Washington, D.C. 20549
Gifford R. Zimmerman
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Table of Contents
| | |
| Chairman’s Letter to Shareholders | 4 |
| Portfolio Managers’ Comments | 5 |
| Fund Leverage | 10 |
| Share Information | 11 |
| Risk Considerations | 13 |
| Performance Overview and Holding Summaries | 14 |
| Shareholder Meeting Report | 22 |
| Report of Independent Registered Public Accounting Firm | 23 |
| Portfolios of Investments | 24 |
| Statement of Assets and Liabilities | 72 |
| Statement of Operations | 73 |
| Statement of Changes in Net Assets | 74 |
| Statement of Cash Flows | 76 |
| Financial Highlights | 78 |
| Notes to Financial Statements | 82 |
| Additional Fund Information | 94 |
| Glossary of Terms Used in this Report | 95 |
| Reinvest Automatically, Easily and Conveniently | 97 |
| Annual Investment Management Agreement Approval Process | 98 |
| Board Members & Officers | 105 |
3
Chairman’s Letter to Shareholders
Dear Shareholders,
I am honored to serve as the new independent chairman of the Nuveen Fund Board, effective July 1, 2018. I’d like to gratefully acknowledge the stewardship of my predecessor William J. Schneider and, on behalf of my fellow Board members, reinforce our commitment to the legacy of strong, independent oversight of your Funds.
If stock markets are forward-looking, then the recently elevated volatility suggests the consensus view is changing. Rising interest rates, moderating corporate earnings growth prospects and unpredictable geopolitical events including trade wars and Brexit have clouded the horizon. With economic growth in China and Europe already slowing this year, and U.S. growth possibly peaking, investors are watching for clues as to the global economy’s resilience amid these headwinds.
However, it’s important to remember that interim market swings may not reflect longer-term economic conditions. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy, but European corporate earnings have remained healthy and their central bank has reaffirmed its commitment to a gradual stimulus withdrawal. In a slower growth environment, there are opportunities for investors who seek them more selectively.
A more challenging landscape can distract you from your investment goals. But you can maintain long-term perspective by setting realistic expectations about short-term volatility and working with your financial advisor to evaluate your goals, timeline and risk tolerance. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Terence J. Toth
Chairman of the Board
December 21, 2018
4
Portfolio Managers’ Comments
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen AMT-Free Municipal Value Fund (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen, LLC. Portfolio managers Daniel J. Close, CFA, Christopher L. Drahn, CFA, and Steven M. Hlavin discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these four national Funds. Dan has managed NUV and NUW since 2016. Chris assumed portfolio management responsibility for NMI in 2011. Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility in 2010.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2018?
The U.S. economy accelerated in this reporting period, with gross domestic product (GDP) growth reaching 4.2% (annualized) in the second quarter of 2018, the fastest pace since 2014, then receding to a still relatively robust 3.5% annualized rate in the third quarter of 2018, according to the Bureau of Economic Analysis “second” estimate. GDP is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. The boost in economic activity during the second quarter of 2018 was attributed to robust spending by consumers, businesses and the government, as well as a temporary increase in exports, as farmers rushed soybean shipments ahead of China’s retaliatory tariffs. While consumer and government spending continued to drive economic growth in the third quarter, the export contribution declined as expected and both business spending and housing investment weakened.
Consumer spending, the largest driver of the economy, remained well supported by low unemployment, wage gains and tax cuts. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 3.7% in October 2018 from 4.1% in October 2017 and job gains averaged around 210,000 per month for the past twelve months. The jobs market has continued to tighten, while average hourly earnings grew at an annualized rate of 3.1% in October 2018. The Consumer Price Index (CPI) increased 2.5% over the twelve-month reporting period ended October 31, 2018 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc. (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings, while BB, B, CCC, CC, C and D are below investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
5
Portfolio Managers’ Comments (continued)
Low mortgage rates and low inventory drove home prices higher during this recovery cycle. But the price momentum slowed in recent months as mortgage rates began to drift higher and homes have become less affordable. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, was up 5.5% in September 2018 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 4.8% and 5.1%, respectively.
With the U.S. economy delivering a sustainable growth rate and employment strengthening, the Federal Reserve’s (Fed’s) policy making committee continued to incrementally raise its main benchmark interest rate. The most recent increase, in September 2018, was the third rate hike in 2018 to date and the eighth rate hike since December 2015. Fed Chair Janet Yellen’s term expired in February 2018, and incoming Chairman Jerome Powell indicated he would likely maintain the Fed’s gradual pace of interest rate hikes. The September 2018 meeting confirmed the market’s expectations of another increase in December 2018, followed by additional increases in 2019. Notably, the Fed’s statement dropped “accommodative” from the description of its monetary policy, which Chairman Powell explained did not represent a change in the course of policy but rather an acknowledgement of the strengthening economy. Additionally, the Fed continued reducing its balance sheet by allowing a small amount of maturing Treasury and mortgage securities to roll off each month without reinvestment. The market expects the pace to remain moderate and predictable, with minimal market disruption.
Geopolitical news remained a prominent market driver. The U.S. moved forward with tariffs on imported goods from China, as well as on steel and aluminum from Canada, Mexico and Europe. These countries announced retaliatory measures in kind, intensifying concerns about a trade war, although there have been some positive developments. In July 2018, the U.S. and the Europe Union announced they would refrain from further tariffs while they negotiate trade terms, and in October 2018, the U.S., Mexico and Canada agreed to a new trade deal to replace the North American Free Trade Agreement. The U.S. and China resumed trade negotiations in August 2018, but the talks yielded little progress and President Trump subsequently mentioned imposing tariffs on the balance of Chinese goods. Brexit negotiations made modest progress, but the Irish border remained a sticking point and Prime Minister Theresa May was expected to face difficulty getting a plan approved in Parliament. Elsewhere in Europe, markets remained nervous about Italy’s new euroskeptic coalition government, immigration policy and political risk in Turkey. The U.S. Treasury issued additional sanctions on Russia in April 2018 and re-imposed sanctions on Iran following the U.S. withdrawal from the 2015 nuclear agreement. Bearish crude oil supply news, along with heightened tensions between the U.S. and Saudi Arabia after the disappearance of a Saudi journalist, drove oil price volatility. On the Korean peninsula, the leaders of South Korea and North Korea met during April 2018 and jointly announced a commitment toward peace, while the U.S.-North Korea summit yielded an agreement with few additional details.
The broad municipal bond market posted a modestly negative return for this reporting period. As the economy gained momentum and the Fed continued to nudge its policy rate higher, interest rates rose across the yield curve. However, short-term rates increased by a wider margin than longer-term rates, which were anchored by modest inflation expectations, resulting in a flattening yield curve.
Along with the overall economic outlook, tax reform was a significant market driver for municipal bonds in this reporting period. Early drafts of the tax bill fostered significant uncertainty about the impact on the municipal bond market, leading municipal bonds to underperform taxable bonds in December 2017 and provoking issuers to rush bond offerings ahead of the pending tax law. Issuance in December 2017 reached an all-time high of $62.5 billion, exacerbating the market’s price decline during the month. However, all of the supply was absorbed and municipal bond valuations subsequently returned to more typical levels.
The final tax reform legislation signed on December 27, 2017 largely spared municipal bonds and was considered neutral to positive for the municipal market overall. Notably, a provision that would have eliminated the tax-preferred status of 20% to 30% of the municipal bond market was not included in the final bill. Moreover, investors were relieved that the adopted changes apply only to newly issued municipal bonds and also could be beneficial from a technical standpoint. Because new issue advance refunding bonds are no longer tax exempt, the total supply of municipal bonds will decrease going forward, boosting the scarcity value of
6
existing municipal bonds. The new tax law also caps the state and local tax (SALT) deduction for individuals, which will likely increase demand for tax-exempt municipal bonds, especially in states with high income and/or property taxes.
Following the issuance surge in late 2017, issuance remained sharply lower in early 2018. However, the overall balance of municipal bond supply and demand remained advantageous for prices. Municipal bond issuance nationwide totaled $388.6 billion in this reporting period, a 0.3% increase from the issuance for the twelve-month reporting period ended October 31, 2018. The overall low level of interest rates encouraged issuers to continue to actively refund their outstanding debt. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40% to 60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. So, while gross issuance volume has been strong, the net has not, and this was an overall positive technical factor on municipal bond investment performance in recent years. Although the pace of refundings is slowing, net negative issuance is expected to continue.
Despite the volatility surrounding the potential tax law changes, demand remained robust and continued to outstrip supply. Low global interest rates have continued to drive investors toward higher after-tax yielding assets, including U.S. municipal bonds. As a result, municipal bond fund inflows have remained steady through the end of the reporting period.
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2018?
Interest rates rose in this reporting period but not uniformly. The yield curve flattened as the rate increase on the short end outpaced that on the long end. The rise in yields weighed on bond prices, but the gradual pace of the increase kept municipal bond fund flows fairly stable. Supply and demand conditions remained favorable, and credit fundamentals were relatively robust. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that we believed had the potential to perform well over the long term.
Our trading activity continued to focus on pursuing the Funds’ investment objectives. All four Funds engaged in elevated tax loss swap activity during this reporting period, as the rising interest rate environment provided attractive opportunities to do so. This strategy involves selling bonds that were bought when interest rates were lower and reinvesting the proceeds into bonds offering higher yield levels to capitalize on the tax loss (which can be used to offset future taxable gains) and boost the Funds’ income distribution capabilities. Additionally during this reporting period, all four Funds replaced some New Jersey Tobacco Settlement bonds that were refunded.
NUV and NUW bought intermediate to longer maturities with mid-investment grade credit ratings. NUV added bonds across a diverse range of sectors while NUW made purchases in the state and local general obligation (GO) and dedicated tax sectors. To fund our buying, NUV and NUW mainly used call and maturity proceeds.
In NMI, we maintained the overweight allocations to lower investment grade credits (and corresponding underweights to high grade bonds), modestly adding to the overweights in the single-A and BBB rated categories while trimming the Fund’s AAA and AA rated exposures. As a result of our preference for lower rated bonds, NMI continued to be overweighted in the health care (especially hospitals), transportation (airports and toll roads) and tobacco sectors, and underweighted in state and local GO bonds. NMI was also overweighted in the pre-refunded/escrowed sector, due to older existing holdings being advance refunded by new issues.
For NEV, we invested in tax loss swaps across a wide range of sectors including toll roads, airports, charter schools, higher education, health care and dedicated sales tax. In addition to the aforementioned tobacco bond calls, selected Chicago Board of Education and Marathon Oil bonds were called in this reporting period. Three of the Fund’s tender option bond (TOB) trusts matured and new TOB trusts were established to maintain consistent leverage levels.
As of October 31, 2018, NUV, NUW and NEV continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
7
Portfolio Managers’ Comments (continued)
How did the Funds perform during the twelve-month reporting period ended October 31, 2018?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide the Funds’ total returns for the one-year, five-year, ten-year and since inception periods ended October 31, 2018. Each Fund’s total returns at net asset value (NAV) are compared with the performance of a corresponding market index.
For the twelve months ended October 31, 2018, the total returns at NAV for NUV and NUW underperformed the return for the national S&P Municipal Bond Index and NMI’s and NEV’s returns outperformed the return for the national index.
The factors affecting performance in this reporting period included yield curve and duration positioning, credit ratings allocation and sector allocation. Given differences in the maturity structures of the four Funds’ portfolios, the performance impact of duration and yield curve positioning varied by Fund. For NUV, this positioning detracted from performance, driven by overweight allocations among the longest dated segments. NUW was hurt by an overweight to the 10- to 12-year category, but strong relative performance from an overweight at the very shortest (0- to 2-year) end of the yield curve compensated for the negative impact. NMI’s slight overweight allocations to select longer maturities was offset to a great extent by underweights in some of the weaker performing intermediate parts of the curve. NEV maintained a longer average duration than the benchmark, which was unfavorable during the rising interest rate environment, but it was offset by the positive contribution from the Fund’s underweight allocation to longer dated bonds.
For all four Funds, credit ratings allocations were strongly beneficial to performance. Credit spreads narrowed, helping lower rated bonds outperform high grade bonds in this reporting period. NMI, NUV and NUW were most aided by their overweights to BBB and single-B rated bonds. Single-B rated bonds are primarily tobacco securitization bonds, a sector that outperformed in this reporting period. NMI’s modest overweight to the BB category also benefited performance. NEV held overweights to BBB rated, below investment grade and non-rated bonds, which added to excess return versus the benchmark.
Sector positioning was a positive contributor to NUV, NUW and NMI’s performance. NUV and NUW were helped by their exposure to pre-refunded bonds, as well as by an overweight to health care in NUV and an underweight in higher education in NUW. Sector weightings were advantageous across NMI’s overweights in tobacco and health care and underweight in GO bonds. Security selection in the health care sector also boosted performance. Both an overweight and security selection in Illinois bonds was another positive contributor to NMI, while having no exposure to Puerto Rico bonds slightly detracted from relative results. For NEV, the overall impact of sector allocations was neutral. NEV benefited from its overweight allocations to the tobacco and industrial development revenue/pollution control revenue (IDR/PCR) sectors. Within the IDR/PCR sector, the Fund saw standout performance from FirstEnergy Solutions bonds (see the Update on FirstEnergy Solutions Corp. commentary in this report) and Lombard Public Facilities Corporation, Illinois, Conference Center and Hotel revenue bonds, which appreciated significantly due to a bond exchange to restructure the debt. However, an overweight to the hospital sector, which declined slightly during this reporting period, as well as a bias toward higher quality credits within the sector, were detrimental to performance. The Fund also saw disappointing results from its transportation sector holdings, as the Fund’s airport bonds tended to be of higher credit quality and lagged during the reporting period.
In addition, the use of leverage was an important factor affecting performance of the Funds. Leverage is discussed in more detail later in the Fund Leverage section of this report.
8
An Update on FirstEnergy Solutions Corp.
FirstEnergy Solutions Corp. and all of its subsidiaries filed for protection under Chapter 11 of the U.S. Bankruptcy Code on March 18, 2018. FirstEnergy Solutions and its subsidiaries specialize in coal and nuclear energy production. It is one of the main energy producers in the state of Ohio and a major energy provider in Pennsylvania. Because of the challenging market environment for nuclear and coal power in the face of inexpensive natural gas, FirstEnergy Corp., FirstEnergy Solution’s parent announced in late 2016 that it would begin a strategic review of its generation assets. FirstEnergy Solutions is a unique corporate issuer in that the majority of its debt was issued in the municipal market to finance pollution control and waste disposal for its coal and nuclear plants. A substantial amount of bondholders, of which Nuveen Funds are included, entered into an “Agreement in Principal” with FirstEnergy Corp., to resolve potential claims that bondholders may have against FirstEnergy Corp. The agreement is subject to the approval of the FirstEnergy Corp. board of directors, FirstEnergy Solutions and the bankruptcy court.
In terms of FirstEnergy Solutions holdings, shareholders should note that NUW and NMI had no exposure to FirstEnergy, while NUV had 0.62% and NEV had 1.74%. It should be noted that exposure for NUV was in the secured structure, which continues to track close to par.
9
Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the NEV relative to its comparative benchmark was the Fund’s use of leverage through investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. This was also a factor, although less significantly, for NUV, NUW and NMI because their use of leverage is more modest. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments in recent years have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage.
However, use of leverage can expose Fund common shares to additional price volatility. When a Fund uses leverage, the Fund common shares will experience a greater increase in their net asset value if the municipal bonds acquired through the use of leverage increase in value, but will also experience a correspondingly larger decline in their net asset value if the bonds acquired through leverage decline in value, which will make the shares’ net asset value more volatile, and total return performance more variable, over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Over the last few quarters, short-term interest rates have indeed increased from their extended lows after the 2007-09 financial crisis. This increase has reduced common share net income, and also reduced potential for long-term total returns. Nevertheless, the ability to effectively borrow at current short-term rates is still resulting in enhanced common share income, and management believes that the advantages of continuation of leverage outweigh the associated increase in risk and volatility described above.
The use of leverage through inverse floating rate securities had a negative impact on the performance of NUW and a negligible impact on the performance of NUV, NMI and NEV over the reporting period.
As of October 31, 2018, the Funds’ percentages of leverage are as shown in the accompanying table.
| | | | | | | | | | | | | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
| Effective Leverage* | | | 2.37 | % | | | 7.31 | % | | | 0.00 | % | | | 39.49 | % |
| * | Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values. A Fund, however, may from time to time borrow on a typically transient basis in connection with its day-to-day operations, primarily in connection with the need to settle portfolio trades. Such incidental borrowings are excluded from the calculation of a Fund’s effective leverage ratio. |
10
Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds’ distributions is current as of October 31, 2018. Each Fund’s distribution levels may vary over time based on each Fund’s investment activity and portfolio investment value changes.
During the current reporting period, each Fund’s distributions to shareholders were as shown in the accompanying table.
| | | | | | | | | | | | | |
| | | Per Share Amounts | |
| Monthly Distributions (Ex-Dividend Date) | | NUV | | | NUW | | | NMI | | | NEV | |
| November 2017 | | $ | 0.0325 | | | $ | 0.0600 | | | $ | 0.0405 | | | $ | 0.0680 | |
| December | | | 0.0310 | | | | 0.0600 | | | | 0.0390 | | | | 0.0650 | |
| January | | | 0.0310 | | | | 0.0600 | | | | 0.0390 | | | | 0.0650 | |
| February | | | 0.0310 | | | | 0.0600 | | | | 0.0390 | | | | 0.0650 | |
| March | | | 0.0310 | | | | 0.0600 | | | | 0.0390 | | | | 0.0650 | |
| April | | | 0.0310 | | | | 0.0600 | | | | 0.0390 | | | | 0.0650 | |
| May | | | 0.0310 | | | | 0.0600 | | | | 0.0390 | | | | 0.0650 | |
| June | | | 0.0310 | | | | 0.0560 | | | | 0.0360 | | | | 0.0620 | |
| July | | | 0.0310 | | | | 0.0560 | | | | 0.0360 | | | | 0.0620 | |
| August | | | 0.0310 | | | | 0.0560 | | | | 0.0360 | | | | 0.0620 | |
| September | | | 0.0310 | | | | 0.0560 | | | | 0.0360 | | | | 0.0565 | |
| October 2018 | | | 0.0310 | | | | 0.0560 | | | | 0.0360 | | | | 0.0565 | |
| Total Monthly Per Share Distributions | | $ | 0.3735 | | | $ | 0.7000 | | | $ | 0.4545 | | | $ | 0.7570 | |
| Ordinary Income Distribution* | | $ | 0.0160 | | | $ | 0.0191 | | | $ | 0.0026 | | | $ | 0.0114 | |
| Total Distributions from Net Investment Income | | $ | 0.3895 | | | $ | 0.7191 | | | $ | 0.4571 | | | $ | 0.7684 | |
| Total Distributions from Long-Term Capital Gains | | $ | — | | | $ | 0.1816 | | | $ | — | | | $ | — | |
| Total Distributions | | $ | 0.3895 | | | $ | 0.9007 | | | $ | 0.4571 | | | $ | 0.7684 | |
| | |
| Yields | | | | | | | | | | | | | | | | |
| Market Yield** | | | 4.05 | % | | | 4.68 | % | | | 4.28 | % | | | 5.34 | % |
| Taxable-Equivalent Yield** | | | 5.33 | % | | | 6.16 | % | | | 5.63 | % | | | 7.03 | % |
| * | Distribution paid in December 2017. |
| ** | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 24.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
Each Fund seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. Distributions to shareholders are determined on a tax basis, which may differ from amounts recorded in the accounting records. In instances where the monthly dividend exceeds the earned net investment income, the Fund would report a negative undistributed net ordinary income. Refer to Note 6 – Income Tax Information for additional information regarding the amounts of undistributed net ordinary income and undistributed net long-term capital gains and the character of the actual distributions paid by the Fund during the period.
11
Share Information (continued)
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund’s monthly distributions is sourced or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders will be notified of those sources. For financial reporting purposes, the per share amounts of each Fund’s distributions for the reporting period are presented in this report’s Financial Highlights. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 – Income Tax Information within the Notes to Financial Statements of this report.
EQUITY SHELF PROGRAMS
During the current reporting period, NUW and NMI were authorized by the Securities and Exchange Commission to issue additional shares through an equity shelf program (Shelf Offering). Under these programs, NUW and NMI, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per share. The total amount of shares authorized under these Shelf Offerings are as shown in the accompanying table.
| | | | | | | |
| | | NUW | | | NMI | |
| Additional authorized shares | | | 1,400,000 | | | | 800,000 | |
During the current reporting period, the following Funds sold shares through their Shelf Offerings at a weighted average premium to their NAV per share as shown in the accompanying table.
| | | | | | | |
| | | NUW | | | NMI | |
| Shares sold through shelf offering | | | 299,412 | | | | 187,400 | |
| Weighted average premium to NAV per share sold | | | 2.92 | % | | | 4.54 | % |
Refer to Notes to Financial Statements, Note 4 – Fund Shares, Equity Shelf Programs and Offering Costs for further details of Shelf Offerings and each Fund’s respective transactions.
SHARE REPURCHASES
During August 2018, the Funds’ Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of October 31, 2018, and since the inception of the Funds’ repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.
| | | | | | | | | | | | | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
| Shares cumulatively repurchased and retired | | | — | | | | — | | | | — | | | | — | |
| Shares authorized for repurchase | | | 20,690,000 | | | | 1,540,000 | | | | 875,000 | | | | 2,495,000 | |
OTHER SHARE INFORMATION
As of October 31, 2018, and during the current reporting period, the Funds’ share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.
| | | | | | | | | | | | | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
| NAV | | $ | 9.84 | | | $ | 15.88 | | | $ | 10.92 | | | $ | 14.24 | |
| Share price | | $ | 9.18 | | | $ | 14.36 | | | $ | 10.09 | | | $ | 12.70 | |
| Premium/(Discount) to NAV | | | (6.71 | )% | | | (9.57 | )% | | | (7.60 | )% | | | (10.81 | )% |
| 12-month average premium/(discount) to NAV | | | (4.85 | )% | | | (3.19 | )% | | | (0.65 | )% | | | (6.68 | )% |
12
Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Municipal Value Fund, Inc. (NUV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NUV.
Nuveen AMT-Free Municipal Value Fund (NUW)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NUW.
Nuveen Municipal Income Fund, Inc. (NMI)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NMI.
Nuveen Enhanced Municipal Value Fund (NEV)
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund’s potential return and its risks; there is no guarantee a fund’s leverage strategy will be successful. The Fund uses only inverse floaters for its leverage, increasing its exposure to interest rate risk and credit risk, including counter-party credit risk. These and other risk considerations such as tax risk are described in more detail on the Fund’s web page at www.nuveen.com/NEV.
13
| | |
NUV | Nuveen Municipal Value Fund, Inc. |
| | Performance Overview and Holding Summaries as of October 31, 2018 |
| |
| Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. |
Average Annual Total Returns as of October 31, 2018 |
| |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
| NUV at NAV | | | (0.71 | )% | | | 4.54 | % | | | 6.01 | % |
| NUV at Share Price | | | (5.55 | )% | | | 4.48 | % | | | 5.30 | % |
| S&P Municipal Bond Index | | | (0.31 | )% | | | 3.33 | % | | | 4.97 | % |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Share Price Performance — Weekly Closing Price
14
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| | |
Fund Allocation | |
(% of net assets) | |
| Long-Term Municipal Bonds | 101.7% |
| Corporate Bonds | 0.0% |
| Other Assets Less Liabilities | 0.7% |
Net Assets Plus Floating Rate | |
Obligations | 102.4% |
| Floating Rate Obligations | (2.4)% |
Net Assets | 100% |
| | |
Portfolio Credit Quality | |
(% of total investment exposure) | |
| U.S. Guaranteed | 10.7% |
| AAA | 5.4% |
| AA | 34.6% |
| A | 22.9% |
| BBB | 16.5% |
| BB or Lower | 6.4% |
| N/R (not rated) | 3.5% |
Total | 100% |
| | |
Portfolio Composition | |
(% of total investments) | |
| Transportation | 21.2% |
| Tax Obligation/Limited | 20.4% |
| Tax Obligation/General | 13.4% |
| Health Care | 13.1% |
| U.S. Guaranteed | 10.4% |
| Utilities | 7.1% |
| Other | 14.4% |
Total | 100% |
| | |
States and Territories | |
(% of total municipal bonds) | |
| Texas | 15.8% |
| Illinois | 13.4% |
| California | 9.0% |
| Colorado | 6.6% |
| New York | 5.6% |
| Florida | 4.9% |
| New Jersey | 3.7% |
| Ohio | 3.5% |
| Wisconsin | 3.4% |
| Michigan | 2.9% |
| Nevada | 2.8% |
| Washington | 2.7% |
| Indiana | 2.0% |
| South Carolina | 1.6% |
| Massachusetts | 1.6% |
| Maryland | 1.4% |
| Other | 19.1% |
Total | 100% |
15
| | |
NUW | Nuveen AMT-Free Municipal Value Fund |
| | Performance Overview and Holding Summaries as of October 31, 2018 |
| |
| Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. |
Average Annual Total Returns as of October 31, 2018 |
| |
| | | Average Annual | |
| | | | | | | | | Since | |
| | | 1-Year | | | 5-Year | | | Inception | |
| NUW at NAV | | | (1.31 | )% | | | 4.35 | % | | | 6.25 | % |
| NUW at Share Price | | | (11.54 | )% | | | 3.82 | % | | | 4.73 | % |
| S&P Municipal Bond Index | | | (0.31 | )% | | | 3.33 | % | | | 4.54 | % |
Since inception returns are from 2/25/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Share Price Performance — Weekly Closing Price
16
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| | |
Fund Allocation | |
(% of net assets) | |
| Long-Term Municipal Bonds | 102.2% |
| Other Assets Less Liabilities | 1.5% |
Net Assets Plus Floating Rate | |
Obligations | 103.7% |
| Floating Rate Obligations | (3.7)% |
Net Assets | 100% |
| | |
Portfolio Credit Quality | |
(% of total investment exposure) | |
| U.S. Guaranteed | 23.7% |
| AAA | 8.1% |
| AA | 23.6% |
| A | 26.7% |
| BBB | 11.5% |
| BB or Lower | 5.1% |
| N/R (not rated) | 1.3% |
Total | 100% |
| | |
Portfolio Composition | |
(% of total investments) | |
| U.S. Guaranteed | 20.0% |
| Tax Obligation/Limited | 14.7% |
| Tax Obligation/General | 14.2% |
| Transportation | 13.5% |
| Utilities | 12.7% |
| Water and Sewer | 6.8% |
| Health Care | 6.1% |
| Consumer Staples | 5.0% |
| Other | 7.0% |
Total | 100% |
| | |
States and Territories | |
(% of total municipal bonds) | |
| California | 12.0% |
| Texas | 10.4% |
| Illinois | 10.0% |
| Florida | 7.9% |
| Nevada | 6.1% |
| Colorado | 5.4% |
| Ohio | 5.1% |
| New Jersey | 4.8% |
| Wisconsin | 4.7% |
| New York | 3.9% |
| Maryland | 3.6% |
| Indiana | 3.3% |
| Arizona | 3.0% |
| Other | 19.8% |
Total | 100% |
17
| | |
NMI | Nuveen Municipal Income Fund, Inc. |
| | Performance Overview and Holding Summaries as of October 31, 2018 |
| |
| Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. |
Average Annual Total Returns as of October 31, 2018 |
| |
| | | Average Annual | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
| NMI at NAV | | | (0.05 | )% | | | 4.75 | % | | | 6.67 | % |
| NMI at Share Price | | | (8.14 | )% | | | 4.51 | % | | | 5.19 | % |
| S&P Municipal Bond Index | | | (0.31 | )% | | | 3.33 | % | | | 4.97 | % |
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Share Price Performance — Weekly Closing Price
18
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| | |
Fund Allocation | |
(% of net assets) | |
| Long-Term Municipal Bonds | 98.4% |
| Other Assets Less Liabilities | 1.6% |
Net Assets | 100% |
| | |
Portfolio Credit Quality | |
(% of total investment exposure) | |
| U.S. Guaranteed | 12.9% |
| AAA | 0.6% |
| AA | 18.5% |
| A | 32.0% |
| BBB | 23.1% |
| BB or Lower | 7.0% |
| N/R (not rated) | 5.9% |
Total | 100% |
| | |
Portfolio Composition | |
(% of total investments) | |
| Health Care | 21.8% |
| Tax Obligation/General | 14.1% |
| U.S. Guaranteed | 12.7% |
| Transportation | 12.0% |
| Tax Obligation/Limited | 10.0% |
| Education and Civic Organizations | 9.3% |
| Utilities | 6.8% |
| Other | 13.3% |
Total | 100% |
| | |
States and Territories | |
(% of total municipal bonds) | |
| California | 17.6% |
| Colorado | 10.2% |
| Illinois | 9.6% |
| Texas | 8.2% |
| Wisconsin | 7.8% |
| Florida | 5.9% |
| Ohio | 4.6% |
| Pennsylvania | 3.4% |
| Missouri | 3.1% |
| Arizona | 2.4% |
| Tennessee | 2.4% |
| Minnesota | 2.1% |
| New York | 2.1% |
| Georgia | 2.0% |
| Other | 18.6% |
Total | 100% |
19
| | |
NEV | Nuveen Enhanced Municipal Value Fund |
| | Performance Overview and Holding Summaries as of October 31, 2018 |
| |
| Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section. |
Average Annual Total Returns as of October 31, 2018 |
| |
| | | Average Annual | |
| | | | | | | | | Since | |
| | | 1-Year | | | 5-Year | | | Inception | |
| NEV at NAV | | | (0.17 | )% | | | 6.25 | % | | | 6.20 | % |
| NEV at Share Price | | | (5.93 | )% | | | 4.33 | % | | | 4.50 | % |
| S&P Municipal Bond Index | | | (0.31 | )% | | | 3.33 | % | | | 3.73 | % |
Since inception returns are from 9/25/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Share Price Performance — Weekly Closing Price
20
This data relates to the securities held in the Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national rating agencies.
| | |
Fund Allocation | |
(% of net assets) | |
| Long-Term Municipal Bonds | 125.8% |
| Other Assets Less Liabilities | 1.2% |
Net Assets Plus Floating Rate | |
Obligations | 127.0% |
| Floating Rate Obligations | (27.0)% |
Net Assets | 100% |
| | |
Portfolio Credit Quality | |
(% of total investment exposure) | |
| U.S. Guaranteed | 14.9% |
| AAA | 3.0% |
| AA | 26.3% |
| A | 20.8% |
| BBB | 18.9% |
| BB or Lower | 7.9% |
| N/R (not rated) | 8.2% |
Total | 100% |
| | |
Portfolio Composition | |
(% of total investments) | |
| Tax Obligation/Limited | 24.2% |
| Health Care | 16.0% |
| Transportation | 12.8% |
| U.S. Guaranteed | 11.7% |
| Tax Obligation/General | 9.6% |
| Education and Civic Organizations | 6.7% |
| Utilities | 5.9% |
| Other | 13.1% |
Total | 100% |
| | |
States and Territories | |
(% of total municipal bonds) | |
| Illinois | 14.4% |
| California | 9.5% |
| New Jersey | 8.3% |
| Wisconsin | 8.3% |
| Ohio | 7.7% |
| Pennsylvania | 6.8% |
| Louisiana | 4.7% |
| Guam | 4.7% |
| Florida | 4.6% |
| New York | 3.6% |
| Georgia | 3.5% |
| Washington | 3.5% |
| Arizona | 2.5% |
| Other | 17.9% |
Total | 100% |
21
Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen on August 8, 2018 for NUV, NUW, NMI and NEV; at this meeting the shareholders were asked to elect Board Members.
| | | | | |
| | NUV | NUW | NMI | NEV |
| | Common | Common | Common | Common |
| | Shares | Shares | Shares | Shares |
Approval of the Board Members was reached as follows: | | | | |
| Margo L. Cook | | | | |
| For | 181,432,160 | 14,100,057 | 7,648,213 | 22,659,542 |
| Withhold | 4,462,101 | 343,422 | 422,275 | 836,107 |
| Total | 185,894,261 | 14,443,479 | 8,070,488 | 23,495,649 |
| Jack B. Evans | | | | |
| For | 180,613,263 | 14,038,891 | 7,620,179 | 22,546,985 |
| Withhold | 5,280,998 | 404,588 | 450,309 | 948,664 |
| Total | 185,894,261 | 14,443,479 | 8,070,488 | 23,495,649 |
| Albin F. Moschner | | | | |
| For | 180,883,234 | 14,084,523 | 7,636,410 | 22,630,447 |
| Withhold | 5,011,027 | 358,956 | 434,078 | 865,202 |
| Total | 185,894,261 | 14,443,479 | 8,070,488 | 23,495,649 |
| William J. Schneider | | | | |
| For | 180,339,085 | 14,058,520 | 7,557,738 | 22,557,883 |
| Withhold | 5,555,176 | 384,959 | 512,750 | 937,766 |
| Total | 185,894,261 | 14,443,479 | 8,070,488 | 23,495,649 |
22
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Directors/Trustees of
Nuveen Municipal Value Fund, Inc.
Nuveen AMT-Free Municipal Value Fund
Nuveen Municipal Income Fund, Inc.
Nuveen Enhanced Municipal Value Fund:
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Municipal Value Fund, Inc., Nuveen AMT-Free Municipal Value Fund, Nuveen Municipal Income Fund, Inc., and Nuveen Enhanced Municipal Value Fund (the “Funds”) as of October 31, 2018, the related statements of operations and cash flows (Nuveen Enhanced Municipal Value Fund ) for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of October 31, 2018, the results of their operations and the cash flows of Nuveen Enhanced Municipal Value Fund for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2018, by correspondence with the custodian and brokers or other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
/s/ KPMG LLP
We have served as the auditor of one or more Nuveen investment companies since 2014.
