,382,303
)
    
(137,494
)
    
(236,540
)
    
(9,217,237
)
Net unrealized appreciation (depreciation) of investments 
  
$
193,519,373
    
$
30,704,156
    
$
8,919,329
    
$
33,614,675
  
 
Permanent differences, primarily due to taxable market discount, expiration of capital loss carryforwards, federal taxes paid and nondeductible offering costs resulted in reclassifications among the Funds’ components of net assets as of October 31, 2017, the Funds’ tax year end, as follows:
                         
 
  
NUV
   
NUW
   
NMI
   
NEV
 
Paid-in-surplus 
  
$
(22,687
)
  
$
(195,270
)
  
$
(165,832
)
  
$
(224
)
Undistributed (Over-distribution of) net investment income 
    
(59,594
)
    
194,931
      
32,095
      
(52,703
)
Accumulated net realized gain (loss) 
    
82,281
      
339
      
133,737
      
52,927
  
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2017, the Funds’ tax year end, were as follows:
                         
 
  
NUV
   
NUW
   
NMI
   
NEV
 
Undistributed net tax-exempt income1 
  
$
5,833,841
    
$
819,006
    
$
310,516
    
$
1,290,748
  
Undistributed net ordinary income2 
    
3,303,643
      
288,399
      
21,601
      
283,327
  
Undistributed net long-term capital gains 
    
—
      
2,744,988
      
—
      
—
  
 
1     
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 2, 2017 and paid on November 1, 2017.
2     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
The tax character of distributions paid during the Funds’ tax years ended October 31, 2017 and October 31, 2016, was designated for purposes of the dividends paid deduction as follows:
                         
2017 
  
NUV
   
NUW
   
NMI
   
NEV
 
Distributions from net tax-exempt income3 
  
$
80,679,082
    
$
10,468,012
    
$
4,077,447
    
$
20,583,806
  
Distributions from net ordinary income2 
    
457,488
      
103,869
      
16,631
      
29,940
  
Distributions from net long-term capital gains 
    
—
      
—
      
—
      
—
  
 
2016 
  
NUV
   
NUW
   
NMI
   
NEV
 
Distributions from net tax-exempt income 
  
$
80,329,085
    
$
10,748,111
    
$
4,134,879
    
$
21,404,317
  
Distributions from net ordinary income2 
    
391,620
      
202,880
      
81,311
      
107,623
  
Distributions from net long-term capital gains 
    
—
      
—
      
—
      
—
  
 
2     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3     
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2017 as Exempt Interest Dividends.
As of October 31, 2017, the Funds’ tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
             
 
  
NUV
   
NEV
 
Expiration: 
            
October 31, 2018 
  
$
—
    
$
2,946,811
  
October 31, 2019 
    
—
      
16,146,849
  
Not subject to expiration 
    
24,339,785
      
5,779,399
  
Total 
  
$
24,339,785
    
$
24,873,059
  
 
 
During the Funds’ tax year ended October 31, 2017, the Funds utilized capital loss carryforwards as follows: 
 
 
  
NUV
   
NUW
   
NMI
   
NEV
 
Utilized capital loss carryforwards 
  
$
10,193,997
    
$
726,001
    
$
44,742
    
$
362,229
  
 
 
As of October 31, 2017, the Funds’ tax year end, $114,780 of NMI’s capital loss carryforward expired. 
 
NUVEEN 85
 
Notes to Financial Statements (continued)
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for NUV a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
   
The annual Fund-level fee, payable monthly, for NUV is calculated according to the following schedule: 
 
 
 
NUV 
Average Daily Net Assets 
Fund-Level Fee 
For the first $500 million 
0.1500% 
For the next $500 million 
0.1250 
For net assets over $1 billion 
0.1000 
 
In addition, NUV pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:
   
 
NUV 
Gross Interest Income 
Gross Income Fee 
For the first $50 million 
4.125% 
For the next $50 million 
4.000 
For gross income over $100 million 
3.875 
 
 
The annual Fund-level fee, payable monthly, for NUW, NMI and NEV is calculated according to the following schedules: 
 
 
 
NUW 
Average Daily Managed Assets* 
Fund-Level Fee 
For the first $125 million 
0.4000% 
For the next $125 million 
0.3875 
For the next $250 million 
0.3750 
For the next $500 million 
0.3625 
For the next $1 billion 
0.3500 
For the next $3 billion 
0.3250 
For managed assets over $5 billion 
0.3125 
 
 
 
NMI 
Average Daily Net Assets 
Fund-Level Fee 
For the first $125 million 
0.4500% 
For the next $125 million 
0.4375 
For the next $250 million 
0.4250 
For the next $500 million 
0.4125 
For the next $1 billion 
0.4000 
For the next $3 billion 
0.3750 
For net assets over $5 billion 
0.3625 
 
 
 
NEV 
Average Daily Managed Assets* 
Fund-Level Fee 
For the first $125 million 
0.4500% 
For the next $125 million 
0.4375 
For the next $250 million 
0.4250 
For the next $500 million 
0.4125 
For the next $1 billion 
0.4000 
For the next $3 billion 
0.3750 
For managed assets over $5 billion 
0.3625 
 
86 NUVEEN
 

The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets (net assets for NUV and NMI):
       
Complex-Level Managed Asset Breakpoint Level* 
  
Effective Rate at Breakpoint Level
 
$55 billion 
    
0.2000
%
$56 billion 
    
0.1996
  
$57 billion 
    
0.1989
  
$60 billion 
    
0.1961
  
$63 billion 
    
0.1931
  
$66 billion 
    
0.1900
  
$71 billion 
    
0.1851
  
$76 billion 
    
0.1806
  
$80 billion 
    
0.1773
  
$91 billion 
    
0.1691
  
$125 billion 
    
0.1599
  
$200 billion 
    
0.1505
  
$250 billion 
    
0.1469
  
$300 billion 
    
0.1445
  
 
*     
For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2017, the complex- level fee rate for each Fund was 0.1595%.
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
   
During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows: 
 
 
Inter-Fund Trades 
  
NMI
 
Purchases 
  
$
—
  
Sales 
    
2,453,871
  
 
8. Borrowing Arrangements


Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. On December 31, 2016 (the only date utilized during the current fiscal period), the following Funds borrowed the following amount from the Unsecured Credit Line, each at an annualized interest rate of 2.02% on their respective balance.
             
