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Nuveen AMT-Free Municipal Value Fund (NUW) NPORT-PNuveen AMT-Free Municipal Value Fund (Jul 2023 report)

Filed: 28 Sep 23, 10:43am

1

Nuveen

AMT-Free

Municipal

Value

Fund

Portfolio

of

Investments

July

31,

2023

(Unaudited)

NUW

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

LONG-TERM

INVESTMENTS

-

100.0%

X

–

MUNICIPAL

BONDS

-

99

.5

%

X

270,366,212

Alaska

-

0.3%

$

800

Northern

Tobacco

Securitization

Corporation,

Alaska,

Tobacco

Settlement

Asset-Backed

Bonds,

Senior

Series

2021A

Class

1,

5.000%,

6/01/31

No

Opt.

Call

A

$

887,312

Total

Alaska

887,312

Arizona

-

1.3%

345

Phoenix

Civic

Improvement

Corporation,

Arizona,

Excise

Tax

Revenue

Bonds,

Subordinate

Lien

Series

2020A,

4.000%,

7/01/45

7/30

at

100.00

AAA

337,976

3,045

Salt

Verde

Financial

Corporation,

Arizona,

Senior

Gas

Revenue

Bonds,

Citigroup

Energy

Inc

Prepay

Contract

Obligations,

Series

2007,

5.000%,

12/01/37

No

Opt.

Call

A3

3,185,922

Total

Arizona

3,523,898

California

-

11.1%

1,730

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C,

0.000%,

9/01/30

-

AGM

Insured

No

Opt.

Call

AA

1,352,220

45

California

County

Tobacco

Securitization

Agency,

Tobacco

Settlement

Asset-Backed

Bonds,

Los

Angeles

County

Securitization

Corporation,

Series

2020A,

4.000%,

6/01/49

6/30

at

100.00

BBB+

41,744

340

California

Pollution

Control

Financing

Authority,

Water

Furnishing

Revenue

Bonds,

San

Diego

County

Water

Authoriity

Desalination

Project

Pipeline,

Refunding

Series

2019,

5.000%,

7/01/39,

144A

1/29

at

100.00

BBB

347,419

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Private

Activity/Non

AMT

Refunding

Subordinate

Series

2019C:

1,280

5.000%,

5/15/30,

(Pre-refunded

5/15/29)

5/29

at

100.00

N/R (4)

1,456,832

760

5.000%,

5/15/30

5/29

at

100.00

AA-

862,539

450

M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009A,

6.500%,

11/01/39

No

Opt.

Call

A

549,000

10,200

Palomar

Pomerado

Health,

California,

General

Obligation

Bonds,

Series

2009A,

7.000%,

8/01/38

-

AGC

Insured

8/29

at

100.00

AA

11,685,630

1,030

Poway

Unified

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

School

Facilities

Improvement

District

2007-1,

Series

2011A,

0.000%,

8/01/35

No

Opt.

Call

Aa2

671,436

2,470

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Governmental

Purpose

Second

Series

2017B,

5.000%,

5/01/47

5/27

at

100.00

A+

2,570,307

12,955

San

Ysidro

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

1997

Election

Series

2012G,

0.000%,

8/01/35

-

AGM

Insured

No

Opt.

Call

AA

8,142,347

5,185

San

Ysidro

School

District,

San

Diego

County,

California,

General

Obligation

Bonds,

Refunding

Series

2015,

0.000%,

8/01/44

8/25

at

36.88

AA

1,745,737

115

Vernon,

California,

Electric

System

Revenue

Bonds,

Series

2021A,

5.000%,

4/01/28

No

Opt.

Call

BBB+

121,547

700

Victor

Elementary

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

Series

2002A,

0.000%,

8/01/24

-

FGIC

Insured

No

Opt.

Call

Aa3

675,185

Total

California

30,221,943

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

(Unaudited)

2

NUW

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Colorado

-

4.1%

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

$

1,030,070

1,500

5.000%,

12/01/36

12/26

at

100.00

Baa2

1,517,130

Denver

Health

and

Hospitals

Authority,

Colorado,

Healthcare

Revenue

Bonds,

Series

2019A:

1,750

4.000%,

12/01/38

12/29

at

100.00

BBB

1,614,375

2,000

4.000%,

12/01/39

12/29

at

100.00

BBB

1,825,160

5,885

E-470

Public

Highway

Authority,

Colorado,

Toll

Revenue

Bonds,

Series

2004A,

0.000%,

9/01/34

-

NPFG

Insured

No

Opt.