Chicago, Illinois
December 27, 2018
23
| | |
| NUV | Nuveen Municipal Value Fund, Inc. Portfolio of Investments October 31, 2018 |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | LONG-TERM INVESTMENTS – 101.7% | | | |
| | | MUNICIPAL BONDS – 101.7% | | | |
| | | Alaska – 0.1% | | | |
| $ 2,710 | | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, | 12/18 at 100.00 | B3 | $ 2,704,607 |
| | | Series 2006A, 5.000%, 6/01/32 | | | |
| | | Arizona – 1.2% | | | |
| | | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien | | | |
| | | Series 2017A: | | | |
| 2,935 | | 5.000%, 7/01/35 | 7/27 at 100.00 | AA– | 3,294,097 |
| 4,750 | | 5.000%, 7/01/36 | 7/27 at 100.00 | AA– | 5,312,210 |
| 5,600 | | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. | No Opt. Call | BBB+ | 6,366,472 |
| | | Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | | | |
| 4,240 | | Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale | 9/20 at 100.00 | AA | 4,422,956 |
| | | Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured | | | |
| | | Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2017: | | | |
| 1,000 | | 5.000%, 7/01/32 | 7/27 at 100.00 | AA | 1,140,900 |
| 1,410 | | 5.000%, 7/01/33 | 7/27 at 100.00 | AA | 1,602,944 |
| 1,000 | | 5.000%, 7/01/34 | 7/27 at 100.00 | AA | 1,133,600 |
| 750 | | 5.000%, 7/01/35 | 7/27 at 100.00 | AA | 847,178 |
| 21,685 | | Total Arizona | | | 24,120,357 |
| | | Arkansas – 0.3% | | | |
| 5,650 | | Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A, 4.750%, 11/01/18 – | 5/18 at 100.00 | AA | 5,650,000 |
| | | AGM Insured | | | |
| | | California – 9.1% | | | |
| 4,615 | | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement | No Opt. Call | AA | 4,052,293 |
| | | Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured | | | |
| 5,000 | | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series | 4/23 at 100.00 | AA– (4) | 5,626,100 |
| | | 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) | | | |
| 4,245 | | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold | 1/19 at 100.00 | CCC | 1,852,560 |
| | | Country Settlement Funding Corporation, Refunding Series 2006, 0.000%, 6/01/33 | | | |
| | | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los | | | |
| | | Angeles County Securitization Corporation, Series 2006A: | | | |
| 3,275 | | 5.450%, 6/01/28 | 12/18 at 100.00 | B2 | 3,284,760 |
| 4,200 | | 5.600%, 6/01/36 | 12/18 at 100.00 | B2 | 4,205,670 |
| 1,175 | | California Department of Water Resources, Central Valley Project Water System Revenue Bonds, | 12/26 at 100.00 | AAA | 1,352,496 |
| | | Refunding Series 2016AW, 5.000%, 12/01/33 | | | |
| 10,000 | | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, | 11/26 at 100.00 | AA– | 10,903,700 |
| | | Refunding Series 2016B, 5.000%, 11/15/46 | | | |
| 1,200 | | California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los | 8/27 at 100.00 | BBB+ | 1,323,612 |
| | | Angeles, Series 2017A, 5.000%, 8/15/37 | | | |
| 13,000 | | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, | No Opt. Call | AA– | 15,701,140 |
| | | Series 2017A-2, 5.000%, 11/01/47 | | | |
| 3,850 | | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, | 7/23 at 100.00 | AA– | 4,205,432 |
| | | Series 2013A, 5.000%, 7/01/33 | | | |
| 2,335 | | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series | 7/20 at 100.00 | Baa2 (4) | 2,478,322 |
| | | 2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) | | | |
24
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | California (continued) | | | |
| | | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien | | | |
| | | Series 2018A: | | | |
| $ 2,830 | | 5.000%, 12/31/34 (Alternative Minimum Tax) | 6/28 at 100.00 | N/R | $ 3,090,360 |
| 3,300 | | 5.000%, 12/31/43 (Alternative Minimum Tax) | 6/28 at 100.00 | N/R | 3,532,056 |
| 1,625 | | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series | 11/23 at 100.00 | A+ | 1,773,200 |
| | | 2013I, 5.000%, 11/01/38 | | | |
| 5,000 | | California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 | 10/21 at 100.00 | AA– | 5,370,950 |
| 3,500 | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda | 6/26 at 100.00 | BB– | 3,566,185 |
| | | University Medical Center, Series 2016A, 5.000%, 12/01/46, 144A | | | |
| 3,125 | | California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital | 8/19 at 100.00 | N/R (4) | 3,241,563 |
| | | Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) | | | |
| 4,505 | | Covina-Valley Unified School District, Los Angeles County, California, General Obligation | No Opt. Call | A+ | 3,255,358 |
| | | Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured | | | |
| 5,700 | | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water | 6/27 at 100.00 | AAA | 6,414,324 |
| | | System Revenue Bonds, Green Series 2017A, 5.000%, 6/01/45 | | | |
| 2,180 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | 1/31 at 100.00 | A– | 1,948,048 |
| | | Refunding Series 2013A, 0.000%, 1/15/42 (5) | | | |
| 30,000 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series | No Opt. Call | AA+ (4) | 28,037,397 |
| | | 1995A, 0.000%, 1/01/22 (ETM) | | | |
| | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed | | | |
| | | Bonds, Series 2018A-1: | | | |
| 10,000 | | 5.250%, 6/01/47 | 6/22 at 100.00 | N/R | 10,064,300 |
| 4,100 | | 5.000%, 6/01/47 | 6/22 at 100.00 | N/R | 4,010,128 |
| | | Merced Union High School District, Merced County, California, General Obligation Bonds, | | | |
| | | Series 1999A: | | | |
| 2,500 | | 0.000%, 8/01/23 – FGIC Insured | No Opt. Call | AA– | 2,201,125 |
| 2,555 | | 0.000%, 8/01/24 – FGIC Insured | No Opt. Call | AA– | 2,173,947 |
| 2,365 | | Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, | No Opt. Call | A– | 1,714,696 |
| | | Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured | | | |
| | | Mount San Antonio Community College District, Los Angeles County, California, General | | | |
| | | Obligation Bonds, Election of 2008, Series 2013A: | | | |
| 3,060 | | 0.000%, 8/01/28 (5) | 2/28 at 100.00 | Aa1 | 2,912,661 |
| 2,315 | | 0.000%, 8/01/43 (5) | 8/35 at 100.00 | Aa1 | 1,840,726 |
| 3,550 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series | No Opt. Call | A | 4,753,912 |
| | | 2009C, 6.500%, 11/01/39 | | | |
| 2,350 | | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, | 11/19 at 100.00 | N/R (4) | 2,465,644 |
| | | 6.750%, 11/01/39 (Pre-refunded 11/01/19) | | | |
| 10,150 | | Placer Union High School District, Placer County, California, General Obligation Bonds, Series | No Opt. Call | AA | 5,851,374 |
| | | 2004C, 0.000%, 8/01/33 – AGM Insured | | | |
| | | San Bruno Park School District, San Mateo County, California, General Obligation Bonds, | | | |
| | | Series 2000B: | | | |
| 2,575 | | 0.000%, 8/01/24 – FGIC Insured | No Opt. Call | A+ | 2,182,287 |
| 2,660 | | 0.000%, 8/01/25 – FGIC Insured | No Opt. Call | A+ | 2,175,827 |
| 490 | | San Diego Tobacco Settlement Revenue Funding Corporation, California, Tobacco Settlement | 6/28 at 100.00 | BBB | 497,384 |
| | | Bonds, Subordinate Series 2018C, 4.000%, 6/01/32 | | | |
| 250 | | San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, | 2/21 at 100.00 | BBB+ (4) | 277,910 |
| | | Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41 (Pre-refunded 2/01/21) | | | |
| 12,095 | | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue | No Opt. Call | Baa2 | 9,842,548 |
| | | Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured | | | |
| 13,220 | | San Mateo County Community College District, California, General Obligation Bonds, Series | No Opt. Call | AAA | 9,789,013 |
| | | 2006A, 0.000%, 9/01/28 – NPFG Insured | | | |
| 5,000 | | San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, | No Opt. Call | Aaa | 4,313,300 |
| | | Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured | | | |
25
| | |
| NUV | Nuveen Municipal Value Fund, Inc. Portfolio of Investments (continued) October 31, 2018 |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | California (continued) | | | |
| $ 5,815 | | San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding | No Opt. Call | AA | $ 1,282,847 |
| | | Series 2015, 0.000%, 8/01/48 | | | |
| 2,000 | | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed | 12/18 at 100.00 | BB– | 2,010,520 |
| | | Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27 | | | |
| | | University of California, General Revenue Bonds, Series 2009O: | | | |
| 370 | | 5.250%, 5/15/39 (Pre-refunded 5/15/19) | 5/19 at 100.00 | N/R (4) | 377,119 |
| 720 | | 5.250%, 5/15/39 (Pre-refunded 5/15/19) | 5/19 at 100.00 | AA (4) | 733,853 |
| 210 | | 5.250%, 5/15/39 (Pre-refunded 5/15/19) | 5/19 at 100.00 | N/R (4) | 214,040 |
| 203,010 | | Total California | | | 186,900,687 |
| | | Colorado – 6.7% | | | |
| 5,200 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, | 1/19 at 100.00 | BBB+ | 5,204,732 |
| | | Series 2006A, 4.500%, 9/01/38 | | | |
| 7,105 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, | 1/23 at 100.00 | BBB+ | 7,478,368 |
| | | Series 2013A, 5.250%, 1/01/45 | | | |
| 2,845 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of | 1/20 at 100.00 | AA– | 2,938,629 |
| | | Leavenworth Health Services Corporation, Refunding Composite Deal Series 2010B, | | | |
| | | 5.000%, 1/01/21 | | | |
| 15,925 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of | 1/20 at 100.00 | AA– | 16,348,764 |
| | | Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | | | |
| 960 | | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, | 12/24 at 100.00 | N/R | 1,015,699 |
| | | Senior Lien Series 2017, 5.000%, 12/31/47 | | | |
| 4,575 | | Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2018A-4, | 11/28 at 100.00 | AA | 5,130,908 |
| | | 5.000%, 11/15/43 | | | |
| 2,000 | | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System | 3/22 at 100.00 | AA (4) | 2,180,860 |
| | | Revenue Bonds, Series 2012A, 5.000%, 3/01/41 (Pre-refunded 3/01/22) | | | |
| | | Colorado State, Certificates of Participation, Lease Purchase Financing Program, National | | | |
| | | Western Center, Series 2018A: | | | |
| 1,250 | | 5.000%, 9/01/30 | 3/28 at 100.00 | Aa2 | 1,432,375 |
| 2,000 | | 5.000%, 9/01/31 | 3/28 at 100.00 | Aa2 | 2,274,500 |
| 1,260 | | 5.000%, 9/01/32 | 3/28 at 100.00 | Aa2 | 1,427,517 |
| 620 | | 5.000%, 9/01/33 | 3/28 at 100.00 | Aa2 | 697,134 |
| 3,790 | | Colorado State, Certificates of Participation, Rural Series 2018A, 5.000%, 12/15/37 | 12/28 at 100.00 | Aa2 | 4,236,538 |
| | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B: | | | |
| 2,750 | | 5.000%, 11/15/25 | 11/22 at 100.00 | AA– | 2,992,495 |
| 2,200 | | 5.000%, 11/15/29 | 11/22 at 100.00 | AA– | 2,385,218 |
| 5,160 | | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, | 11/23 at 100.00 | A+ | 5,611,294 |
| | | 5.000%, 11/15/43 | | | |
| 2,000 | | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, | 12/26 at 100.00 | Baa2 | 2,142,880 |
| | | Refunding Senior Lien Series 2016, 5.000%, 12/01/35 | | | |
| | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | | | |
| 9,660 | | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | A | 6,418,780 |
| 24,200 | | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | A | 14,632,288 |
| 17,000 | | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 9,830,080 |
| 7,600 | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, | 9/26 at 52.09 | A | 2,887,772 |
| | | 9/01/39 – NPFG Insured | | | |
| | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: | | | |
| 7,700 | | 0.000%, 9/01/27 – NPFG Insured | 9/20 at 67.94 | A | 4,950,869 |
| 10,075 | | 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | A | 3,946,881 |
| 8,000 | | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs | No Opt. Call | A+ | 10,527,680 |
| | | Utilities, Series 2008, 6.500%, 11/15/38 | | | |
| 5,000 | | Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding | 11/21 at 100.00 | Baa3 | 5,392,650 |
| | | Series 2011, 6.000%, 11/01/26 | | | |
26
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Colorado (continued) | | | |
| $ 3,750 | | Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private | 7/20 at 100.00 | BBB+ | $ 3,877,013 |
| | | Activity Bonds, Series 2010, 6.000%, 1/15/41 | | | |
| 4,945 | | Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Series | 11/26 at 100.00 | AA+ | 5,487,664 |
| | | 2017A, 5.000%, 11/01/40 | | | |
| 4,250 | | University of Colorado, Enterprise System Revenue Bonds, Series 2018B, 5.000%, 6/01/43 | 6/28 at 100.00 | Aa1 | 4,765,015 |
| 161,820 | | Total Colorado | | | 136,214,603 |
| | | Connecticut – 0.8% | | | |
| 1,500 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, | 7/21 at 100.00 | A | 1,565,235 |
| | | Series 2011A, 5.000%, 7/01/41 | | | |
| 8,440 | | Connecticut State, General Obligation Bonds, Series 2015E, 5.000%, 8/01/29 | 8/25 at 100.00 | A1 | 9,178,669 |
| 5,000 | | Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/33 | 11/25 at 100.00 | A1 | 5,367,350 |
| 9,797 | | Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series | No Opt. Call | N/R | 344,860 |
| | | 2013A, 0.240%, 7/01/31 (cash 4.000%, PIK 2.050%) (6) | | | |
| 24,737 | | Total Connecticut | | | 16,456,114 |
| | | District of Columbia – 1.4% | | | |
| 15,000 | | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, | 12/18 at 100.00 | N/R | 2,309,700 |
| | | Series 2006A, 0.000%, 6/15/46 | | | |
| 14,110 | | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 4/22 at 100.00 | BBB+ | 14,729,570 |
| | | Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, | | | |
| | | 5.000%, 10/01/53 | | | |
| 10,000 | | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 10/28 at 100.00 | BBB+ | 12,390,200 |
| | | Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 | | | |
| 39,110 | | Total District of Columbia | | | 29,429,470 |
| | | Florida – 5.0% | | | |
| 3,000 | | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 | 10/21 at 100.00 | AA (4) | 3,239,310 |
| | | (Pre-refunded 10/01/21) – AGM Insured | | | |
| 565 | | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance | 6/25 at 100.00 | N/R | 583,634 |
| | | Charter School Income Projects, Series 2015A, 6.000%, 6/15/35, 144A | | | |
| 8,285 | | Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, | 1/19 at 105.00 | N/R | 8,573,981 |
| | | Brightline Passenger Rail Project – South Segment, Series 2017, 0.000%, 1/01/47, 144A | | | |
| | | (Alternative Minimum Tax) | | | |
| 4,000 | | Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37 | 10/27 at 100.00 | AA– | 4,495,040 |
| 2,845 | | Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding | 10/19 at 100.00 | AA– (4) | 2,923,437 |
| | | Series 2009C, 5.000%, 10/01/34 (Pre-refunded 10/01/19) | | | |
| 2,290 | | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, | 10/24 at 100.00 | A+ | 2,461,865 |
| | | Subordinate Lien Series 2015B, 5.000%, 10/01/40 | | | |
| 5,090 | | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, | 7/20 at 100.00 | A+ | 5,286,627 |
| | | 5.000%, 7/01/40 | | | |
| 9,500 | | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s | 8/21 at 100.00 | A+ (4) | 10,446,200 |
| | | Hospital, Series 2010A, 6.000%, 8/01/46 (Pre-refunded 8/01/21) | | | |
| 2,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding | 10/24 at 100.00 | A | 2,175,660 |
| | | Series 2014B, 5.000%, 10/01/37 | | | |
| 6,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, | 10/19 at 100.00 | A (4) | 6,192,420 |
| | | 5.500%, 10/01/36 (Pre-refunded 10/01/19) | | | |
| 4,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, | 10/20 at 100.00 | A | 4,187,960 |
| | | 5.000%, 10/01/29 | | | |
| 4,000 | | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, | 7/22 at 100.00 | AA | 4,272,600 |
| | | 5.000%, 7/01/42 | | | |
| 9,590 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, | 10/20 at 100.00 | AA (4) | 10,110,737 |
| | | 10/01/39 (Pre-refunded 10/01/20) – AGM Insured | | | |
27
| | |
NUV | Nuveen Municipal Value Fund, Inc. |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Florida (continued) | | | |
| | | Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Series 2018A: | | | |
| $ 3,500 | | 5.000%, 10/01/36 | 10/27 at 100.00 | AA | $ 3,938,900 |
| 3,780 | | 5.000%, 10/01/37 | 10/27 at 100.00 | AA | 4,244,713 |
| 1,120 | | 5.000%, 10/01/38 | 10/27 at 100.00 | AA | 1,254,030 |
| 10,725 | | Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, | 5/24 at 100.00 | AA+ (4) | 12,141,236 |
| | | 5.000%, 11/01/44 (Pre-refunded 5/01/24) | | | |
| 3,250 | | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, | 11/22 at 100.00 | BBB+ | 3,339,928 |
| | | Series 2013A, 5.000%, 11/01/43 | | | |
| 1,020 | | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole | 5/28 at 100.00 | A– | 1,106,659 |
| | | Electric Cooperatives, Inc., Project, Refunding Series 2018B, 5.000%, 3/15/42 | | | |
| 6,865 | | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, | 5/25 at 100.00 | AA | 6,955,206 |
| | | 4.000%, 5/01/34 | | | |
| 3,300 | | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, | 5/22 at 100.00 | Aa2 | 3,548,523 |
| | | 5.000%, 11/15/33 | | | |
| 94,725 | | Total Florida | | | 101,478,666 |
| | | Georgia – 0.9% | | | |
| 3,325 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/40 | 5/25 at 100.00 | Aa2 | 3,651,083 |
| 2,290 | | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, | 4/27 at 100.00 | A | 2,425,293 |
| | | Inc. Project, Series 2017A, 5.000%, 4/01/47 | | | |
| 6,000 | | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, | 2/27 at 100.00 | AA– | 6,861,000 |
| | | Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42 | | | |
| 2,415 | | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series | 1/25 at 100.00 | A2 | 2,571,444 |
| | | 2015A, 5.000%, 1/01/35 | | | |
| 2,000 | | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, | 10/26 at 100.00 | AA+ | 2,218,880 |
| | | Refunding Series 2016A, 5.000%, 10/01/46 | | | |
| 16,030 | | Total Georgia | | | 17,727,700 |
| | | Guam – 0.0% | | | |
| 330 | | Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 | 10/23 at 100.00 | BBB+ | 364,482 |
| | | (Alternative Minimum Tax) | | | |
| | | Hawaii – 0.2% | | | |
| 3,625 | | Honolulu City and County, Hawaii, General Obligation Bonds, Refunding Series 2009A, 5.250%, | 4/19 at 100.00 | Aa1 (4) | 3,675,968 |
| | | 4/01/32 (Pre-refunded 4/01/19) | | | |
| | | Illinois – 13.9% | | | |
| 5,000 | | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series | 4/27 at 100.00 | A | 5,714,050 |
| | | 2016, 6.000%, 4/01/46 | | | |
| 5,000 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series | 12/25 at 100.00 | B+ | 5,666,300 |
| | | 2016A, 7.000%, 12/01/44 | | | |
| 2,945 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series | 12/26 at 100.00 | B+ | 3,297,840 |
| | | 2016B, 6.500%, 12/01/46 | | | |
| 4,710 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series | 12/27 at 100.00 | B+ | 5,499,208 |
| | | 2017A, 7.000%, 12/01/46, 144A | | | |
| 17,725 | | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax | No Opt. Call | Baa2 | 13,906,681 |
| | | Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured | | | |
| 7,495 | | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax | No Opt. Call | Baa2 | 4,045,576 |
| | | Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured | | | |
| 1,500 | | Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, | 1/22 at 100.00 | AA+ | 1,554,015 |
| | | 5.000%, 1/01/36 | | | |
| | | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A: | | | |
| 1,195 | | 4.750%, 1/01/30 – AGM Insured | 1/19 at 100.00 | AA | 1,198,967 |
| 2,175 | | 4.625%, 1/01/31 – AGM Insured | 1/19 at 100.00 | AA | 2,181,917 |
28
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| $ 5,000 | | Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured | 1/19 at 100.00 | AA | $ 5,011,350 |
| 3,320 | | Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation | No Opt. Call | AA | 3,152,108 |
| | | Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured | | | |
| 8,875 | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 | 11/20 at 100.00 | AA– | 9,237,899 |
| 1,000 | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2018, 5.000%, 11/15/35 | 11/26 at 100.00 | AA– | 1,086,020 |
| 3,260 | | Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International | 10/20 at 100.00 | B+ | 3,406,570 |
| | | Corporation Project, Series 2010, 6.750%, 10/15/40 | | | |
| 5,000 | | Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37 | 11/22 at 100.00 | AAA | 5,295,400 |
| 13,070 | | Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook | No Opt. Call | Aa3 | 13,020,073 |
| | | and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured | | | |
| 14,960 | | Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and | No Opt. Call | Aa3 (4) | 14,913,026 |
| | | DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured (ETM) | | | |
| 1,800 | | Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and | No Opt. Call | A2 | 1,788,552 |
| | | Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured | | | |
| 1,875 | | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, | 11/19 at 100.00 | AA+ (4) | 1,938,713 |
| | | 11/01/39 (Pre-refunded 11/01/19) | | | |
| 3,000 | | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, | 11/19 at 100.00 | AA+ (4) | 3,094,590 |
| | | 11/01/39 (Pre-refunded 11/01/19) | | | |
| 970 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, | 5/20 at 100.00 | A | 1,009,789 |
| | | 6.000%, 5/15/39 | | | |
| 3,110 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, | 5/20 at 100.00 | N/R (4) | 3,287,021 |
| | | 6.000%, 5/15/39 (Pre-refunded 5/15/20) | | | |
| 45 | | Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 | 8/19 at 100.00 | N/R (4) | 46,992 |
| | | (Pre-refunded 8/15/19) | | | |
| 4,755 | | Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 | 8/19 at 100.00 | N/R (4) | 4,965,456 |
| | | (Pre-refunded 8/15/19) | | | |
| 5,000 | | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, | 5/25 at 100.00 | A+ | 5,374,250 |
| | | Series 2015A, 5.000%, 11/15/38 | | | |
| | | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, | | | |
| | | Refunding Series 2015C: | | | |
| 560 | | 5.000%, 8/15/35 | 8/25 at 100.00 | Baa1 | 595,700 |
| 825 | | 5.000%, 8/15/44 | 8/25 at 100.00 | Baa1 | 864,064 |
| 2,500 | | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series | 2/21 at 100.00 | AA– (4) | 2,679,975 |
| | | 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) | | | |
| 3,000 | | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, | 10/21 at 100.00 | AA+ | 3,156,720 |
| | | 5.000%, 10/01/51 | | | |
| 3,750 | | Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – | 9/19 at 100.00 | BBB– | 3,758,963 |
| | | AMBAC Insured | | | |
| 5,125 | | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/28 | 1/26 at 100.00 | BBB | 5,270,653 |
| 1,755 | | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 | 2/27 at 100.00 | BBB | 1,800,174 |
| 655 | | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 | 8/22 at 100.00 | BBB | 676,622 |
| 5,590 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | AA– | 5,976,884 |
| | | 5.000%, 1/01/38 | | | |
| 4,000 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, | 7/26 at 100.00 | AA– | 4,321,880 |
| | | 5.000%, 1/01/41 | | | |
| 5,000 | | Lombard Public Facilities Corporation, Illinois, Conference Center and Hotel Revenue Bonds, | 1/19 at 100.00 | N/R | 4,689,900 |
| | | First Tier Series 2005A-2, 5.500%, 1/01/36 – ACA Insured | | | |
| 2,315 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion | 6/22 at 101.00 | N/R (4) | 2,608,102 |
| | | Project, Series 2002A, 5.700%, 6/15/24 (Pre-refunded 6/15/22) | | | |
| 16,800 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion | No Opt. Call | Baa2 | 15,007,440 |
| | | Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured | | | |
29
| | |
NUV | Nuveen Municipal Value Fund, Inc. |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion | | | |
| | | Project, Refunding Series 2002B: | | | |
| $ 495 | | 5.500%, 6/15/20 | 6/19 at 100.00 | BB+ | $ 498,529 |
| 2,380 | | 5.550%, 6/15/21 | No Opt. Call | BB+ | 2,396,922 |
| | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion | | | |
| | | Project, Series 1994B: | | | |
| 3,635 | | 0.000%, 6/15/21 – NPFG Insured | No Opt. Call | Baa2 | 3,316,647 |
| 5,190 | | 0.000%, 6/15/28 – NPFG Insured | No Opt. Call | Baa2 | 3,382,634 |
| 11,675 | | 0.000%, 6/15/29 – FGIC Insured | No Opt. Call | Baa2 | 7,195,419 |
| | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion | | | |
| | | Project, Series 2002A: | | | |
| 7,685 | | 5.700%, 6/15/24 | No Opt. Call | BB+ | 8,371,808 |
| 4,950 | | 0.000%, 12/15/32 – NPFG Insured | No Opt. Call | Baa2 | 2,509,304 |
| 21,375 | | 0.000%, 6/15/34 – NPFG Insured | No Opt. Call | Baa2 | 9,913,511 |
| 21,000 | | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | Baa2 | 8,971,620 |
| 21,970 | | 0.000%, 6/15/36 – NPFG Insured | No Opt. Call | Baa2 | 9,077,345 |
| 10,375 | | 0.000%, 12/15/36 – NPFG Insured | No Opt. Call | Baa2 | 4,180,503 |
| 10,000 | | 0.000%, 12/15/37 – NPFG Insured | No Opt. Call | Baa2 | 3,810,900 |
| 25,825 | | 0.000%, 6/15/39 – NPFG Insured | No Opt. Call | Baa2 | 8,996,655 |
| 6,095 | | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | AA | 7,647,457 |
| | | Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured | | | |
| 8,000 | | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | AA | 9,787,920 |
| | | Illinois, General Obligation Bonds, Series 2003A, 6.000%, 7/01/33 – NPFG Insured | | | |
| 5,020 | | Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville | No Opt. Call | AA | 4,221,318 |
| | | Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured | | | |
| 10,285 | | Springfield, Illinois, Water Revenue Bonds, Series 2012, 5.000%, 3/01/37 (UB) (7) | 3/22 at 100.00 | AA– | 10,881,736 |
| 615 | | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, | 10/23 at 100.00 | A– | 680,036 |
| | | 6.000%, 10/01/42 | | | |
| 2,550 | | Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation | No Opt. Call | A+ | 2,256,725 |
| | | Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured | | | |
| 780 | | Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation | No Opt. Call | Baa2 (4) | 702,647 |
| | | Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM) | | | |
| 354,560 | | Total Illinois | | | 279,899,076 |
| | | Indiana – 2.0% | | | |
| 5,010 | | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series | 5/23 at 100.00 | A | 5,292,414 |
| | | 2012A, 5.000%, 5/01/42 | | | |
| 2,250 | | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, | 6/25 at 100.00 | AA | 2,201,445 |
| | | Refunding 2015A, 4.000%, 12/01/40 | | | |
| 5,740 | | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing | 7/23 at 100.00 | A– | 6,001,572 |
| | | Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax) | | | |
| 2,000 | | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, | 7/26 at 100.00 | A+ | 2,188,780 |
| | | 5.000%, 1/01/42 | | | |
| | | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: | | | |
| 12,550 | | 0.000%, 2/01/21 – AMBAC Insured | No Opt. Call | AA | 11,879,077 |
| 2,400 | | 0.000%, 2/01/25 – AMBAC Insured | No Opt. Call | AA | 2,001,216 |
| 14,595 | | 0.000%, 2/01/27 – AMBAC Insured | No Opt. Call | AA | 11,196,554 |
| 44,545 | | Total Indiana | | | 40,761,058 |
| | | Iowa – 1.3% | | | |
| 14,500 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company | 12/18 at 100.00 | B | 14,527,840 |
| | | Project, Series 2013, 5.500%, 12/01/22 | | | |
30
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Iowa (continued) | | | |
| | | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | | | |
| $ 175 | | 5.375%, 6/01/38 | 1/19 at 100.00 | B+ | $ 175,462 |
| 7,000 | | 5.625%, 6/01/46 | 1/19 at 100.00 | B | 7,009,030 |
| 4,965 | | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, | 1/19 at 100.00 | BB– | 4,979,150 |
| | | 5.600%, 6/01/34 | | | |
| 26,640 | | Total Iowa | | | 26,691,482 |
| | | Kentucky – 1.0% | | | |
| 520 | | Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue | 1/19 at 100.00 | Baa2 | 521,295 |
| | | Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured | | | |
| | | Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky | | | |
| | | International Airport, Series 2016: | | | |
| 1,530 | | 5.000%, 1/01/27 | 1/26 at 100.00 | A+ | 1,705,001 |
| 1,600 | | 5.000%, 1/01/28 | 1/26 at 100.00 | A+ | 1,772,208 |
| 2,000 | | Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center | 9/28 at 100.00 | A2 | 2,156,080 |
| | | Corporation Project, Series 2018A, 5.000%, 9/01/48 | | | |
| 1,000 | | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare | 8/21 at 100.00 | A | 1,033,520 |
| | | System Obligated Group, Series 2011, 5.000%, 8/15/42 | | | |
| | | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | | | |
| | | Information Highway Project, Senior Series 2015A: | | | |
| 2,175 | | 5.000%, 7/01/40 | 7/25 at 100.00 | BBB+ | 2,269,199 |
| 5,760 | | 5.000%, 1/01/45 | 7/25 at 100.00 | BBB+ | 5,982,278 |
| 6,000 | | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, | 7/31 at 100.00 | Baa3 | 5,508,780 |
| | | Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5) | | | |
| 20,585 | | Total Kentucky | | | 20,948,361 |
| | | Louisiana – 1.2% | | | |
| 2,310 | | Louisiana Local Government Environmental Facilities and Community Development Authority, | 8/20 at 100.00 | BBB | 2,469,760 |
| | | Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 | | | |
| 5,450 | | Louisiana Local Government Environmental Facilities and Community Development Authority, | 11/20 at 100.00 | BBB | 5,846,760 |
| | | Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35 | | | |
| 4,420 | | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, | 7/23 at 100.00 | AA– | 4,856,431 |
| | | 5.000%, 7/01/28 | | | |
| 1,470 | | New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking Facilities | 10/28 at 100.00 | AA | 1,605,652 |
| | | Corporation Consolidated Garage System, Series 2018A, 5.000%, 10/01/43 – AGM Insured | | | |
| 9,040 | | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, | 1/27 at 100.00 | A– | 9,768,443 |
| | | Series 2017A, 5.000%, 1/01/48 | | | |
| 22,690 | | Total Louisiana | | | 24,547,046 |
| | | Maine – 0.7% | | | |
| 4,250 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical | 7/23 at 100.00 | BBB | 4,417,960 |
| | | Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 | | | |
| | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth Issue, | | | |
| | | Series 2018A: | | | |
| 1,190 | | 5.000%, 7/01/43 | 7/28 at 100.00 | A+ | 1,293,494 |
| 5,940 | | 5.000%, 7/01/48 | 7/28 at 100.00 | A+ | 6,431,713 |
| 1,050 | | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical | 7/21 at 100.00 | BB | 1,114,565 |
| | | Center, Series 2011, 6.750%, 7/01/41 | | | |
| 12,430 | | Total Maine | | | 13,257,732 |
31
| | |
NUV | Nuveen Municipal Value Fund, Inc. |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Maryland – 1.5% | | | |
| | | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: | | | |
| $ 630 | | 5.000%, 9/01/31 | 9/27 at 100.00 | BBB– | $ 698,349 |
| 2,330 | | 5.000%, 9/01/32 | 9/27 at 100.00 | BBB– | 2,573,904 |
| 3,070 | | 5.000%, 9/01/34 | 9/27 at 100.00 | BBB– | 3,350,567 |
| 1,000 | | 5.000%, 9/01/35 | 9/27 at 100.00 | BBB– | 1,084,200 |
| 1,000 | | 5.000%, 9/01/36 | 9/27 at 100.00 | BBB– | 1,079,130 |
| 4,500 | | 5.000%, 9/01/39 | 9/27 at 100.00 | BBB– | 4,759,650 |
| 3,500 | | 5.000%, 9/01/46 | 9/27 at 100.00 | BBB– | 3,678,220 |
| 2,350 | | Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line | 9/26 at 100.00 | BBB+ | 2,485,078 |
| | | Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/41 (Alternative Minimum Tax) | | | |
| 1,050 | | Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, | 7/25 at 100.00 | BBB+ | 1,105,808 |
| | | Meritus Medical Center, Series 2015, 5.000%, 7/01/40 | | | |
| 1,500 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist | 1/22 at 100.00 | Baa3 | 1,622,955 |
| | | Healthcare, Series 2011A, 6.125%, 1/01/36 | | | |
| 6,635 | | Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & | 5/28 at 100.00 | AA | 7,309,249 |
| | | Revitalization Program, Series 2018A, 5.000%, 5/01/47 | | | |
| 27,565 | | Total Maryland | | | 29,747,110 |
| | | Massachusetts – 1.6% | | | |
| 2,100 | | Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare | 11/23 at 100.00 | A+ | 2,254,266 |
| | | Obligated Group, Series 2013, 5.250%, 11/15/41 | | | |
| 2,905 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green | 7/25 at 100.00 | BBB | 3,038,717 |
| | | Bonds, Series 2015D, 5.000%, 7/01/44 | | | |
| 1,105 | | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series | 7/26 at 100.00 | BBB | 1,175,764 |
| | | 2016E, 5.000%, 7/01/36 | | | |
| 2,765 | | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, | 12/26 at 100.00 | A1 | 2,966,071 |
| | | Series 2016N, 5.000%, 12/01/46 | | | |
| 770 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, | 7/19 at 100.00 | Baa2 | 784,137 |
| | | Refunding Series 2009A, 5.750%, 7/01/39 | | | |
| 1,530 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Suffolk University, | 7/19 at 100.00 | N/R (4) | 1,568,939 |
| | | Refunding Series 2009A, 5.750%, 7/01/39 (Pre-refunded 7/01/19) | | | |
| 9,695 | | Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 | 12/18 at 100.00 | AA | 9,710,803 |
| | | (Alternative Minimum Tax) | | | |
| 9,110 | | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series | 5/23 at 100.00 | AAA | 9,893,369 |
| | | 2013A, 5.000%, 5/15/43 | | | |
| 980 | | Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series | No Opt. Call | A+ | 689,450 |
| | | 1997A, 0.000%, 1/01/29 – NPFG Insured | | | |
| 320 | | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, | 1/19 at 100.00 | Aaa | 320,957 |
| | | 5.500%, 8/01/30 | | | |
| 31,280 | | Total Massachusetts | | | 32,402,473 |
| | | Michigan – 3.0% | | | |
| | | Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding | | | |
| | | Series 2013: | | | |
| 1,855 | | 6.000%, 10/01/33 | 10/23 at 100.00 | N/R | 1,745,240 |
| 2,520 | | 6.000%, 10/01/43 | 10/23 at 100.00 | N/R | 2,223,799 |
| 4,515 | | Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, | 11/18 at 100.00 | B– | 4,458,879 |
| | | 5.500%, 5/01/21 | | | |
| 1,415 | | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, | 7/22 at 100.00 | A+ | 1,498,895 |
| | | Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | | | |
| 15 | | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, | 7/19 at 100.00 | A | 15,018 |
| | | 7/01/35 – NPFG Insured | | | |
| 3,000 | | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, | No Opt. Call | A | 3,401,310 |
| | | 7/01/29 – FGIC Insured | | | |
32
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Michigan (continued) | | | |
| $ 5 | | Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B, 5.000%, | 1/19 at 100.00 | A+ | $ 5,012 |
| | | 7/01/34 – NPFG Insured | | | |
| 5 | | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%, | 1/19 at 100.00 | A2 | 5,011 |
| | | 7/01/34 – NPFG Insured | | | |