 
  
NUV
   
NEV
 
Outstanding balance at December 31, 2016 
  
$
8,374,528
    
$
3,187,609
  
 
The Unsecured Credit Line was not renewed after its scheduled termination date on July 27, 2017. 
 
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $3 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the
NUVEEN 87
 

Notes to Financial Statements (continued)
facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2018 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, NUV utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows:
       
 
  
NUV
 
Maximum Outstanding Balance 
  
$
28,000,000
  
 
During the current fiscal period, the average daily balance and average annual interest rate on the Fund’s Borrowings during the utilization period were as follows:
       
 
  
NUV
 
Average daily balance outstanding 
  
$
23,000,000
  
Average annual interest rate 
    
2.02
%
 
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
None of the other Funds utilized this facility during the current fiscal period.
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During May 2017, the Board approved the Nuveen funds participation in the Inter-Fund Program. During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
9. New Accounting Pronouncements
Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
During March 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
88 NUVEEN
 
Additional
Fund Information (Unaudited)

 
           
Board of Directors/Trustees 
 
 
 
 
Margo Cook* 
Jack B. Evans 
William C. Hunter 
David J. Kundert** 
Albin F. Moschner 
John K. Nelson 
William J. Schneider 
Judith M. Stockdale 
Carole E. Stone 
Terence J. Toth 
Margaret L. Wolff 
Robert L. Young 
 
*     
Interested Board Member.
    
**     
Retired from the Fund’s Board of Directors/Trustees effective December 31, 2017.
    
 
         
Fund Manager 
Custodian 
Legal Counsel 
Independent Registered 
Transfer Agent and 
Nuveen Fund Advisors, LLC 
State Street Bank 
Chapman and Cutler LLP 
Public Accounting Firm 
Shareholder Services 
333 West Wacker Drive 
& Trust Company 
Chicago, IL 60603 
KPMG LLP 
Computershare Trust 
Chicago, IL 60606 
One Lincoln Street 
 
200 East Randolph Drive 
Company, N.A. 
 
Boston, MA 02111 
 
Chicago, IL 60601 
250 Royall Street 
 
 
 
 
Canton, MA 02021 
 
 
 
 
(800) 257-8787 

Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
         
 
NUV 
NUW 
NMI 
NEV 
Shares repurchased 
— 
— 
— 
— 
 
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
NUVEEN 89
 
Glossary of Terms
Used in this Report (Unaudited)

 
■ Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
■ Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond fund’s value to changes when market interest rates change. Generally, the longer a bond’s or fund’s duration, the more the price of the bond or fund will change as interest rates change.
■ Effective Leverage: Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
■ Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
■ Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
■ Industrial Development Revenue Bond (IDR): A unique type of revenue bond issued by a state or local government agency on behalf of a private sector company and intended to build or acquire factories or other heavy equipment and tools.
■ Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
■ Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
■ Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
■ Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
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■ Regulatory Leverage: Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
■ S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
■ Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities.
■ Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
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Reinvest Automatically,
Easily and Conveniently
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.

Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
92 NUVEEN
 
Annual Investment Management
Agreement Approval Process (Unaudited)
 
The Board of Directors or Trustees (each, a “Board,” and each Director or Trustee, a “Board Member”) of each Fund, including the Board Members who are not parties to the applicable advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), oversees the management of its respective Fund, including the performance of Nuveen Fund Advisors, LLC, the Funds’ investment adviser (the “Adviser”), and Nuveen Asset Management, LLC, the Funds’ sub-adviser (the “Sub-Adviser”). As required by applicable law, after the initial term of the respective Fund following commencement of its operations, the Board is required to consider annually whether to renew the Fund’s management agreement with the Adviser (the “Investment Management Agreement”) and its sub-advisory agreement with the Sub-Adviser (the “Sub-Advisory Agreement” and, together with the Investment Management Agreement, the “Advisory Agreements”). Accordingly, the Board met in person on April 11-12, 2017 (the “April Meeting”) and May 23-25, 2017 (the “May Meeting”) to consider the approval of each Advisory Agreement that was up for renewal for an additional one-year period.
The Board considered its review of the Advisory Agreements as an ongoing process encompassing the information received and the deliberations the Board and its committees have had throughout the year. The Board met regularly during the year and received materials and discussed topics that were relevant to the annual consideration of the renewal of the Advisory Agreements, including, among other things, overall market performance and developments; fund investment performance; investment team review; valuation of securities; compliance, regulatory and risk management matters; and other developments. The Board had also established several standing committees, including the Open-end Fund Committee and Closed-end Fund Committee, which met regularly throughout the year to permit the Board Members to delve deeper into the topics particularly relevant to the respective product line. The Board further continued its practice of seeking to meet periodically with the Sub-Adviser and its investment team. The accumulated information, knowledge, and experience the Board Members had gained during their tenure on the Board governing the Funds and working with the Fund Advisers (as defined below) were taken into account in their review of the Advisory Agreements.
In addition to the materials received by the Board or its committees throughout the year, the Board reviewed extensive additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including, but not limited to, a description of the services provided by the Adviser and Sub-Adviser (the Adviser and the Sub-Adviser are each a “Fund Adviser”); an analysis of fund performance including comparative industry data and a detailed focus on any performance outliers; an analysis of the Sub-Adviser; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and in comparison to the fees and expenses of peers with a focus on any expense outliers; an assessment of shareholder services for the Nuveen funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; a review of premium/discount trends and leverage management for the closed-end funds as well as information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters. The materials provided in connection with the annual review included information compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge” or “Lipper”), an independent provider of investment company data, comparing, in relevant part, each Fund’s fees and expenses with those of a comparable universe of funds (the “Peer Universe”), as selected by Broadridge (the “Broadridge Report”). The Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.
As part of its annual review, the Board met at the April Meeting to review the investment performance of the Funds and to consider the Adviser’s analysis of the Sub-Adviser evaluating, among other things, the Sub-Adviser’s assets under management, investment team, performance, organizational stability, and investment approach. During the review, the Independent Board Members
NUVEEN 93
 