Call

A+

3,874,507

1,000

Public

Authority

for

Colorado

Energy,

Natural

Gas

Purchase

Revenue

Bonds, Colorado

Springs

Utilities,

Series

2008,

6.500%,

11/15/38

No

Opt.

Call

AA-

1,206,210

Total

Colorado

11,067,452

Delaware

-

0.2%

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2014A:

150

4.125%,

1/01/39

1/24

at

100.00

A1

150,105

200

5.000%,

1/01/44

1/24

at

100.00

A1

200,766

130

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2019,

4.000%,

1/01/44

1/29

at

100.00

A1

128,315

Total

Delaware

479,186

District

of

Columbia

-

1.0%

1,735

Metropolitan

Washington

Airports

Authority,

District

of

Columbia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B,

5.000%,

10/01/47

10/29

at

100.00

A-

1,812,016

725

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Dedicated

Revenue

Bonds,

Series

2020A,

5.000%,

7/15/45

7/30

at

100.00

AA

781,282

Total

District

of

Columbia

2,593,298

Florida

-

3.7%

1,655

Fort

Myers,

Florida,

Utility

System

Revenue

Bonds,

Refunding

Series

2019A,

4.000%,

10/01/49

10/28

at

100.00

Aa3

1,597,621

500

Gainesville,

Florida,

Utilities

System

Revenue

Bonds,

Series

2017A,

5.000%,

10/01/36

10/27

at

100.00

Aa3

534,565

1,000

JEA,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Series

2020A,

5.000%,

10/01/34

4/30

at

100.00

AA+

1,127,150

1,605

Lakeland,

Florida,

Hospital

System

Revenue

Bonds,

Lakeland

Regional

Health,

Series

2015,

5.000%,

11/15/45

11/24

at

100.00

A2

1,608,403

535

Miami

Beach

Redevelopment

Agency,

Florida,

Tax

Increment

Revenue

Bonds,

City

Center/Historic

Convention

Village,

Series

2015A,

5.000%,

2/01/44

-

AGM

Insured

2/24

at

100.00

AA

536,610

3,350

Miami-Dade

County,

Florida,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Series

2017B,

5.000%,

10/01/32

10/25

at

100.00

AA-

3,447,686

510

Putnam

County

Development

Authority,

Florida,

Pollution

Control

Revenue

Bonds,

Seminole

Electric

Cooperatice,

Inc.

Project,

Refunding

Series

2018B,

5.000%,

3/15/42

5/28

at

100.00

A-

530,273

805

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-2,

0.000%,

5/01/40

(5)

8/23

at

100.00

N/R

741,139

880

Tolomato

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Refunding

Series

2015-3,

6.610%,

5/01/40

(6)

8/23

at

100.00

N/R

9

Total

Florida

10,123,456

3

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Georgia

-

2.6%

$

2,000

Gainesville

and

Hall

County

Hospital

Authority,

Georgia,

Revenue

Anticipation

Certificates,

Northeast

Georgia

Health

Services

Inc.,

Series

2017B,

5.250%,

2/15/45

2/27

at

100.00

AA+

$

2,089,540

1,470

Municipal

Electric

Authority

of

Georgia,

Plant

Vogtle

Units

3

&

4

Project

J

Bonds,

Series

2019A,

5.000%,

1/01/49

-

BAM

Insured

7/28

at

100.00

AA

1,517,260

Municipal

Electric

Authority

of

Georgia,

Project

One

Revenue

Bonds,

Subordinate

Lien

Series

2015A:

1,790

0.000%,

1/01/32

No

Opt.

Call

A2

1,308,705

2,000

5.000%,

1/01/35

1/25

at

100.00

A2

2,031,060

Total

Georgia

6,946,565

Illinois

-

10.5%

2,000

Chicago

Board

of

Education,

Illinois,

Dedicated

Capital

Improvement

Tax

Revenue

Bonds,

Series

2016,

6.000%,

4/01/46

4/27

at

100.00

A

2,108,960

2,000

Cook

County,

Illinois,

Sales

Tax

Revenue

Bonds,

Series

2017,

5.000%,

11/15/38

11/27

at

100.00

AA-

2,091,940

1,800

Evanston,

Cook

County,

Illinois,

General

Obligation

Bonds,

Corporate

Purpose

Series

2019A,

5.000%,

12/01/43

12/29

at

100.00

AA+

1,906,650

7,500

Illinois

Finance

Authority,

Revenue

Bonds,

University

of

Chicago,

Series

2023A,

5.250%,

5/15/54

5/33

at

100.00

AA+

8,245,875

Illinois

Finance

Authority,

State

of

Illinois

Clean

Water

Initiative

Revolving

Fund

Revenue

Bonds,

Series

2017:

375

5.000%,

7/01/37,

(Pre-refunded

1/01/27)

1/27

at

100.00

N/R (4)

398,850

3,125

5.000%,

7/01/37

1/27

at

100.00

AAA

3,307,469

1,500

Illinois

State,

General

Obligation

Bonds,

November

Series

2017D,

5.000%,

11/01/27

No

Opt.