| 895 | | Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson | 5/20 at 100.00 | A2 | 925,958 |
| | | Methodist Hospital, Remarketed Series 2006, 5.250%, 5/15/36 – AGM Insured | | | |
| 1,105 | | Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson | 5/20 at 100.00 | A2 (4) | 1,155,454 |
| | | Methodist Hospital, Remarketed Series 2006, 5.250%, 5/15/36 (Pre-refunded 5/15/20) – | | | |
| | | AGM Insured | | | |
| 1,950 | | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & | 7/22 at 100.00 | A+ | 2,062,749 |
| | | Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 | | | |
| 4,585 | | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series | 12/21 at 100.00 | AA– | 4,836,212 |
| | | 2011MI, 5.000%, 12/01/39 | | | |
| 15 | | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series | 12/21 at 100.00 | N/R (4) | 16,216 |
| | | 2011MI, 5.000%, 12/01/39 (Pre-refunded 12/01/21) | | | |
| 5,000 | | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, | 6/22 at 100.00 | AA– | 5,338,750 |
| | | 5.000%, 12/01/35 | | | |
| 3,315 | | Michigan Finance Authority, Senior lien Distributable State Aid Revenue Bonds, Charter County | 11/28 at 100.00 | Aa3 | 3,643,318 |
| | | of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43 | | | |
| 6,000 | | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, | 11/26 at 100.00 | AA+ | 5,838,960 |
| | | Refunding and Project Series 2010F-6, 4.000%, 11/15/47 | | | |
| 2,155 | | Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, | 10/20 at 100.00 | AAA | 2,267,857 |
| | | 5.000%, 10/01/29 (Pre-refunded 10/01/20) | | | |
| 5,000 | | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series | 10/21 at 100.00 | Aa2 | 5,375,600 |
| | | 2011-II-A, 5.375%, 10/15/41 | | | |
| 10,000 | | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, | 10/25 at 100.00 | Aa2 | 11,259,900 |
| | | 5.000%, 4/15/30 | | | |
| 2,890 | | Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 | 3/22 at 100.00 | A1 | 3,072,735 |
| 1,100 | | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County | 12/25 at 100.00 | A | 1,194,754 |
| | | Airport, Series 2015D, 5.000%, 12/01/45 | | | |
| 57,340 | | Total Michigan | | | 60,341,627 |
| | | Minnesota – 0.3% | | | |
| 1,495 | | Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, | 1/19 at 100.00 | BBB+ | 1,511,460 |
| | | 5.000%, 5/01/30 | | | |
| 3,200 | | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series | No Opt. Call | AA | 3,850,912 |
| | | 2016B, 5.000%, 11/15/34 | | | |
| 1,480 | | University of Minnesota, General Obligation Bonds, Series 2016A, 5.000%, 4/01/41 | 4/26 at 100.00 | Aa1 | 1,633,994 |
| 6,175 | | Total Minnesota | | | 6,996,366 |
| | | Missouri – 0.8% | | | |
| 3,465 | | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/23 at 100.00 | A2 | 3,640,918 |
| | | CoxHealth, Series 2013A, 5.000%, 11/15/48 | | | |
| 12,000 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, | 6/20 at 100.00 | AA– (4) | 12,526,560 |
| | | Series 2010B, 5.000%, 6/01/30 (Pre-refunded 6/01/20) | | | |
| 15,465 | | Total Missouri | | | 16,167,478 |
33
| | |
NUV | Nuveen Municipal Value Fund, Inc. |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Montana – 0.6% | | | |
| $ 1,115 | | Billings, Montana, Sewer System Revenue Bonds, Series 2017, 5.000%, 7/01/33 | 7/27 at 100.00 | AA+ | $ 1,272,104 |
| | | Montana Facility Finance Authority, Healthcare Facility Revenue Bonds, Kalispell Regional | | | |
| | | Medical Center, Series 2018B: | | | |
| 1,340 | | 5.000%, 7/01/30 | 7/28 at 100.00 | BBB | 1,466,710 |
| 1,415 | | 5.000%, 7/01/31 | 7/28 at 100.00 | BBB | 1,539,251 |
| 1,980 | | 5.000%, 7/01/32 | 7/28 at 100.00 | BBB | 2,142,261 |
| 2,135 | | 5.000%, 7/01/33 | 7/28 at 100.00 | BBB | 2,297,516 |
| 3,045 | | Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, Series | 8/28 at 100.00 | AA– | 3,343,745 |
| | | 2018A, 5.000%, 8/15/48 | | | |
| 11,030 | | Total Montana | | | 12,061,587 |
| | | Nebraska – 0.2% | | | |
| 1,855 | | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, | 9/22 at 100.00 | A | 1,994,496 |
| | | 5.000%, 9/01/42 | | | |
| 1,400 | | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska | 11/25 at 100.00 | A | 1,497,048 |
| | | Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 | | | |
| 3,255 | | Total Nebraska | | | 3,491,544 |
| | | Nevada – 2.8% | | | |
| 5,075 | | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 | 1/20 at 100.00 | Aa3 | 5,277,137 |
| | | Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B: | | | |
| 2,000 | | 5.000%, 12/01/33 (WI/DD, Settling 11/20/18) | 12/28 at 100.00 | AA+ | 2,301,220 |
| 5,000 | | 5.000%, 12/01/35 (WI/DD, Settling 11/20/18) | 12/28 at 100.00 | AA+ | 5,711,600 |
| 6,500 | | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, 5.250%, | 7/28 at 100.00 | Aa3 | 7,216,300 |
| | | 7/01/43 (WI/DD, Settling 11/07/18) | | | |
| | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015: | | | |
| 5,220 | | 5.000%, 6/01/33 | 12/24 at 100.00 | AA+ | 5,820,770 |
| 10,000 | | 5.000%, 6/01/34 | 12/24 at 100.00 | AA+ | 11,127,400 |
| 9,000 | | 5.000%, 6/01/39 | 12/24 at 100.00 | AA+ | 9,857,250 |
| 6,205 | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water Improvement | 6/26 at 100.00 | AA+ | 6,793,917 |
| | | Series 2016A, 5.000%, 6/01/41 | | | |
| 2,000 | | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transpiration | 12/28 at 100.00 | A3 | 2,185,360 |
| | | Rail Access Corridor Project, Series 2018A, 5.000%, 6/01/48 | | | |
| 250 | | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transpiration | 12/28 at 100.00 | AA | 276,468 |
| | | Rail Access Corridor Project, Series 2018B, 5.000%, 6/01/33 – AGM Insured | | | |
| 1,500 | | Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax | 12/18 at 100.00 | Ba3 | 1,501,320 |
| | | Revenue Bonds Series 2008A, 6.750%, 6/15/28, 144A | | | |
| 52,750 | | Total Nevada | | | 58,068,742 |
| | | New Hampshire – 0.1% | | | |
| 1,500 | | New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group | 10/19 at 100.00 | Baa1 (4) | 1,555,860 |
| | | Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) | | | |
| | | New Jersey – 3.7% | | | |
| 930 | | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge | 1/24 at 100.00 | AA | 995,342 |
| | | Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax) | | | |
| 6,000 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding | 12/26 at 100.00 | A– | 6,596,580 |
| | | Series 2016BBB, 5.500%, 6/15/31 | | | |
| 5,990 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | No Opt. Call | AA | 6,856,693 |
| | | 2005N-1, 5.500%, 9/01/25 – AGM Insured | | | |
| 4,000 | | New Jersey Economic Development Authority, School Facilities Construction Financing Program | 3/23 at 100.00 | A– | 4,272,120 |
| | | Bonds, Refunding Series 2013NN, 5.000%, 3/01/25 | | | |
| 3,300 | | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters | 1/19 at 100.00 | BB+ | 3,307,293 |
| | | University Hospital, Series 2007, 5.750%, 7/01/37 | | | |
34
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New Jersey (continued) | | | |
| $ 9,420 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | No Opt. Call | A– | $ 5,153,965 |
| | | Appreciation Series 2010A, 0.000%, 12/15/31 | | | |
| | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | | | |
| | | Series 2006C: | | | |
| 30,000 | | 0.000%, 12/15/30 – FGIC Insured | No Opt. Call | A– | 17,639,997 |
| 27,000 | | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | AA | 14,725,800 |
| 4,500 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, | 6/23 at 100.00 | A– | 4,742,235 |
| | | 5.000%, 6/15/29 | | | |
| | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: | | | |
| 2,750 | | 5.250%, 6/15/32 | 6/25 at 100.00 | A– | 2,951,355 |
| 2,150 | | 5.250%, 6/15/34 | 6/25 at 100.00 | A– | 2,290,696 |
| 2,000 | | New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 5.000%, 1/01/40 | 1/28 at 100.00 | A+ | 2,208,600 |
| 1,135 | | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 | 5/23 at 100.00 | Aa3 | 1,236,321 |
| 2,720 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, | 6/28 at 100.00 | BBB | 2,761,290 |
| | | Series 2018B, 5.000%, 6/01/46 | | | |
| 101,895 | | Total New Jersey | | | 75,738,287 |
| | | New Mexico – 0.0% | | | |
| 555 | | University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21 | No Opt. Call | AA | 578,610 |
| | | New York – 5.7% | | | |
| 4,030 | | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory | 7/27 at 100.00 | Aa3 | 4,443,397 |
| | | Facilities, Series 2017A, 5.000%, 7/01/46 | | | |
| 1,950 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018, | 9/28 at 100.00 | A– | 2,165,709 |
| | | 5.000%, 9/01/39 | | | |
| 5,160 | | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, | 5/19 at 100.00 | AA+ (4) | 5,254,067 |
| | | 5/01/33 (Pre-refunded 5/01/19) – BHAC Insured | | | |
| 12,855 | | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, | 5/21 at 100.00 | A– (4) | 13,763,849 |
| | | 5/01/38 (Pre-refunded 5/01/21) | | | |
| 9,850 | | New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium | 1/19 at 100.00 | Baa1 | 9,853,743 |
| | | Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured | | | |
| 3,525 | | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue | 6/19 at 100.00 | AA+ | 3,586,970 |
| | | Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40 | | | |
| 9,375 | | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal | 7/28 at 100.00 | AA | 10,615,406 |
| | | 2018, Series 2017S-3, 5.250%, 7/15/45 | | | |
| 7,000 | | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal | 7/28 at 100.00 | AA | 7,826,630 |
| | | 2019 Subseries S-3A, 5.000%, 7/15/37 | | | |
| 11,755 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 12,056,163 |
| | | Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | | | |
| 5,825 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade | 11/21 at 100.00 | A+ | 6,353,735 |
| | | Center Project, Series 2011, 5.750%, 11/15/51 | | | |
| 8,500 | | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, | 1/28 at 100.00 | Baa3 | 9,207,370 |
| | | Delta Air Lines, Inc. LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, | | | |
| | | 5.000%, 1/01/33 (Alternative Minimum Tax) | | | |
| 8,270 | | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport | 7/24 at 100.00 | BBB | 8,616,844 |
| | | Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (Alternative Minimum Tax) | | | |
| 9,925 | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air | 12/20 at 100.00 | Baa1 | 10,633,149 |
| | | Terminal LLC Project, Eight Series 2010, 6.000%, 12/01/42 | | | |
| 7,550 | | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & | 11/27 at 100.00 | AA– | 8,395,978 |
| | | Tunnels, Series 2017C-2, 5.000%, 11/15/42 | | | |
35
| | |
NUV | Nuveen Municipal Value Fund, Inc. |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New York (continued) | | | |
| $ 3,000 | | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding | 5/25 at 100.00 | AA– | $ 3,281,010 |
| | | Series 2015A, 5.000%, 11/15/50 | | | |
| 650 | | TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B, | No Opt. Call | B+ | 700,044 |
| | | 5.000%, 6/01/24 | | | |
| 109,220 | | Total New York | | | 116,754,064 |
| | | North Carolina – 0.9% | | | |
| 1,500 | | Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA | 1/21 at 100.00 | AA– | 1,584,150 |
| | | Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37 | | | |
| 1,520 | | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, | 10/26 at 100.00 | AA+ | 1,688,583 |
| | | Refunding Series 2016B, 5.000%, 10/01/44 | | | |
| | | North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes | | | |
| | | Project, Series 2015: | | | |
| 905 | | 5.000%, 12/31/37 (Alternative Minimum Tax) | 6/25 at 100.00 | BBB– | 960,133 |
| 4,175 | | 5.000%, 6/30/54 (Alternative Minimum Tax) | 6/25 at 100.00 | BBB– | 4,374,523 |
| 2,010 | | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University | 6/20 at 100.00 | AA (4) | 2,099,807 |
| | | Health System, Series 2010A, 5.000%, 6/01/42 (Pre-refunded 6/01/20) | | | |
| 2,995 | | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, | 7/26 at 100.00 | BBB– | 3,180,690 |
| | | 5.000%, 7/01/51 | | | |
| | | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior | | | |
| | | Lien Series 2017: | | | |
| 1,625 | | 5.000%, 1/01/30 | 1/27 at 100.00 | BBB | 1,806,464 |
| 1,850 | | 5.000%, 1/01/32 | 1/27 at 100.00 | BBB | 2,042,733 |
| 16,580 | | Total North Carolina | | | 17,737,083 |
| | | North Dakota – 0.5% | | | |
| 7,820 | | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, | 11/21 at 100.00 | A+ | 8,716,876 |
| | | 6.250%, 11/01/31 | | | |
| 1,840 | | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated | 12/27 at 100.00 | A– | 1,958,698 |
| | | Group, Series 2017A, 5.000%, 12/01/42 | | | |
| 9,660 | | Total North Dakota | | | 10,675,574 |
| | | Ohio – 3.6% | | | |
| | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue | | | |
| | | Bonds, Senior Lien, Series 2007A-2: | | | |
| 12,205 | | 5.875%, 6/01/30 | 12/18 at 100.00 | B– | 12,028,272 |
| 4,020 | | 6.000%, 6/01/42 | 12/18 at 100.00 | B– | 3,969,830 |
| 11,940 | | 5.875%, 6/01/47 | 12/18 at 100.00 | B– | 11,640,903 |
| 16,415 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue | | | |
| | | Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 | 6/22 at 100.00 | B– | 16,586,534 |
| 1,195 | | Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, | 11/27 at 100.00 | Aa2 | 1,350,039 |
| | | Refunding & Improvement Series 2017A, 5.000%, 11/01/32 | | | |
| 3,485 | | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, | 6/27 at 100.00 | AA– | 3,370,587 |
| | | 4.000%, 12/01/46 | | | |
| 1,730 | | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series | 11/21 at 100.00 | Baa1 (4) | 1,918,812 |
| | | 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) | | | |
| 13,000 | | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy | No Opt. Call | N/R | 12,610,000 |
| | | Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory | | | |
| | | put 9/15/21) (6) | | | |
| 4,110 | | Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth | 6/25 at 100.00 | AA | 4,377,725 |
| | | Bypass Project, Series 2015, 5.000%, 12/31/39 – AGM Insured (Alternative Minimum Tax) | | | |
| 4,975 | | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series | 2/23 at 100.00 | Aa3 | 5,341,110 |
| | | 2013A-1, 5.000%, 2/15/48 | | | |
| 73,075 | | Total Ohio | | | 73,193,812 |
36
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Oklahoma – 1.1% | | | |
| $ 1,350 | | Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue | 8/21 at 100.00 | N/R | $ 1,539,014 |
| | | Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A | | | |
| 4,000 | | Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Refunding Series | 7/26 at 100.00 | AAA | 4,491,520 |
| | | 2016, 5.000%, 7/01/36 | | | |
| | | Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical | | | |
| | | Center, Refunding Series 2015A: | | | |
| 1,590 | | 5.000%, 8/15/27 | 8/25 at 100.00 | A+ | 1,788,019 |
| 1,250 | | 5.000%, 8/15/29 | 8/25 at 100.00 | A+ | 1,392,663 |
| 1,935 | | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, | 8/28 at 100.00 | Baa3 | 2,059,769 |
| | | Series 2018B, 5.250%, 8/15/43 | | | |
| 10,000 | | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A, | 1/26 at 100.00 | AA– | 10,942,700 |
| | | 5.000%, 1/01/42 | | | |
| 20,125 | | Total Oklahoma | | | 22,213,685 |
| | | Oregon – 0.6% | | | |
| 1,750 | | Metro, Oregon, Dedicated Tax Revenue Bonds, Oregon Convention Center Hotel, Series 2017, | 6/27 at 100.00 | Aa3 | 1,920,590 |
| | | 5.000%, 6/15/47 | | | |
| | | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior | | | |
| | | Lien Series 2017C: | | | |
| 3,525 | | 5.000%, 11/15/25 | No Opt. Call | AAA | 4,085,405 |
| 2,000 | | 5.000%, 11/15/26 | No Opt. Call | AAA | 2,342,900 |
| 3,580 | | University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48 | 4/28 at 100.00 | Aa2 | 3,983,144 |
| 10,855 | | Total Oregon | | | 12,332,039 |
| | | Pennsylvania – 1.0% | | | |
| 3,155 | | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger | 2/27 at 100.00 | AA | 3,445,228 |
| | | Health System, Series 2017A-2, 5.000%, 2/15/39 | | | |
| | | Pennsylvania State University, Revenue Bonds, Refunding Series 2016A: | | | |
| 1,325 | | 5.000%, 9/01/35 | 9/26 at 100.00 | Aa1 | 1,491,924 |
| 2,000 | | 5.000%, 9/01/41 | 9/26 at 100.00 | Aa1 | 2,224,100 |
| 1,310 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, | 12/21 at 100.00 | A2 | 1,387,709 |
| | | Subordinate Series 2011B, 5.000%, 12/01/41 | | | |
| 1,405 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, | 12/21 at 100.00 | N/R (4) | 1,521,095 |
| | | Subordinate Series 2011B, 5.000%, 12/01/41 (Pre-refunded 12/01/21) | | | |
| 7,500 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, | 12/22 at 100.00 | AA– | 7,938,750 |
| | | Subordinate Series 2013A, 5.000%, 12/01/43 | | | |
| 1,250 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special | No Opt. Call | AA– | 1,149,675 |
| | | Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5) | | | |
| 1,350 | | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, | 1/28 at 100.00 | Baa3 | 1,427,166 |
| | | Series 2017, 5.000%, 1/01/38 (Alternative Minimum Tax) | | | |
| 19,295 | | Total Pennsylvania | | | 20,585,647 |
| | | South Carolina – 1.6% | | | |
| | | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: | | | |
| 12,760 | | 0.000%, 1/01/28 – AMBAC Insured | No Opt. Call | AA | 9,168,315 |
| 9,535 | | 0.000%, 1/01/29 – AMBAC Insured | No Opt. Call | AA | 6,555,789 |
| 8,000 | | South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series | 12/26 at 100.00 | A+ | 8,317,680 |
| | | 2016B, 5.000%, 12/01/56 | | | |
| 5,500 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | A+ | 5,702,455 |
| | | Improvement Series 2015A, 5.000%, 12/01/50 | | | |
| 3,455 | | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, | 6/24 at 100.00 | A+ | 3,663,924 |
| | | 5.500%, 12/01/54 | | | |
| 39,250 | | Total South Carolina | | | 33,408,163 |
37
| | |
NUV | Nuveen Municipal Value Fund, Inc. |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Tennessee – 1.0% | | | |
| $ 6,000 | | Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue | 5/27 at 100.00 | AA+ | $ 6,720,180 |
| | | Bonds, Series 2017A, 5.000%, 5/15/42 | | | |
| 2,260 | | Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue | 7/27 at 100.00 | AA | 2,543,743 |
| | | Bonds, Green Series 2017A, 5.000%, 7/01/42 | | | |
| 3,000 | | Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, | 11/27 at 100.00 | AA+ | 3,354,570 |
| | | Series 2017A, 5.000%, 11/01/42 | | | |
| 7,245 | | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2017A, 4.000%, 5/01/48 | 5/23 at 100.43 | A3 | 7,519,875 |
| | | (Mandatory put 5/01/23) | | | |
| 18,505 | | Total Tennessee | | | 20,138,368 |
| | | Texas – 16.1% | | | |
| 13,970 | | Boerne Independent School District, Kendall County, Texas, General Obligation Bonds, Series | 2/27 at 100.00 | Aaa | 13,755,980 |
| | | 2017, 4.000%, 2/01/48 (UB) (7) | | | |
| 5,110 | | Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric | 12/18 at 100.00 | N/R | 51 |
| | | Company, Series 1999C, 7.700%, 3/01/32, (Alternative Minimum Tax) (6) | | | |
| 2,420 | | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A, | 1/23 at 100.00 | A– | 2,554,600 |
| | | 5.000%, 1/01/43 | | | |
| 7,500 | | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, | 11/21 at 100.00 | A+ | 7,828,350 |
| | | 5.000%, 11/01/38 (Alternative Minimum Tax) | | | |
| 240 | | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, | 9/24 at 100.00 | BBB– | 251,508 |
| | | 5.250%, 9/01/44 | | | |
| 5,000 | | El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of Obligation | 8/23 at 100.00 | A– | 5,167,100 |
| | | Series 2013, 5.000%, 8/15/39 | | | |
| 27,340 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien | 10/23 at 100.00 | AA+ | 29,380,381 |
| | | Series 2013B, 5.000%, 4/01/53 | | | |
| 2,845 | | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston | 6/25 at 100.00 | AA | 2,740,020 |
| | | Methodist Hospital System, Series 2015, 4.000%, 12/01/45 | | | |
| 7,295 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding | 11/31 at 39.79 | AA | 1,594,103 |
| | | Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured | | | |
| 11,900 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, | No Opt. Call | Baa2 | 8,283,233 |
| | | 0.000%, 11/15/27 – NPFG Insured | | | |
| 1,845 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series | 11/24 at 100.00 | A3 | 1,994,390 |
| | | 2014C, 5.000%, 11/15/32 | | | |
| 14,905 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, | 11/24 at 59.10 | Baa2 | 6,919,348 |
| | | 0.000%, 11/15/33 – NPFG Insured | | | |
| | | Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B: | | | |
| 1,590 | | 5.000%, 7/01/43 | 7/28 at 100.00 | A1 | 1,756,584 |
| 2,290 | | 5.000%, 7/01/48 | 7/28 at 100.00 | A1 | 2,520,145 |
| | | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment | | | |
| | | Project, Series 2001B: | | | |
| 24,755 | | 0.000%, 9/01/29 – AMBAC Insured | No Opt. Call | A2 | 16,189,027 |
| 12,940 | | 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | A2 | 8,024,482 |
| 10,000 | | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A2 | 5,881,400 |
| 19,500 | | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A2 | 10,870,665 |
| 13,280 | | Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General | 2/27 at 100.00 | AAA | 13,234,716 |
| | | Obligation Bonds, Series 2017, 4.000%, 2/15/47 (UB) (7) | | | |
| 5,120 | | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation | 8/25 at 100.00 | AAA | 5,605,990 |
| | | Bonds, Refunding Series 2015A, 5.000%, 8/15/39 | | | |
| 4,510 | | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation | 8/26 at 100.00 | AAA | 4,944,809 |
| | | Bonds, Refunding Series 2016A, 5.000%, 8/15/49 | | | |
| 2,000 | | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, | 11/22 at 100.00 | A3 | 2,130,980 |
| | | Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, | | | |
| | | 11/01/28 (Alternative Minimum Tax) | | | |
38
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Texas (continued) | | | |
| | | Lubbock, Texas, Electric Light and Power System, Revenue Bonds, Series 2018: | | | |
| $ 2,170 | | 5.000%, 4/15/40 | 4/28 at 100.00 | AA– | $ 2,402,385 |
| 3,930 | | 5.000%, 4/15/43 | 4/28 at 100.00 | AA– | 4,331,057 |
| 1,750 | | Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series | 4/21 at 100.00 | BBB | 1,857,188 |
| | | 2011A, 7.250%, 4/01/36 | | | |
| 14,355 | | Bexar County Hospital District, Texas, Certificates of Obligation, Series 2018, 4.000%, | 2/27 at 100.00 | AA+ | 14,222,073 |
| | | 2/15/43 (WI/DD, Settling 11/07/18) (UB) | | | |
| 5,420 | | North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement | 3/22 at 100.00 | AAA | 5,875,551 |
| | | Series 2012, 5.000%, 9/01/26 | | | |
| | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation | | | |
| | | Series 2008I: | | | |
| 30,000 | | 6.200%, 1/01/42 – AGC Insured | 1/25 at 100.00 | AA | 35,161,796 |
| 5,220 | | 6.500%, 1/01/43 | 1/25 at 100.00 | A+ | 6,179,645 |
| 15,450 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, | No Opt. Call | AA | 7,868,531 |
| | | 0.000%, 1/01/36 – AGC Insured | | | |
| 9,020 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, | 1/23 at 100.00 | A+ | 9,651,490 |
| | | 5.000%, 1/01/40 | | | |
| 8,000 | | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2017B, | 1/27 at 100.00 | A | 8,604,000 |
| | | 5.000%, 1/01/43 | | | |
| 9,100 | | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, | 1/25 at 100.00 | A | 9,972,053 |
| | | 5.000%, 1/01/32 | | | |
| 2,000 | | Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric | 1/19 at 100.00 | N/R | 20 |
| | | Company, Series 2003A, 5.800%, 7/01/22 (6) | | | |
| 2,000 | | San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment | 1/19 at 100.00 | A3 | 1,984,560 |
| | | Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax) | | | |
| | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue | | | |
| | | Bonds, Scott & White Healthcare Project, Series 2010: | | | |
| 355 | | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | N/R (4) | 375,523 |
| 4,455 | | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | AA– (4) | 4,716,598 |
| 3,970 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 1/19 at 100.00 | AA (4) | 4,000,688 |
| | | Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/02/19) – AGC Insured | | | |
| 1,030 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 1/19 at 100.00 | AA (4) | 1,037,828 |
| | | Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured | | | |
| 1,750 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas | 8/26 at 100.00 | AA | 1,900,115 |
| | | Health Resources System, Series 2016A, 5.000%, 2/15/41 | | | |
| 7,250 | | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior | No Opt. Call | A– | 8,272,830 |
| | | Lien Series 2008D, 6.250%, 12/15/26 | | | |
| | | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, | | | |
| | | Series 2012: | | | |
| 2,500 | | 5.000%, 12/15/26 | 12/22 at 100.00 | A3 | 2,696,350 |
| 10,400 | | 5.000%, 12/15/32 | 12/22 at 100.00 | A3 | 11,042,408 |
| 7,180 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier | 8/22 at 100.00 | A– | 7,581,936 |
| | | Refunding Series 2012A, 5.000%, 8/15/41 | | | |
| 3,000 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier | 8/24 at 100.00 | A– | 3,250,050 |
| | | Refunding Series 2015B, 5.000%, 8/15/37 | | | |
| 1,750 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier | 8/24 at 100.00 | BBB+ | 1,868,370 |
| | | Refunding Series 2015C, 5.000%, 8/15/33 | | | |
| 5,500 | | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series | No Opt. Call | A– | 4,472,710 |
| | | 2002A, 0.000%, 8/15/25 – AMBAC Insured | | | |
| 6,500 | | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust | 10/27 at 100.00 | AAA | 7,254,325 |
| | | Series 2017A, 5.000%, 10/15/42 | | | |
| 10,000 | | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Series | 10/27 at 100.00 | AAA | 9,864,600 |
| | | 2017A, 4.000%, 10/15/47 (WI/DD, Settling 11/06/18) (UB) | | | |
| 370,410 | | Total Texas | | | 328,072,542 |
39
| | |
NUV | Nuveen Municipal Value Fund, Inc. |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Utah – 0.8% | | | |
| $ 5,345 | | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, | 7/27 at 100.00 | A+ | $ 5,851,653 |
| | | 5.000%, 7/01/42 | | | |
| 3,500 | | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, | 7/28 at 100.00 | A+ | 3,866,695 |
| | | 5.000%, 7/01/43 | | | |
| | | Salt Lake City, Utah, Sales Tax Revenue Bonds, Series 2017: | | | |
| 695 | | 5.000%, 2/01/36 | 2/27 at 100.00 | AA+ | 780,200 |
| 1,150 | | 5.000%, 2/01/37 | 2/27 at 100.00 | AA+ | 1,288,334 |
| | | Utah Associated Municipal Power Systems, Revenue Bonds, Horse Butte Wind Project, Refunding | | | |
| | | Series 2017A: | | | |
| 1,250 | | 5.000%, 9/01/29 | 3/28 at 100.00 | A | 1,418,338 |
| 1,000 | | 5.000%, 9/01/30 | 3/28 at 100.00 | A | 1,128,670 |
| 1,250 | | 5.000%, 9/01/31 | 3/28 at 100.00 | A | 1,405,513 |
| 660 | | 5.000%, 9/01/32 | 3/28 at 100.00 | A | 739,312 |
| 540 | | Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017A, | 3/27 at 100.00 | AA– | 602,197 |
| | | 5.000%, 3/01/37 | | | |
| 15,390 | | Total Utah | | | 17,080,912 |
| | | Virginia – 1.0% | | | |
| 1,805 | | Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First | 7/26 at 100.00 | BBB | 1,935,339 |
| | | Tier Series 2016, 5.000%, 7/01/46 | | | |
| 4,355 | | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, | 12/18 at 100.00 | B– | 4,285,799 |
| | | Series 2007B1, 5.000%, 6/01/47 | | | |
| 4,350 | | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 | 6/27 at 100.00 | BBB | 4,555,190 |
| | | Project, Senior Lien Series 2017, 5.000%, 12/31/52 (Alternative Minimum Tax) | | | |
| | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River | | | |
| | | Crossing, Opco LLC Project, Series 2012: | | | |
| 4,180 | | 5.250%, 1/01/32 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 4,439,620 |
| 1,355 | | 6.000%, 1/01/37 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 1,475,812 |
| 3,770 | | 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB | 4,024,023 |
| 19,815 | | Total Virginia | | | 20,715,783 |
| | | Washington – 2.8% | | | |
| | | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016: | | | |
| 1,930 | | 5.000%, 2/01/29 | 2/26 at 100.00 | AA– | 2,180,997 |
| 1,000 | | 5.000%, 2/01/30 | 2/26 at 100.00 | AA– | 1,125,200 |
| | | Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds, | | | |
| | | Series 2017: | | | |
| 1,175 | | 5.000%, 12/01/38 | 6/27 at 100.00 | A+ | 1,282,783 |
| 5,000 | | 5.000%, 12/01/41 | 6/27 at 100.00 | A+ | 5,431,850 |
| 3,780 | | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research | 1/21 at 100.00 | A+ | 3,969,189 |
| | | Center, Series 2011A, 5.625%, 1/01/35 | | | |
| 2,400 | | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, | 12/20 at 100.00 | N/R (4) | 2,554,080 |
| | | Series 2010, 5.375%, 12/01/33 (Pre-refunded 12/01/20) | | | |
| 12,000 | | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, | 10/22 at 100.00 | AA– | 12,972,000 |
| | | Refunding Series 2012A, 5.000%, 10/01/33 | | | |
| 1,310 | | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, | 8/27 at 100.00 | BBB | 1,402,159 |
| | | Series 2017, 5.000%, 8/15/37 | | | |
| | | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, | | | |
| | | Series 2018: | | | |
| 1,235 | | 5.000%, 7/01/43 | 7/28 at 100.00 | A1 | 1,345,520 |
| 5,965 | | 5.000%, 7/01/48 | 7/28 at 100.00 | A1 | 6,473,755 |
| | | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C: | | | |
| 9,100 | | 0.000%, 6/01/29 – NPFG Insured | No Opt. Call | AA+ | 6,469,918 |
| 16,195 | | 0.000%, 6/01/30 – NPFG Insured | No Opt. Call | AA+ | 10,997,701 |
| 61,090 | | Total Washington | | | 56,205,152 |
40
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | West Virginia – 0.9% | | | |
| $ 1,830 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, | 1/29 at 100.00 | BBB+ | $ 1,967,250 |
| | | Inc. Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/36 | | | |
| 3,000 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health | 6/23 at 100.00 | A | 3,232,050 |
| | | System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 | | | |
| 3,570 | | West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018, | 6/28 at 100.00 | AA– | 3,974,909 |
| | | 5.000%, 6/01/43 | | | |
| 7,830 | | West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, | 6/28 at 100.00 | Aa2 | 8,778,839 |
| | | 5.000%, 12/01/39 | | | |
| 16,230 | | Total West Virginia | | | 17,953,048 |
| | | Wisconsin – 3.5% | | | |
| 5,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health | 11/21 at 100.00 | AA+ | 5,312,000 |
| | | Alliance Senior Credit Group, Series 2012D, 5.000%, 11/15/41 | | | |
| 10,350 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health | 5/26 at 100.00 | AA+ | 10,094,045 |
| | | Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 | | | |
| 7,115 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior | 11/19 at 100.00 | AA+ | 7,297,215 |
| | | Credit Group, Series 2010E, 5.000%, 11/15/33 | | | |
| 2,375 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, | 2/22 at 100.00 | A– | 2,489,071 |
| | | Series 2012B, 5.000%, 2/15/40 | | | |
| 4,410 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., | 6/22 at 100.00 | A3 | 4,611,008 |
| | | Series 2012, 5.000%, 6/01/39 | | | |
| 2,500 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., | 12/18 at 100.00 | N/R (4) | 2,508,325 |
| | | Series 2009, 6.000%, 12/01/38 (Pre-refunded 12/01/18) | | | |
| | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., | | | |
| | | Series 2011A: | | | |
| 3,500 | | 5.750%, 5/01/35 (Pre-refunded 5/01/21) | 5/21 at 100.00 | N/R (4) | 3,798,515 |
| 5,000 | | 6.000%, 5/01/41 (Pre-refunded 5/01/21) | 5/21 at 100.00 | N/R (4) | 5,456,650 |
| 6,600 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, | 8/22 at 100.00 | N/R (4) | 7,224,822 |
| | | Inc., Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) | | | |
| 10,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, | 6/20 at 100.00 | AA– (4) | 10,438,800 |
| | | Series 2010A, 5.000%, 6/01/30 (Pre-refunded 6/01/20) | | | |
| | | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: | | | |
| 240 | | 5.750%, 5/01/33 (Pre-refunded 5/01/19) | 5/19 at 100.00 | N/R (4) | 244,634 |
| 2,310 | | 5.750%, 5/01/33 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aa2 (4) | 2,354,606 |
| 8,945 | | 6.250%, 5/01/37 (Pre-refunded 5/01/19) | 5/19 at 100.00 | Aa2 (4) | 9,139,822 |
| 68,345 | | Total Wisconsin | | | 70,969,513 |
| | | Wyoming – 0.2% | | | |
| 2,035 | | Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power | 7/19 at 100.00 | A | 2,083,291 |
| | | Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 | | | |
| 1,850 | | West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40 | 6/21 at 100.00 | BBB | 1,970,695 |
| 3,885 | | Total Wyoming | | | 4,053,986 |
| $ 2,235,422 | | Total Municipal Bonds (cost $1,977,863,839) | | | 2,070,066,464 |
41
| | |
NUV | Nuveen Municipal Value Fund, Inc. |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
| |
Principal | | | | | | |
Amount (000) | | Description (1) | Coupon | Maturity | Ratings (3) | Value |
| | | CORPORATE BONDS – 0.0% | | | | |
| | | Transportation – 0.0% | | | | |
| $ 795 | | Las Vegas Monorail Company, Senior Interest Bonds (8), (9) | 5.500% | 7/15/19 | N/R | $ 518,048 |
| 224 | | Las Vegas Monorail Company, Senior Interest Bonds (5), (8), (9) | 5.500% | 7/15/55 | N/R | 113,683 |
| $ 1,019 | | Total Corporate Bonds (cost $49,799) | | | | 631,731 |
| | | Total Long-Term Investments (cost $1,977,913,638) | | | | 2,070,698,195 |
| | | Floating Rate Obligations – (2.4)% | | | | (49,500,000) |
| | | Other Assets Less Liabilities – 0.7% | | | | 14,022,412 |
| | | Net Assets – 100% | | | | $ 2,035,220,607 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
(5) | Step-up coupon bond, a bond with a coupon that Increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
(6) | As of, or subsequent to, the end of the reporting period, this security is non-Income producing. Non-Income producing, in the case of a fixed Income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional Income on the Fund’s records. |
(7) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(8) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
(9) | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund was not accruing Income for either senior interest corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest corporate bond would fulfill its obligation on the security maturing on July 15, 2019, and therefore began accruing Income on the Fund’s records. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
ETM | Escrowed to maturity. |