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
requested and received additional information from management. At the May Meeting, the Board, including the Independent Board Members, continued its review and ultimately approved the continuation of the Advisory Agreements for an additional year. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel and met with counsel separately without management present. In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as determinative, but rather the decision reflected the comprehensive consideration of all the information presented, and each Board Member may have attributed different weights to the various factors and information considered in connection with the approval process. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory Agreements and its conclusions.
A.   Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund and the resulting performance of each Fund. The Board recognized the myriad of services the Adviser and its affiliates provided to manage and operate the Nuveen funds, including (a) product management (such as managing distributions, positioning the product in the marketplace, maintaining and enhancing shareholder communications and reporting to the Board); (b) investment oversight, risk management and securities valuation (such as overseeing the sub-advisers and other service providers, analyzing investment performance and risks, overseeing risk management and disclosure, executing the daily valuation of securities, and analyzing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters and helping to prepare regulatory filings and shareholder reports); (d) fund board administration (such as preparing board materials and organizing and providing assistance for board meetings); (e) compliance (such as helping to devise and maintain the Nuveen funds’ compliance program and test for adherence); (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities); (g) with respect to certain closed-end funds, providing leverage, capital and distribution management services; and (h) with respect to certain open-end funds with portfolios that have a leverage component, providing such leverage management services.
The Board further noted the Adviser’s continued dedication to investing in its business to enhance the quality and breadth of the services provided to the Funds. The Board recognized the Adviser’s investment in staffing over recent years to support the services provided to the Nuveen funds in key areas, including in investment services, product management, retail distribution and information technology, closed-end funds and structured products, as well as in fund administration, operations and risk management. The Board further noted the Adviser’s continued commitment to enhancing its compliance program by, among other things, restructuring the compliance organization, developing a unified compliance program, adding compliance staff, and developing and/or revising policies and procedures as well as building further infrastructure to address new regulatory requirements or guidance and the growth of the complex. The Board also considered the enhancements to Nuveen’s cybersecurity capabilities, systems and processes to value securities, stress test reporting and risk and control self-assessments.
In addition, the Independent Board Members considered information highlighting the various initiatives that the Adviser had implemented or continued over recent years to benefit the open-end fund and closed-end fund product lines and/or particular Nuveen funds. The Board noted the Adviser’s continued efforts to rationalize the open-end fund and closed-end fund product lines through, among other things, mergers, liquidations and repositionings in seeking to provide enhanced shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches that are more relevant to current shareholder needs. With respect to closed-end Nuveen funds, such initiatives included (a) an increased level of leverage management activities in 2016 and 2017 resulting from the rollover of existing facilities, the negotiation of improved terms and pricing to reduce leverage costs, the innovation of new leverage structures, the rebalancing of leverage of various funds as a result of mergers or new investment mandates, and the restructuring of tender option bonds to be compliant with new regulatory requirements; (b) an increased level of capital management activities (i.e., the management of the issuance
94 NUVEEN
 