Call

A-

1,596,120

525

Illinois

State,

General

Obligation

Bonds,

October

Series

2016,

5.000%,

2/01/27

No

Opt.

Call

A-

552,232

495

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

McCormick

Place

Expansion

Project

Bonds,

Refunding

Series

2020A,

4.000%,

6/15/50

12/29

at

100.00

A

455,588

11,420

Metropolitan

Pier

and

Exposition

Authority,

Illinois,

Revenue

Bonds,

McCormick

Place

Expansion

Project,

Series

2002A,

0.000%,

12/15/37

-

NPFG

Insured

No

Opt.

Call

A

6,197,520

615

University

of

Illinois,

Health

Services

Facilities

System

Revenue

Bonds,

Series

2013,

6.000%,

10/01/42

10/23

at

100.00

A2

617,700

Will

County

Community

Unit

School

District

201-U

Crete-Monee,

Illinois,

General

Obligation

Bonds,

Capital

Appreciation

Series

2004:

300

0.000%,

11/01/23

-

NPFG

Insured,

(ETM)

No

Opt.

Call

Baa2 (4)

297,381

330

0.000%,

11/01/23

-

NPFG

Insured

No

Opt.

Call

A

326,743

340

0.000%,

11/01/23

-

NPFG

Insured,

(ETM)

No

Opt.

Call

Baa2 (4)

337,113

50

0.000%,

11/01/23

-

NPFG

Insured,

(ETM)

No

Opt.

Call

N/R (4)

49,575

25

0.000%,

11/01/23

-

NPFG

Insured,

(ETM)

No

Opt.

Call

Baa2 (4)

24,782

Total

Illinois

28,514,498

Indiana

-

0.5%

1,500

Indianapolis

Local

Public

Improvement

Bond

Bank,

Indiana,

Series

1999E,

0.000%,

2/01/25

-

AMBAC

Insured

No

Opt.

Call

AA

1,422,660

Total

Indiana

1,422,660

Kentucky

-

3.4%

1,150

Kenton

County

Airport

Board,

Kentucky,

Airport

Revenue

Bonds,

Cincinnati/Northern

Kentucky

International

Airport,

Refunding

Series

2016,

5.000%,

1/01/29

1/26

at

100.00

A1

1,204,360

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

(Unaudited)

4

NUW

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Kentucky

(continued)