PIK | Payment-in-kind (“PIK”) security. Depending on the terms of the security, Income may be received in the form of cash, securities, or a combination of both. The PIK rate shown, where applicable, represents the annualized rate of the last PIK payment made by the issuer as of the end of the reporting period. |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
42
| | |
| NUW | Nuveen AMT-Free Municipal Value Fund Portfolio of Investments October 31, 2018 |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | LONG-TERM INVESTMENTS – 102.2% | | | |
| | | MUNICIPAL BONDS – 102.2% | | | |
| | | Alaska – 0.2% | | | |
| | | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, | | | |
| | | Series 2006A: | | | |
| $ 135 | | 4.625%, 6/01/23 | 12/18 at 100.00 | Ba2 | $ 135,027 |
| 385 | | 5.000%, 6/01/46 | 12/18 at 100.00 | B3 | 375,795 |
| 520 | | Total Alaska | | | 510,822 |
| | | Arizona – 3.1% | | | |
| 4,000 | | Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El | 2/19 at 100.00 | Baa1 | 4,051,080 |
| | | Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40 | | | |
| 3,045 | | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc | No Opt. Call | BBB+ | 3,461,769 |
| | | Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | | | |
| 7,045 | | Total Arizona | | | 7,512,849 |
| | | California – 12.8% | | | |
| 1,790 | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second | 10/26 at 100.00 | BBB+ | 1,931,768 |
| | | Subordinate Lien Series 2016B, 5.000%, 10/01/37 | | | |
| 1,730 | | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement | No Opt. Call | AA | 1,095,453 |
| | | Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured | | | |
| 2,500 | | California State Public Works Board, Lease Revenue Bonds, Department of General Services | 4/19 at 100.00 | Aaa (4) | 2,548,025 |
| | | Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34 (Pre-refunded 4/01/19) | | | |
| 500 | | California State, General Obligation Bonds, Tender Option Bond Trust 2016-XG0039, 14.640%, | 3/20 at 100.00 | AA | 586,820 |
| | | 3/01/40, 144A – AGM Insured (IF) (5) | | | |
| 540 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed | 6/22 at 100.00 | N/R | 528,163 |
| | | Bonds, Series 2018A-1, 5.000%, 6/01/47 | | | |
| 450 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series | No Opt. Call | A | 602,609 |
| | | 2009A, 6.500%, 11/01/39 | | | |
| 10,200 | | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – | 8/29 at 100.00 | AA | 12,423,290 |
| | | AGC Insured (6) | | | |
| 1,030 | | Poway Unified School District, San Diego County, California, General Obligation Bonds, School | No Opt. Call | AA– | 528,874 |
| | | Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35 | | | |
| 2,470 | | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International | 5/27 at 100.00 | A+ | 2,715,518 |
| | | Airport, Second Series 2017B, 5.000%, 5/01/47 | | | |
| 12,955 | | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 | No Opt. Call | AA | 6,395,106 |
| | | Election Series 2012G, 0.000%, 8/01/35 – AGM Insured | | | |
| 5,185 | | San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding | No Opt. Call | AA | 1,455,948 |
| | | Series 2015, 0.000%, 8/01/44 | | | |
| 700 | | Victor Elementary School District, San Bernardino County, California, General Obligation | No Opt. Call | Aa3 | 593,579 |
| | | Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured | | | |
| 40,050 | | Total California | | | 31,405,153 |
| | | Colorado – 5.6% | | | |
| | | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, | | | |
| | | Refunding Senior Lien Series 2016: | | | |
| 1,000 | | 5.000%, 12/01/30 | 12/26 at 100.00 | Baa2 | 1,090,360 |
| 1,500 | | 5.000%, 12/01/36 | 12/26 at 100.00 | Baa2 | 1,597,320 |
| 5,885 | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – | No Opt. Call | A | 3,100,218 |
| | | NPFG Insured | | | |
43
| | |
NUW | Nuveen AMT-Free Municipal Value Fund |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Colorado (continued) | | | |
| $ 3,605 | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – | 9/20 at 67.94 | A | $ 2,317,907 |
| | | NPFG Insured | | | |
| 4,000 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue | 12/19 at 100.00 | AA (4) | 4,186,080 |
| | | Bonds, Refunding Series 2009, 6.375%, 12/01/37 (Pre-refunded 12/01/19) – AGC Insured | | | |
| 1,000 | | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs | No Opt. Call | A+ | 1,315,960 |
| | | Utilities, Series 2008, 6.500%, 11/15/38 | | | |
| 16,990 | | Total Colorado | | | 13,607,845 |
| | | Florida – 8.1% | | | |
| 500 | | Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37 | 10/27 at 100.00 | AA– | 561,880 |
| 1,605 | | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, | 11/24 at 100.00 | A2 | 1,710,673 |
| | | 5.000%, 11/15/45 | | | |
| 535 | | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic | 2/24 at 100.00 | AA | 587,387 |
| | | Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured | | | |
| 9,500 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, | 10/19 at 100.00 | A | 9,804,665 |
| | | 5.500%, 10/01/41 (UB) (5) | | | |
| 3,350 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2017B, | 10/25 at 100.00 | Aa3 | 3,730,058 |
| | | 5.000%, 10/01/32 | | | |
| 510 | | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole | 5/28 at 100.00 | A– | 553,330 |
| | | Electric Cooperatice, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42 | | | |
| 860 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, | 5/19 at 100.00 | N/R | 836,178 |
| | | Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6) | | | |
| 375 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, | 5/22 at 100.00 | N/R | 305,168 |
| | | Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) | | | |
| 525 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series | 12/18 at 100.00 | N/R | 5 |
| | | 2007-3, 6.450%, 5/01/23 (7) | | | |
| 40 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing | 12/18 at 100.00 | N/R | 40,000 |
| | | Parcel Series 2007-1. RMKT, 6.450%, 5/01/23 | | | |
| 1,315 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series | 12/18 at 100.00 | N/R | 1,047,319 |
| | | 2015-1, 0.000%, 5/01/40 (7) | | | |
| 805 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series | 12/18 at 100.00 | N/R | 527,492 |
| | | 2015-2, 0.000%, 5/01/40 (7) | | | |
| 880 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series | 12/18 at 100.00 | N/R | 9 |
| | | 2015-3, 6.610%, 5/01/40 (7) | | | |
| 20,800 | | Total Florida | | | 19,704,164 |
| | | Georgia – 2.9% | | | |
| 400 | | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, | 1/19 at 100.00 | A2 (4) | 403,688 |
| | | 1/01/31 (Pre-refunded 1/01/19) | | | |
| 1,000 | | Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air | 6/20 at 100.00 | Baa3 | 1,089,210 |
| | | Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 | | | |
| 2,000 | | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, | 2/27 at 100.00 | AA– | 2,287,000 |
| | | Northeast Georgia Health Services Inc., Series 2017B, 5.500%, 2/15/42 | | | |
| 2,000 | | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series | 1/25 at 100.00 | A2 | 2,129,560 |
| | | 2015A, 5.000%, 1/01/35 | | | |
| 1,000 | | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, | 10/26 at 100.00 | AA+ | 1,109,440 |
| | | Refunding Series 2016A, 5.000%, 10/01/46 | | | |
| 6,400 | | Total Georgia | | | 7,018,898 |
| | | Illinois – 10.3% | | | |
| 2,000 | | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series | 4/27 at 100.00 | A | 2,285,620 |
| | | 2016, 6.000%, 4/01/46 | | | |
| | | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | | | |
| 470 | | 0.000%, 1/01/33 – FGIC Insured | No Opt. Call | BBB+ | 240,062 |
| 3,000 | | 0.000%, 1/01/37 – FGIC Insured | No Opt. Call | BBB+ | 1,227,690 |
44
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| $ 2,000 | | Cook County, Illinois, Sales Tax Revenue Bonds, Series 2017, 5.000%, 11/15/38 | 11/27 at 100.00 | AAA | $ 2,194,900 |
| 5,035 | | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, | 8/19 at 100.00 | AA+ (4) | 5,191,538 |
| | | 6.000%, 8/15/39 (Pre-refunded 8/15/19) | | | |
| 3,500 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, | 5/19 at 100.00 | A2 (4) | 3,595,515 |
| | | 11/15/37 (Pre-refunded 5/15/19) | | | |
| 3,500 | | Illinois Finance Authority, State of Illinois Clean Water Initiative Revolving Fund Revenue | 1/27 at 100.00 | AAA | 3,885,595 |
| | | Bonds, Series 2017, 5.000%, 7/01/37 | | | |
| 525 | | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 | 2/27 at 100.00 | BBB | 538,514 |
| 11,420 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion | No Opt. Call | Baa2 | 4,352,048 |
| | | Project, Series 2002A, 0.000%, 12/15/37 – NPFG Insured | | | |
| 615 | | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, | 10/23 at 100.00 | A– | 680,036 |
| | | 6.000%, 10/01/42 | | | |
| 745 | | Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation | No Opt. Call | A+ | 634,770 |
| | | Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – NPFG Insured | | | |
| 300 | | Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation | No Opt. Call | Baa2 (3)�� | 260,439 |
| | | Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – NPFG Insured (ETM) | | | |
| 33,110 | | Total Illinois | | | 25,086,727 |
| | | Indiana – 3.4% | | | |
| 5,000 | | Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series | 3/19 at 100.00 | A+ (4) | 5,079,150 |
| | | 2009A, 6.750%, 3/01/39 (Pre-refunded 3/01/19) | | | |
| 2,000 | | Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%, | 1/19 at 100.00 | A1 (4) | 2,013,680 |
| | | 1/01/39 (Pre-refunded 1/01/19) | | | |
| 1,500 | | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – | No Opt. Call | AA | 1,250,760 |
| | | AMBAC Insured | | | |
| 8,500 | | Total Indiana | | | 8,343,590 |
| | | Iowa – 1.9% | | | |
| 1,545 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company | 12/18 at 100.00 | B | 1,547,966 |
| | | Project, Series 2013, 5.500%, 12/01/22 | | | |
| 3,075 | | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, | 12/18 at 100.00 | B+ | 3,083,118 |
| | | 5.375%, 6/01/38 | | | |
| 4,620 | | Total Iowa | | | 4,631,084 |
| | | Kentucky – 1.3% | | | |
| 1,150 | | Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky | 1/26 at 100.00 | A+ | 1,267,599 |
| | | International Airport, Series 2016, 5.000%, 1/01/29 | | | |
| 1,750 | | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | 7/25 at 100.00 | BBB+ | 1,817,533 |
| | | Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 | | | |
| 2,900 | | Total Kentucky | | | 3,085,132 |
| | | Maine – 1.4% | | | |
| 3,335 | | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, | 7/19 at 100.00 | Aa2 (4) | 3,499,582 |
| | | Tender Option Bond Trust 2016-XL0014, 10.567%, 7/01/39, 144A (Pre-refunded 7/01/19) (IF) (5) | | | |
| | | Maryland – 3.6% | | | |
| | | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: | | | |
| 1,000 | | 5.000%, 9/01/32 | 9/27 at 100.00 | BBB– | 1,104,680 |
| 2,250 | | 5.000%, 9/01/34 | 9/27 at 100.00 | BBB– | 2,455,628 |
| 5,000 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health | 5/27 at 100.00 | A | 5,358,500 |
| | | Issue, Series 2017A, 5.000%, 5/15/42 | | | |
| 8,250 | | Total Maryland | | | 8,918,808 |
45
| | |
NUW | Nuveen AMT-Free Municipal Value Fund |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Massachusetts – 0.4% | | | |
| $ 1,000 | | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond | 8/19 at 100.00 | AAA | $ 1,058,630 |
| | | Trust 2015-XF2186, 10.307%, 8/01/38, 144A (IF) (5) | | | |
| | | Michigan – 0.4% | | | |
| 1,000 | | Michigan Finance Authority, Senior lien Distributable State Aid Revenue Bonds, Charter County | 11/28 at 100.00 | Aa3 | 1,099,040 |
| | | of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43 | | | |
| | | Minnesota – 1.0% | | | |
| 1,145 | | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, 5.000%, 12/01/47 | 12/26 at 100.00 | Aa3 | 1,260,714 |
| 1,000 | | University of Minnesota, General Obligation Bonds, Series 2017A, 5.000%, 9/01/36 | 9/27 at 100.00 | Aa1 | 1,130,900 |
| 2,145 | | Total Minnesota | | | 2,391,614 |
| | | Nebraska – 0.2% | | | |
| 500 | | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, | 9/22 at 100.00 | A | 537,600 |
| | | 5.000%, 9/01/42 | | | |
| | | Nevada – 6.2% | | | |
| 3,000 | | Clark County, Nevada, General Obligation Bonds, Transportation, Refunding Series 2010B, | 12/28 at 100.00 | AA+ | 3,451,830 |
| | | 5.000%, 12/01/33 (WI/DD, Settling 11/20/18) | | | |
| 3,500 | | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, 5.250%, | 7/28 at 100.00 | Aa3 | 3,885,700 |
| | | 7/01/43 (WI/DD, Settling 11/07/18) | | | |
| 5,415 | | Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, | 6/19 at 100.00 | BBB+ (4) | 5,612,106 |
| | | 8.000%, 6/15/30 (Pre-refunded 6/15/19) | | | |
| 2,000 | | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, | 12/24 at 100.00 | AA+ | 2,190,500 |
| | | 5.000%, 6/01/39 | | | |
| 13,915 | | Total Nevada | | | 15,140,136 |
| | | New Jersey – 4.9% | | | |
| 935 | | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | No Opt. Call | A– | 1,072,894 |
| | | 2005N-1, 5.500%, 9/01/27 – FGIC Insured | | | |
| 1,000 | | New Jersey Economic Development Authority, School Facilities Construction Financing Program | 3/21 at 100.00 | A– | 1,047,190 |
| | | Bonds, Refunding Series 2011GG, 5.000%, 9/01/22 | | | |
| 1,250 | | New Jersey Economic Development Authority, School Facility Construction Bonds, Series 2005K, | No Opt. Call | A– | 1,291,100 |
| | | 5.500%, 12/15/19 – AMBAC Insured | | | |
| | | New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and | | | |
| | | Dentistry of New Jersey, Refunding Series 2009B: | | | |
| 2,135 | | 7.125%, 12/01/23 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (4) | 2,199,050 |
| 3,000 | | 7.500%, 12/01/32 (Pre-refunded 6/01/19) | 6/19 at 100.00 | N/R (4) | 3,096,480 |
| 5,020 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | No Opt. Call | A– | 2,746,593 |
| | | Appreciation Series 2010A, 0.000%, 12/15/31 | | | |
| 255 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, | 6/25 at 100.00 | A– | 267,169 |
| | | 5.250%, 6/15/41 | | | |
| 355 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, | 6/28 at 100.00 | BBB | 360,389 |
| | | Series 2018B, 5.000%, 6/01/46 | | | |
| 13,950 | | Total New Jersey | | | 12,080,865 |
| | | New York – 4.0% | | | |
| 3,000 | | Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series | No Opt. Call | A | 3,674,280 |
| | | 2007, 5.500%, 10/01/37 | | | |
| 1,500 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, | 9/27 at 100.00 | A– | 1,637,415 |
| | | 5.000%, 9/01/47 | | | |
| 2,050 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018, | 9/28 at 100.00 | A– | 2,276,771 |
| | | 5.000%, 9/01/39 | | | |
| 1,500 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade | 11/21 at 100.00 | A+ | 1,636,155 |
| | | Center Project, Series 2011, 5.750%, 11/15/51 | | | |
46
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | New York (continued) | | | |
| $ 430 | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air | 12/20 at 100.00 | Baa1 | $ 460,681 |
| | | Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | | | |
| 8,480 | | Total New York | | | 9,685,302 |
| | | North Carolina – 0.8% | | | |
| 1,000 | | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, | 10/26 at 100.00 | AA+ | 1,112,370 |
| | | Refunding Series 2016B, 5.000%, 7/01/42 | | | |
| 700 | | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding Senior | 1/27 at 100.00 | BBB | 772,926 |
| | | Lien Series 2017, 5.000%, 1/01/32 | | | |
| 1,700 | | Total North Carolina | | | 1,885,296 |
| | | Ohio – 5.3% | | | |
| 3,500 | | American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series | 2/19 at 100.00 | AA (4) | 3,539,235 |
| | | 2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured | | | |
| | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue | | | |
| | | Bonds, Senior Lien, Series 2007A-2: | | | |
| 2,115 | | 5.875%, 6/01/30 | 12/18 at 100.00 | B– | 2,084,375 |
| 5,910 | | 6.500%, 6/01/47 | 12/18 at 100.00 | B– | 5,973,651 |
| 1,305 | | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, | 6/27 at 100.00 | AA– | 1,262,157 |
| | | 4.000%, 12/01/46 | | | |
| 12,830 | | Total Ohio | | | 12,859,418 |
| | | Oklahoma – 0.1% | | | |
| 255 | | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, | 8/28 at 100.00 | Baa3 | 271,442 |
| | | Series 2018B, 5.250%, 8/15/43 | | | |
| | | Rhode Island – 1.3% | | | |
| 3,000 | | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, | 5/19 at 100.00 | Aaa (4) | 3,080,700 |
| | | Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39 (Pre-refunded 5/15/19) | | | |
| | | South Carolina – 1.5% | | | |
| 5,435 | | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, | No Opt. Call | AA | 3,736,834 |
| | | 0.000%, 1/01/29 – AMBAC Insured | | | |
| | | Tennessee – 0.3% | | | |
| 605 | | Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage Revenue | 7/27 at 100.00 | AA | 680,958 |
| | | Bonds, Green Series 2017A, 5.000%, 7/01/42 | | | |
| | | Texas – 10.5% | | | |
| 1,000 | | Austin Community College District Public Facility Corporation, Texas, Lease Revenue Bonds, | 8/27 at 100.00 | AA | 1,094,770 |
| | | Highland Campus – Building 3000 Project, Series 2018A, 5.000%, 8/01/42 | | | |
| 2,000 | | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2017, 5.000%, 11/15/35 | 11/26 at 100.00 | AA | 2,230,780 |
| 1,855 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series | 10/23 at 100.00 | A– | 2,033,377 |
| | | 2013A, 5.500%, 4/01/53 | | | |
| | | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment | | | |
| | | Project, Series 2001B: | | | |
| 3,000 | | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A2 | 1,672,410 |
| 7,935 | | 0.000%, 9/01/33 – AMBAC Insured | No Opt. Call | A2 | 4,209,835 |
| 2,500 | | Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General | 2/27 at 100.00 | AAA | 2,491,475 |
| | | Obligation Bonds, Series 2017, 4.000%, 2/15/47 (UB) (5) | | | |
| 915 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, | 1/25 at 100.00 | A+ | 983,634 |
| | | 5.000%, 1/01/45 | | | |
| 250 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas | 8/26 at 100.00 | AA | 271,445 |
| | | Health Resources System, Series 2016A, 5.000%, 2/15/41 | | | |
| 1,500 | | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series | 12/22 at 100.00 | A3 | 1,592,655 |
| | | 2012, 5.000%, 12/15/32 | | | |
47
| | |
NUW | Nuveen AMT-Free Municipal Value Fund |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Texas (continued) | | | |
| $ 7,635 | | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust | 10/26 at 100.00 | AAA | $ 7,655,538 |
| | | Series 2016, 4.000%, 10/15/41 | | | |
| | | Wylie Independent School District, Collin County, Texas, General Obligation Bonds, School | | | |
| | | Building Series 2010: | | | |
| 2,000 | | 0.000%, 8/15/33 | No Opt. Call | AAA | 966,740 |
| 1,945 | | 0.000%, 8/15/38 | No Opt. Call | AAA | 702,359 |
| 32,535 | | Total Texas | | | 25,905,018 |
| | | Utah – 0.6% | | | |
| 1,405 | | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, | 7/27 at 100.00 | A+ | 1,538,180 |
| | | 5.000%, 7/01/42 | | | |
| | | Virginia – 1.8% | | | |
| 1,160 | | Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First | 7/26 at 100.00 | BBB | 1,239,808 |
| | | Tier Series 2016, 5.000%, 7/01/51 | | | |
| 1,400 | | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital | 7/28 at 100.00 | BBB | 1,181,880 |
| | | Appreciation Series 2012B, 0.000%, 7/15/40 (6) | | | |
| 2,000 | | Washington County Industrial Development Authority , Virginia, Hospital Revenue Bonds, | 1/19 at 100.00 | A (4) | 2,018,960 |
| | | Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38 (Pre-refunded 1/01/19) | | | |
| 4,560 | | Total Virginia | | | 4,440,648 |
| | | Washington – 2.0% | | | |
| 3,330 | | Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric | No Opt. Call | AA+ | 2,294,836 |
| | | System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29 – NPFG Insured | | | |
| 440 | | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, | 8/27 at 100.00 | BBB | 470,954 |
| | | Series 2017, 5.000%, 8/15/37 | | | |
| 2,015 | | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, | 7/28 at 100.00 | A1 | 2,186,859 |
| | | Series 2018, 5.000%, 7/01/48 | | | |
| 5,785 | | Total Washington | | | 4,952,649 |
| | | West Virginia – 1.4% | | | |
| 235 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, | 1/29 at 100.00 | BBB+ | 252,625 |
| | | Inc. Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/36 | | | |
| 1,500 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health | 6/23 at 100.00 | A | 1,616,025 |
| | | System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 | | | |
| 1,430 | | West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018, | 6/28 at 100.00 | AA– | 1,592,191 |
| | | 5.000%, 6/01/43 | | | |
| 3,165 | | Total West Virginia | | | 3,460,841 |
| | | Wisconsin – 4.9% | | | |
| 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, | 2/22 at 100.00 | A– | 1,058,560 |
| | | Series 2012B, 5.000%, 2/15/27 | | | |
| 1,605 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. | 2/19 at 100.00 | N/R (4) | 1,626,459 |
| | | Obligated Group, Series 2009, 6.625%, 2/15/39 (Pre-refunded 2/15/19) | | | |
| 9,000 | | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, | 5/19 at 100.00 | Aa2 (4) | 9,184,950 |
| | | 6.000%, 5/01/36 (Pre-refunded 5/01/19) | | | |
| 11,605 | | Total Wisconsin | | | 11,869,969 |
| $ 276,390 | | Total Long-Term Investments (cost $235,899,306) | | | 249,999,794 |
| | | Floating Rate Obligations – (3.7)% | | | (9,125,000) |
| | | Other Assets Less Liabilities – 1.5% | | | 3,736,931 |
| | | Net Assets – 100% | | | $ 244,611,725 |
48
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
(5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(6) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
(7) | As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
ETM | Escrowed to maturity. |
IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
49
| | |
| NMI | Nuveen Municipal Income Fund, Inc. Portfolio of Investments October 31, 2018 |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | LONG-TERM INVESTMENTS – 98.4% | | | |
| | | MUNICIPAL BONDS – 98.4% | | | |
| | | Alabama – 0.6% | | | |
| $ 500 | | Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 | No Opt. Call | A3 | $ 561,715 |
| | | Arizona – 2.4% | | | |
| 600 | | Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, | 12/24 at 100.00 | A2 | 649,236 |
| | | Refunding Series 2014A, 5.000%, 12/01/39 | | | |
| 1,000 | | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math | 1/28 at 100.00 | AA– | 1,069,700 |
| | | & Science Projects, Series 2018A, 5.000%, 7/01/48 | | | |
| 515 | | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. | No Opt. Call | BBB+ | 591,457 |
| | | Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28 | | | |
| 2,115 | | Total Arizona | | | 2,310,393 |
| | | California – 17.3% | | | |
| 5,530 | | Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series | No Opt. Call | A+ | 5,024,169 |
| | | 1997A, 0.000%, 9/01/22 – NPFG Insured | | | |
| | | Brea Olinda Unified School District, Orange County, California, General Obligation Bonds, | | | |
| | | Series 1999A: | | | |
| 2,000 | | 0.000%, 8/01/21 – FGIC Insured | No Opt. Call | Aa2 | 1,881,279 |
| 2,070 | | 0.000%, 8/01/22 – FGIC Insured | No Opt. Call | AA– | 1,886,680 |
| 2,120 | | 0.000%, 8/01/23 – FGIC Insured | No Opt. Call | AA– | 1,867,443 |
| 255 | | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los | 12/18 at 100.00 | Baa2 | 255,768 |
| | | Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21 | | | |
| 500 | | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, | 11/27 at 100.00 | AA– | 493,150 |
| | | Series 2018A, 4.000%, 11/15/42 | | | |
| 365 | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda | 6/28 at 100.00 | BB– | 383,849 |
| | | University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A | | | |
| 375 | | California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes | 10/19 at 100.00 | BBB+ | 388,024 |
| | | of the West, Series 2010, 6.000%, 10/01/29 | | | |
| 275 | | California Statewide Communities Development Authority, Revenue Bonds, Front Porch Communities | 4/27 at 100.00 | A– | 277,538 |
| | | and Services Project, Series 2017A, 4.000%, 4/01/36 | | | |
| 1,000 | | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity | 1/19at 100.00 | CC | 851,820 |
| | | Health System, Series 2005A, 5.500%, 7/01/39 | | | |
| 195 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed | 6/22 at 100.00 | N/R | 190,726 |
| | | Bonds, Series 2018A-1, 5.000%, 6/01/47 | | | |
| 250 | | Madera County, California, Certificates of Participation, Children’s Hospital Central | 3/20 at 100.00 | AA– (4) | 261,683 |
| | | California, Series 2010, 5.375%, 3/15/36 (Pre-refunded 3/15/20) | | | |
| 300 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series | No Opt. Call | A | 410,346 |
| | | 2009A, 7.000%, 11/01/34 | | | |
| 250 | | Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation | 6/20 at 100.00 | A– (4) | 267,310 |
| | | Bonds, Refunding Series 2010, 6.125%, 6/30/37 (Pre-refunded 6/30/20) | | | |
| 385 | | San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, | 2/21 at 100.00 | A– (4) | 419,997 |
| | | Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24 (Pre-refunded 2/01/21) | | | |
| 500 | | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue | 1/25 at 100.00 | BBB+ | 535,990 |
| | | Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 | | | |
| 1,000 | | Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, | 12/21 at 100.00 | A+ (4) | 1,120,180 |
| | | Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22 (Pre-refunded 12/01/21) | | | |
| 17,370 | | Total California | | | 16,515,952 |
50
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Colorado – 10.0% | | | |
| | | Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding | | | |
| | | Series 2013A: | | | |
| $ 150 | | 5.125%, 12/01/29 | 12/23 at 100.00 | BBB | $ 163,217 |
| 250 | | 5.375%, 12/01/33 | 12/23 at 100.00 | BBB | 273,463 |
| 350 | | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The | 6/27 at 100.00 | BBB | 373,104 |
| | | Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, 5.000%, 6/01/42 | | | |
| 500 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Neighborhoods | 1/24 at 102.00 | N/R | 511,750 |
| | | Project, Refunding Series 2016, 5.000%, 1/01/37 | | | |
| 1,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of | 1/20 at 100.00 | AA– | 1,026,610 |
| | | Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | | | |
| 750 | | Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, | 11/23 at 100.00 | AA | 825,885 |
| | | 5.000%, 11/15/38 | | | |
| 1,000 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 | 11/22 at 100.00 | AA– | 1,081,810 |
| 1,395 | | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2018A, | 12/28 at 100.00 | A+ | 1,513,366 |
| | | 5.000%, 12/01/48 (Alternative Minimum Tax) | | | |
| 245 | | Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Airlines, | 10/23 at 100.00 | BB | 257,497 |
| | | Inc. Project, Refunding Series 2017, 5.000%, 10/01/32 (Alternative Minimum Tax) | | | |
| 110 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue | 12/25 at 100.00 | N/R | 116,096 |
| | | Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | | | |
| 1,000 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue | 12/20 at 100.00 | AA (4) | 1,080,440 |
| | | Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured | | | |
| 520 | | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs | No Opt. Call | A+ | 588,411 |
| | | Utilities, Series 2008, 6.125%, 11/15/23 | | | |
| 1,100 | | Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and Special | 12/27 at 100.00 | AA | 1,198,769 |
| | | Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/42 – AGM Insured | | | |
| 499 | | Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and | 12/23 at 100.00 | N/R | 519,394 |
| | | Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33 | | | |
| 8,869 | | Total Colorado | | | 9,529,812 |
| | | Florida – 5.8% | | | |
| 850 | | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter | 9/23 at 100.00 | BBB | 876,027 |
| | | Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33 | | | |
| 100 | | Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy | 12/18 at 100.00 | N/R (4) | 100,482 |
| | | Residential Services Inc., Series 1995, 8.000%, 6/01/22 (Pre-refunded 12/01/18) | | | |
| 500 | | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern | 4/21 at 100.00 | A– | 538,510 |
| | | University, Refunding Series 2011, 6.375%, 4/01/31 | | | |
| 315 | | Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, | 1/19 at 105.00 | N/R | 325,987 |
| | | Brightline Passenger Rail Project – South Segment, Series 2017, 0.000%, 1/01/47, 144A | | | |
| | | (Alternative Minimum Tax) | | | |
| 500 | | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, | 10/27 at 100.00 | A+ | 536,775 |
| | | Priority Subordinated Series 2017, 5.000%, 10/01/47 (Alternative Minimum Tax) | | | |
| 800 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series | 10/20 at 100.00 | AA | 837,288 |
| | | 2010B, 5.000%, 10/01/35 – AGM Insured | | | |
| 1,000 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, | 10/22 at 100.00 | Aa3 | 1,072,550 |
| | | 5.000%, 10/01/42 | | | |
| 515 | | North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, | 10/20 at 100.00 | AA | 542,491 |
| | | 5.375%, 10/01/40 | | | |
| 310 | | Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, | 4/22 at 100.00 | A+ | 327,081 |
| | | Inc., Series 2012A, 5.000%, 10/01/42 | | | |
| 420 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, | 1/19 at 100.00 | N/R | 420,353 |
| | | 5.400%, 5/01/37 | | | |
| 5,310 | | Total Florida | | | 5,577,544 |
51
| | |
NMI | Nuveen Municipal Income Fund, Inc. |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Georgia – 2.0% | | | |
| $ 455 | | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, | 7/25 at 100.00 | Aa3 | $ 505,082 |
| | | Senior Lien Series 2015A-1, 5.250%, 7/01/40 | | | |
| 520 | | Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, | 11/23 at 100.00 | BBB+ | 523,167 |
| | | Testletree Village Apartments, Series 2013A, 4.000%, 11/01/25 | | | |
| 325 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, | 11/19 at 100.00 | AA (4) | 335,572 |
| | | 11/01/34 (Pre-refunded 11/01/19) – AGM Insured | | | |
| 175 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, | 11/19 at 100.00 | AA | 180,184 |
| | | 11/01/34 – AGM Insured | | | |
| 300 | | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 | No Opt. Call | A+ | 321,870 |
| 1,775 | | Total Georgia | | | 1,865,875 |
| | | Hawaii – 0.3% | | | |
| 250 | | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | BB | 259,845 |
| | | University, Series 2013A, 6.625%, 7/01/33 | | | |
| | | Illinois – 9.5% | | | |
| 250 | | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series | 4/27 at 100.00 | A | 285,703 |
| | | 2016, 6.000%, 4/01/46 | | | |
| 650 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series | 12/25 at 100.00 | B+ | 736,619 |
| | | 2016A, 7.000%, 12/01/44 | | | |
| 1,000 | | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, | 11/24 at 100.00 | A | 1,012,060 |
| | | Series 2002.RMKT, 4.500%, 11/01/36 | | | |
| 280 | | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, | 5/20 at 100.00 | AA– | 288,352 |
| | | 5.125%, 5/15/35 | | | |
| 80 | | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, | 7/23 at 100.00 | A– | 87,582 |
| | | 5.500%, 7/01/28 | | | |
| 250 | | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, | 5/19 at 100.00 | Aaa (4) | 255,535 |
| | | Series 2009C, 6.375%, 11/01/29 (Pre-refunded 5/01/19) | | | |
| 200 | | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, | 8/25 at 100.00 | Baa1 | 209,470 |
| | | Refunding Series 2015C, 5.000%, 8/15/44 | | | |
| 500 | | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series | 8/19 at 100.00 | N/R (4) | 519,220 |
| | | 2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19) | | | |
| 250 | | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., | 3/20 at 100.00 | AA (4) | 260,138 |
| | | Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured | | | |
| 990 | | Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31 | 7/23 at 100.00 | BBB | 1,030,580 |
| 1,555 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, | 6/22 at 100.00 | BBB– | 1,575,961 |
| | | Refunding Series 2012B, 5.000%, 6/15/52 | | | |
| 6,000 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, | No Opt. Call | BB+ | 772,620 |
| | | Series 2017A, 0.000%, 12/15/56 | | | |
| 205 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion | No Opt. Call | Baa2 | 87,580 |
| | | Project, Series 2002A, 0.000%, 12/15/35 – NPFG Insured | | | |
| 450 | | Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana | 10/22 at 100.00 | Baa1 | 484,889 |
| | | College, Series 2012, 5.000%, 10/01/27 | | | |
| 800 | | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series | 6/21 at 100.00 | N/R (4) | 874,152 |
| | | 2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21) | | | |
| 490 | | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, | 10/23 at 100.00 | A– | 546,252 |
| | | 6.000%, 10/01/32 | | | |
| 13,950 | | Total Illinois | | | 9,026,713 |
| | | Indiana – 1.9% | | | |
| 525 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For | 10/19 at 100.00 | B | 527,714 |
| | | Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 | | | |
| 655 | | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing | 7/23 at 100.00 | A– | 686,558 |
| | | Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax) | | | |
52
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Indiana (continued) | | | |
| $ 500 | | Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series | 9/21 at 100.00 | N/R (4) | $ 576,900 |
| | | 2011, 8.000%, 9/01/41 (Pre-refunded 9/01/21) | | | |
| 1,680 | | Total Indiana | | | 1,791,172 |
| | | Iowa – 0.9% | | | |
| 835 | | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of | 10/21 at 100.00 | BBB | 876,867 |
| | | Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26 | | | |
| | | Kansas – 0.3% | | | |
| 280 | | Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park | 1/19 at 100.00 | BB+ | 280,406 |
| | | Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured | | | |
| | | Kentucky – 0.6% | | | |
| 500 | | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Medical | 6/20 at 100.00 | Baa3 (4) | 533,450 |
| | | Health System, Series 2010A, 6.500%, 3/01/45 (Pre-refunded 6/01/20) | | | |
| | | Louisiana – 0.8% | | | |
| 500 | | Louisiana Local Government Environmental Facilities and Community Development Authority, | 1/19 at 100.00 | AA (4) | 503,050 |
| | | Revenue Refunding Bonds, City of Shreveport Airport System Project, Series 2008A, 5.750%, | | | |
| | | 1/01/28 (Pre-refunded 1/01/19) – AGM Insured (Alternative Minimum Tax) | | | |