and repurchase of shares of certain closed-end funds) during 2016 as a result of market demand as well as an implementation of a cross department review system for shares trading at certain discount levels; (c) continued refinements to a database to permit further analysis of the closed-end fund marketplace and shareholder base; (d) the development of enhanced secondary market board reporting and commentary; (e) the reconfiguration of the framework for determining and maintaining closed-end fund benchmarks to permit more consistency across the complex; and (f) the development of product innovations for new closed-end offerings, including target term funds. The Board also recognized the Adviser’s continued commitment to supporting the closed-end product line through its award winning investor relations support program through which Nuveen seeks to educate investors and financial advisers regarding closed-end funds.
With respect to municipal funds, the Independent Board Members also appreciated, in particular, the astute portfolio management of the municipal funds with respect to the Puerto Rico debt crisis.
In its review, the Board recognized that initiatives that attracted assets to the Nuveen family of funds generally benefited the Nuveen funds in the complex as fixed costs would be spread over a larger asset base and, as described below, through the complex-wide fee arrangement which generally provides that the management fees of the Nuveen funds (subject to limited exceptions) are reduced as asset levels in the complex reach certain breakpoints in the fee schedule.
Similarly, the Board considered the sub-advisory services provided by the Sub-Adviser to the Funds. The Sub-Adviser generally provided portfolio advisory services for the Funds. The Board reviewed the Adviser’s analysis of the Sub-Adviser which evaluated, among other things, the investment team and any changes thereto, the stability and history of the organization, the assets under management, the investment approach and the performance of the Nuveen funds it sub-advises. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B.   The Investment Performance of the Funds and Fund Advisers
As part of its evaluation of the services provided by the Fund Advisers, the Board reviewed Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2016 as well as performance data for the first quarter of 2017 ending March 31, 2017. The Board reviewed performance on an absolute basis and in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). For closed-end funds, the Board (or the Closed-end Fund Committee) also reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date and over various periods as well as in comparison to the premium/discount average in their respective Lipper peer category. The Independent Board Members continued to recognize the importance of secondary market trading for the shares of the closed-end funds and the evaluation of the premium and discount levels was a continuing priority for them. The review and analysis of performance information during the annual review of Advisory Agreements incorporated the discussions and performance information the Board Members have had at each of their quarterly meetings throughout the year.
In evaluating performance data, the Independent Board Members recognized some of the limitations of such data and the difficulty in establishing appropriate peer groups and benchmarks for certain of the Nuveen funds. They recognized that each fund operates pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark. Certain funds may also utilize leverage which may provide benefits or risks to their portfolio compared to an unlevered benchmark. The Independent Board Members had noted that management had classified the Performance Peer Groups as low, medium and high in relevancy to the applicable fund as a result of these differences or other factors. The Independent Board Members recognized that the variations between the Performance Peer Group or benchmark and the applicable Fund will lead to differing performance results and may limit the value of the comparative performance data in assessing the particular Fund’s performance.
NUVEEN 95
 

Annual Investment Management Agreement Approval Process (Unaudited) (continued)
In addition, the Independent Board Members recognized that the performance data is a snapshot in time, in this case as of the end of the 2016 calendar year or end of the first quarter of 2017. A different period may generate significantly different results and longer term performance can be adversely affected by even one period of significant underperformance. Further, a shareholder’s experience in a Fund depends on his or her own holding period which may differ from that reviewed by the Independent Board Members.
In their review of performance, the Independent Board Members focused, in particular, on the Adviser’s analysis of Nuveen funds determined to be underperforming performance outliers and the factors contributing to the respective fund’s performance and any efforts to address performance concerns. With respect to any Nuveen funds for which the Board has identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers any steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board, however, acknowledged that shareholders chose to invest or remain invested in a fund knowing that the Adviser and applicable sub-adviser manage the fund, knowing the fund’s investment strategy and seeking exposure to that strategy (even if the strategy was “out of favor” in the marketplace) and knowing the fund’s fee structure.
In reviewing the performance of the Nuveen municipal funds, the Board recognized the challenged and volatile conditions of the municipal market in the fourth quarter of 2016 which impacted the performance of many of the municipal funds. The Board further considered that the municipal market had generally rebounded in the first quarter of 2017. In reviewing the performance of the municipal funds, the Board considered the impact of the market conditions.
For Nuveen Municipal Value Fund, Inc. (the “Value Fund”), the Board noted that although the Fund ranked in its Performance Peer Group in the fourth quartile for the three- and five-year periods, the Fund ranked in the first quartile in the one-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund’s performance.
For Nuveen AMT-Free Municipal Value Fund (the “AMT-Free Fund”), the Board noted that the Fund ranked in the third quartile in its Performance Peer Group in the one-, three- and five-year periods. Although the Fund underperformed its benchmark in the one-year period, the Fund outperformed its benchmark in the three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
For Nuveen Municipal Income Fund, Inc. (the “Income Fund”), the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the longer three- and five-year periods, the Fund ranked in the first quartile in the one-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund’s performance.
For Nuveen Enhanced Municipal Value Fund (the “Enhanced Fund”), the Board noted that the Fund ranked in its Performance Peer Group in the fourth quartile in the one-year period, the second quartile in the three-year period and the first quartile in the five-year period. The Fund also underperformed its benchmark in the one-year period, but outperformed its benchmark in the three- and five-year periods. In the first quarter of 2017, the Fund’s relative performance improved, ranking in the second quartile of its Performance Peer Group and outperforming its benchmark for such period. The Board was satisfied with the Fund’s overall performance.
C.   Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed and considered, among other things, the gross and net management fees paid by the Funds. The Board further considered the net total expense ratio of each Fund (expressed as a percentage of average net assets) as the expense ratio is most reflective of the investors’ net experience in a Fund as it directly reflected the costs of investing in the respective Fund.
96 NUVEEN
 