$

1,000

Kentucky

Bond

Development

Corporation,

Transient

Room

Tax

Revenue

Bonds,

Lexington

Center

Corporation

Project,

Series

2018A,

5.000%,

9/01/43

9/28

at

100.00

A2

$

1,035,170

1,185

Kentucky

Economic

Development

Finance

Authority,

Louisville

Arena

Project

Revenue

Bonds,

Louisville

Arena

Authority,

Inc.,

Series

2017A,

5.000%,

12/01/47

-

AGM

Insured

8/23

at

100.00

AA

1,179,194

1,000

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1,

5.000%,

8/01/32

8/29

at

100.00

A-

1,079,560

3,750

Kentucky

Economic

Development

Finance

Authority,

Revenue

Bonds,

Next

Generation

Kentucky

Information

Highway

Project,

Senior

Series

2015A,

5.000%,

1/01/45

7/25

at

100.00

BBB+

3,769,575

1,080

Kentucky

Public

Transportation

Infrastructure

Authority,

Toll

Revenue

Bonds,

Downtown

Crossing

Project,

Refunding

First

Tier

Series

2021B,

4.000%,

7/01/53

-

AGM

Insured

7/31

at

100.00

AA

965,002

Total

Kentucky

9,232,861

Maine

-

1.0%

2,425

University

of

Maine,

System

Revenue

Bonds,

Series

2022,

5.000%,

3/01/47

3/32

at

100.00

AA-

2,618,855

Total

Maine

2,618,855

Maryland

-

3.2%

3,420

Baltimore,

Maryland,

Convention

Center

Hotel

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

9/01/33

9/27

at

100.00

B

3,441,341

5,000

Maryland

Health

and

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

MedStar

Health

Issue,

Series

2017A,

5.000%,

5/15/45

5/27

at

100.00

A

5,120,400

Total

Maryland

8,561,741

Michigan

-

0.7%

1,000

Michigan

Finance

Authority,

Distributable

State

Aid

Revenue

Bonds,

Charter

County

of

Wayne

Criminal

Justice

Center

Project,

Senior

Lien

Series

2018,

5.000%,

11/01/43

11/28

at

100.00

Aa3

1,055,440

850

Michigan

Finance

Authority,

Tobacco

Settlement

Asset-

Backed

Bonds,

2007

Sold

Tobacco

Receipts,

Series

2020B-1-CL2,

5.000%,

6/01/49

12/30

at

100.00

BBB+

871,964

Total

Michigan

1,927,404

Minnesota

-

1.1%

1,145

Rochester,

Minnesota,

Electric

Utility

Revenue

Bonds,

Refunding

Series

2017A,

5.000%,

12/01/47

12/26

at

100.00

AA

1,177,255

700

Southern

Minnesota

Municipal

Power

Agency,

Badger

Coulee

Project

Revenue

Bonds,

Series

2019A,

5.000%,

1/01/32

1/30

at

100.00

AA-

791,266

1,000

University

of

Minnesota,

General

Obligation

Bonds,

Series

2017A,

5.000%,

9/01/36

9/27

at

100.00

Aa1

1,071,850

Total

Minnesota

3,040,371

Montana

-

0.9%

Montana

Facility

Finance

Authority,

Montana,

Health

Facilities

Reveue

Bonds,

Bozeman

Deaconess

Health

Services

Obligated

Group,

Series

2021A:

500

5.000%,

6/01/31

No

Opt.

Call

A

548,410

640

4.000%,

6/01/38

6/31

at

100.00

A

624,205

1,245

4.000%,

6/01/40

6/31

at

100.00

A

1,183,746

Total

Montana

2,356,361

5

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Nevada

-

5.4%

$

3,000

Clark

County,

Nevada,

General

Obligation

Bonds,

Transportation

Improvement,

Limited

Tax,

Additionally

Secured

by

Pledged

Revenue

Series

2018B,

5.000%,

12/01/33

12/28

at

100.00

AA+

$

3,304,410

4,000

Las

Vegas

Convention

and

Visitors

Authority,

Nevada,

Revenue

Bonds,

Series

2018C,

5.250%,

7/01/43

7/28

at

100.00

AA-

4,235,040

Las

Vegas

Convention

and

Visitors

Authority,

Nevada,

Revenue

Bonds,

Series

2019B:

3,015

5.000%,

7/01/36

7/29

at

100.00

AA-

3,270,009

1,665

5.000%,

7/01/37

7/29

at

100.00

AA-

1,793,571

2,000

Las

Vegas

Valley

Water

District,

Nevada,

General

Obligation

Bonds,

Refunding

Series

2015,

5.000%,

6/01/39

12/24

at

100.00

Aa1

2,032,080

60

Sparks,

Nevada,

Sales

Tax

Revenue

Bonds,

Tourism

Improvement

District

1

Legends

at

Sparks

Marina,

Refunding

Senior

Series

2019A,

2.750%,

6/15/28,

144A

No

Opt.

Call

Ba1

55,984

Total

Nevada

14,691,094

New

Jersey

-

6.9%

Camden

County

Improvement

Authority,

New

Jersey,

Health

Care

Redevelopment

Revenue

Bonds,

Cooper

Health

System

Obligated

Group

Issue,

Refunding

Series

2014A:

105

5.000%,

2/15/25

2/24

at

100.00

A-

105,394

100

5.000%,

2/15/34

2/24

at

100.00

A-

100,429

105

Camden

County

Improvement

Authority,

New

Jersey,

Health

Care

Redevelopment

Revenue

Bonds,

Cooper

Health

System

Obligated

Group

Issue,

Series

2013A,

5.750%,

2/15/42

8/23

at

100.00

A-

105,146

110

Camden

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Rowan

University

School

of

Osteopathic

Medicine

Project,

Refunding

Series

2013A,

5.000%,

12/01/32

12/23

at

100.00

A

110,280

80

Cumberland

County

Improvement

Authority,

New

Jersey,

Guaranteed

Lease

Revenue

Bonds,

County

Correctional

Facility

Project,

Series

2018,

4.000%,

10/01/43

-

BAM

Insured

10/28

at

100.00

AA

79,351

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,

Series

2018A:

175

5.000%,

1/01/37

1/29

at

100.00

A+

190,678

125

5.000%,

1/01/38

1/29

at

100.00

A+

134,456

245

Garden

State

Preservation

Trust,

New

Jersey,

Open

Space

and

Farmland

Preservation

Bonds,

Series

2005A,

5.750%,

11/01/28

-

AGM

Insured

No

Opt.