| 200 | | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, | 1/27 at 100.00 | A– | 212,086 |
| | | Series 2017B, 5.000%, 1/01/48 (Alternative Minimum Tax) | | | |
| 700 | | Total Louisiana | | | 715,136 |
| | | Maine – 0.5% | | | |
| 500 | | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical | 7/23 at 100.00 | BBB | 514,195 |
| | | Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 | | | |
| | | Maryland – 1.9% | | | |
| 1,000 | | Maryland Economic Development Corporation, Economic Development Revenue Bonds, | 6/20 at 100.00 | N/R (4) | 1,057,070 |
| | | Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 (Pre-refunded 6/01/20) | | | |
| 210 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park | 7/19 at 100.00 | BB+ | 210,846 |
| | | Public Charter School Issue, Series 2010, 6.000%, 7/01/40 | | | |
| 500 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional | 7/24 at 100.00 | A | 532,125 |
| | | Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 | | | |
| 1,710 | | Total Maryland | | | 1,800,041 |
| | | Massachusetts – 0.6% | | | |
| 500 | | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series | 7/26 at 100.00 | BBB+ | 525,950 |
| | | 2016I, 5.000%, 7/01/46 | | | |
| | | Michigan – 1.6% | | | |
| 355 | | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, | 7/22 at 100.00 | A+ | 376,048 |
| | | Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | | | |
| 1,025 | | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series | 10/21 at 100.00 | Aa2 | 1,105,329 |
| | | 2011-II-A, 5.375%, 10/15/36 | | | |
| 1,380 | | Total Michigan | | | 1,481,377 |
| | | Minnesota – 2.1% | | | |
| 300 | | City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker | 11/22 at 100.00 | N/R | 287,097 |
| | | Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31 | | | |
| 880 | | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | 2/28 at 100.00 | A– | 920,524 |
| | | Essential Health Obligated Group, Series 2018A, 5.000%, 2/15/53 (WI/DD, Settling 11/01/18) | | | |
| 300 | | Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian Homes | 9/24 at 100.00 | N/R | 307,302 |
| | | Bloomington Project, Refunding Series 2017, 4.250%, 9/01/37 | | | |
| 500 | | West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, | 2/27 at 100.00 | AAA | 505,940 |
| | | Minnesota, General Obligation Bonds, School Building Series 2018A, 4.000%, 2/01/39 | | | |
| 1,980 | | Total Minnesota | | | 2,020,863 |
53
| | |
NMI | Nuveen Municipal Income Fund, Inc. |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Mississippi – 1.4% | | | |
| $ 310 | | Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System | 4/19 at 100.00 | BBB+ | $ 310,636 |
| | | Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 | | | |
| 1,000 | | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial | 9/26 at 100.00 | BBB+ | 1,053,540 |
| | | Healthcare, Series 2016A, 5.000%, 9/01/36 | | | |
| 1,310 | | Total Mississippi | | | 1,364,176 |
| | | Missouri – 3.1% | | | |
| 265 | | Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, | 10/19 at 100.00 | A– | 269,836 |
| | | Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 | | | |
| 135 | | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, | 5/23 at 100.00 | BBB+ | 144,346 |
| | | Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 | | | |
| 1,000 | | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, | 10/22 at 100.00 | BBB– | 1,035,860 |
| | | Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33 | | | |
| 125 | | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, | 10/23 at 100.00 | A+ | 136,340 |
| | | University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 | | | |
| 965 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health | 2/22 at 100.00 | BBB+ | 1,017,805 |
| | | System, Series 2012, 5.000%, 2/15/26 | | | |
| 335 | | Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, | 10/23 at 100.00 | N/R | 316,247 |
| | | Missouri Valley College, Series 2017, 4.500%, 10/01/40 | | | |
| 2,825 | | Total Missouri | | | 2,920,434 |
| | | Nebraska – 0.4% | | | |
| 400 | | Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding | 5/21 at 100.00 | Aa3 | 426,316 |
| | | Series 2011, 5.050%, 9/01/30 | | | |
| | | New Jersey – 1.7% | | | |
| 100 | | Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue | No Opt. Call | BBB– | 105,901 |
| | | Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) | | | |
| 110 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital | 7/25 at 100.00 | AA | 117,768 |
| | | Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured | | | |
| 545 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, | 6/25 at 100.00 | A– | 561,999 |
| | | 5.000%, 6/15/45 | | | |
| 830 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, | 6/28 at 100.00 | BBB+ | 879,310 |
| | | Series 2018A, 5.250%, 6/01/46 | | | |
| 1,585 | | Total New Jersey | | | 1,664,978 |
| | | New York – 2.0% | | | |
| 630 | | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue | 1/20 at 100.00 | AA+ (4) | 662,180 |
| | | Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 (Pre-refunded 1/15/20) | | | |
| 60 | | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, | 7/25 at 100.00 | BBB+ | 64,637 |
| | | Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 | | | |
| 155 | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series | 2/21 at 100.00 | AA– | 165,940 |
| | | 2011A, 5.750%, 2/15/47 | | | |
| 245 | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series | 2/21 at 100.00 | Aa3 (4) | 265,078 |
| | | 2011A, 5.750%, 2/15/47 (Pre-refunded 2/15/21) | | | |
| 500 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 512,810 |
| | | Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | | | |
| 265 | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air | 12/20 at 100.00 | Baa1 | 283,908 |
| | | Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | | | |
| 1,855 | | Total New York | | | 1,954,553 |
54
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | North Dakota – 0.7% | | | |
| $ 200 | | Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center | 7/21 at 100.00 | N/R (4) | $ 213,976 |
| | | Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21) | | | |
| 300 | | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, | 11/21 at 100.00 | A+ | 334,407 |
| | | 6.250%, 11/01/31 | | | |
| 100 | | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley Homes and | 12/26 at 100.00 | N/R | 97,327 |
| | | Services Obligated Group, Series 2017, 5.000%, 12/01/36 | | | |
| 600 | | Total North Dakota | | | 645,710 |
| | | Ohio – 4.5% | | | |
| | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue | | | |
| | | Bonds, Senior Lien, Series 2007A-2: | | | |
| 285 | | 5.375%, 6/01/24 | 12/18 at 100.00 | B– | 278,485 |
| 975 | | 5.125%, 6/01/24 | 12/18 at 100.00 | B– | 943,410 |
| 725 | | 6.000%, 6/01/42 | 12/18 at 100.00 | B– | 715,952 |
| 1,750 | | Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center | 8/21 at 100.00 | A2 | 1,876,454 |
| | | Project, Refunding Series 2011, 5.250%, 8/01/36 | | | |
| 500 | | Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, | 4/20 at 100.00 | BBB– | 520,910 |
| | | Refunding & improvement Series 2010, 6.375%, 4/01/30 | | | |
| 4,235 | | Total Ohio | | | 4,335,211 |
| | | Oklahoma – 0.3% | | | |
| 250 | | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, | 8/28 at 100.00 | Baa3 | 269,185 |
| | | Series 2018B, 5.500%, 8/15/52 | | | |
| | | Oregon – 1.3% | | | |
| 300 | | Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding | 5/22 at 100.00 | BBB | 313,386 |
| | | Series 2014A, 5.000%, 5/01/40 | | | |
| 850 | | Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, | 6/22 at 100.00 | A1 | 916,045 |
| | | 5.000%, 6/15/29 | | | |
| 1,150 | | Total Oregon | | | 1,229,431 |
| | | Pennsylvania – 3.4% | | | |
| 1,000 | | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & Medical | 5/22 at 100.00 | A | 1,053,350 |
| | | Center Project, Series 2012A, 5.000%, 11/01/40 | | | |
| | | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social | | | |
| | | Ministries Project, Series 2009: | | | |
| 415 | | 6.125%, 1/01/29 (Pre-refunded 1/01/19) | 1/19 at 100.00 | N/R (4) | 417,747 |
| 45 | | 6.125%, 1/01/29 (Pre-refunded 1/01/19) | 1/19 at 100.00 | BBB+ (4) | 45,309 |
| 560 | | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue | 1/25 at 100.00 | Baa3 | 594,294 |
| | | Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36 | | | |
| 1,000 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student | 7/22 at 100.00 | N/R (4) | 1,092,110 |
| | | Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41 (Pre-refunded 7/01/22) | | | |
| 3,020 | | Total Pennsylvania | | | 3,202,810 |
| | | South Dakota – 0.1% | | | |
| 100 | | Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, Series | 11/26 at 100.00 | N/R | 100,554 |
| | | 2017, 5.125%, 11/01/47 | | | |
| | | Tennessee – 2.3% | | | |
| 1,250 | | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, Catholic | 1/23 at 100.00 | BBB+ | 1,315,688 |
| | | Health Initiatives, Series 2013A, 5.250%, 1/01/45 | | | |
| 870 | | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, | 9/26 at 100.00 | BBB | 916,580 |
| | | University Health System, Inc., Series 2016, 5.000%, 9/01/47 | | | |
| 2,120 | | Total Tennessee | | | 2,232,268 |
55
| | |
NMI | Nuveen Municipal Income Fund, Inc. |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Texas – 8.0% | | | |
| $ 670 | | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, | 7/25 at 100.00 | A– | $ 718,535 |
| | | 5.000%, 1/01/40 | | | |
| 335 | | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series | 10/23 at 100.00 | A– | 359,998 |
| | | 2013A, 5.125%, 10/01/43 | | | |
| 500 | | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission | 5/25 at 100.00 | A+ | 541,955 |
| | | Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 | | | |
| 125 | | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Senior | 10/21 at 105.00 | BB– | 124,934 |
| | | Lien Series 2018, 4.625%, 10/01/31, 144A (WI/DD, Settling 11/14/18) (Alternative Minimum Tax) | | | |
| 200 | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital | 9/31 at 100.00 | N/R (4) | 214,140 |
| | | Appreciation Series 2011C, 0.000%, 9/01/43 (Pre-refunded 9/01/31) (5) | | | |
| 410 | | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, | 1/23 at 100.00 | A+ | 438,704 |
| | | 5.000%, 1/01/40 | | | |
| 500 | | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, | 1/25 at 100.00 | A | 539,510 |
| | | 5.000%, 1/01/38 | | | |
| 240 | | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, | 2/24 at 100.00 | Ba2 | 248,714 |
| | | 5.000%, 2/01/34 | | | |
| 295 | | SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series | No Opt. Call | A | 342,244 |
| | | 2007, 5.500%, 8/01/27 | | | |
| | | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, | | | |
| | | Series 2012: | | | |
| 1,165 | | 5.000%, 12/15/27 | 12/22 at 100.00 | A3 | 1,252,748 |
| 505 | | 5.000%, 12/15/28 | 12/22 at 100.00 | A3 | 541,012 |
| 405 | | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility | 12/19 at 100.00 | Baa2 | 423,509 |
| | | Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, | | | |
| | | 6.875%, 12/31/39 | | | |
| 770 | | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ | 6/20 at 100.00 | Baa3 | 820,150 |
| | | Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40 | | | |
| 1,000 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier | 8/24 at 100.00 | BBB+ | 1,070,330 |
| | | Refunding Series 2015C, 5.000%, 8/15/32 | | | |
| 45 | | West Texas Independent School District, McLennan and Hill Counties, General Obligation | 1/19 at 100.00 | AAA | 31,102 |
| | | Refunding Bonds, Series 1998, 0.000%, 8/15/25 | | | |
| 7,165 | | Total Texas | | | 7,667,585 |
| | | Virginia – 1.3% | | | |
| 1,000 | | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 | 6/27 at 100.00 | BBB | 1,050,120 |
| | | Project, Senior Lien Series 2017, 5.000%, 12/31/49 (Alternative Minimum Tax) | | | |
| 205 | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River | 7/22 at 100.00 | BBB | 223,278 |
| | | Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax) | | | |
| 1,205 | | Total Virginia | | | 1,273,398 |
| | | West Virginia – 1.1% | | | |
| 1,000 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health | 6/28 at 100.00 | A | 1,056,070 |
| | | System Obligated Group, Series 2018A, 5.000%, 6/01/52 | | | |
56
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Wisconsin – 7.7% | | | |
| | | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard | | | |
| | | Public Facilities Corporation, Second Tier Series 2018B: | | | |
| $ 4 | | 0.000%, 1/01/46 – ACA Insured, 144A | No Opt. Call | N/R | $ 113 |
| 4 | | 0.000%, 1/01/47 – ACA Insured, 144A | No Opt. Call | N/R | 111 |
| 4 | | 0.000%, 1/01/48 – ACA Insured, 144A | No Opt. Call | N/R | 109 |
| 4 | | 0.000%, 1/01/49 – ACA Insured, 144A | No Opt. Call | N/R | 108 |
| 3 | | 0.000%, 1/01/50 – ACA Insured, 144A | No Opt. Call | N/R | 106 |
| 4 | | 0.000%, 1/01/51 – ACA Insured, 144A | No Opt. Call | N/R | 116 |
| 99 | | 3.750%, 7/01/51 – ACA Insured, 144A | 3/28 at 100.00 | N/R | 94,154 |
| 4 | | 0.000%, 1/01/52 – ACA Insured, 144A | No Opt. Call | N/R | 115 |
| 4 | | 0.000%, 1/01/53 – ACA Insured, 144A | No Opt. Call | N/R | 113 |
| 4 | | 0.000%, 1/01/54 – ACA Insured, 144A | No Opt. Call | N/R | 112 |
| 4 | | 0.000%, 1/01/55 – ACA Insured, 144A | No Opt. Call | N/R | 110 |
| 4 | | 0.000%, 1/01/56 – ACA Insured, 144A | No Opt. Call | N/R | 108 |
| 4 | | 0.000%, 1/01/57 – ACA Insured, 144A | No Opt. Call | N/R | 107 |
| 4 | | 0.000%, 1/01/58 – ACA Insured, 144A | No Opt. Call | N/R | 105 |
| 3 | | 0.000%, 1/01/59 – ACA Insured, 144A | No Opt. Call | N/R | 104 |
| 3 | | 0.000%, 1/01/60 – ACA Insured, 144A | No Opt. Call | N/R | 103 |
| 3 | | 0.000%, 1/01/61 – ACA Insured, 144A | No Opt. Call | N/R | 101 |
| 3 | | 0.000%, 1/01/62 – ACA Insured, 144A | No Opt. Call | N/R | 100 |
| 3 | | 0.000%, 1/01/63 – ACA Insured, 144A | No Opt. Call | N/R | 98 |
| 3 | | 0.000%, 1/01/64 – ACA Insured, 144A | No Opt. Call | N/R | 97 |
| 3 | | 0.000%, 1/01/65 – ACA Insured, 144A | No Opt. Call | N/R | 96 |
| 3 | | 0.000%, 1/01/66 – ACA Insured, 144A | No Opt. Call | N/R | 94 |
| 42 | | 0.000%, 1/01/67 – ACA Insured, 144A | No Opt. Call | N/R | 1,226 |
| 1,000 | | Wisconsin Health and Educational Facilities Authority Revenue Bonds, PHW Oconomowoc, Inc. | 10/23 at 102.00 | N/R | 978,240 |
| | | Project, Series 2018, 5.125%, 10/01/48 | | | |
| 290 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, | 4/20 at 100.00 | A– | 296,911 |
| | | Inc., Series 2010B, 5.000%, 4/01/30 | | | |
| 500 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, | 10/22 at 100.00 | A2 | 510,345 |
| | | Series 2012, 4.000%, 10/01/32 | | | |
| 1,155 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, | 2/26 at 100.00 | A– | 1,237,871 |
| | | Series 2016B, 5.000%, 2/15/35 | | | |
| 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., | 5/21 at 100.00 | N/R (4) | 1,079,250 |
| | | Series 2011A, 5.500%, 5/01/31 (Pre-refunded 5/01/21) | | | |
| 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. | 8/24 at 100.00 | A+ | 1,062,820 |
| | | Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 | | | |
| 500 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial | 7/24 at 100.00 | A | 523,540 |
| | | Hospital, Inc., Series 2014B, 5.000%, 7/01/44 | | | |
| 545 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John’s Communities | 9/23 at 100.00 | N/R | 560,129 |
| | | Inc., Series 2018A, 5.000%, 9/15/50 | | | |
| 755 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, | 10/21 at 100.00 | AA– | 799,137 |
| | | Series 2011A, 5.250%, 10/15/39 | | | |
| 200 | | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson | 10/22 at 102.00 | N/R | 210,340 |
| | | Hollow Project. Series 2014, 5.125%, 10/01/34 | | | |
| 7,161 | | Total Wisconsin | | | 7,356,189 |
| $ 96,185 | | Total Long-Term Investments (cost $89,607,686) | | | 93,886,174 |
| | | Other Assets Less Liabilities – 1.6% | | | 1,510,063 |
| | | Net Assets – 100% | | | $ 95,396,237 |
57
| | |
| NMI | Nuveen Municipal Income Fund, Inc. Portfolio of Investments (continued) October 31, 2018 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
(5) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
WI/DD | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
See accompanying notes to financial statements.
58
| | |
| NEV | Nuveen Enhanced Municipal Value Fund Portfolio of Investments October 31, 2018 |
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | LONG-TERM INVESTMENTS – 125.8% | | | |
| | | MUNICIPAL BONDS – 125.8% | | | |
| | | Alabama – 0.4% | | | |
| $ 1,350 | | Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, | 10/23 at 102.00 | AA | $ 1,457,487 |
| | | 10/01/48 – AGM Insured | | | |
| | | Arizona – 3.1% | | | |
| 1,585 | | Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender | 1/22 at 100.00 | AA– | 2,009,241 |
| | | Option Bond Trust 2015-XF2046, 13.286%, 1/01/43, 144A (IF) (4) | | | |
| 2,000 | | Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured | 10/19 at 100.00 | AA | 2,055,040 |
| 1,295 | | Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, | 7/19 at 100.00 | AA | 1,318,478 |
| | | Series 2009, 6.500%, 7/15/31 – BAM Insured | | | |
| 1,205 | | Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, | 7/19 at 100.00 | AA (5) | 1,243,211 |
| | | Series 2009, 6.500%, 7/15/31 (Pre-refunded 7/15/19) – BAM Insured | | | |
| 1,030 | | Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great | 7/21 at 100.00 | N/R (5) | 1,145,463 |
| | | Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47 (Pre-refunded 7/01/21) | | | |
| 1,660 | | Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, | 5/22 at 100.00 | BB– | 1,835,080 |
| | | Series 2012A, 9.750%, 5/01/25 | | | |
| 50 | | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. | No Opt. Call | BBB+ | 56,788 |
| | | Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32 | | | |
| 1,549 | | Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series | 1/19 at 100.00 | N/R | 1,476,832 |
| | | 2005, 6.000%, 7/01/30 | | | |
| 10,374 | | Total Arizona | | | 11,140,133 |
| | | California – 12.0% | | | |
| 180 | | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second | 10/26 at 100.00 | BBB+ | 194,256 |
| | | Subordinate Lien Series 2016B, 5.000%, 10/01/37 | | | |
| 5,000 | | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series | 4/19 at 100.00 | AA (5) | 5,069,350 |
| | | 2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19) | | | |
| 2,040 | | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, | 10/19 at 100.00 | AA– | 2,355,547 |
| | | Tender Option Bond Trust 2015-XF0120, 18.496%, 10/01/39, 144A (IF) (4) | | | |
| | | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option | | | |
| | | Bond Trust 2016-XG0048: | | | |
| 300 | | 18.698%, 8/15/26, 144A (IF) (4) | 8/20 at 100.00 | AA– | 393,252 |
| 1,700 | | 18.698%, 8/15/26,144A (IF) (4) | 8/20 at 100.00 | AA– | 2,243,915 |
| 1,000 | | California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series | 11/19 at 100.00 | A3 (5) | 1,060,080 |
| | | 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19) | | | |
| 3,450 | | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda | 6/26 at 100.00 | BB– | 3,567,473 |
| | | University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A | | | |
| 500 | | California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes | 10/19 at 100.00 | BBB+ | 516,840 |
| | | of the West, Series 2010, 5.750%, 10/01/25 | | | |
| 400 | | Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, | 12/21 at 100.00 | A+ | 454,568 |
| | | Subordinate Series 2011A, 7.000%, 12/01/36 | | | |
| 490 | | Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities | 9/19 at 100.00 | N/R (5) | 509,012 |
| | | District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32 (Pre-refunded 9/01/19) | | | |
| 500 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | No Opt. Call | AA | 445,210 |
| | | Refunding Series 2013A, 0.000%, 1/15/29 – AGM Insured (6) | | | |
59
| | |
NEV | Nuveen Enhanced Municipal Value Fund |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | California (continued) | | | |
| | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed | | | |
| | | Bonds, Tender Option Bond Trust 2015-XF1038: | | | |
| $ 1,250 | | 12.892%, 6/01/40, 144A (IF) (4) | 6/25 at 100.00 | A+ | $ 1,668,800 |
| 2,445 | | 12.883%, 6/01/40, 144A (IF) (4) | 6/25 at 100.00 | A+ | 3,263,464 |
| 5,240 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed | 1/19 at 100.00 | CCC+ | 865,753 |
| | | Revenue Bonds, First Subordinate Series 2007B-1, 0.000%, 6/01/47 | | | |
| 2,550 | | Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust | 7/21 at 100.00 | Aaa | 4,198,855 |
| | | 2017-XF2453, 25.528%, 7/15/40, 144A (Pre-refunded 7/15/21) (IF) (4) | | | |
| 775 | | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed | 12/18 at 100.00 | N/R | 774,992 |
| | | Bonds, Series 2007A. Turbo Current Interest, 4.625%, 6/01/21 | | | |
| 225 | | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series | No Opt. Call | A+ | 225,686 |
| | | 2007B, 3.000%, 11/15/27 (3-Month LIBOR* 67% reference rate +1.45% Spread) (7) | | | |
| 1,600 | | Los Angeles County, California, Community Development Commission Headquarters Office Building, | 9/21 at 100.00 | Aa3 | 2,161,056 |
| | | Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender | | | |
| | | Option Bond Trust 2016-XL0022, 16.963%, 144A, 9/01/42 (IF) (4) | | | |
| 525 | | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/20 at 100.00 | AA | 545,701 |
| | | Airport, Senior Lien Series 2010A, 5.000%, 5/15/31 | | | |
| 1,080 | | National City Community Development Commission, California, Tax Allocation Bonds, National | 8/21 at 100.00 | A (5) | 1,224,050 |
| | | City Redevelopment Project, Series 2011, 7.000%, 8/01/32 (Pre-refunded 8/01/21) | | | |
| 1,165 | | Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment | 9/21 at 100.00 | A– | 1,277,656 |
| | | Project, Series 2011, 6.750%, 9/01/40 | | | |
| 775 | | Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, | 1/19 at 100.00 | CCC+ | 763,189 |
| | | Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25 | | | |
| 265 | | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, | 11/19 at 100.00 | N/R (5) | 278,041 |
| | | 6.750%, 11/01/39 (Pre-refunded 11/01/19) | | | |
| 250 | | Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation | 6/20 at 100.00 | A– (5) | 267,310 |
| | | Bonds, Refunding Series 2010, 6.125%, 6/30/37 (Pre-refunded 6/30/20) | | | |
| | | San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, | | | |
| | | Mission Bay North Redevelopment Project, Series 2011C: | | | |
| 500 | | 6.500%, 8/01/27 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A– (5) | 550,810 |
| 700 | | 6.750%, 8/01/33 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A– (5) | 774,970 |
| 500 | | San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, | 2/21 at 100.00 | BBB+ (5) | 552,180 |
| | | Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 (Pre-refunded 2/01/21) | | | |
| 360 | | Santee Community Development Commission, California, Santee Redevelopment Project Tax | 2/21 at 100.00 | A (5) | 399,769 |
| | | Allocation Bonds, Series 2011A, 7.000%, 8/01/31 (Pre-refunded 2/01/21) | | | |
| 1,000 | | Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, | 12/19 at 100.00 | A+ (5) | 1,034,080 |
| | | California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 (Pre-refunded 12/01/19) | | | |
| 2,400 | | Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, | 12/19 at 100.00 | A+ | 2,808,744 |
| | | California, Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 15.413%, | | | |
| | | 12/01/34, 144A (IF) (4) | | | |
| 1,045 | | Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, | 6/21 at 100.00 | A+ | 1,151,841 |
| | | Series 2011A, 6.500%, 12/01/28 | | | |
| 1,020 | | Western Placer Unified School District, Placer County, California, Certificates of | 8/19 at 100.00 | AA (5) | 1,046,438 |
| | | Participation, Refunding Series 2009, 5.250%, 8/01/35 (Pre-refunded 8/01/19) – AGM Insured | | | |
| 41,230 | | Total California | | | 42,642,888 |
| | | Colorado – 2.6% | | | |
| | | Colorado Bridge Enterprise, Revenue Bonds, Central 70 Project, Senior Series 2017: | | | |
| 750 | | 4.000%, 12/31/30 (Alternative Minimum Tax) | 12/27 at 100.00 | A– | 756,855 |
| 250 | | 4.000%, 6/30/31 (Alternative Minimum Tax) | 12/27 at 100.00 | A– | 251,518 |
| 26 | | Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series | No Opt. Call | N/R | – |
| | | 2007, 5.000%, 12/01/18, 144A (Alternative Minimum Tax) (8) | | | |
60
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Colorado (continued) | | | |
| $ 250 | | Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series | No Opt. Call | N/R | $ 31,513 |
| | | 2017, 5.500%, 4/01/22 (Alternative Minimum Tax) (8) | | | |
| 4,000 | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, | 9/26 at 52.09 | A | 1,519,880 |
| | | 9/01/39 – NPFG Insured | | | |
| | | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs | | | |
| | | Utilities, Series 2008: | | | |
| 475 | | 6.250%, 11/15/28 | No Opt. Call | A+ | 576,660 |
| 4,030 | | 6.500%, 11/15/38 | No Opt. Call | A+ | 5,303,319 |
| 815 | | Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax | 12/20 at 100.00 | N/R | 831,137 |
| | | Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 | | | |
| 10,596 | | Total Colorado | | | 9,270,882 |
| | | Connecticut – 0.2% | | | |
| 681 | | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue | 4/20 at 100.00 | N/R (5) | 719,742 |
| | | Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 (Pre-refunded 4/01/20) | | | |
| | | District of Columbia – 1.7% | | | |
| 1,430 | | District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., | 3/21 at 100.00 | N/R (5) | 1,549,705 |
| | | Series 2011, 6.375%, 3/01/31 (Pre-refunded 3/01/21) | | | |
| 10,000 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles | No Opt. Call | BBB+ | 4,341,800 |
| | | Metrorail & Capital improvement Projects, Second Senior Lien Series 2009B, 0.000%, 10/01/37 – | | | |
| | | AGC Insured | | | |
| 11,430 | | Total District of Columbia | | | 5,891,505 |
| | | Florida – 5.8% | | | |
| 1,635 | | Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series | 1/19 at 100.00 | N/R | 1,514,321 |
| | | 2006A, 5.125%, 5/01/38 | | | |
| 1,000 | | Bonterra Community Development District, Hialeah, Florida, Special Assessment Bonds, | 5/27 at 100.00 | N/R | 996,680 |
| | | Assessment Area 2 Project, Series 2016, 4.500%, 5/01/34 | | | |
| 2,000 | | Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, | 6/23 at 100.00 | BBB– | 2,103,100 |
| | | Refunding Series 2013A, 5.625%, 6/01/33 | | | |
| 925 | | Copperstone Community Development District, Manatee County, Florida, Capital Improvement | 1/19 at 100.00 | N/R | 911,634 |
| | | Revenue Bonds, Series 2007, 5.200%, 5/01/38 | | | |
| 1,000 | | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance | 6/21 at 100.00 | BB | 1,079,690 |
| | | Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33 | | | |
| 250 | | Florida, Development Finance Corporation, Surface Transportation Facility Revenue Bonds, | 1/19 at 105.00 | N/R | 258,720 |
| | | Brightline Passenger Rail Project – South Segment, Series 2017, 0.000%, 1/01/47, 144A | | | |
| | | (Alternative Minimum Tax) | | | |
| 265 | | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s | 8/20 at 100.00 | A+ | 280,328 |
| | | Hospital, Series 2010A, 6.000%, 8/01/30 | | | |
| 735 | | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s | 8/20 at 100.00 | N/R (5) | 781,540 |
| | | Hospital, Series 2010A, 6.000%, 8/01/30 (Pre-refunded 8/01/20) | | | |
| 340 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series | 10/20 at 100.00 | A | 357,887 |
| | | 2010A-1, 5.375%, 10/01/35 | | | |
| 1,285 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series | 10/20 at 100.00 | N/R | 1,362,524 |
| | | 2010A-1, 5.375%, 10/01/35 | | | |
| 3,660 | | Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A, | 4/19 at 100.00 | AA (5) | 3,709,556 |
| | | 5.125%, 4/01/34 (Pre-refunded 4/01/19) – AGC Insured | | | |
| 1,500 | | North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, | 10/20 at 100.00 | AA | 1,580,070 |
| | | 5.375%, 10/01/40 | | | |
| | | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, | | | |
| | | Series 2013A: | | | |
| 1,000 | | 5.000%, 11/01/33 | 11/22 at 100.00 | BBB+ | 1,039,600 |
| 2,000 | | 5.000%, 11/01/43 | 11/22 at 100.00 | BBB+ | 2,055,340 |
61
| | |
NEV | Nuveen Enhanced Municipal Value Fund |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Florida (continued) | | | |
| $ 230 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, | 5/19 at 100.00 | N/R | $ 223,629 |
| | | Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6) | | | |
| 95 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, | 5/22 at 100.00 | N/R | 77,309 |
| | | Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) | | | |
| 135 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series | 1/19 at 100.00 | N/R | 1 |
| | | 2007-3, 6.650%, 5/01/40 (9) | | | |
| 15 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing | 1/19 at 100.00 | N/R | 14,341 |
| | | Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 | | | |
| 350 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series | 1/19 at 100.00 | N/R | 278,754 |
| | | 2015-1, 0.000%, 5/01/40 (9) | | | |
| 215 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series | 1/19 at 100.00 | N/R | 140,883 |
| | | 2015-2, 0.000%, 5/01/40 (9) | | | |
| 235 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series | 1/19 at 100.00 | N/R | 2 |
| | | 2015-3, 6.610%, 5/01/40 (9) | | | |
| 730 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, | 1/19 at 100.00 | N/R | 730,613 |
| | | 5.400%, 5/01/37 | | | |
| 1,080 | | Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue | 5/22 at 100.00 | N/R | 1,100,596 |
| | | Bonds, Series 2012-A2, 5.500%, 5/01/34 | | | |
| 20,680 | | Total Florida | | | 20,597,118 |
| | | Georgia – 4.4% | | | |
| 12,000 | | Atlanta, Georgia, Airport General Revenue Bonds, Series 2010C, 5.250%, 1/01/30 (UB) | 1/21 at 100.00 | AA | 12,698,280 |
| 590 | | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, | 1/19 at 100.00 | A2 (5) | 595,440 |
| | | 1/01/31 (Pre-refunded 1/01/19) | | | |
| 300 | | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, | 1/19 at 100.00 | A2 (5) | 302,412 |
| | | 1/01/20 (Pre-refunded 1/01/19) | | | |
| 1,250 | | Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air | 6/20 at 100.00 | Baa3 | 1,361,513 |
| | | Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 | | | |
| 90 | | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 | No Opt. Call | A+ | 96,561 |
| 260 | | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26 | No Opt. Call | A+ | 300,908 |
| 285 | | Rockdale County Development Authority, Georgia, Revenue Bonds, Pratt Paper, LLC Project, | 1/28 at 100.00 | N/R | 271,750 |
| | | Refunding Series 2018, 4.000%, 1/01/38, 144A (Alternative Minimum Tax) | | | |
| 14,775 | | Total Georgia | | | 15,626,864 |
| | | Guam – 5.9% | | | |
| | | Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | | | |
| 195 | | 5.000%, 11/15/33 | 11/25 at 100.00 | A | 207,591 |
| 1,805 | | 5.000%, 11/15/34 | 11/25 at 100.00 | A | 1,918,137 |
| 1,760 | | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 | 1/22 at 100.00 | A | 1,808,030 |
| 500 | | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, | 7/23 at 100.00 | A– | 528,325 |
| | | 5.500%, 7/01/43 | | | |
| | | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: | | | |
| 2,500 | | 5.000%, 12/01/28 (UB) (4) | 12/26 at 100.00 | AA– | 2,714,225 |
| 1,750 | | 5.000%, 12/01/30 (UB) (4) | 12/26 at 100.00 | BBB+ | 1,884,785 |
| 2,500 | | 5.000%, 12/01/32 (UB) (4) | 12/26 at 100.00 | BBB+ | 2,671,100 |
| 1,750 | | 5.000%, 12/01/34 (UB) (4) | 12/26 at 100.00 | BBB+ | 1,859,830 |
| 6,000 | | 5.000%, 12/01/46 (UB) (4) | 12/26 at 100.00 | BBB+ | 6,321,600 |
| 1,000 | | Guam Power Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 10/01/37 | 10/27 at 100.00 | BBB | 1,051,340 |
| 19,760 | | Total Guam | | | 20,964,963 |
62
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois – 18.2% | | | |
| $ 2,230 | | CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004, 4.000%, | 12/22 at 100.00 | N/R | $ 2,235,843 |
| | | 6/15/23, 144A (Mandatory put 12/15/22) | | | |
| 5,000 | | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series | 4/27 at 100.00 | A | 5,714,049 |
| | | 2016, 6.000%, 4/01/46 | | | |
| 2,255 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Project | 12/24 at 100.00 | BB– | 2,299,536 |
| | | Series 2015C, 5.250%, 12/01/35 | | | |
| 520 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Refunding | 12/20 at 100.00 | BB– | 522,319 |
| | | Series 2010F, 5.000%, 12/01/31 | | | |
| 1,335 | | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series | 12/26 at 100.00 | B+ | 1,494,946 |
| | | 2016B, 6.500%, 12/01/46 | | | |
| | | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax | | | |
| | | Revenues, Series 1998B-1: | | | |
| 1,000 | | 0.000%, 12/01/22 – NPFG Insured | No Opt. Call | Baa2 | 866,590 |
| 1,000 | | 0.000%, 12/01/27 – NPFG Insured | No Opt. Call | Baa2 | 669,360 |
| 1,000 | | Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, | 1/25 at 100.00 | BBB+ | 1,062,640 |
| | | 5.500%, 1/01/33 | | | |
| | | Chicago, Illinois, General Obligation Bonds, Refunding Series 2012C: | | | |
| 320 | | 5.000%, 1/01/23 | 1/22 at 100.00 | BBB+ | 334,538 |
| 160 | | 5.000%, 1/01/25 | 1/22 at 100.00 | BBB+ | 166,392 |
| | | Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C: | | | |
| 3,470 | | 5.000%, 1/01/24 | No Opt. Call | BBB+ | 3,685,140 |
| 350 | | 5.000%, 1/01/29 | 1/26 at 100.00 | BBB+ | 369,586 |
| 2,000 | | Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series | 12/21 at 100.00 | AA | 2,193,160 |
| | | 2005, 6.000%, 12/01/24 – AGM Insured | | | |
| 3,000 | | Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International | 10/20 at 100.00 | B+ | 3,148,800 |
| | | Corporation Project, Series 2010, 6.750%, 10/15/40 | | | |
| | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust | | | |
| | | 2016-XF2339: | | | |
| 1,605 | | 16.113%, 9/01/38, 144A (IF) (4) | 9/22 at 100.00 | AA+ | 2,064,528 |
| 1,540 | | 13.349%, 9/01/38, 144A (IF) (4) | 9/22 at 100.00 | AA+ | 1,893,461 |
| 645 | | Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, | 5/20 at 100.00 | BBB– | 671,471 |
| | | 6.125%, 5/15/27 | | | |
| 355 | | Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010, | 5/20 at 100.00 | N/R (5) | 375,597 |
| | | 6.125%, 5/15/27 (Pre-refunded 5/15/20) | | | |
| 4,000 | | Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series | 1/19 at 100.00 | Baa3 | 3,756,200 |
| | | 2006A, 5.000%, 4/01/36 | | | |
| | | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option | | | |
| | | Bond Trust 2015-XF0076: | | | |