In addition, the Board reviewed the Broadridge Report comparing, in relevant part, each Fund’s gross and net advisory fees and net total expense ratio with those of a Peer Universe. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe by Broadridge. In reviewing the comparative data, the Board was aware that various factors may limit some of the usefulness of the data, such as differences in size of the peers; the composition of the Peer Universe; changes each year of funds comprising the Peer Universe; levels of expense reimbursements and fee waivers; and differences in the type and use of leverage. Nevertheless, in reviewing a fund’s fees and expenses compared to the fees and expenses of its peers (excluding leverage costs and leveraged assets), the Board generally considered a fund’s expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. The Board noted that the substantial majority of the Nuveen funds had a net expense ratio that was near or below their respective peer average.
The Independent Board Members noted that the Value Fund, the AMT-Free Fund and the Income Fund had net management fees and net expense ratios below their respective peer averages, and the Enhanced Fund had a net management fee in line with its peer average and a net expense ratio below its peer average.
In their evaluation of the management fee schedule, the Independent Board Members also reviewed the fund-level and complex-wide breakpoint schedules, as described in further detail below. With respect to closed-end funds, the Board considered the effects of leverage on fees and expenses, including the calculation of management fees for funds with tender option bonds.
Based on their review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Board also reviewed information regarding the respective Fund Adviser’s fee rates for providing advisory services to other types of clients. For the Adviser and/or the Sub-Adviser, such other clients may include municipal separately managed accounts and passively managed exchange-traded funds (“ETFs”) sub-advised by the Sub-Adviser but that are offered by another fund complex.
The Board recognized that each Fund had an affiliated sub-adviser. In reviewing the fee rates assessed to other clients, with respect to affiliated sub-advisers, the Board reviewed, among other things, the range of fees and average fee rates assessed for managed accounts.
The Board recognized the inherent differences between the Nuveen funds and the other types of clients. The Board considered information regarding these various differences which included, among other things, the services required, average account sizes, types of investors targeted, legal structure and operations, and applicable laws and regulations. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and the Nuveen funds. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. The Board recognized the breadth of services the Adviser provided to support the Nuveen funds as summarized above and noted that many of such administrative services may not be required to the same extent or at all for the institutional clients or other clients. The Board further recognized the passive management of ETFs compared to the active management required of other Nuveen funds would contribute to differing fee levels.
The Independent Board Members noted that the sub-advisory fees paid by the Adviser to the Sub-Adviser, however, were generally for portfolio management services. With respect to affiliated sub-advisers, the Board noted such sub-advisory fees were more comparable to the fees of retail wrap accounts and other external sub-advisory mandates.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Board concluded that such facts justify the different levels of fees.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2016 and 2015. In considering profitability, the Independent Board Members considered the level of profitability realized by Nuveen before the imposition of any distribution and marketing expenses incurred by the firm from its own resources. In evaluating the profitability, the Independent Board Members evaluated the analysis employed in developing the profitability figures, including the assumptions and methodology employed in allocating expenses. The Independent Board Members recognized the inherent limitations to any cost allocation methodology as different and reasonable approaches may be used and yet yield differing results. The Independent Board Members further reviewed an analysis of the history of the profitability methodology used explaining any changes to the methodology over the years. The Board has appointed two Independent Board Members, who along with independent legal counsel, helped to review and discuss the methodology employed to develop the profitability analysis each year and any proposed changes thereto and to keep the Board apprised of such changes during the year.
In their review, the Independent Board Members evaluated, among other things, Nuveen’s adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2016 versus 2015. The Board, however, observed that Nuveen’s operating margins for its advisory activities in 2016 were similar to that of 2015.
In addition to reviewing Nuveen’s profitability in absolute terms, the Independent Board Members also reviewed the adjusted total company margins of other advisory firms that had publicly available information and comparable assets under management (based on asset size and asset composition). The Independent Board Members, however, noted that the usefulness of the comparative data may be limited as the other firms may have a different business mix and their profitability data may be affected by numerous other factors such as the types of funds managed, the cost allocation methodology used, and their capital structure. Nevertheless, the Board noted that Nuveen’s adjusted operating margins appeared comparable to the adjusted margins of the peers.
Further, the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). To have a fuller picture of the financial condition and strength of the TIAA complex, together with Nuveen, the Board reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2016 and 2015 calendar years.
In addition to the Adviser’s profitability, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. The Independent Board Members reviewed the Sub-Adviser’s revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2016. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre-and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2016.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser for its services to the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
98 NUVEEN
 

D.   Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
When evaluating the level of the advisory fees, the Independent Board Members considered whether there will be any economies of scale that may be realized by the Fund Adviser as a Fund grows and the extent to which these economies were shared with the Funds and shareholders. The Board recognized that economies of scale are difficult to measure with precision; however, the Board considered that there were several ways the Fund Adviser may share the benefits of economies of scale with the Nuveen funds, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waivers and/or expense limitation agreements and the Adviser’s investment in its business which can enhance the services provided to the Nuveen funds. With respect to the fee structure, the Independent Board Members have recognized that economies of scale may be realized when a particular fund grows, but also when the total size of the fund complex grows (even if the assets of a particular fund in the complex have not changed or have decreased). Accordingly, subject to certain exceptions, the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component, each of which has a breakpoint schedule. Subject to certain exceptions, the fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the funds (except for Nuveen ETFs which are subject to a unitary fee) in the Nuveen complex combined grow. In addition, with respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios.
The Independent Board Members reviewed the breakpoint and complex-wide schedules and any savings achieved from fee reductions as a result of the fund-level and complex-level breakpoints for the 2016 calendar year. In addition, the Independent Board Members recognized the Adviser’s ongoing investment in its business to expand or enhance the services provided to the benefit of all of the Nuveen funds.
Based on their review, the Board concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
E.   Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds, including compensation paid to affiliates of a Fund Adviser for services rendered to the funds and research services received by a Fund Adviser from broker-dealers that execute fund trades. The Independent Board Members noted that affiliates of the Adviser may receive compensation for serving as a co-manager for initial public offerings of new Nuveen closed-end funds and as underwriter on shelf offerings for certain existing funds. The Independent Board Members considered the compensation paid for such services in 2016.
In addition to the above, the Independent Board Members considered that the Funds’ portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received from broker-dealers that execute Fund portfolio transactions. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that the research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
F.   Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
100 NUVEEN
Board
Members & Officers (Unaudited)
 
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at twelve. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
         
Name, 
Year of Birth 
& Address 
Position(s) Held 
with the Funds
Year First 
Elected or 
Appointed 
and Term(1)
Principal 
Occupation(s) 
Including other 
Directorships 
During Past 5 Years 
Number 
of Portfolios 
in Fund Complex 
Overseen by 
Board Member 
 
Independent Board Members: 
 
 
 
 
 
■   WILLIAM J. SCHNEIDER 
 
 
Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition. 
 