| 690 | | 13.167%, 8/15/37, 144A (IF) | 8/22 at 100.00 | AA+ | 887,071 |
| 150 | | 13.167%, 8/15/43, 144A (IF) | 8/22 at 100.00 | AA+ | 188,635 |
| 1,975 | | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds | 8/19 at 100.00 | AA+ | 2,281,994 |
| | | Trust 16-XL0021, 21.185%, 8/15/39, 144A (IF) (4) | | | |
| 1,000 | | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, | 5/20 at 100.00 | AA– | 1,029,830 |
| | | 5.125%, 5/15/35 | | | |
| 35 | | Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding | 5/19 at 100.00 | N/R (5) | 35,779 |
| | | Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19) | | | |
| | | Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding | | | |
| | | Series 2009: | | | |
| 30 | | 6.125%, 5/15/25 (Pre-refunded 5/15/19) | 5/19 at 100.00 | N/R (5) | 30,668 |
| 935 | | 6.125%, 5/15/25 (Pre-refunded 5/15/19) | 5/19 at 100.00 | AA+ (5) | 955,813 |
| 500 | | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., | 3/20 at 100.00 | AA (5) | 520,275 |
| | | Series 2005 Remarketed, 5.250%, 3/01/30 (Pre-refunded 3/01/20) – AGM Insured | | | |
63
| | |
NEV | Nuveen Enhanced Municipal Value Fund |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Illinois (continued) | | | |
| $ 455 | | Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust | 8/21 at 100.00 | AA | $ 642,151 |
| | | 2015-XF0121, 20.446%, 8/15/41, 144A – AGM Insured (IF) (4) | | | |
| 465 | | Illinois State, General Obligation Bonds, December Series 2017A, 5.000%, 12/01/28 | 12/27 at 100.00 | BBB | 479,708 |
| 20,830 | | Illinois State, General Obligation Bonds, Series 2017D, 5.000%, 11/01/27 (UB) (4) | No Opt. Call | BBB | 21,640,495 |
| 8,000 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, | No Opt. Call | AA | 1,199,680 |
| | | Series 2017B, 0.000%, 12/15/56 – AGM Insured | | | |
| 1,000 | | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series | 6/21 at 100.00 | N/R (5) | 1,092,690 |
| | | 2010, 6.000%, 6/01/28 (Pre-refunded 6/01/21) | | | |
| 67,850 | | Total Illinois | | | 64,508,945 |
| | | Indiana – 1.5% | | | |
| 1,395 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For | 10/19 at 100.00 | B | 1,400,706 |
| | | Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29 | | | |
| 1,500 | | Indiana Finance Authority, Provate Activity Bonds, Ohio River Bridges East End Crossing | 7/23 at 100.00 | A– | 1,585,395 |
| | | Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax) | | | |
| 2,000 | | Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series | 9/21 at 100.00 | N/R (5) | 2,296,960 |
| | | 2011, 7.750%, 9/01/31 (Pre-refunded 9/01/21) | | | |
| 4,895 | | Total Indiana | | | 5,283,061 |
| | | Iowa – 0.3% | | | |
| 155 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company | 12/23 at 100.00 | B | 163,968 |
| | | Project, Series 2013, 5.250%, 12/01/25 | | | |
| 995 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company | 12/22 at 103.00 | B | 1,041,277 |
| | | Project, Series 2018A, 5.250%, 12/01/50 (Mandatory put 12/01/22) | | | |
| 1,150 | | Total Iowa | | | 1,205,245 |
| | | Kansas – 2.3% | | | |
| 3,000 | | Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding | 5/20 at 100.00 | BBB | 3,069,390 |
| | | Series 2010S, 5.000%, 5/15/30 | | | |
| 845 | | Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park | 1/19 at 100.00 | BB+ | 846,225 |
| | | Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured | | | |
| 3,565 | | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate | 12/22 at 100.00 | N/R | 3,032,033 |
| | | Project, Series 2012, 6.000%, 12/15/32 | | | |
| 1,130 | | Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35 | 7/25 at 100.00 | A1 | 1,249,012 |
| 8,540 | | Total Kansas | | | 8,196,660 |
| | | Kentucky – 0.9% | | | |
| 1,000 | | Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series | 8/23 at 100.00 | AA | 1,091,740 |
| | | 2013, 5.700%, 8/01/39 – AGM Insured | | | |
| 2,000 | | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | 7/25 at 100.00 | BBB+ | 2,077,180 |
| | | Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 | | | |
| 3,000 | | Total Kentucky | | | 3,168,920 |
| | | Louisiana – 5.9% | | | |
| 2,475 | | Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation | 12/21 at 100.00 | N/R | 2,623,698 |
| | | Project, Series 2011A, 7.750%, 12/15/31 | | | |
| 2,000 | | Louisiana Local Government Environmental Facilities and Community Development Authority, | 2/24 at 100.00 | AA– | 2,053,180 |
| | | Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series | | | |
| | | 2014A, 4.375%, 2/01/39 | | | |
| 1,215 | | Louisiana Local Government Environmental Facilities and Community Development Authority, | 10/25 at 100.00 | AA | 1,335,419 |
| | | Revenue Bonds, Louisiana Tech University Student Housing & Recreational Facilities/Innovative | | | |
| | | Student Facilities Inc. Project, Refunding Series 2015, 5.000%, 10/01/33 | | | |
64
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Louisiana (continued) | | | |
| $ 1,000 | | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our | 7/27 at 100.00 | A | $ 1,062,770 |
| | | Lady Health System, Series 2017A, 5.000%, 7/01/47 | | | |
| 2,000 | | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Lafayette General Medical | 5/20 at 100.00 | BBB+ | 2,071,480 |
| | | Center Project, Refunding Series 2010, 5.500%, 11/01/40 | | | |
| 1,000 | | Louisiana Public Facilities Authority, Lease Revenue Bonds, Provident Group-Flagship | 7/26 at 100.00 | A | 1,043,240 |
| | | Properties LLC – Louisiana State University Nicolson Gateway Project, Series 2016A, | | | |
| | | 5.000%, 7/01/56 | | | |
| 3,305 | | Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, | 5/23 at 100.00 | A3 | 3,357,748 |
| | | 4.250%, 12/01/38 | | | |
| 985 | | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding | 10/21 at 100.00 | Aaa (5) | 1,070,488 |
| | | Series 2011, 5.250%, 10/01/28 (Pre-refunded 10/01/21) | | | |
| | | Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding | | | |
| | | Series 2017: | | | |
| 2,835 | | 0.000%, 10/01/31 (6) | No Opt. Call | Baa1 | 2,474,728 |
| 1,775 | | 0.000%, 10/01/36 | No Opt. Call | Baa1 | 1,525,151 |
| 1,165 | | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0035, | 5/20 at 100.00 | AA– | 1,362,339 |
| | | 13.384%, 5/01/39, 144A (IF) | | | |
| 1,000 | | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, | 1/27 at 100.00 | A– | 1,060,430 |
| | | Series 2017B, 5.000%, 1/01/48 (Alternative Minimum Tax) | | | |
| 20,755 | | Total Louisiana | | | 21,040,671 |
| | | Massachusetts – 1.5% | | | |
| 1,800 | | Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, | 10/26 at 100.00 | Baa2 | 1,922,274 |
| | | 5.000%, 10/01/34 | | | |
| 800 | | Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, | 7/26 at 100.00 | BBB– | 843,672 |
| | | 5.000%, 7/01/47 | | | |
| 1,620 | | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, Series | 7/22 at 100.00 | AA | 1,703,948 |
| | | 2013, 5.000%, 7/01/25 (Alternative Minimum Tax) | | | |
| 625 | | Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series | 1/20 at 100.00 | AA | 648,256 |
| | | 2010A, 5.500%, 1/01/22 | | | |
| 325 | | Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 | 6/20 at 100.00 | AA | 326,271 |
| | | (Alternative Minimum Tax) | | | |
| 5,170 | | Total Massachusetts | | | 5,444,421 |
| | | Michigan – 0.6% | | | |
| 10 | | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%, | 1/19 at 100.00 | A2 | 10,022 |
| | | 7/01/34 – NPFG Insured | | | |
| 2,100 | | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, | 11/19 at 100.00 | N/R (5) | 2,179,464 |
| | | Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) | | | |
| 2,110 | | Total Michigan | | | 2,189,486 |
| | | Mississippi – 0.1% | | | |
| 310 | | Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System | 4/19 at 100.00 | BBB+ | 310,636 |
| | | Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 | | | |
| | | Missouri – 0.4% | | | |
| 1,230 | | Branson Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Branson | 11/25 at 100.00 | N/R | 1,197,823 |
| | | Shoppes Redevelopment Project, Refunding Series 2017A, 3.900%, 11/01/29 | | | |
| 55 | | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue | 3/27 at 100.00 | BBB– | 57,905 |
| | | Bonds, Southeasthealth, Series 2017A, 5.000%, 3/01/36 | | | |
| 1,285 | | Total Missouri | | | 1,255,728 |
65
| | |
NEV | Nuveen Enhanced Municipal Value Fund |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Nevada – 1.1% | | | |
| $ 2,000 | | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran | 1/20 at 100.00 | Aa3 | $ 2,060,660 |
| | | International Airport, Series 2010A, 5.000%, 7/01/30 | | | |
| 1,670 | | Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 2016-XF2312, | 4/19 at 100.00 | AA (5) | 1,839,221 |
| | | 24.724%, 4/01/39, 144A (Pre-refunded 4/01/19) (IF) (4) | | | |
| 3,670 | | Total Nevada | | | 3,899,881 |
| | | New Jersey – 10.5% | | | |
| | | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental | | | |
| | | Airlines Inc., Series 1999: | | | |
| 1,000 | | 5.125%, 9/15/23 (Alternative Minimum Tax) | 3/19 at 100.00 | BB | 1,067,060 |
| 1,650 | | 5.250%, 9/15/29 (Alternative Minimum Tax) | 8/22 at 101.00 | BB | 1,769,939 |
| 795 | | New Jersey Economic Development Authority, School Facilities Construction Financing Program | 6/25 at 100.00 | A+ | 838,065 |
| | | Bonds, 2015WW, 5.250%, 144A 6/15/40 (UB) (4) | | | |
| 2,155 | | New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark | 10/27 at 100.00 | Ba1 | 2,257,513 |
| | | Container Terminal LLC Project, Refunding Series 2017, 5.000%, 10/01/37 (Alternative | | | |
| | | Minimum Tax) | | | |
| 850 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, | 12/19 at 100.00 | Aaa | 870,205 |
| | | 5.000%, 12/01/26 | | | |
| 20,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C | No Opt. Call | A– | 8,408,000 |
| | | 0.000%, 12/15/36 – AMBAC Insured (UB) (4) | | | |
| 20,000 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A, | 12/28 at 100.00 | A– | 21,205,400 |
| | | 5.000%, 12/15/34 (UB) (4) | | | |
| 755 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, | 6/28 at 100.00 | BBB | 766,461 |
| | | Series 2018B, 5.000%, 6/01/46 | | | |
| 47,205 | | Total New Jersey | | | 37,182,643 |
| | | New York – 4.6% | | | |
| | | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue | | | |
| | | Bonds, Barclays Center Project, Series 2009: | | | |
| 1,100 | | 6.000%, 7/15/30 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (5) | 1,152,943 |
| 1,225 | | 6.250%, 7/15/40 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (5) | 1,287,573 |
| 2,500 | | 6.375%, 7/15/43 (Pre-refunded 1/15/20) | 1/20 at 100.00 | AA+ (5) | 2,631,400 |
| 1,000 | | Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher | 6/21 at 100.00 | A– | 1,083,520 |
| | | College, Series 2011, 6.000%, 6/01/34 | | | |
| 1,000 | | New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball | 1/29 at 100.00 | BBB | 1,014,200 |
| | | Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured | | | |
| 500 | | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 516,205 |
| | | Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A | | | |
| | | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport | | | |
| | | Terminal B Redevelopment Project, Series 2016A: | | | |
| 4,000 | | 4.000%, 7/01/33 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 4,009,880 |
| 2,105 | | 5.000%, 7/01/46 (Alternative Minimum Tax) | 7/24 at 100.00 | BBB | 2,193,284 |
| 265 | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air | 12/20 at 100.00 | Baa1 | 283,908 |
| | | Terminal LLC Project, Eight Series 2010, 6.000%, 12/01/42 | | | |
| 2,150 | | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 2,104,399 |
| 15,845 | | Total New York | | | 16,277,312 |
| | | Ohio – 9.6% | | | |
| | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue | | | |
| | | Bonds, Senior Lien, Series 2007A-2: | | | |
| 6,000 | | 5.750%, 6/01/34 | 12/18 at 100.00 | B– | 5,794,979 |
| 6,500 | | 5.875%, 6/01/47 | 12/18 at 100.00 | B– | 6,337,170 |
| 760 | | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement | 7/20 at 100.00 | BBB | 787,596 |
| | | Services, Improvement Series 2010A, 5.625%, 7/01/26 | | | |
66
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Ohio (continued) | | | |
| $ 10,000 | | Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, | 5/25 at 100.00 | AA+ | $ 10,845,100 |
| | | 5.000%, 5/15/40 (UB) (4) | | | |
| 3,000 | | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series | 11/21 at 100.00 | Baa1 (5) | 3,305,520 |
| | | 2011A, 5.750%, 11/15/31 (Pre-refunded 11/15/21) | | | |
| 1,000 | | Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, | 4/20 at 100.00 | BBB– | 1,041,820 |
| | | Refunding & improvement Series 2010, 6.375%, 4/01/30 | | | |
| | | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust | | | |
| | | 2016-XF2311: | | | |
| 1,090 | | 19.682%, 5/01/34, 144A (IF) (4) | 5/19 at 100.00 | BBB+ | 1,201,409 |
| 580 | | 19.682%, 5/01/34, 144A (Pre-refunded 5/01/19) (IF) (4) | 5/19 at 100.00 | N/R (5) | 639,282 |
| 6,000 | | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy | No Opt. Call | N/R | 4,260,000 |
| | | Generation Project, Refunding Series 2006A, 0.000%, 12/01/23 (Mandatory put 12/03/18) (9) | | | |
| 34,930 | | Total Ohio | | | 34,212,876 |
| | | Pennsylvania – 8.6% | | | |
| 1,390 | | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement | 11/19 at 100.00 | BB– | 1,417,175 |
| | | Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24 | | | |
| 1,500 | | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement | 12/21 at 100.00 | BB– | 1,540,995 |
| | | Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27 | | | |
| 1,335 | | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley | 1/19 at 100.00 | Caa1 | 1,215,317 |
| | | General Hospital, Series 2005A, 5.125%, 4/01/35 | | | |
| 530 | | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 514,100 |
| | | Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 | | | |
| | | (Mandatory put 4/01/21) (9) | | | |
| 2,000 | | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 1,420,000 |
| | | Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 | | | |
| | | (Mandatory put 6/01/20) (9) | | | |
| | | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | | | |
| | | Settlement, Series 2018: | | | |
| 4,000 | | 5.000%, 6/01/32 (UB) (4) | 6/28 at 100.00 | A+ | 4,422,920 |
| 2,260 | | 5.000%, 6/01/33 (UB) (4) | 6/28 at 100.00 | A+ | 2,487,446 |
| 1,275 | | 5.000%, 6/01/34 (UB) (4) | 6/28 at 100.00 | A+ | 1,399,019 |
| | | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social | | | |
| | | Ministries Project, Series 2009: | | | |
| 1,350 | | 6.125%, 1/01/29 (Pre-refunded 1/01/19) | 1/19 at 100.00 | N/R (5) | 1,358,937 |
| 150 | | 6.125%, 1/01/29 (Pre-refunded 1/01/19) | 1/19 at 100.00 | BBB+ (5) | 151,031 |
| 2,000 | | Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, | 12/19 at 100.00 | N/R (5) | 2,123,160 |
| | | Series 2009, 7.750%, 12/15/27 (Pre-refunded 12/15/19) | | | |
| 1,080 | | Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage | 8/20 at 100.00 | N/R | 1,275,448 |
| | | Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 2017-XF2454, | | | |
| | | 13.390%, 8/01/24, 144A (IF) (4) | | | |
| 1,000 | | Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, | 1/20 at 100.00 | BBB+ | 1,033,360 |
| | | Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 | | | |
| 1,000 | | Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, | 12/18 at 100.00 | BB+ | 983,500 |
| | | USG Corporation Project, Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) | | | |
| 1,200 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University | 7/20 at 100.00 | N/R (5) | 1,266,720 |
| | | Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 (Pre-refunded 7/01/20) | | | |
| 130 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties | 7/26 at 100.00 | Baa3 | 137,709 |
| | | Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A, | | | |
| | | 5.000%, 7/01/31 | | | |
| 1,000 | | Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of | No Opt. Call | AA | 1,126,910 |
| | | Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured | | | |
67
| | |
NEV | Nuveen Enhanced Municipal Value Fund |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Pennsylvania (continued) | | | |
| | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E: | | | |
| $ 3,530 | | 6.000%, 12/01/30 | 12/27 at 100.00 | A | $ 4,238,718 |
| 2,000 | | 6.375%, 12/01/38 | 12/27 at 100.00 | A | 2,404,220 |
| 28,730 | | Total Pennsylvania | | | 30,516,685 |
| | | Puerto Rico – 0.7% | | | |
| 1,000 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 3.992%, | No Opt. Call | C | 880,000 |
| | | 7/01/27 – AMBAC Insured | | | |
| 1,500 | | Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, | 12/18 at 100.00 | A+ | 1,549,200 |
| | | Modernization Series 2008, 5.125%, 12/01/27 | | | |
| 2,500 | | Total Puerto Rico | | | 2,429,200 |
| | | South Carolina – 2.2% | | | |
| 7,500 | | South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, | 12/26 at 100.00 | A+ | 7,891,500 |
| | | Federally Taxable Build America Series 2016B, 5.000%, 12/01/46 (UB) (4) | | | |
| | | Tennessee – 0.3% | | | |
| 1,000 | | Bristol Industrial Development Board, Tennessee, State Sales Tax Revenue Bonds, Pinnacle | 12/26 at 100.00 | N/R | 921,450 |
| | | Project, Series 2016A, 5.125%, 12/01/42, 144A | | | |
| 155 | | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24 | No Opt. Call | A | 169,703 |
| 1,155 | | Total Tennessee | | | 1,091,153 |
| | | Texas – 2.5% | | | |
| 80 | | Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Leadership | 6/21 at 100.00 | BB | 79,050 |
| | | Prep School, Series 2016A, 5.000%, 6/15/46 | | | |
| 3,500 | | Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric | No Opt. Call | N/R | 35 |
| | | Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (9) | | | |
| 150 | | Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. | 11/22 at 100.00 | Baa3 | 152,400 |
| | | Project, Series 2012B, 4.750%, 11/01/42 | | | |
| 825 | | New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue | 7/25 at 100.00 | B3 | 708,683 |
| | | Bonds, NCCD – College Station Properties LLC – Texas A&M University Project, Series 2015A, | | | |
| | | 5.000%, 7/01/47 | | | |
| 1,800 | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust | 9/21 at 100.00 | N/R | 2,584,548 |
| | | 2016-XF2220, 18.566%, 9/01/41, 144A (IF) | | | |
| 1,000 | | Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden | 12/21 at 100.00 | N/R | 622,500 |
| | | Home Inc., Series 2012, 7.250%, 12/15/47 (9) | | | |
| 455 | | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior | No Opt. Call | A– | 519,191 |
| | | Lien Series 2008D, 6.250%, 12/15/26 | | | |
| 810 | | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility | 12/19 at 100.00 | Baa2 | 847,017 |
| | | Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, | | | |
| | | 6.875%, 12/31/39 | | | |
| | | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, | | | |
| | | Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016: | | | |
| 1,275 | | 5.000%, 12/31/50 (Alternative Minimum Tax) | 12/25 at 100.00 | Baa3 | 1,332,656 |
| 805 | | 5.000%, 12/31/55 (Alternative Minimum Tax) | 12/25 at 100.00 | Baa3 | 838,874 |
| 1,000 | | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ | 6/20 at 100.00 | Baa3 | 1,065,800 |
| | | Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34 | | | |
| 11,700 | | Total Texas | | | 8,750,754 |
68
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Utah – 0.3% | | | |
| $ 1,000 | | Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High | 7/20 at 100.00 | BB | $ 1,023,350 |
| | | School, Series 2010A, 6.250%, 7/15/30 | | | |
| | | Vermont – 0.8% | | | |
| | | Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School | | | |
| | | Project, Series 2011A: | | | |
| 1,000 | | 6.125%, 1/01/28 (Pre-refunded 1/01/21) | 1/21 at 100.00 | N/R (5) | 1,080,250 |
| 1,760 | | 6.250%, 1/01/33 (Pre-refunded 1/01/21) | 1/21 at 100.00 | N/R (5) | 1,905,869 |
| 2,760 | | Total Vermont | | | 2,986,119 |
| | | Virginia – 1.2% | | | |
| 2,000 | | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, | 12/18 at 100.00 | B– | 1,968,220 |
| | | Series 2007B1, 5.000%, 6/01/47 | | | |
| 1,155 | | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 | 6/27 at 100.00 | BBB | 1,206,086 |
| | | Project, Senior Lien Series 2017, 5.000%, 12/31/56 (Alternative Minimum Tax) | | | |
| 1,010 | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River | 7/22 at 100.00 | BBB | 1,078,054 |
| | | Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax) | | | |
| 4,165 | | Total Virginia | | | 4,252,360 |
| | | Washington – 4.3% | | | |
| 5,000 | | Port of Seattle, Washington, Revenue Bonds, Series 2016B, 5.000%, 10/01/31 (Alternative | 4/26 at 100.00 | AA | 5,527,150 |
| | | Minimum Tax) (UB) (4) | | | |
| 3,155 | | Skagit County Public Hospital District 1, Washington, Revenue Bonds, Skagit Valley Hospital, | 12/26 at 100.00 | Baa2 | 3,448,352 |
| | | Refunding & Improvement Series 2016, 5.000%, 12/01/27 | | | |
| 190 | | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, | 4/19 at 100.00 | N/R | 189,979 |
| | | Series 2013, 5.750%, 4/01/43 | | | |
| 2,000 | | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research | 1/21 at 100.00 | A+ | 2,098,280 |
| | | Center, Series 2011A, 5.375%, 1/01/31 | | | |
| 2,000 | | Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer | 7/19 at 100.00 | A+ (5) | 2,052,160 |
| | | Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) | | | |
| 2,000 | | Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, | 10/19 at 100.00 | Baa1 (5) | 2,063,620 |
| | | Series 2009, 5.625%, 10/01/40 (Pre-refunded 10/01/19) | | | |
| 14,345 | | Total Washington | | | 15,379,541 |
| | | West Virginia – 0.2% | | | |
| 750 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., | 12/18 at 100.00 | N/R | 618,263 |
| | | Series 2008, 6.500%, 10/01/38 | | | |
| | | Wisconsin – 10.4% | | | |
| 3,500 | | Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 6.500%, | 2/19 at 102.00 | BBB+ | 3,601,185 |
| | | 2/01/31, 144A | | | |
| 25 | | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Corvian Community School | 6/24 at 100.00 | N/R | 24,378 |
| | | Bonds, North Carolina, Series 2017A, 5.000%, 6/15/37, 144A | | | |
| 170 | | Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter | 6/26 at 100.00 | N/R | 157,223 |
| | | Educational Foundation Project, Series 2016A, 5.000%, 6/15/36, 144A | | | |
69
| | |
NEV | Nuveen Enhanced Municipal Value Fund |
| | Portfolio of Investments (continued) |
| | October 31, 2018 |
| |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Wisconsin (continued) | | | |
| | | Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, Lombard | | | |
| | | Public Facilities Corporation, Second Tier Series 2018B: | | | |
| $ 69 | | 0.000%, 1/01/46 – ACA Insured, 144A | No Opt. Call | N/R | $ 2,153 |
| 68 | | 0.000%, 1/01/47 – ACA Insured, 144A | No Opt. Call | N/R | 2,114 |
| 68 | | 0.000%, 1/01/48 – ACA Insured, 144A | No Opt. Call | N/R | 2,090 |
| 67 | | 0.000%, 1/01/49 – ACA Insured, 144A | No Opt. Call | N/R | 2,066 |
| 67 | | 0.000%, 1/01/50 – ACA Insured, 144A | No Opt. Call | N/R | 2,029 |
| 73 | | 0.000%, 1/01/51 – ACA Insured, 144A | No Opt. Call | N/R | 2,214 |
| 1,896 | | 3.750%, 7/01/51 – ACA Insured, 144A | 3/28 at 100.00 | N/R | 1,797,491 |
| 72 | | 0.000%, 1/01/52 – ACA Insured, 144A | No Opt. Call | N/R | 2,191 |
| 71 | | 0.000%, 1/01/53 – ACA Insured, 144A | No Opt. Call | N/R | 2,154 |
| 71 | | 0.000%, 1/01/54 – ACA Insured, 144A | No Opt. Call | N/R | 2,132 |
| 70 | | 0.000%, 1/01/55 – ACA Insured, 144A | No Opt. Call | N/R | 2,096 |
| 69 | | 0.000%, 1/01/56 – ACA Insured, 144A | No Opt. Call | N/R | 2,059 |
| 68 | | 0.000%, 1/01/57 – ACA Insured, 144A | No Opt. Call | N/R | 2,039 |
| 67 | | 0.000%, 1/01/58 – ACA Insured, 144A | No Opt. Call | N/R | 2,003 |
| 67 | | 0.000%, 1/01/59 – ACA Insured, 144A | No Opt. Call | N/R | 1,983 |
| 67 | | 0.000%, 1/01/60 – ACA Insured, 144A | No Opt. Call | N/R | 1,962 |
| 66 | | 0.000%, 1/01/61 – ACA Insured, 144A | No Opt. Call | N/R | 1,928 |
| 65 | | 0.000%, 1/01/62 – ACA Insured, 144A | No Opt. Call | N/R | 1,908 |
| 64 | | 0.000%, 1/01/63 – ACA Insured, 144A | No Opt. Call | N/R | 1,874 |
| 64 | | 0.000%, 1/01/64 – ACA Insured, 144A | No Opt. Call | N/R | 1,855 |
| 63 | | 0.000%, 1/01/65 – ACA Insured, 144A | No Opt. Call | N/R | 1,836 |
| 62 | | 0.000%, 1/01/66 – ACA Insured, 144A | No Opt. Call | N/R | 1,802 |
| 808 | | 0.000%, 1/01/67 – ACA Insured, 144A | No Opt. Call | N/R | 23,414 |
| 160 | | Public Finance Authority of Wisconsin, Revenue Bonds, Prime Healthcare Foundation, Inc., | 12/27 at 100.00 | N/R | 164,541 |
| | | Series 2017A, 5.200%, 12/01/37 | | | |
| 2,905 | | Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing | 7/25 at 100.00 | BBB– | 3,014,751 |
| | | Foundation – Cullowhee LLC – Western California University Project, Series 2015A, | | | |
| | | 5.000%, 7/01/35 | | | |
| 1,000 | | Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A, | No Opt. Call | AA | 627,810 |
| | | 0.000%, 12/15/31 | | | |
| | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, | | | |
| | | Series 2016A: | | | |
| 10,000 | | 5.000%, 11/15/35 (UB) (4) | 5/26 at 100.00 | AA+ | 10,986,000 |
| 5,000 | | 5.000%, 11/15/36 (UB) (4) | 5/26 at 100.00 | AA+ | 5,472,200 |
| 3,000 | | 5.000%, 11/15/39 (UB) (4) | 5/26 at 100.00 | AA+ | 3,262,620 |
| 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series | 6/20 at 100.00 | N/R (5) | 1,059,330 |
| | | 2010A, 6.000%, 6/01/30 (Pre-refunded 6/01/20) | | | |
| 500 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, | 4/20 at 100.00 | A– | 511,915 |
| | | Inc., Series 2010B, 5.000%, 4/01/30 | | | |
| | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community | | | |
| | | Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118: | | | |
| 1,290 | | 10.899%, 4/01/42, 144A (IF) (4) | 10/22 at 100.00 | AA | 1,294,450 |
| 1,000 | | 15.899%, 4/01/34, 144A (Pre-refunded 4/01/19) (IF) (4) | 4/19 at 100.00 | AA (5) | 1,064,110 |
| 25 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Monroe Clinic Inc., | 8/25 at 100.00 | N/R (5) | 28,560 |
| | | Refunding Series 2016, 5.000%, 2/15/28 (Pre-refunded 8/15/25) | | | |
| 1,090 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior | 8/23 at 100.00 | A | 1,140,860 |
| | | Living Communities, Refunding Series 2013, 5.000%, 8/15/43 | | | |
| 2,500 | | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust | 5/19 at 100.00 | AA (5) | 2,808,176 |
| | | 2016-XL0020, 24.988%, 5/01/36, 144A (Pre-refunded 5/01/19) (IF) (4) | | | |
| 37,287 | | Total Wisconsin | | | 37,081,502 |
70
| | | | | | |
Principal | | | Optional Call | | |
Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | Value |
| | | Wyoming – 0.7% | | | |
| | | Wyoming Community Development Authority, Student Housing Revenue Bonds, | | | |
| | | CHF-Wyoming, L.L.C. – University of Wyoming Project, Series 2011: | | | |
| $ 710 | | 6.250%, 7/01/31 | 7/21 at 100.00 | BBB | $ 744,811 |
| 1,600 | | 6.500%, 7/01/43 | 7/21 at 100.00 | BBB | 1,671,600 |
| 2,310 | | Total Wyoming | | | 2,416,411 |
| $ 461,793 | | Total Long-Term Investments (cost $432,803,313) | | | 446,924,905 |
| | | Floating Rate Obligations – (27.0)% | | | (95,930,000) |
| | | Other Assets Less Liabilities – 1.2% | | | 4,347,403 |
| | | Net Assets – 100% | | | $ 355,342,308 |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
| (4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
(6) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
(7) | Variable rate security. The rate shown is the coupon as of end of the reporting period. |
| (8) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| (9) | As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund’s records. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| LIBOR | London Inter-Bank Offered Rate. |
IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information. |
See accompanying notes to financial statements.
71
| |
| Statement of Assets and Liabilities |
| |
| Year Ended October 31, 2018 |
| | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
Assets | | | | | | | | | | | | |
| Long-term investments, at value (cost $1,977,913,638, $235,899,306, | | | | | | | | | | | | |
| $89,607,686 and $432,803,313, respectively) | | $ | 2,070,698,195 | | | $ | 249,999,794 | | | $ | 93,886,174 | | | $ | 446,924,905 | |
| Cash | | | 1,439,498 | | | | 3,848,018 | | | | 1,706,547 | | | | — | |
| Receivable for: | | | | | | | | | | | | | | | | |
| Interest | | | 25,732,398 | | | | 3,227,304 | | | | 1,202,751 | | | | 7,697,322 | |
| Investments sold | | | 20,506,571 | | | | 5,009,840 | | | | 926,483 | | | | 3,781,953 | |
| Other assets | | | 389,967 | | | | 4,239 | | | | 2,956 | | | | 38,700 | |
| Total assets | | | 2,118,766,629 | | | | 262,089,195 | | | | 97,724,911 | | | | 458,442,880 | |
Liabilities | | | | | | | | | | | | | | | | |
| Cash overdraft | | | — | | | | — | | | | — | | | | 5,379,521 | |
| Floating rate obligations | | | 49,500,000 | | | | 9,125,000 | | | | — | | | | 95,930,000 | |
| Payable for: | | | | | | | | | | | | | | | | |
| Dividends | | | 5,763,140 | | | | 821,672 | | | | 287,529 | | | | 1,400,524 | |
| Investments purchased | | | 26,818,407 | | | | 7,348,630 | | | | 1,943,175 | | | | — | |
| Accrued expenses: | | | | | | | | | | | | | | | | |
| Management fees | | | 776,190 | | | | 124,117 | | | | 49,506 | | | | 293,897 | |
| Directors/Trustees fees | | | 375,846 | | | | 525 | | | | 204 | | | | 24,771 | |
| Other | | | 312,439 | | | | 57,526 | | | | 48,260 | | | | 71,859 | |
| Total liabilities | | | 83,546,022 | | | | 17,477,470 | | | | 2,328,674 | | | | 103,100,572 | |
| Net assets | | $ | 2,035,220,607 | | | $ | 244,611,725 | | | $ | 95,396,237 | | | $ | 355,342,308 | |
| Shares outstanding | | | 206,875,449 | | | | 15,399,134 | | | | 8,736,332 | | | | 24,950,068 | |
| Net asset value (“NAV”) per share outstanding | | $ | 9.84 | | | $ | 15.88 | | | $ | 10.92 | | | $ | 14.24 | |
Net assets consist of: | | | | | | | | | | | | | | | | |
| Shares, $0.01 par value per share | | $ | 2,068,754 | | | $ | 153,991 | | | $ | 87,363 | | | $ | 249,501 | |
| Paid-in surplus | | | 1,956,383,687 | | | | 227,923,703 | | | | 90,294,792 | | | | 363,265,119 | |
| Total distributable earnings | | | 76,768,166 | | | | 16,534,031 | | | | 5,014,082 | | | | (8,172,312 | ) |
| Net assets | | $ | 2,035,220,607 | | | $ | 244,611,725 | | | $ | 95,396,237 | | | $ | 355,342,308 | |
| Authorized shares | | | 350,000,000 | | | Unlimited | | | | 200,000,000 | | | Unlimited | |
See accompanying notes to financial statements.
72
| |
| Statement of Operations |
| |
| Year Ended October 31, 2018 |
| | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
Investment Income | | $ | 89,799,519 | | | $ | 12,765,213 | | | $ | 4,618,895 | | | $ | 24,013,353 | |
Expenses | | | | | | | | | | | | | | | | |
| Management fees | | | 9,439,873 | | | | 1,525,978 | | | | 591,359 | | | | 3,474,718 | |
| Interest expense | | | 687,693 | | | | 261,194 | | | | — | | | | 1,465,733 | |
| Custodian fees | | | 210,408 | | | | 34,475 | | | | 27,504 | | | | 59,882 | |
| Directors/Trustees fees | | | 58,700 | | | | 7,136 | | | | 2,727 | | | | 10,302 | |
| Professional fees | | | 87,870 | | | | 88,631 | | | | 47,866 | | | | 48,774 | |
| Shareholder reporting expenses | | | 225,057 | | | | 60,582 | | | | 45,577 | | | | 63,684 | |
| Shareholder servicing agent fees | | | 387,130 | | | | 328 | | | | 7,924 | | | | 270 | |
| Shelf offering expenses | | | — | | | | — | | | | 105,876 | | | | — | |
| Stock exchange listing fees | | | 58,424 | | | | 9,407 | | | | 7,536 | | | | 9,176 | |
| Investor relations expenses | | | 57,997 | | | | 7,912 | | | | 3,486 | | | | 10,115 | |
| Other | | | 105,546 | | | | 30,434 | | | | 27,036 | | | | 56,133 | |
| Total expenses | | | 11,318,698 | | | | 2,026,077 | | | | 866,891 | | | | 5,198,787 | |
| Net investment income (loss) | | | 78,480,821 | | | | 10,739,136 | | | | 3,752,004 | | | | 18,814,566 | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | |
| Net realized gain (loss) from Investments | | | (1,117,529 | ) | | | 1,480,929 | | | | 626,362 | | | | (814,787 | ) |
| Change in net unrealized appreciation (depreciation) of investments | | | (91,610,753 | ) | | | (15,564,805 | ) | | | (4,414,017 | ) | | | (18,566,356 | ) |
| Net realized and unrealized gain (loss) | | | (92,728,282 | ) | | | (14,083,876 | ) | | | (3,787,655 | ) | | | (19,381,143 | ) |
| Net increase (decrease) in net assets from operations | | $ | (14,247,461 | ) | | $ | (3,344,740 | ) | | $ | (35,651 | ) | | $ | (566,577 | ) |
See accompanying notes to financial statements.
73
| |
| Statement of Changes in Net Assets |
| | |
| | | NUV | | | NUW | |
| | | Year Ended | | | Year Ended(1) | | | Year Ended | | | Year Ended(1) | |
| | | 10/31/18 | | | 10/31/17 | | | 10/31/18 | | | 10/31/17 | |
Operations | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 78,480,821 | | | $ | 81,826,781 | | | $ | 10,739,136 | | | $ | 10,937,076 | |
| Net realized gain (loss) from Investments | | | (1,117,529 | ) | | | 13,722,721 | | | | 1,480,929 | | | | 3,268,315 | |
| Change in net unrealized appreciation (depreciation) of investments | | | (91,610,753 | ) | | | (34,810,434 | ) | | | (15,564,805 | ) | | | (6,871,435 | ) |
| Net increase (decrease) in net assets from operations | | | (14,247,461 | ) | | | 60,739,068 | | | | (3,344,740 | ) | | | 7,333,956 | |
Distributions to Shareholders(2) | | | | | | | | | | | | | | | | |
Dividends(3) | | | (80,577,992 | ) | | | (81,136,569 | ) | | | (13,775,655 | ) | | | (10,614,955 | ) |
| Decrease in net assets from distributions to shareholders | | | (80,577,992 | ) | | | (81,136,569 | ) | | | (13,775,655 | ) | | | (10,614,955 | ) |
Capital Share Transactions | | | | | | | | | | | | | | | | |
| Proceeds from shelf offering, net of offering costs | | | — | | | | — | | | | 5,126,753 | | | | 11,730,314 | |
| Net proceeds from shares issued to shareholders due to | | | | | | | | | | | | | | | | |
| reinvestment of distributions | | | — | | | | — | | | | 324,271 | | | | 437,916 | |
| Net increase (decrease) in net assets from capital share transactions | | | — | | | | — | | | | 5,451,024 | | | | 12,168,230 | |
| Net increase (decrease) in net assets | | | (94,825,453 | ) | | | (20,397,501 | ) | | | (11,669,371 | ) | | | 8,887,231 | |
| Net assets at the beginning of period | | | 2,130,046,060 | | | | 2,150,443,561 | | | | 256,281,096 | | | | 247,393,865 | |
| Net assets at the end of period | | $ | 2,035,220,607 | | | $ | 2,130,046,060 | | | $ | 244,611,725 | | | $ | 256,281,096 | |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details. |
(2) | The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information. |
(3) | For the fiscal year ended October 31, 2017, the Fund’s distributions to shareholders were paid from net investment income. |
See accompanying notes to financial statements.
74
| | | | | | | | | | | | | |
| | | NMI | | | NEV | |
| | | Year Ended | | | Year Ended(1) | | | Year Ended | | | Year Ended(1) | |
| | | 10/31/18 | | | 10/31/17 | | | 10/31/18 | | | 10/31/17 | |
Operations | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 3,752,004 | | | $ | 4,016,128 | | | $ | 18,814,566 | | | $ | 20,371,268 | |
| Net realized gain (loss) from Investments | | | 626,362 | | | | 188,720 | | | | (814,787 | ) | | | 302,118 | |
| Change in net unrealized appreciation (depreciation) of investments | | | (4,414,017 | ) | | | (2,134,044 | ) | | | (18,566,356 | ) | | | (13,926,077 | ) |
| Net increase (decrease) in net assets from operations | | | (35,651 | ) | | | 2,070,804 | | | | (566,577 | ) | | | 6,747,309 | |
Distributions to Shareholders(2) | | | | | | | | | | | | | | | | |
Dividends(3) | | | (3,961,991 | ) | | | (4,094,716 | ) | | | (19,171,632 | ) | | | (20,501,471 | ) |
| Decrease in net assets from distributions to shareholders | | | (3,961,991 | ) | | | (4,094,716 | ) | | | (19,171,632 | ) | | | (20,501,471 | ) |
Capital Share Transactions | | | | | | | | | | | | | | | | |
| Proceeds from shelf offering, net of offering costs | | | 2,135,825 | | | | 2,442,544 | | | | — | | | | — | |
| Net proceeds from shares issued to shareholders due to | | | | | | | | | | | | | | | | |
| reinvestment of distributions | | | 120,057 | | | | 187,363 | | | | — | | | | — | |
| Net increase (decrease) in net assets from capital share transactions | | | 2,255,882 | | | | 2,629,907 | | | | — | | | | — | |
| Net increase (decrease) in net assets | | | (1,741,760 | ) | | | 605,995 | | | | (19,738,209 | ) | | | (13,754,162 | ) |
| Net assets at the beginning of period | | | 97,137,997 | | | | 96,532,002 | | | | 375,080,517 | | | | 388,834,679 | |
| Net assets at the end of period | | $ | 95,396,237 | | | $ | 97,137,997 | | | $ | 355,342,308 | | | $ | 375,080,517 | |
(1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 9 – New Accounting Pronouncements for further details. |
(2) | The composition and per share amounts of the Funds’ distributions are presented in the Financial Highlights. The distribution information for the Funds as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 – Income Tax Information. |
(3) | For the fiscal year ended October 31, 2017 the Funds’ distributions to shareholders were paid from net investment income. |
See accompanying notes to financial statements.
75
| |
| Statement of Cash Flows |
| |
| Year Ended October 31, 2018 |
| | |
| | | NEV | |
Cash Flows from Operating Activities: | | | |
Net Increase (Decrease) in Net Assets from Operations | | $ | (566,577 | ) |
| Adjustments to reconcile the net increase (decrease) in net assets from | | | | |
| operations to net cash provided by (used in) operating activities: | | | | |
| Purchases of investments | | | (119,689,889 | ) |
| Proceeds from sales and maturities of investments | | | 65,793,689 | |
| Proceeds from (Purchases of) short-term investments, net | | | 2,819,594 | |
| Amortization (Accretion) of premiums and discounts, net | | | 1,452,546 | |
| (Increase) Decrease in: | | | | |
| Receivable for interest | | | (1,056 | ) |
| Receivable for investments sold | | | (2,966,480 | ) |
| Other assets | | | (13,379 | ) |
| Increase (Decrease) in: | | | | |
| Accrued management fees | | | 6,850 | |
| Accrued Director/Trustees fees | | | 2,588 | |
| Accrued other expenses | | | (12,956 | ) |
| Net realized (gain) loss from investments | | | 814,787 | |
| Change in net unrealized (appreciation) depreciation of investments | | | 18,566,356 | |
| Net cash provided by (used in) operating activities | | | (33,793,927 | ) |
Cash Flows from Financing Activities: | | | | |
| Increase (Decrease) in: | | | | |
| Cash overdraft | | | 5,379,521 | |
| Floating rate obligations | | | 47,385,000 | |
| Cash distributions paid to shareholders | | | (19,451,362 | ) |
| Net cash provided by (used in) financing activities | | | 33,313,159 | |
Net Increase (Decrease) in Cash | | | (480,768 | ) |
| Cash at the beginning of period | | | 480,768 | |
| Cash at the end of period | | $ | — | |
| | | | | |
| | | | | |
Supplemental Disclosures of Cash Flow Information | | NEV | |
| Cash paid for interest | | $ | 1,465,733 | |
See accompanying notes to financial statements.
76
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77
| |
| Financial Highlights |
| |
| |
| |
| |
| Selected data for a share outstanding throughout each period: |
| |
| |
| | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Premium | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | from | | | | | | | |
| | | | | | | | | | | | | | | | | | From | | | | | | | | | Shares | | | | | | | |
| | | | | | Net | | | Net | | | | | | From | | | Accumu- | | | | | | | | | Sold | | | | | | | |
| | | | | | Investment | | | Realized/ | | | | | | Net | | | lated Net | | | | | | Shelf | | | through | | | | | | Ending | |
| | | Beginning | | | Income | | | Unrealized | | | | | | Investment | | | Realized | | | | | | Offering | | | Shelf | | | Ending | | | Share | |
| | | NAV | | | (Loss) | | | Gain (Loss) | | | Total | | | Income | | | Gains | | | Total | | | Costs | | | Offering | | | NAV | | | Price | |
NUV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2018 | | $ | 10.30 | | | $ | 0.38 | | | $ | (0.45 | ) | | $ | (0.07 | ) | | $ | (0.39 | ) | | $ | — | | | $ | (0.39 | ) | | $ | — | | | $ | — | | | $ | 9.84 | | | $ | 9.18 | |
| 2017 | | | 10.39 | | | | 0.40 | | | | (0.10 | ) | | | 0.30 | | | | (0.39 | ) | | | — | | | | (0.39 | ) | | | — | | | | — | | | | 10.30 | | | | 10.12 | |
| 2016 | | | 10.20 | | | | 0.40 | | | | 0.18 | | | | 0.58 | | | | (0.39 | ) | | | — | | | | (0.39 | ) | | | — | | | | — | * | | | 10.39 | | | | 9.98 | |
| 2015 | | | 10.21 | | | | 0.42 | | | | (0.03 | ) | | | 0.39 | | | | (0.40 | ) | | | — | | | | (0.40 | ) | | | — | | | | — | | | | 10.20 | | | | 10.07 | |
| 2014 | | | 9.61 | | | | 0.43 | | | | 0.61 | | | | 1.04 | | | | (0.44 | ) | | | — | | | | (0.44 | ) | | | — | | | | — | | | | 10.21 | | | | 9.64 | |
| | |
NUW | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2018 | | | 16.99 | | | | 0.70 | | | | (0.92 | ) | | | (0.22 | ) | | | (0.72 | ) | | | (0.18 | ) | | | (0.90 | ) | | | — | | | | 0.01 | | | | 15.88 | | | | 14.36 | |
| 2017 | | | 17.22 | | | | 0.75 | | | | (0.26 | ) | | | 0.49 | | | | (0.73 | ) | | | — | | | | (0.73 | ) | | | (0.01 | ) | | | 0.02 | | | | 16.99 | | | | 17.17 | |
| 2016 | | | 17.17 | | | | 0.76 | | | | 0.06 | | | | 0.82 | | | | (0.79 | ) | | | — | | | | (0.79 | ) | | | (0.01 | ) | | | 0.03 | | | | 17.22 | | | | 16.96 | |
| 2015 | | | 17.19 | | | | 0.80 | | | | (0.04 | ) | | | 0.76 | | | | (0.79 | ) | | | — | | | | (0.79 | ) | | | — | | | | 0.01 | | | | 17.17 | | | | 17.22 | |
| 2014 | | | 16.35 | | | | 0.82 | | | | 0.92 | | | | 1.74 | | | | (0.81 | ) | | | (0.09 | ) | | | (0.90 | ) | | | — | | | | — | | | | 17.19 | | | | 16.89 | |
| (a) | Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| | Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
78
| | | | | | | | | | | | | | | | | |
| | | | | | | Ratios/Supplemental Data | |
Total Returns | | | | | | Ratios to Average Net Assets | | | | |
| | |
| | |
| | |
| | | | Based | | | Ending | | | | | | | | | | |
Based | | | on | | | Net | | | | | | Net | | | Portfolio | |
on | | | Share | | | Assets | | | | | | Investment | | | Turnover | |
NAV(a) | | | Price(a) | | | | (000 | ) | | Expenses(b) | | | Income (Loss) | | | Rate(c) | |
| | |
| | |
| (0.71 | )% | | | (5.55 | )% | | $ | 2,035,221 | | | | 0.54 | % | | | 3.76 | % | | | 20 | % |
| 3.03 | | | | 5.48 | | | | 2,130,046 | | | | 0.52 | | | | 3.89 | | | | 17 | |
| 5.74 | | | | 2.91 | | | | 2,150,444 | | | | 0.51 | | | | 3.87 | | | | 11 | |
| 3.94 | | | | 8.86 | | | | 2,096,508 | | | | 0.53 | | | | 4.08 | | | | 16 | |
| 11.04 | | | | 11.54 | | | | 2,099,099 | | | | 0.56 | | | | 4.36 | | | | 17 | |
| | |
| | |
| | |
| (1.31 | ) | | | (11.54 | ) | | | 244,612 | | | | 0.80 | | | | 4.26 | | | | 30 | |
| 3.02 | | | | 5.71 | | | | 256,281 | | | | 0.81 | | | | 4.45 | | | | 16 | |
| 4.90 | | | | 2.99 | | | | 247,394 | | | | 0.71 | | | | 4.38 | | | | 12 | |
| 4.56 | | | | 6.79 | | | | 228,952 | | | | 0.72 | | | | 4.72 | | | | 6 | |
| 10.95 | | | | 17.27 | | | | 226,855 | | | | 0.75 | | | | 4.92 | | | | 10 | |
| (b) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
| | |
NUV | | NUW | |
| Year Ended 10/31: | | Year Ended 10/31: | |
| 2018 | 0.03% | 2018 | 0.10% |
| 2017 | 0.01 | 2017 | 0.06 |
| 2016 | 0.01 | 2016 | 0.03 |
| 2015 | 0.00** | 2015 | 0.02 |
| 2014 | 0.01 | 2014 | 0.02 |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
| * | Rounds to less than $0.01 per share. |
| ** | Rounds to less than 0.01%. |
See accompanying notes to financial statements.
79
| |
| Financial Highlights (continued) |
| |
| |
| |
| |
| Selected data for a share outstanding throughout each period: |
| |
| | |
| | | | | | Investment Operations | | | Less Distributions | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | Premium | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | from | | | | | | | |
| | | | | | | | | | | | | | | | | | From | | | | | | | | | Shares | | | | | | | |
| | | | | | Net | | | Net | | | | | | From | | | Accumu- | | | | | | | | | Sold | | | | | | | |
| | | | | | Investment | | | Realized/ | | | | | | Net | | | lated Net | | | | | | Shelf | | | through | | | | | | Ending | |
| | | Beginning | | | Income | | | Unrealized | | | | | | Investment | | | Realized | | | | | | Offering | | | Shelf | | | Ending | | | Share | |
| | | NAV | | | (Loss) | | | Gain (Loss) | | | Total | | | Income | | | Gains | | | Total | | | Costs | | | Offering | | | NAV | | | Price | |
NMI | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2018 | | $ | 11.38 | | | $ | 0.43 | | | $ | (0.43 | ) | | $ | — | | | $ | (0.46 | ) | | $ | — | | | $ | (0.46 | ) | | $ | (0.01 | ) | | $ | 0.01 | | | $ | 10.92 | | | $ | 10.09 | |
| 2017 | | | 11.61 | | | | 0.48 | | | | (0.22 | ) | | | 0.26 | | | | (0.49 | ) | | | — | | | | (0.49 | ) | | | (0.01 | ) | | | 0.01 | | | | 11.38 | | | | 11.45 | |
| 2016 | | | 11.47 | | | | 0.50 | | | | 0.15 | | | | 0.65 | | | | (0.51 | ) | | | — | | | | (0.51 | ) | | | — | | | | — | | | | 11.61 | | | | 12.20 | |
| 2015 | | | 11.52 | | | | 0.51 | | | | (0.05 | ) | | | 0.46 | | | | (0.51 | ) | | | — | | | | (0.51 | ) | | | — | | | | — | | | | 11.47 | | | | 11.05 | |
| 2014 | | | 10.80 | | | | 0.50 | | | | 0.77 | | | | 1.27 | | | | (0.55 | ) | | | — | | | | (0.55 | ) | | | — | | | | — | | | | 11.52 | | | | 11.30 | |
| | |
NEV | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2018 | | | 15.03 | | | | 0.75 | | | | (0.77 | ) | | | (0.02 | ) | | | (0.77 | ) | | | — | | | | (0.77 | ) | | | — | | | | — | | | | 14.24 | | | | 12.70 | |
| 2017 | | | 15.58 | | | | 0.82 | | | | (0.55 | ) | | | 0.27 | | | | (0.82 | ) | | | — | | | | (0.82 | ) | | | — | | | | — | | | | 15.03 | | | | 14.28 | |
| 2016 | | | 15.59 | | | | 0.85 | | | | 0.04 | | | | 0.89 | | | | (0.95 | ) | | | — | | | | (0.95 | ) | | | — | | | | 0.05 | | | | 15.58 | | | | 14.75 | |
| 2015 | | | 15.69 | | | | 0.93 | | | | (0.06 | ) | | | 0.87 | | | | (0.97 | ) | | | — | | | | (0.97 | ) | | | — | | | | — | | | | 15.59 | | | | 15.38 | |
| 2014 | | | 14.10 | | | | 0.96 | | | | 1.59 | | | | 2.55 | | | | (0.96 | ) | | | — | | | | (0.96 | ) | | | — | | | | — | | | | 15.69 | | | | 14.91 | |
| (a) | Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| | Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
80
| | | | | | | | | | | | | | | | | |
| | | | | | | Ratios/Supplemental Data | |
Total Returns | | | | | | Ratios to Average Net Assets | | | | |
| | |
| | |
| | |
| | | | Based | | | Ending | | | | | | | | | | |
Based | | | on | | | Net | | | | | | Net | | | Portfolio | |
on | | | Share | | | Assets | | | | | | Investment | | | Turnover | |
NAV(a) | | | Price(a) | | | | (000 | ) | | Expenses(b) | | | Income (Loss) | | | Rate(d) | |
| | |
| | |
| | (0.05 | )% | | | (8.14 | )% | | $ | 95,396 | | | | 0.89 | % | | | 3.87 | % | | | 17 | % |
| | 2.34 | | | | (2.04 | ) | | | 97,138 | | | | 0.79 | | | | 4.23 | | | | 12 | |
| | 5.71 | | | | 15.22 | | | | 96,532 | | | | 0.76 | | | | 4.33 | | | | 4 | |
| | 4.08 | | | | 2.31 | | | | 95,149 | | | | 0.74 | | | | 4.43 | | | | 10 | |
| | 12.06 | | | | 17.55 | | | | 95,464 | | | | 0.76 | | | | 4.55 | | | | 15 | |
| | |
| | |
| | |
| | (0.17 | ) | | | (5.93 | ) | | | 355,342 | | | | 1.42 | | | | 5.14 | | | | 15 | |
| | 1.93 | | | | 2.50 | | | | 375,081 | | | | 1.14 | | | | 5.47 | | | | 8 | |
| | 6.10 | | | | 1.85 | | | | 388,835 | | | | 1.03 | | | | 5.44 | | | | 6 | |
| | 5.68 | | | | 9.90 | | | | 328,856 | | | | 1.05(c | ) | | | 5.93(c | ) | | | 12 | |
| | 18.67 | | | | 14.58 | | | | 330,869 | | | | 1.08 | | | | 6.49 | | | | 5 | |
| (b) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows: |
| | |
NMI | | NEV | |
| Year Ended 10/31: | | Year Ended 10/31: | |
| 2018 | —% | 2018 | 0.40% |
| 2017 | — | 2017 | 0.17 |
| 2016 | 0.03 | 2016 | 0.07 |
| 2015 | 0.01 | 2015 | 0.07 |
| 2014 | 0.01 | 2014 | 0.09 |
| (c) | During the fiscal year ended October 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with an equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows: |
| |
| | | Ratios to Average Net Assets | |
| | | | | | Net Investment | |
NEV | | Expenses | | | Income (Loss) | |
| Year Ended 10/31: | | | | | | |
| 2015 | | | 1.08 | % | | | 5.91 | % |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
See accompanying notes to financial statements.
81
Notes to
Financial Statements
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a “Fund” and collectively, the “Funds”):
| · | Nuveen Municipal Value Fund, Inc. (NUV) |
| · | Nuveen AMT-Free Municipal Value Fund (NUW) |
| · | Nuveen Municipal Income Fund, Inc. (NMI) |
| · | Nuveen Enhanced Municipal Value Fund (NEV) |
The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. NUV and NMI were incorporated under the state laws of Minnesota on April 8, 1987 and February 26, 1988, respectively. NUW and NEV were organized as Massachusetts business trusts on November 19, 2008 and July 27, 2009, respectively.
The end of the reporting period for the Funds is October 31, 2018, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2018 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund’s primary investment objective is to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the following Funds’ outstanding when-issued/delayed delivery purchase commitments were as follows:
| | | | | | | | | | |
| | | NUV | | | NUW | | | NMI | |
| Outstanding when-issued/delayed delivery purchase commitments | | $ | 20,284,598 | | | $ | 7,348,630 | | | $ | 1,042,380 | |
Investment Income
Investment income is comprised of interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes, and is recorded on an accrual basis. Investment income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.
82
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Compensation
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Funds’ Board of Directors/Trustees (“the Board”) has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
83
Notes to Financial Statements (continued)
Prices of fixed income securities are provided by an independent pricing service (“pricing service”) approved by the Board. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (“NAV”) (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| | | | | | | | | | | | | |
NUV | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments: | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | | $ | 2,070,066,464 | | | $ | — | | | $ | 2,070,066,464 | |
| Corporate Bonds** | | | — | | | | — | | | | 631,731 | *** | | | 631,731 | |
| Total | | $ | — | | | $ | 2,070,066,464 | | | $ | 631,731 | | | $ | 2,070,698,195 | |
NUW | | | | | | | | | | | | | | | | |
| Long-Term Investments: | | | | | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | | $ | 249,999,794 | | | $ | — | | | $ | 249,999,794 | |
NMI | | | | | | | | | | | | | | | | |
| Long-Term Investments: | | | | | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | | $ | 93,886,174 | | | $ | — | | | $ | 93,886,174 | |
NEV | | | | | | | | | | | | | | | | |
| Long-Term Investments: | | | | | | | | | | | | | | | | |
| Municipal Bonds* | | $ | — | | | $ | 446,893,392 | | | $ | 31,513 | *** | | $ | 446,924,905 | |
| * | Refer to the Fund’s Portfolio of Investments for state classifications. |
| ** | Refer to the Fund’s Portfolio of Investments for industry classifications. |
| *** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b) an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the
84
TOB Trust from a third party liquidity provider (“Liquidity Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in “Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of “Interest expense” on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| | | | | | | | | | | | | |
Floating Rate Obligations Outstanding | | NUV | | | NUW | | | NMI | | | NEV | |
| Floating rate obligations: self-deposited Inverse Floaters | | $ | 49,500,000 | | | $ | 9,125,000 | | | $ | — | | | $ | 95,930,000 | |
| Floating rate obligations: externally-deposited Inverse Floaters | | | — | | | | 10,165,000 | | | | — | | | | 135,940,000 | |
| Total | | $ | 49,500,000 | | | $ | 19,290,000 | | | $ | — | | | $ | 231,870,000 | |
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:
| | | | | | | | | | | | | |
Self-Deposited Inverse Floaters | | NUV | | | NUW | | | NMI | | | NEV | |
| Average floating rate obligations outstanding | | $ | 37,131,151 | | | $ | 14,566,096 | | | $ | — | | | $ | 77,067,685 | |
| Average annual interest rate and fees | | | 1.85 | % | | | 1.79 | % | | | — | % | | | 1.90 | % |
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond is not sufficient to pay the purchase price of the Floaters.
85
Notes to Financial Statements (continued)
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, NEV had outstanding borrowings under such liquidity facilities in the amount of $1,739,130, which is recognized as a component of “Floating rate obligations” on the Statement of Assets and Liabilities. There were no loans outstanding under any such facility for NUV, NUW or NMI as of the end of the reporting period.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund’s maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:
| | | | | | | | | | | | | |
Floating Rate Obligations – Recourse Trusts | | NUV | | | NUW | | | NMI | | | NEV | |
| Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | | $ | 49,500,000 | | | $ | 9,125,000 | | | $ | — | | | $ | 87,930,000 | |
| Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | | | — | | | | 10,165,000 | | | | — | | | | 133,430,000 | |
| Total | | $ | 49,500,000 | | | $ | 19,290,000 | | | $ | — | | | $ | 221,360,000 | |
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain other derivative instruments, such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal
86
to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Share Equity Shelf Programs and Offering Costs
The Funds have each filed registration statements with the Securities and Exchange Commission (“SEC”) authorizing each Fund to issue additional shares through one or more equity shelf program (“Shelf Offering”), which became effective with the SEC during a prior fiscal period.
Under these Shelf Offerings, the Funds, subject to market conditions, may raise additional equity capital by issuing additional shares from time to time in varying amounts and by different offering methods at a net price at or above each Fund’s NAV per share. In the event each Fund’s Shelf Offering registration statement is no longer current, the Funds may not issue additional shares until a post-effective amendment to the registration statement has been filed with the SEC.
Additional authorized shares, shares sold and offering proceeds, net of offering costs under each Fund’s Shelf Offering during the Funds’ current and prior fiscal period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
| | | Year | | | Year | | | Year | | | Year | | | Year | | | Year | | | Year | | | Year | |
| | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | | | Ended | |
| | | 10/31/18 | | | 10/31/17* | | | 10/31/18 | | | 10/31/17 | | | 10/31/18 | | | 10/31/17** | | | 10/31/18 | | | 10/31/17* | |
| Additional authorized shares | | | — | | | | 19,600,000 | | | | 1,400,000 | | | | 1,400,000 | | | | 800,000 | | | | 800,000 | | | | — | | | | 5,200,000 | |
| Shares sold | | | — | | | | — | | | | 299,412 | | | | 685,364 | | | | 187,400 | | | | 209,600 | | | | — | | | | — | |
| Offering proceeds, net of offering costs | | $ | — | | | $ | — | | | $ | 5,126,753 | | | $ | 11,730,314 | | | $ | 2,135,825 | | | $ | 2,442,544 | | | $ | — | | | $ | — | |
| * | Represents total additional authorized shares for the period November 1, 2016 through February 28, 2017. |
| ** | Represents total additional authorized shares for the period May 17, 2017 through October 31, 2017. |
Costs incurred by the Funds in connection with their initial shelf registrations are recorded as a prepaid expense and recognized as “Deferred offering costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as shares are sold and are recognized as a component of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Funds to keep the shelf registration current are expensed as incurred and recognized as a component of “Shelf offering expenses” on the Statement of Operations.
Share Transactions
Transactions in shares during the Funds’ current and prior fiscal period, where applicable, were as follows:
| | | | | | | | | | | | | |
| | | NUW | | | NMI | |
| | | Year | | | Year | | | Year | | | Year | |
| | | Ended | | | Ended | | | Ended | | | Ended | |
| | | 10/31/18 | | | 10/31/17 | | | 10/31/18 | | | 10/31/17 | |
| Shares: | | | | | | | | | | | | |
| Issued to shareholders due to reinvestment of distributions | | | 19,194 | | | | 25,922 | | | | 10,654 | | | | 16,379 | |
| Sold through shelf offering | | | 299,412 | | | | 685,364 | | | | 187,400 | | | | 209,600 | |
| Weighted average share: | | | | | | | | | | | | | | | | |
| Premium to NAV per shelf offering share sold | | | 2.92 | % | | | 2.14 | % | | | 4.54 | % | | | 3.29 | % |
5. Investment Transactions
Long-term purchases and sales (including maturities) during the current fiscal period were as follows:
| | | | | | | | | | | | | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
| Purchases | | $ | 488,672,279 | | | $ | 77,811,934 | | | $ | 16,642,083 | | | $ | 119,689,889 | |
| Sales and maturities | | | 429,560,551 | | | | 83,522,267 | | | | 16,215,793 | | | | 65,793,689 | |
87
Notes to Financial Statements (continued)
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of AMT-Free Municipal Value (NUW) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of October 31, 2018.
| | | | | | | | | | | | | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
| Tax cost of investments | | $ | 1,919,942,767 | | | $ | 226,081,571 | | | $ | 89,433,937 | | | $ | 336,030,711 | |
| Gross unrealized: | | | | | | | | | | | | | | | | |
| Appreciation | | $ | 124,757,777 | | | $ | 16,690,590 | | | $ | 5,021,017 | | | $ | 24,286,300 | |
| Depreciation | | | (23,502,422 | ) | | | (1,897,319 | ) | | | (568,780 | ) | | | (9,320,748 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | 101,255,355 | | | $ | 14,793,271 | | | $ | 4,452,237 | | | $ | 14,965,552 | |
Permanent differences, primarily due to taxable market discount, expiration of capital loss carryforwards and nondeductible offering costs resulted in reclassifications among the Funds’ components of net assets as of October 31, 2018, the Funds’ tax year end.
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2018, the Funds’ tax year end, were as follows:
| | | | | | | | | | | | | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
Undistributed net tax-exempt income1 | | $ | 6,423,887 | | | $ | 687,819 | | | $ | 175,743 | | | $ | 784,795 | |
Undistributed net ordinary income2 | | | 659,485 | | | | 339,279 | | | | 72,049 | | | | 198,859 | |
| Undistributed net long-term capital gains | | | — | | | | 1,576,014 | | | | 628,561 | | | | — | |
1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2018 and paid on November 1, 2018. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ tax years ended October 31, 2018 and October 31, 2017 was designated for purposes of the dividends paid deduction as follows:
| | | | | | | | | | | | | |
2018 | | NUV | | | NUW | | | NMI | | | NEV | |
Distributions from net tax-exempt income3 | | $ | 77,578,299 | | | $ | 10,780,837 | | | $ | 3,970,866 | | | $ | 19,174,127 | |
Distributions from net ordinary income2 | | | 3,310,007 | | | | 288,792 | | | | 22,215 | | | | 284,431 | |
| Distributions from net long-term capital gains | | | — | | | | 2,745,797 | | | | — | | | | — | |
2017 | | NUV | | | NUW | | | NMI | | | NEV | |
| Distributions from net tax-exempt income | | $ | 80,679,082 | | | $ | 10,468,012 | | | $ | 4,077,447 | | | $ | 20,583,806 | |
Distributions from net ordinary income2 | | | 457,488 | | | | 103,869 | | | | 16,631 | | | | 29,940 | |
| Distributions from net long-term capital gains | | | — | | | | — | | | | — | | | | — | |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
3 | The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2018 as Exempt Interest Dividends. |
88
As of October 31, 2018, the Funds’ tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
| | | | | | | |
| | | NUV | | | NEV | |
| Expiration: | | | | | | |
| October 31, 2019 | | $ | — | | | $ | 16,146,849 | |
| Not subject to expiration: | | | | | | | | |
| Short-term | | | 10,121,262 | | | | 4,386,474 | |
| Long-term | | | 15,036,160 | | | | 2,178,516 | |
| Total | | $ | 25,157,422 | | | $ | 22,711,839 | |
As of October 31, 2018, the Funds’ tax year end, $2,946,811 of NEV’s capital loss carryforward expired.
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for NUV a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for NUV is calculated according to the following schedule:
| | | | |
| | | NUV | |
Average Daily Net Assets | | Fund-Level Fee Rate | |
| For the first $500 million | | | 0.1500 | % |
| For the next $500 million | | | 0.1250 | |
| For net assets over $1 billion | | | 0.1000 | |
In addition, NUV pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:
| | | | |
| | | NUV | |
Gross Interest Income | | Gross Income Fee Rate | |
| For the first $50 million | | | 4.125 | % |
| For the next $50 million | | | 4.000 | |
| For gross income over $100 million | | | 3.875 | |
89
Notes to Financial Statements (continued)
The annual fund-level fee, payable monthly, for NUW, NMI and NEV is calculated according to the following schedules:
| | | | |
| | | NUW | |
Average Daily Managed Assets* | | Fund-Level Fee Rate | |
| For the first $125 million | | | 0.4000 | % |
| For the next $125 million | | | 0.3875 | |
| For the next $250 million | | | 0.3750 | |
| For the next $500 million | | | 0.3625 | |
| For the next $1 billion | | | 0.3500 | |
| For the next $3 billion | | | 0.3250 | |
| For managed assets over $5 billion | | | 0.3125 | |
| | | | | |
| | | NMI | |
Average Daily Net Assets | | Fund-Level Fee Rate | |
| For the first $125 million | | | 0.4500 | % |
| For the next $125 million | | | 0.4375 | |
| For the next $250 million | | | 0.4250 | |
| For the next $500 million | | | 0.4125 | |
| For the next $1 billion | | | 0.4000 | |
| For the next $3 billion | | | 0.3750 | |
| For net assets over $5 billion | | | 0.3625 | |
| | | | | |
| | | NEV | |
Average Daily Managed Assets* | | Fund-Level Fee Rate | |
| For the first $125 million | | | 0.4500 | % |
| For the next $125 million | | | 0.4375 | |
| For the next $250 million | | | 0.4250 | |
| For the next $500 million | | | 0.4125 | |
| For the next $1 billion | | | 0.4000 | |
| For the next $3 billion | | | 0.3750 | |
| For managed assets over $5 billion | | | 0.3625 | |
90
The annual complex-level fee, payable monthly, for each Fund is calculated by multiplying the current complex-wide fee rate, determined according to the following schedule by the Fund’s daily managed assets (net assets for NUV and NMI):
| | |
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level |
| $55 billion | 0.2000% |
| $56 billion | 0.1996 |
| $57 billion | 0.1989 |
| $60 billion | 0.1961 |
| $63 billion | 0.1931 |
| $66 billion | 0.1900 |
| $71 billion | 0.1851 |
| $76 billion | 0.1806 |
| $80 billion | 0.1773 |
| $91 billion | 0.1691 |
| $125 billion | 0.1599 |
| $200 billion | 0.1505 |
| $250 billion | 0.1469 |
| $300 billion | 0.1445 |
| * | For the complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen open-end and closed-end funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2018, the complex-level fee rate for each Fund was 0.1595%. |
Other Transactions with Affiliates
Each Fund is permitted to purchase or sell securities from or to certain other funds managed by the Adviser (“inter-fund trade”) under specified conditions outlined in procedures adopted by the Board. These procedures have been designed to ensure that any inter-fund trade of securities by the Fund from or to another fund that is, or could be, considered an affiliate of the Fund under certain limited circumstances by virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each inter-fund trade is effected at the current market price as provided by an independent pricing service. Unsettled inter-fund trades as of the end of the reporting period are recognized as a component of “Receivable for investments sold” and/or “Payable for investments purchased” on the Statement of Assets and Liabilities, when applicable.
During the current fiscal period, the following Fund engaged in inter-fund trades pursuant to these procedures as follows:
| | | | |
Inter-Fund Trades | | NMI | |
| Purchases | | $ | 1,199,286 | |
| Sales | | | 2,163,051 | |
8. Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in July 2019 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
91
Notes to Financial Statements (continued)
During the current fiscal period, the Funds utilized this facility. Each Fund’s maximum outstanding balance during the utilization period was as follows:
| | | | | | | | | | | | | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
| Maximum Outstanding Balance | | $ | 16,900,000 | | | $ | 1,472,407 | | | $ | 532,765 | | | $ | 41,700,000 | |
During each Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
| | | | | | | | | | | | | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
| Average daily balance outstanding | | $ | 7,700,000 | | | $ | 1,472,407 | | | $ | 532,765 | | | $ | 13,473,667 | |
| Average annual interest rate | | | 2.81 | % | | | 2.56 | % | | | 2.56 | % | | | 2.54 | % |
Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities, where applicable.
Inter-Fund Borrowing and Lending
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current reporting period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
9. New Accounting Pronouncements
FASB Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities
The FASB has issued ASU 2017-08, which shortens the premium amortization period for purchased non-contingently callable debt securities. ASU 2017-08 specifies that the premium amortization period ends at the earliest call date, for purchased non-contingently callable debt securities. ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Management is currently evaluating the implications of ASU 2017-08, if any.
Disclosure Update and Simplification
During August 2018, the SEC issued Final Rule Release No. 33-10532, Disclosure Update and Simplification (“Final Rule Release No. 33-10532”). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealized appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X
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(statement of changes in net assets) remove the requirement to separately state the sources of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.
The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532.
For the prior fiscal period, the total amount of distributions paid to shareholders from net investment income and from accumulated net realized gains, if any, are recognized as “Dividends” on the Statement of Changes in Net Assets.
As of October 31, 2017, the Funds’ Statement of Changes in Net Assets reflected the following UNII balances.
| | | | | | | | | | | | | |
| | | NUV | | | NUW | | | NMI | | | NEV | |
| UNII at the end of period | | $ | 11,538,094 | | | $ | 1,244,145 | | | $ | 213,343 | | | $ | 804,197 | |
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Additional Fund Information (unaudited)
| | | | | | |
Board of Directors/Trustees | | | | |
| Margo Cook* | Jack B. Evans | William C. Hunter | Albin F. Moschner | John K. Nelson | William J. Schneider** |
| Judith M. Stockdale | Carole E. Stone | Terence J. Toth | Margaret L. Wolff | Robert L. Young | |
| * | Interested Board Member. |
| ** | Retired from the Funds’ Board of Directors/Trustees effective December 31, 2018. |
Fund Manager | Custodian | Legal Counsel | Independent Registered | Transfer Agent and |
| Nuveen Fund Advisors, LLC | State Street Bank | Chapman and Cutler LLP | Public Accounting Firm | Shareholder Services |
| 333 West Wacker Drive | & Trust Company | Chicago, IL 60603 | KPMG LLP | Computershare Trust |
| Chicago, IL 60606 | One Lincoln Street | | 200 East Randolph Street | Company, N.A. |
| | Boston, MA 02111 | | Chicago, IL 60601 | 250 Royall Street |
| | | | | Canton, MA 02021 |
| | | | | (800) 257-8787 |
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
| | | | | |
| | NUV | NUW | NMI | NEV |
| Shares repurchased | — | — | — | — |
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
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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. |
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Glossary of Terms Used in this Report (Unaudited) (continued)
| ■ | Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value. |
| ■ | S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax- exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| ■ | Total Investment Exposure: Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities. |
| ■ | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
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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 PlanNuveen 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.
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Annual Investment Management Agreement Approval Process (Unaudited)
At a meeting held on May 22-24, 2018 (the “May Meeting”), the Board of Trustees or Directors, as applicable (each, a “Board,” and each Trustee or Director, a “Board Member”) of each Fund, including the Board Members who are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) (the “Independent Board Members”), approved, for its respective Fund, the renewal of the management agreement (the “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (the “Adviser”) pursuant to which the Adviser serves as investment adviser to such Fund and the sub-advisory agreement (the “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as investment sub-adviser to such Fund. Following an initial two-year period, the Board, including the Independent Board Members, is required under the 1940 Act to review and approve each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.”
In response to a request on behalf of the Independent Board Members by independent legal counsel, the Board received and reviewed prior to the May Meeting extensive materials specifically prepared for the annual review of Advisory Agreements by the Adviser as well as by Broadridge Financial Solutions, Inc. (“Broadridge” or “Lipper”), an independent provider of investment company data. The materials provided in connection with the annual review covered a breadth of subject matter including, but not limited to, a description of the nature, extent and quality of services provided by each Fund Adviser; a review of the Sub-Adviser and the applicable investment team(s); an analysis of fund performance in absolute terms and as compared to the performance of certain peer funds and benchmarks with a focus on any performance outliers; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and as compared to those of certain peer funds with a focus on any expense outliers; a description of portfolio manager compensation; a review of the secondary market for Nuveen closed-end funds (including, among other things an analysis of performance, distribution and valuation and capital raising trends in the broader closed-end fund market and in particular to Nuveen closed-end funds; a review of the leverage management actions taken on behalf of the Nuveen closed-end funds and the resulting impact on performance; and a description of the distribution management process and any capital management activities); a review of the performance of various service providers; a description of various initiatives Nuveen had undertaken or continued during the year for the benefit of particular Nuveen fund(s) and/or the complex; a description of the profitability or financial data of Nuveen and the various sub-advisers to the Nuveen funds; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the Nuveen funds. The Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. The Board Members held an in-person meeting on April 10-11, 2018 (the “April Meeting”), in part, to review and discuss the performance of the Nuveen funds and the Adviser’s evaluation of the various sub-advisers to the Nuveen funds. Prior to the May Meeting, the Board Members also received and reviewed supplemental information provided in response to questions posed by the Board Members.