1944 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Chairman and
Board Member 
1996 
Class III 
176 
 
 
 
 
 
 
 
 
 
 
■   JACK B. EVANS 
 
 
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, Public Member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. 
 
1948 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Board Member 
 
1999 
Class III 
176 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
■   WILLIAM C. HUNTER 
 
 
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; past Director (2005- 2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. 
 
1948 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Board Member 
 
2003 
Class I 
176 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
■   DAVID J. KUNDERT(1) 
 
 
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016). 
 
1942 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Board Member 
 
2005 
Class II 
176 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NUVEEN 101
 

Board Members & Officers (Unaudited) (continued)
Name, 
Year of Birth 
& Address
Position(s) Held 
with the Funds 
Year First 
Elected or 
Appointed 
and Term(1) 
Principal 
Occupation(s) 
Including other 
Directorships 
During Past 5 Years 
Number 
of Portfolios 
in Fund Complex 
Overseen by 
Board Member 
 
Independent Board Members (continued): 
 
 
 
 
■   ALBIN F. MOSCHNER 
 
 
Founder and Chief Executive Officer, Northcroft Partners, LLC, a 
 
1952 
333 W. Wacker Drive 
Chicago, IL 60606 
Board Member 
 
2016 
Class III 
management consulting firm (since 2012); previously, held positions 
176 
at Leap Wireless International, Inc., including Consultant (2011-2012), 
Chief Operating Officer (2008-2011), and Chief Marketing Officer 
 
 
 
 
(2004-2008); formerly, President, Verizon Card Services division of 
 
 
 
 
Verizon Communications, Inc. (2000-2003); formerly, President, 
 
 
 
 
One Point Services at One Point Communications (1999- 2000); 
 
 
 
 
formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); 
 
 
 
 
formerly, various executive positions with Zenith Electronics 
 
 
 
 
Corporation (1991- 1996). Director, USA Technologies, Inc., a 
 
 
 
 
provider of solutions and services to facilitate electronic payment 
 
 
 
 
transactions (since 2012); formerly, Director, Wintrust Financial 
 
 
 
 
Corporation (1996-2016). 
 
 
■   JOHN K. NELSON 
 
 
Member of Board of Directors of Core12 LLC (since 2008), a private 
 
1962 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Board Member 
 
2013 
Class II 
firm which develops branding, marketing and communications 
176 
strategies for clients; Director of The Curran Center for Catholic 
American Studies (since 2009) and The President’s Council, 
 
 
 
 
Fordham University (since 2010); formerly, senior external advisor 
 
 
 
 
to the financial services practice of Deloitte Consulting LLP (2012- 
 
 
 
 
2014): formerly, Chairman of the Board of Trustees of Marian 
 
 
 
 
University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief 
 
 
 
 
Executive Officer of ABN AMRO N.V. North America, and Global 
 
 
 
 
Head of its Financial Markets Division (2007-2008); prior senior 
 
 
 
 
positions held at ABN AMRO include Corporate Executive Vice 
 
 
 
 
President and Head of Global Markets-the Americas (2006-2007), 
 
 
 
 
CEO of Wholesale Banking North America and Global Head of 
 
 
 
 
Foreign Exchange and Futures Markets (2001-2006), and Regional 
 
 
 
 
Commercial Treasurer and Senior Vice President Trading-North 
 
 
 
 
America (1996-2001); formerly, Trustee at St. Edmund Preparatory 
 
 
 
 
School in New York City. 
 
 
■   JUDITH M. STOCKDALE 
 
 
Board Member, Land Trust Alliance (since 2013) and U.S. 
 
1947 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Board Member 
1997 
Class I 
Endowment for Forestry and Communities (since 2013); formerly, 
176 
Executive Director (1994- 2012), Gaylord and Dorothy Donnelley 
Foundation; prior thereto, Executive Director, Great Lakes 
 
 
 
 
Protection Fund (1990-1994). 
 
 
■   CAROLE E. STONE 
 
 
Director, Chicago Board Options Exchange, Inc. (since 2006); 
 
1947 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Board Member 
 
2007 
Class I 
Director, C2 Options Exchange, Incorporated (since 2009); Director, 
176 
CBOE Holdings, Inc.(since 2010); formerly, Commissioner, New 
York State Commission on Public Authority Reform (2005-2010). 
 
 
■   TERENCE J. TOTH 
 
 
Co-Founding Partner, Promus Capital (since 2008); Director, Fulcrum 
 
1959 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Board Member 
 
2008 
Class II 
IT Service LLC (since 2010) and Quality Control Corporation (since 
176 
2012); member: Catalyst Schools of Chicago Board (since 2008) and 
Mather Foundation Board (since 2012), and chair of its Investment 
 
 
 
 
Committee; formerly, Director, Legal & General Investment 
 
 
 
 
Management America, Inc.(2008-2013); formerly, CEO and President, 
 
 
 
 
Northern Trust Global Investments (2004-2007): Executive Vice 
 
 
 
 
President, Quantitative Management & Securities Lending (2000- 
 
 
 
 
2004); prior thereto, various positions with Northern Trust Company 
 
 
 
 
(since 1994); formerly, Member, Northern Trust Mutual Funds Board 
 
 
 
 
(2005-2007), Northern Trust Global Investments Board (2004-2007), 
 
 
 
 
Northern Trust Japan Board (2004-2007), Northern Trust Securities 
 
 
 
 
Inc. Board (2003- 2007) and Northern Trust Hong Kong 
 
 
 
 
Board (1997-2004). 
 