The information prepared specifically for the annual review of the Advisory Agreements supplemented the information provided to the Board and its committees throughout the year. The Board and its committees met regularly during the year and the information provided and topics discussed were relevant to the review of the Advisory Agreements. Some of these reports and other data included, among other things, materials that outlined the investment performance of the Nuveen funds; strategic plans of the Adviser which may impact the services it provides to the Nuveen funds; the review of the Nuveen funds and applicable investment teams; the management of leveraging financing for the Nuveen closed-end funds; the secondary market trading of the Nuveen closed-end funds and any actions to address discounts; compliance, regulatory and risk management matters; the trading practices of the various sub-advisers; valuation of securities; fund expenses; and overall market and regulatory developments. The Board further continued its practice of seeking to meet periodically with the various sub-advisers to the Nuveen funds and their investment teams, when feasible. As a result, the Independent Board Members considered the review of the Advisory Agreements to be an ongoing process and employed the accumulated information, knowledge, and experience the Board Members had gained during
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their tenure on the boards governing the Nuveen funds and working with the Fund Advisers in their review of the Advisory Agreements. Throughout the year and during the annual review of Advisory Agreements, the Independent Board Members met in executive sessions with independent legal counsel and had the benefit of counsel’s advice.
In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as determinative, but rather the decision reflected the comprehensive consideration of all the information provided, and each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the approval process. The following summarizes the principal factors, but not all the factors, the Board considered in deciding to renew the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund and the resulting performance of each Fund. With respect to the Adviser, the Board recognized the comprehensive set of management, oversight and administrative services the Adviser and its affiliates provided to manage and operate the Nuveen funds in a highly regulated industry. As illustrative, these services included, but were not limited to, product management; investment oversight, risk management and securities valuation services; fund accounting and administration services; board support and administration services; compliance and regulatory oversight services; legal support; and with respect to closed-end funds, leverage, capital and distribution management services.
In addition to the services necessary to operate and maintain the Nuveen funds, the Board recognized the Adviser’s continued program of improvements and innovations to make the Nuveen fund complex more relevant and attractive to existing and new investors and to accommodate the new and changing regulatory requirements in an increasingly complex regulatory environment. The Board noted that some of the initiatives the Adviser had taken over recent years to benefit the complex and particular Nuveen funds included, among other things:
• Fund Rationalizations – continuing efforts to rationalize the product line through mergers, liquidations and repositionings in seeking to enhance shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches more relevant to current shareholder needs;
• Product Innovations – developing product innovations and launching new products that will help the Nuveen fund complex offer a variety of products that will attract new investors and retain existing investors, such as launching the target term funds, exchange-traded funds (“ETFs”) and multi-asset class funds;
• Risk Management Enhancements – continuing efforts to enhance risk management, including enhancing reporting to increase the efficiency of risk monitoring, implementing programs to strengthen the ability to detect and mitigate operational risks, dedicating resources and staffing necessary to create standards to help ensure compliance with new liquidity requirements, and implementing a price verification system;
• Additional Compliance Services – the continuing investment of significant resources, time and additional staffing to meet the various new regulatory requirements affecting the Nuveen funds over the past several years, the further implementation of unified compliance policies and processes, the development of additional compliance training modules, and the reorganization of the compliance team adding further depth to its senior leadership;
• Expanded Dividend Management Services – as the Nuveen fund complex has grown, the additional services necessary to manage the distributions of the varied funds offered and investing in automated systems to assist in this process; and
• with respect specifically to closed-end funds, such initiatives also included:
•• Leverage Management Services – continuing activities to expand financing relationships and develop new product structures to lower fund leverage expenses and to manage associated risks, particularly in an interest rate increasing environment;
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
| •• | Capital Management Services – continuing capital management activities through the share repurchase program and additional equity offerings in seeking to increase net asset value and/or improve fund performance for the respective Nuveen funds; |
| •• | Data and Market Analytics – continuing development of databases that help with obtaining and analyzing ownership data of closed-end funds; |
| •• | Enhanced Secondary Market Reporting – providing enhanced reporting and commentary on the secondary market trad- ing of closed-end funds which permit more efficient analysis of the performance of the Nuveen funds compared to peers and of trends in the marketplace; and |
| •• | Tender Option Bond Services – providing the additional support services necessary for Nuveen funds that seek to use tender option bonds to meet new regulatory requirements. |
The Board also recognized the Adviser’s investor relations program which seeks to advance the Nuveen closed-end funds through, among other things, raising awareness and delivering education regarding closed-end funds to investors and financial advisors and promoting the Nuveen closed-end funds with such investors.
In addition to the services provided by the Adviser, the Board also noted the business related risks the Adviser incurred in managing the Nuveen funds, including entrepreneurial, legal and litigation risks.
The Board further considered the division of responsibilities between the Adviser and the Sub-Adviser and the investment and compliance oversight over the Sub-Adviser provided by the Adviser. The Board recognized that the Sub-Adviser generally provided the portfolio advisory services for the Funds. The Board reviewed the Adviser’s analysis of the Sub-Adviser which evaluated, among other things, the investment team, the members’ experience and any changes to the team during the year, the team’s assets under management, the stability and history of the organization, the team’s investment approach and the performance of the Funds over various periods. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
As part of its evaluation of the services provided by the Fund Advisers, the Board considered the investment performance of each Fund. In this regard, the Board reviewed fund performance over the quarter, one-, three- and five-year periods ending December 31, 2017 as well as performance data for the first quarter of 2018 ending March 31, 2018. The Independent Board Members noted that they reviewed and discussed fund performance over various time periods with management at their quarterly meetings throughout the year and their review and analysis of performance during the annual review of Advisory Agreements incorporated such discussions.
The Board reviewed performance on an absolute basis and in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). The Board considered the Adviser’s analysis of each Nuveen fund’s performance, including, in particular, an analysis of the Nuveen funds determined to be performance outliers and the factors contributing to their underperformance. In addition to the foregoing, in recognizing the importance of secondary market trading to shareholders of closed-end funds, the Board reviewed, among other things, the premium or discount to net asset value of the Nuveen closed-end funds as of a specified date as well as relative to the premiums or discounts of certain peers and the funds’ total return based on net asset value and market price over various periods. The Board considers the review of premiums and discounts of the closed-end funds to be a continuing priority and as such, the Board and/or its Closed-end Fund Committee also receives an update on the secondary closed-end fund market and evaluates the premiums and discounts of the Nuveen closed-end funds at each quarterly meeting, reviewing, among other things, the premium and discount trends in the broader closed-end fund market, by asset category and by closed-end fund; the historical total return performance data for the Nuveen closed-end funds based on net asset value and price over various periods; the volatility trends in the market; the distribution data of the Nuveen closed-end
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funds and as compared to peer averages; and a summary of the common share shelf offerings and share repurchase activity during the applicable quarter. As the Board’s Closed-end Fund Committee oversees matters particularly impacting the closed-end fund product line, the committee further engages in more in-depth discussions of the premiums and discounts of the Nuveen closed-end funds at each of its quarterly meetings.
In reviewing performance data, the Independent Board Members appreciated some of the inherent limitations of such data. In this regard, the Independent Board Members recognized that there may be limitations with the comparative data of certain peer groups or benchmarks as they may pursue objective(s), strategies or have other characteristics that are different from the respective Nuveen fund and therefore the performance results necessarily are different and limit the value of the comparisons. As an example, some funds may utilize leverage which may add to or detract from performance compared to an unlevered benchmark. The Independent Board Members also noted that management had ranked the relevancy of the peer group as low, medium or high to help the Board evaluate the value of the comparative peer performance data. The Board was aware that the performance data was measured as of a specific date and a different time period may reflect significantly different results and a period of underperformance can significantly impact long term performance figures. The Board further recognized that a shareholder’s experience in a Fund depends on his or her own holding period which may differ from that reviewed by the Independent Board Members.
In their review of performance, the Independent Board Members focused, in particular, on the Adviser’s analysis of Nuveen funds determined to be underperforming performance outliers. The Independent Board Members noted that only a limited number of the Nuveen funds appeared to be underperforming performance outliers at the end of 2017 and considered the factors contributing to the respective fund’s performance and whether there were any performance concerns that needed to be addressed. The Board recognized that some periods of underperformance may only be temporary while other periods of underperformance may indicate a broader issue that may require a corrective action. Accordingly, with respect to any Nuveen funds for which the Board had identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers whether any steps are necessary or appropriate to address such issues, and reviews the results of any efforts undertaken.
For Nuveen Municipal Value Fund, Inc. (the “Municipal Value Fund”), the Board noted that although the Fund ranked in the fourth quartile of its Performance Peer Group for the five-year period, the Fund ranked in the third quartile in the one- and three-year periods. The Fund also outperformed its benchmark in the one-, three- and five-year periods. In its review, the Board noted that the Performance Peer Group was classified as low in relevancy. The Board was satisfied with the Fund’s overall performance.
For Nuveen AMT-Free Municipal Value Fund (the “AMT-Free Municipal Fund”), the Board noted that the Fund ranked in the second quartile of its Performance Peer Group in the one- and three-year periods and third quartile in the five-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. In its review, the Board noted that the Performance Peer Group was classified as low in relevancy. The Board was satisfied with the Fund’s overall performance.
For Nuveen Municipal Income Fund, Inc. (the “Municipal Income Fund”), the Board noted that the Fund ranked in the third quartile of its Performance Peer Group in the one- and three-year periods and second quartile in the five-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. In its review, the Board noted that the Performance Peer Group was classified as low in relevancy. The Board was satisfied with the Fund’s overall performance.
For Nuveen Enhanced Municipal Value Fund (the “Enhanced Municipal Fund”), the Board noted that the Fund ranked in the second quartile of its Performance Peer Group in the one- and five-year periods and the third quartile in the three-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods. The Board was satisfied with the Fund’s overall performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
In its annual review, the Board considered the fees paid to the Fund Advisers and the total operating expense ratio of each Fund. More specifically, the Independent Board Members reviewed, among other things, each Fund’s gross and net management fee rates and net total expense ratio in relation to those of a comparable universe of funds (the “Peer Universe”)
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)
established by Broadridge. The Independent Board Members reviewed the methodology Broadridge employed to establish its Peer Universe and recognized that differences between the applicable fund and its respective Peer Universe may limit some of the value of the comparative data. The Independent Board Members also considered a fund’s operating expense ratio as it more directly reflected the shareholder’s costs in investing in the respective fund. In their review, the Independent Board Members considered, in particular, each fund with a net expense ratio (excluding investment-related costs of leverage for closed-end funds) of six basis points or higher compared to that of its peer average (each an “Expense Outlier Fund”). The Board noted that the number of Nuveen funds classified as an Expense Outlier Fund pursuant to the foregoing criteria had decreased over the past few years with only a limited number of the Nuveen funds identified as Expense Outlier Funds in 2017. The Independent Board Members reviewed an analysis as to the factors contributing to each such fund’s higher relative net expense ratio. In addition, although the Board reviewed a fund’s total net expenses both including and excluding investment-related expenses (i.e., leverage costs) and taxes for certain of the Nuveen closed-end funds, the Board recognized that leverage expenses will vary across funds and in comparison to peers because of differences in the forms and terms of leverage employed by the respective fund. Accordingly, in reviewing the comparative data between a fund and its peers, the Board generally considered the fund’s net expense ratio and fees (excluding leverage costs and leveraged assets for the closed-end funds) to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe.
In their review of the fee arrangements for the Nuveen funds, the Independent Board Members considered the management fee schedules, including the complex-wide and fund-level breakpoint schedules, as applicable. The Board considered that across the Nuveen fund complex, the complex-wide fee breakpoints reduced fees by $47.4 million and fund-level breakpoints reduced fees by $54.6 million in 2017.
The Board considered the sub-advisory fees paid to the Sub-Adviser, including any breakpoint schedule, and as described below, comparative data of the fees the Sub-Adviser charges to other clients.
The Independent Board Members noted that the Municipal Value Fund, the AMT-Free Municipal Fund and the Municipal Income Fund had net management fees and net expense ratios below their respective peer averages; and the Enhanced Municipal Fund had a net management fee in line with its peer average and a net expense ratio below its peer average.
Based on their review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In determining the appropriateness of fees, the Board also reviewed information regarding the fee rates the respective Fund Advisers charged for certain other types of clients and the type of services provided to these other clients. With respect to the Adviser and/or affiliated sub-advisers to the municipal funds, such other clients may include retail and institutional managed accounts, passively managed ETFs sub-advised by the Sub-Adviser but that are offered by another fund complex and municipal managed accounts offered by an unaffiliated adviser.
The Board recognized that each Fund had an affiliated sub-adviser and reviewed, among other things, the range of fees and average fee rates assessed for managed accounts. In addition to the comparative fee data, the Board also reviewed, among other things, a description of the different levels of services provided to other clients compared to the services provided to the Nuveen funds as well as the differences in portfolio investment policies, investor profiles, account sizes and regulatory requirements, all of which contribute to the variations in the fee schedules. In general, the Board noted that the higher fee levels reflect higher levels of services provided by Nuveen, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisory mandates. The Board concluded the varying levels of fees were justified given, among other things, the inherent differences in the products and the level of services provided to the Nuveen funds versus other clients, the differing regulatory requirements and legal liabilities and the entrepreneurial risks incurred in sponsoring and advising a registered investment company.
102
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members considered Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2017 and 2016. In considering profitability, the Independent Board Members reviewed the level of profitability realized by Nuveen including and excluding any distribution expenses incurred by Nuveen from its own resources. The Independent Board Members also reviewed a description of the expense allocation methodology employed to develop the financial information and a summary of the history of changes to the methodology over the years. For comparability purposes, the Board recognized that a prior year’s profitability would be restated to reflect any refinements to the methodology. The Independent Board Members were aware of the inherent limitations in calculating profitability as the use of different reasonable allocation methodologies may lead to significantly different results and in reviewing profitability margins over extended periods given the refinements to the methodology over time. The Board noted that two Independent Board Members, along with independent counsel, serve as the Board’s liaisons to review and discuss any proposed changes to the methodology prior to the full Board’s review.
In their review, the Independent Board Members evaluated, among other things, Nuveen’s adjusted operating margins, gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax and before distribution) of Nuveen for fund advisory services for each of the last two calendar years. The Independent Board Members also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2017 versus 2016. The Board noted that Nuveen recently launched its ETF product line in 2016 and reviewed the revenues, expenses and operating margin from this product line.
In addition to reviewing Nuveen’s profitability in absolute terms, the Independent Board Members also examined comparative profitability data reviewing, among other things, the revenues, expenses and adjusted total company margins of other advisory firms that had publicly available information and comparable assets under management (based on asset size and asset composition) for 2017 and as compared to their adjusted operating margins for 2016. The Independent Board Members, however, recognized the difficulty in comparing the profitability of various fund managers given the limited public information available and the subjective nature of calculating profitability which may be affected by numerous factors including the fund manager’s organizational structure, types of funds, other lines of business, methodology used to allocate expenses and cost of capital. Nevertheless, considering such limitations and based on the information provided, the Board noted that Nuveen’s adjusted operating margins appeared reasonable when compared to the adjusted margins of the peers.
Aside from Nuveen’s profitability, the Board recognized that the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). As such, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2017 and 2016 calendar years to consider the financial strength of TIAA.
In reviewing profitability, the Independent Board Members also considered the profitability of the various sub-advisers from their relationships with the respective Nuveen fund(s). The Independent Board Members reviewed the Sub-Adviser’s revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2017. The Independent Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ending December 31, 2017 and the pre- and post-tax revenue margin from 2017 and 2016.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered any other ancillary benefits derived by the respective Fund Adviser from its relationship with the Nuveen funds as discussed in further detail below.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
103
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Independent Board Members considered the extent to which economies of scale may be achieved as a Fund grows and whether these economies of scale have been shared with shareholders. Although the Board recognized that economies of scale are difficult to measure, the Independent Board Members noted that there are several methods that may be used in seeking to share economies of scale, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waivers and/or expense limitation agreements and the Adviser’s investment in its business which can enhance the services provided to the Nuveen funds. With respect to breakpoint schedules, because the Board had previously recognized that economies of scale may occur not only when the assets of a particular fund grow but also when the assets in the complex grow, the Nuveen funds generally pay the Adviser a management fee comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. In general terms, the breakpoint schedule at the fund level reduces fees as assets in the particular fund pass certain thresholds and the breakpoint schedule at the complex level reduces fees on certain funds as the eligible assets in the complex pass certain thresholds. Subject to exceptions for certain Nuveen funds, the Independent Board Members reviewed the fund-level and complex-level fee schedules and any resulting savings in fees. In addition, with respect to closed-end funds, the Independent Board Members noted that, although such funds may from time-to-time make additional share offerings, the growth of their assets would occur primarily through the appreciation of such funds’ investment portfolios. Further, the Independent Board Members recognized the Adviser’s continued reinvestment in its business through, among other things, improvements in technology, additional staffing, product innovations and other organizational changes designed to expand or enhance the services provided to the benefit of all of the Nuveen funds.
Based on its review, the Board concluded that the current fee arrangements together with the Adviser’s reinvestment in its business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. The Independent Board Members reviewed the revenues that an affiliate of the Adviser received in 2017 as a result of serving as co-manager in the initial public offerings of new closed-end funds and as the underwriter on shelf offerings of existing closed-end funds.
In addition to the above, the Independent Board Members considered whether the Sub-Adviser uses commissions paid by the Funds on portfolio transactions to obtain research products and other services (“soft dollar transactions”). The Board recognized that the Sub-Adviser may benefit from research received from broker-dealers that execute Fund portfolio transactions. The Board, however, noted that the benefits for sub-advisers transacting in fixed-income securities may be more limited as such securities generally trade on a principal basis and therefore do not generate brokerage commissions. Further, the Board noted that although the Sub-Adviser may benefit from the receipt of research and other services that it may otherwise have to pay for out of its own resources, the research may also benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds or is acquired through the commissions paid on portfolio transactions of other funds or clients.
Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
104
Board Members & Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is set at eleven. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
| | | | | |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | | Appointed | Including other | in Fund Complex |
| | | and Term(1) | Directorships | Overseen by |
| | | | During Past 5 Years | Board Member |
| |
| Independent Board Members: | | | | |
| |
| |
■ TERENCE J. TOTH | | | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); | |
| 1959 | | | Director, Fulcrum IT Service LLC (since 2010) and Quality Control | |
| 333 W. Wacker Drive | Chairman and | 2008 | Corporation (since 2012); member: Catalyst Schools of Chicago Board | 169 |
| Chicago, IL 6o6o6 | Board Member | Class II | (since 2008) and Mather Foundation Board (since 2012), and chair of | |
| | | | its Investment Committee; formerly, Director, Legal & General Investment | |
| | | | Management America, Inc. (2008-2013); formerly, CEO and President, | |
| | | | Northern Trust Global Investments (2004-2007): Executive Vice President, | |
| | | | Quantitative Management & Securities Lending (2000-2004); prior thereto, | |
| | | | various positions with Northern Trust Company (since 1994); formerly, | |
| | | | Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust | |
| | | | Global Investments Board (2004-2007), Northern Trust Japan Board | |
| | | | (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern |
| | | | Trust Hong Kong Board (1997-2004). | |
| |
■ JACK B. EVANS | | | President, The Hall-Perrine Foundation, a private philanthropic | |
| 1948 | | | corporation (since 1996); Director and Chairman, United Fire | |
| 333 W. Wacker Drive | Board Member | 1999 | Group, a publicly held company; Director, Public Member, American | 169 |
| Chicago, IL 6o6o6 | | Class III | Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College | |
| | | | and the Iowa College Foundation; formerly, President Pro-Tem of the | |
| | | | Board of Regents for the State of Iowa University System; formerly, | |
| | | | Director, Alliant Energy and The Gazette Company; formerly, Director, | |
| | | | Federal Reserve Bank of Chicago; formerly, President and Chief Operating | |
| | | | Officer, SCI Financial Group, Inc., a regional financial services firm. | |
| |
■ WILLIAM C. HUNTER | | | Dean Emeritus, formerly, Dean, Tippie College of Business, University | |
| 1948 | | | of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director | |
| 333 W. Wacker Drive | Board Member | 2003 | (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., | 169 |
| Chicago, IL 6o6o6 | | Class I | The International Business Honor Society; formerly, Director (2004-2018) | |
| | | | of Xerox Corporation; Dean and Distinguished Professor of Finance, School | |
| | | | of Business at the University of Connecticut (2003-2006); previously, Senior | |
| | | | Vice President and Director of Research at the Federal Reserve Bank of | |
| | | | Chicago (1995-2003); formerly, Director (1997-2007), Credit Research | |
| | | | Center at Georgetown University. | |
| |
| |
■ ALBIN F. MOSCHNER | | | Founder and Chief Executive Officer, Northcroft Partners, LLC, a | |
| 1952 | | | management consulting firm (since 2012); Director, USA Technologies, Inc., | |
| 333 W. Wacker Drive | Board Member | 2016 | a provider of solutions and services to facilitate electronic payment | 169 |
| Chicago, IL 6o6o6 | | Class III | transactions (since 2012); formerly, Director, Wintrust Financial | |
| | | | Corporation (1996-2016); previously, held positions at Leap Wireless | |
| | | | International, Inc., including Consultant (2011-2012), Chief Operating | |
| | | | Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, | |
| | | | President, Verizon Card Services division of Verizon Communications, Inc. | |
| | | | (2000-2003); formerly, President, One Point Services at One Point | |
| | | | Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, | |
| | | | Incorporated (1996-1997); formerly, various executive positions with Zenith | |
| | | | Electronics Corporation (1991-1996). | |
105
Board Members & Officers (Unaudited) (continued)
| | | | | |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | | Appointed | Including other | in Fund Complex |
| | | and Term(1) | Directorships | Overseen by |
| | | | During Past 5 Years | Board Member |
| |
| Independent Board Members (continued): | | | |
| |
■ JOHN K. NELSON | | | Member of Board of Directors of Core12 LLC (since 2008), a private firm | |
| 1962 | | | which develops branding, marketing and communications strategies | |
| 333 W. Wacker Drive | Board Member | 2013 | for clients; Director of The Curran Center for Catholic American Studies | 169 |
| Chicago, IL 6o6o6 | | Class II | (since 2009) and The President’s Council, Fordham University (since 2010); | |
| | | | formerly, senior external advisor to the financial services practice of Deloitte | |
| | | | Consulting LLP (2012-2014): formerly, Chairman of the Board of Trustees of | |
| | | | Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief | |
| | | | Executive Officer of ABN AMRO N.V. North America, and Global Head of | |
| | | | its Financial Markets Division (2007-2008); prior senior positions held at | |
| | | | ABN AMRO include Corporate Executive Vice President and Head of | |
| | | | Global Markets-the Americas (2006-2007), CEO of Wholesale Banking | |
| | | | North America and Global Head of Foreign Exchange and Futures Markets | |
| | | | (2001-2006), and Regional Commercial Treasurer and Senior Vice President | |
| | | | Trading-North America (1996-2001); formerly, Trustee at St. Edmund | |
| | | | Preparatory School in New York City. | |
| |
■ WILLIAM J. SCHNEIDER(1) | | | Chairman of Miller-Valentine Partners, a real estate investment | |
| 1944 | | | company; Board Member of WDPR Public Radio station; formerly, | |
| 333 W. Wacker Drive | Board Member | 1996 | Senior Partner and Chief Operating Officer (retired (2004) of | 169 |
| Chicago, IL 6o6o6 | | Class III | Miller-Valentine Group; formerly, Board member, Business Advisory | |
| | | | Council of the Cleveland Federal Reserve Bank and University of | |
| | | | Dayton Business School Advisory Council; past Chair and Director, | |
| | | | Dayton Development Coalition. | |
| |
■ JUDITH M. STOCKDALE | | | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment | |
| 1947 | | | for Forestry and Communities (since 2013); formerly, Executive Director | |
| 333 W. Wacker Drive | Board Member | 1997 | (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, | 169 |
| Chicago, IL 6o6o6 | | Class I | Executive Director, Great Lakes Protection Fund (1990-1994). | |
| |
■ CAROLE E. STONE | | | Former Director, Chicago Board Options Exchange, Inc. (2006-2017); | |
| 1947 | | | and C2 Options Exchange, Incorporated (2009-2017); Director, CBOE | |
| 333 W. Wacker Drive | Board Member | 2007 | Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); | 169 |
| Chicago, IL 6o6o6 | | Class I | formerly, Commissioner, New York State Commission on Public | |
| | | | Authority Reform (2005-2010). | |
| |
■ MARGARET L. WOLFF | | | Formerly, member of the Board of Directors (2013-2017) of Travelers | |
| 1955 | | | Insurance Company of Canada and The Dominion of Canada General | |
| 333 W. Wacker Drive | Board Member | 2016 | Insurance Company (each, a part of Travelers Canada, the Canadian | 169 |
| Chicago, IL 6o6o6 | | Class I | operation of The Travelers Companies, Inc.); formerly, Of Counsel, | |
| | | | Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions | |
| | | | Group) (2005-2014); Member of the Board of Trustees of New York- | |
| | | | Presbyterian Hospital (since 2005); Member (since 2004) and Chair | |
| | | | (since 2015) of the Board of Trustees of The John A. Hartford Foundation | |
| | | | (a philanthropy dedicated to improving the care of older adults); formerly, | |
| | | | Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of | |
| | | | Mt. Holyoke College. | |
106
| | | | | |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | | Appointed | Including other | in Fund Complex |
| | | and Term(1) | Directorships | Overseen by |
| | | | During Past 5 Years | Board Member |
| |
| Independent Board Members (continued): | | | |
| |
■ ROBERT L. YOUNG(2) | | | Formerly, Chief Operating Officer and Director, J.P.Morgan Investment | |
| 1963 | | | Management Inc. (2010-2016); formerly, President and Principal Executive | |
| 333 W. Wacker Drive | Board Member | 2017 | Officer (2013-2016), and Senior Vice President and Chief Operating Officer | 167 |
| Chicago, IL 6o6o6 | | Class II | (2005-2010), of J.P.Morgan Funds; formerly, Director and various officer | |
| | | | positions for J.P.Morgan Investment Management Inc. (formerly, JPMorgan | |
| | | | Funds Management, Inc. and formerly, One Group Administrative Services) | |
| | | | and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer | |
| | | | Services, Inc.) (1999-2017). | |
| Interested Board Member: | | | | |
| |
■ MARGO L. COOK(3)(4) | | | President (since 2017), formerly, Co-Chief Executive Officer and | |
| 1964 | | | Co-President (2016-2017), formerly, Senior Executive Vice President of | |
| 333 W. Wacker Drive | Board Member | 2016 | Nuveen Investments, Inc.; President, Global Products and Solutions (since | 169 |
| Chicago, IL 6o6o6 | | Class III | 2017), and, Co-Chief Executive Officer (since 2015), formerly, Executive | |
| | | | Vice President (2013-2015), of Nuveen Securities, LLC; Executive Vice | |
| | | | President (since 2017) of Nuveen, LLC; President (since August | |
| | | | 2017), formerly Co-President (2016- 2017), formerly, Senior Executive | |
| | | | Vice President of Nuveen Fund Advisors, LLC (Executive Vice | |
| | | | President since 2011); President (since 2017), Nuveen Alternative | |
| | | | Investments, LLC; Chartered Financial Analyst. | |
| | | | | |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | | Appointed(4) | During Past 5 Years | in Fund Complex |
| | | | | Overseen by |
| | | | | Officer |
| |
| Officers of the Funds: | | | | |
| |
■ CEDRIC H. ANTOSIEWICZ | | | Senior Managing Director (since 2017), formerly, Managing Director | |
| 1962 | Chief | | (2004-2017) of Nuveen Securities, LLC; Senior Managing Director | |
| 333 W. Wacker Drive | Administrative | 2007 | (since 2017), formerly, Managing Director (2014-2017) of Nuveen | 75 |
| Chicago, IL 6o6o6 | Officer | | Fund Advisors, LLC. | |
| |
■ STEPHEN D. FOY | | | Managing Director (since 2014), formerly, Senior Vice President (2013- | |
| 1954 | | | 2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; | |
| 333 W. Wacker Drive | Vice President | 1998 | Managing Director (since 2016) of Nuveen Securities, LLC Managing | 169 |
| Chicago, IL 6o6o6 | and Controller | | Director (since 2016) of Nuveen Alternative Investments, LLC; Certified | |
| | | | Public Accountant. | |
| |
■ NATHANIEL T. JONES | | | Managing Director (since 2017), formerly, Senior Vice President (2016- | |
| 1979 | | | 2017), formerly, Vice President (2011-2016) of Nuveen; Managing | 169 |
| 333 W. Wacker Drive | Vice President | 2016 | Director of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
| Chicago, IL 6o6o6 | and Treasurer | | | |
| |
■ WALTER M. KELLY | | | Managing Director (since 2017), formerly, Senior Vice President | |
| 1970 | Chief Compliance | | (2008-2017) of Nuveen. | 169 |
| 333 W. Wacker Drive | Officer and | 2003 | | |
| Chicago, IL 6o6o6 | Vice President | | | |
107
Board Members & Officers (Unaudited) (continued)
| | | | | |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | | Appointed(4) | During Past 5 Years | in Fund Complex |
| | | | | Overseen by |
| | | | | Officer |
| |
| Officers of the Funds (continued): | | | |
| |
■DAVID J. LAMB | | | Managing Director (since 2017), formerly, Senior Vice President of | |
| 1963 | | | Nuveen (since 2006), Vice President prior to 2006. | 75 |
| 333 W. Wacker Drive | Vice President | 2015 | | |
| Chicago, IL 6o6o6 | | | | |
| |
■TINA M. LAZAR | | | Managing Director (since 2017), formerly, Senior Vice President | |
| 1961 | | | (2014-2017) of Nuveen Securities, LLC. | 169 |
| 333 W. Wacker Drive | Vice President | 2002 | | |
| Chicago, IL 6o6o6 | | | | |
| |
■KEVIN J. MCCARTHY | | | Senior Managing Director (since 2017) and Secretary and General Counsel | |
| 1966 | Vice President | | (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President | |
| 333 W. Wacker Drive | and Assistant | 2007 | (2016-2017) and Managing Director and Assistant Secretary (2008-2016); | 169 |
| Chicago, IL 6o6o6 | Secretary | | Senior Managing Director (since 2017) and Assistant Secretary (since 2008) | |
| | | | of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and |
| | | | Managing Director (2008-2016); Senior Managing Director (since 2017), | |
| | | | Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund | |
| | | | Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing | |
| | | | Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing | |
| | | | Director (since 2017), Secretary (since 2016) and Associate General Counsel | |
| | | | (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice | |
| | | | President (2016-2017) and Managing Director and Assistant Secretary (2011- | |
| | | | 2016); Senior Managing Director (since 2017) and Secretary (since 2016) of | |
| | | | Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016- | |
| | | | 2017); Vice President (since 2007) and Secretary (since 2016), formerly, | |
| | | | Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony |
| | | | Asset Management LLC, Santa Barbara Asset Management, LLC and Winslow |
| | | | Capital Management, LLC (since 2010). Senior Managing Director (since 2017) |
| | | | and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
| |
■WILLIAM T. MEYERS | | | Senior Managing Director (since 2017), formerly, Managing Director | |
| 1966 | Vice President | | (2016-2017), Senior Vice President (2010-2016) of Nuveen Securities, LLC; | |
| 333 W. Wacker Drive | | 2018 | and Nuveen Fund Advisors, LLC; Senior Managing Director (since 2017), | 75 |
| Chicago, IL 60606 | | | formerly, Managing Director (2016-2017), Senior Vice President (2010- | |
| | | | 2016) of Nuveen, has held various positions with Nuveen since 1991. | |
| |
■MICHAEL A. PERRY | | | Executive Vice President (since 2017), previously Managing Director | |
| 1967 | | | from 2016), of Nuveen Fund Advisors, LLC and Nuveen Alternative | |
| 333 W. Wacker Drive | Vice President | 2017 | Investments, LLC; Executive Vice President (since 2017), formerly, | 75 |
| Chicago, IL 6o6o6 | | | Managing Director (2015-2017), of Nuveen Securities, LLC; | |
| | | | formerly, Managing Director (2010-2015) of UBS Securities, LLC. | |
| |
■CHRISTOPHER M. ROHRBACHER | | | Managing Director (since 2017) and Assistant Secretary of Nuveen | |
| 1971 | Vice President | | Securities, LLC; Managing Director (since 2017), formerly, Senior | |
| 333 W. Wacker Drive | and Assistant | 2008 | Vice President (2016-2017) and Assistant Secretary (since 2016) of | 169 |
| Chicago, IL 6o6o6 | Secretary | | Nuveen Fund Advisors, LLC. | |
| |
■WILLIAM A. SIFFERMANN | | | Managing Director (since 2017), formerly Senior Vice President | |
| 1975 | | | (2016-2017) and Vice President (2011-2016) of Nuveen. | 169 |
| 333 W. Wacker Drive | Vice President | 2017 | | |
| Chicago, IL 6o6o6 | | | | |
| |
■ JOEL T. SLAGER | | | Fund Tax Director for Nuveen Funds (since 2013); previously, Vice | |
| 1978 | Vice President | | President of Morgan Stanley Investment Management, Inc., Assistant | |
| 333 W. Wacker Drive | and Assistant | 2013 | Treasurer of the Morgan Stanley Funds (from 2010 to 2013). | 169 |
| Chicago, IL 6o6o6 | Secretary | | | |
108
| | | | | |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | | Appointed(4) | During Past 5 Years | in Fund Complex |
| | | | | Overseen by |
| | | | | Officer |
| |
| Officers of the Funds (continued): | | | |
| |
■ MARK L. WINGET | | | Vice President and Assistant Secretary of Nuveen Securities, LLC | |
| 1968 | Vice President | | (since 2008); Vice President (since 2010) and Associate General | 169 |
| 333 W. Wacker Drive | and Assistant | 2008 | Counsel (since 2008) of Nuveen. | |
| Chicago, IL 60606 | Secretary | | | |
| |
■ GIFFORD R. ZIMMERMAN | | | Managing Director (since 2002), and Assistant Secretary of Nuveen | |
| 1956 | Vice President | | Securities, LLC; Managing Director (since 2004) and Assistant Secretary | |
| 333 W. Wacker Drive | Secretary | 1988 | (since 1994) of Nuveen Investments, Inc.; Managing Director (since | 169 |
| Chicago, IL 60606 | | | 2002), Assistant Secretary (since 1997) and Co-General Counsel (since | |
| | | | 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary |
| | | | and Associate General Counsel of Nuveen Asset Management, LLC (since | |
| | | | 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) | |
| | | | and Assistant Secretary (since 2003) of Symphony Asset Management LLC; | |
| | | | Managing Director and Assistant Secretary (since 2002) of Nuveen Investments |
| | | | Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment | |
| | | | Management Company, LLC (since 2002), Santa Barbara Asset Management, |
| | | | LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); | |
| | | | Chartered Financial Analyst. | |
| (1) | The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex. Mr. Schneider will retire from the Board as of December 31, 2018. |
| (2) | On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund. |
| (3) | “Interested person” as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. |
| (4) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex. |
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Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully.
Learn more about Nuveen Funds at: www.nuveen.com/closed-end-funds
Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com | |
EAN-A-1018D 690631-INV-Y-12/19
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
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 6. SCHEDULE OF INVESTMENTS.
a) See Portfolio of Investments in Item 1.
b) Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:
Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHIES
As of the date of filing this report, the following individuals had primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
Daniel J. Close, CFA, is a Senior Vice President of Nuveen Investments. He joined Nuveen Investments in 2000 as a member of Nuveen’s product management and development team. He then served as a research analyst for Nuveen’s municipal investing team, covering corporate-backed, energy, transportation and utility credits. He received his BS in Business from Miami University and his MBA from Northwestern University’s Kellogg School of Management. Mr. Close has earned the Chartered Financial Analyst designation. Mr. Close also serves as a portfolio manager for various Nuveen Build America Bond strategies.
Item 8(a)(2). OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGERS
In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Item 8(a)(3). FUND MANAGER COMPENSATION
As of the most recently completed fiscal year end, portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.
Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.
Annual cash bonus. The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.
A portion of each portfolio manager’s annual cash bonus is based on the Fund’s pre-tax investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.
A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management‘s policies and procedures.
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.
Long-term incentive compensation. Certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.
Item 8(a)(4). OWNERSHIP OF NUW SECURITIES AS OF OCTOBER 31, 2018