 
102 NUVEEN
 

Name, 
Year of Birth 
& Address
Position(s) Held 
with the Funds
Year First 
Elected or 
Appointed 
and Term(1) 
Principal 
Occupation(s) 
Including other 
Directorships 
During Past 5 Years 
Number 
of Portfolios 
in Fund Complex 
Overseen by 
Board Member 
 
Independent Board Members (continued): 
 
 
 
 
■   MARGARET L. WOLFF 
 
 
Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York- Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. 
 
1955 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Board Member 
 
2016 
Class I 
176 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
■   ROBERT L. YOUNG(2) 
 
 
Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). 
 
1963 
333 W. Wacker Drive 
Chicago, IL 60606 
Board Member 
 
2017 
Class II 
174 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interested Board Member: 
 
 
 
 
 
■   MARGO L. COOK(3)(4) 
 
 
President (since April 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc.; President, Global Products and Solutions (since July 2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice President (since February 2017) of Nuveen, LLC; President (since August 2017), formerly Co-President (October 2016- August 2017), formerly, Senior Executive Vice President of Nuveen Fund Advisors, LLC (Executive Vice President since 2011); President (since 2017), Nuveen Alternative Investments, LLC; Chartered Financial Analyst. 
 
1964 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Board Member 
 
2016 
Class III 
176 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Name, 
Year of Birth
& Address
Position(s) Held 
with the Funds 
Year First 
Elected or
Appointed(4) 
Principal 
Occupation(s)
During Past 5 Years 
Number 
of Portfolios
in Fund Complex 
Overseen 
by Officer 
 
Officers of the Funds: 
 
 
 
 
 
■   CEDRIC H. ANTOSIEWICZ
 
Senior Managing Director (since January 2017), formerly, Managing Director (2004-2017) of Nuveen Securities, LLC; Senior Managing Director (since February 2017), formerly, Managing Director (2014-2017) of Nuveen Fund Advisors, LLC. 
 
1962 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Chief 
Administrative 
Officer 
2007 
 
75 
 
 
■   LORNA C. FERGUSON 
 
 
Senior Managing Director (since February 2017), formerly, Managing Director (2004-2017) of Nuveen. 
 
 
 
1945 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Vice President 
 
1998 
 
176 
 
 
NUVEEN 103
 

Board Members & Officers (Unaudited) (continued)
Name, 
Year of Birth
& Address
Position(s) Held 
with the Funds
Year First 
Elected or
Appointed(4)
Principal 
Occupation(s)
During Past 5 Years 
Number 
of Portfolios
in Fund Complex 
Overseen 
by Officer 
 
Officers of the Funds (continued): 
 
 
 
 
■  STEPHEN D. FOY 
 
 
Managing Director (since 2014), formerly, Senior Vice President 
 
1954 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Vice President 
and Controller 
 
1998 
 
(2013- 2014) and Vice President (2005-2013) of Nuveen Fund 
176 
Advisors, LLC; Managing Director (since 2016) of Nuveen 
Securities, LLC; Certified Public Accountant. 
 
 
■   NATHANIEL T. JONES 
 
 
Managing Director (since January 2017), formerly, Senior Vice 
 
1979 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Vice President 
and Treasurer 
 
2016 
 
President (2016-2017), formerly, Vice President (2011-2016) of 
176 
Nuveen.; Chartered Financial Analyst. 
 
 
 
■   WALTER M. KELLY 
 
 
Managing Director (since January 2017), formerly, Senior Vice 
 
197o 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Chief Compliance 
Officer and 
Vice President 
2003 
 
President (2008-2017) of Nuveen. 
176 
 
 
 
 
■   DAVID J. LAMB 
 
 
Managing Director (since January 2017), formerly, Senior Vice 
 
1963 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Vice President 
 
2015 
 
President of Nuveen (since 2006), Vice President prior to 2006. 
75 
 
 
 
 
■  TINA M. LAZAR 
 
 
Managing Director (since January 2017), formerly, Senior Vice 
 
1961 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Vice President 
 
2002 
 
President (2014-2017) of Nuveen Securities, LLC. 
176 
 
 
 
 
■   KEVIN J. MCCARTHY 
 
 
Senior Managing Director (since February 2017) and Secretary and 
 
1966 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Vice President and 
Assistant Secretary 
 
2007 
 
General Counsel (since 2016) of Nuveen Investments, Inc., 
176 
formerly, Executive Vice President (2016-2017) and Managing 
Director and Assistant Secretary (2008-2016); Senior Managing 
 
 
 
 
Director (since January 2017) and Assistant Secretary (since 2008) 
 
 
 
 
of Nuveen Securities, LLC, formerly Executive Vice President 
 
 
 
 
(2016-2017) and Managing Director (2008-2016); Senior Managing 
 
 
 
 
Director (since February 2017), Secretary (since 2016) and 
 
 
 
 
Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, 
 
 
 
 
formerly, Executive Vice President (2016-2017), Managing Director 
 
 
 
 
(2008-2016) and Assistant Secretary (2007-2016); Senior Managing 
 
 
 
 
Director (since February 2017), Secretary (since 2016) and 
 
 
 
 
Associate General Counsel (since 2011) of Nuveen Asset 
 
 
 
 
Management, LLC, formerly Executive Vice President (2016-2017) 
 
 
 
 
and Managing Director and Assistant Secretary (2011-2016); 
 
 
 
 
Senior Managing Director (since February 2017) and Secretary 
 
 
 
 
(since 2016) of Nuveen Investments Advisers, LLC, formerly 
 
 
 
 
Executive Vice President (2016-2017); Vice President (since 2007) 
 
 
 
 
and Secretary (since 2016), formerly, Assistant Secretary, of NWQ 
 
 
 
 
Investment Management Company, LLC, Symphony Asset 
 
 
 
 
Management LLC, Santa Barbara Asset Management, LLC and 
 
 
 
 
Winslow Capital Management, LLC (since 2010). 
 
 
■   MICHAEL A. PERRY 
 
 
Executive Vice President since February 2017, previously Managing Director from October 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative Investments, LLC; Executive Vice President (since 2017), formerly, Managing Director (2015-2017), of Nuveen Securities, LLC; formerly, Managing Director (2010-2015) of UBS Securities, LLC. 
 
1967 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Vice President 
 
2017 
 
75 
 
 
 
 
 
 
104 NUVEEN
 

Name, 
Year of Birth
& Address
Position(s) Held 
with the Funds
Year First 
Elected or
Appointed(4)
Principal 
Occupation(s)
During Past 5 Years
Number 
of Portfolios
in Fund Complex 
Overseen 
by Officer 
 
Officers of the Funds (continued): 
 
 
 
 
■   KATHLEEN L. PRUDHOMME 
 
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). 
 
1953 
9o1 Marquette Avenue
Minneapolis, MN 554o2 
Vice President and 
Assistant Secretary 
 
2011 
 
176 
 
 
 
 
 
 
■  CHRISTOPHER M. ROHRBACHER 
 
Managing Director (since January 2017) of Nuveen Securities, LLC; Managing Director (since January 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC. 
 
1971 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Vice President and 
Assistant Secretary
2008 
 
176 
 
 
■   WILLIAM A. SIFFERMANN 
 
Managing Director (since February 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. 
 
 
 
1975 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Vice President 
 
2017 
 
176 
 
         
■   JOEL T. SLAGER 
 
 
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). 
 
 
1978 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Vice President and 
Assistant Secretary 
2013 
 
176 
 
 
■  GIFFORD R. ZIMMERMAN 
 
 
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since February 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. 
 
1956 
333 W. Wacker Drive 
Chicago, IL 6o6o6 
Vice President and 
Secretary 
 
1988 
 
176 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)     
The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. Mr. Kundert will retire from the Board as of December 31, 2017.
(2)     
On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund.
(3)     
“Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(4)     
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
NUVEEN 105
 

Notes
 
106 NUVEEN
 

Notes
 
NUVEEN 107
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment management arm of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully.
Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
EAN-A-1017D-INV-Y-12/18 323290




 
ITEM 2. CODE OF ETHICS.

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

Nuveen Municipal Income Fund, Inc.

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
 
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
   
Audit Fees Billed
    
Audit-Related Fees
    
Tax Fees
    
All Other Fees
  
Fiscal Year Ended
  
to Fund 1
    
Billed to Fund 2
    
Billed to Fund 3
    
Billed to Fund 4
  
October 31, 2017
  
$
21,820
    
$
9,000
    
$
0
    
$
0
  
                                 
Percentage approved
    
0
%
    
0
%
    
0
%
    
0
%
pursuant to
                                
pre-approval
                                
exception
                                
                                 
October 31, 2016
  
$
21,200
    
$
0
    
$
0
    
$
0
  
                                 
Percentage approved
    
0
%
    
0
%
    
0
%
    
0
%
pursuant to
                                
pre-approval
                                
exception
                                
 
1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in
connection with statutory and regulatory filings or engagements.
      
         
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
         
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global
withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
         
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees
represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
    

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

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

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
 
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2017
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
      
pre-approval
      
exception
      
October 31, 2016
 $                            0
 $                                  0
 $                                0
       
Percentage approved
0%
0%
0%
pursuant to
      
pre-approval
      
exception
      

NON-AUDIT SERVICES

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

   
Total Non-Audit Fees
    
   
billed to Adviser and
    
   
Affiliated Fund Service
Total Non-Audit Fees
  
   
Providers (engagements
billed to Adviser and
  
   
related directly to the
Affiliated Fund Service
  
 
Total Non-Audit Fees
operations and financial
Providers (all other
  
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2017
 $                            0
 $                                  0
 $                                0
 $                        0
October 31, 2016
 $                            0
 $                                  0
 $                                0
 $                        0
         
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective
amounts from the previous table.
        
         
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent
fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

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

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

a) See Portfolio of Investments in Item 1.

b) Not applicable.

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

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

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

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

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

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

In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
 Managed
Number of
 Accounts
Assets*
Christopher L. Drahn
Registered Investment Company
9
$ 13.03 billion
 
Other Pooled Investment Vehicles
0
$ 0
 
Other Accounts
4
$ 130 million
*
Assets are as of October 31, 2017.  None of the assets in these accounts are subject to an advisory fee based on performance.
 
POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

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

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

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

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

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

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

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

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

Item 8(a)(4). OWNERSHIP OF NMI SECURITIES AS OF OCTOBER 31, 2017

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

Not applicable.

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form.

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

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

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.



SIGNATURES


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

(Registrant) Nuveen Municipal Income Fund, Inc.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Vice President and Secretary
 
Date: January 8, 2018

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

By (Signature and Title) /s/ Cedric H. Antosiewicz
Cedric H. Antosiewicz
Chief Administrative Officer
(principal executive officer)
 
Date: January 8, 2018
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 8, 2018