Call

AA

264,556

Harrison,

New

Jersey,

General

Obligation

Bonds,

Parking

Utility

Series

2018:

35

3.125%,

3/01/31

-

BAM

Insured

3/28

at

100.00

AA

34,652

30

3.250%,

3/01/32

-

BAM

Insured

3/28

at

100.00

AA

29,918

50

3.500%,

3/01/36

-

BAM

Insured

3/28

at

100.00

AA

49,462

150

Hudson

County

Improvement

Authority,

New

Jersey,

County

Secured

Lease

Revenue

Bonds,

Hudson

County

Vocational

Technical

Schools

Project,

Series

2016,

5.250%,

5/01/51

5/26

at

100.00

AA

154,934

100

Jersey

City,

New

Jersey,

General

Obligation

Bonds,

Refunding

General

Improvement

Series

2017A,

5.000%,

11/01/29

11/27

at

100.00

A+

108,602

100

Middlesex

County

Improvement

Authority,

New

Jersey,

Senior

Revenue

Bonds,

Heldrich

Center

Hotel/Conference

Center

Project,

Series

2005A,

5.000%,

1/01/32

(6)

8/23

at

100.00

Caa3

66,104

125

Middlesex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

Redevelopment

Series

2017,

5.000%,

1/15/27

No

Opt.

Call

AAA

133,822

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

(Unaudited)

6

NUW

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

Jersey

(continued)

$

20

Montclair

Township,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

Parking

Utility

Series

2014A,

5.000%,

1/01/37

1/24

at

100.00

AAA

$

20,089

100

Montclair

Township,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

School

Series

2017B,

4.000%,

3/01/25

No

Opt.

Call

AAA

101,350

New

Brunswick

Parking

Authority,

Middlesex

County,

New

Jersey,

Guaranteed

Parking

Revenue

Bonds,

Refunding

Series

2016A:

300

5.000%,

9/01/32

-

BAM

Insured

9/26

at

100.00

AA

315,195

140

5.000%,

9/01/39

-

BAM

Insured

9/26

at

100.00

AA

145,138

25

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Foundation

Academy

Charter

School,

Series

2018A,

5.000%,

7/01/38

1/28

at

100.00

BBB-

25,151

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

North

Star

Academy

Charter

School

of

Newark,

Series

2017:

220

4.000%,

7/15/37

7/27

at

100.00

BBB-

208,124

25

5.000%,

7/15/47

7/27

at

100.00

BBB-

25,102

100

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Teaneck

Community

Charter

School,

Series

2017A,

5.125%,

9/01/52,

144A

9/27

at

100.00

BB

90,564

35

New

Jersey

Economic

Development

Authority,

Fixed

Rate

Revenue

Bonds,

Lions

Gate

Project,

Series

2014,

5.250%,

1/01/44

1/24

at

100.00

N/R

32,752

100

New

Jersey

Economic

Development

Authority,

Lease

Revenue

Bonds,

State

House

Project,

Series

2017B,

4.500%,

6/15/40

12/28

at

100.00

A2

101,789

215

New

Jersey

Economic

Development

Authority,

Natural

Gas

Facilities

Revenue

Bonds,

New

Jersey

Natural

Gas

Company

Project,

Refunding

Series

2011A,

2.750%,

8/01/39

8/24

at

100.00

A1

176,906

125

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Motor

Vehicle

Surcharge,

Refunding

Subordinate

Series

2017A,

3.375%,

7/01/30

7/27

at

100.00

Baa3

121,065

55

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Kean

Properties

LLC

-

Kean

University

Student

Housing

Project,

Series

2017A,

5.000%,

7/01/47

1/27

at

100.00

B

50,813

100

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Rowan

Properties

LLC

-

Rowan

University

Student

Housing

Project,

Series

2015A,

5.000%,

1/01/48

1/25

at

100.00

B1

89,377

115

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2015,

5.000%,

3/01/25

No

Opt.

Call

A

117,812

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2017:

20

3.000%,

6/01/32

12/27

at

100.00

A

19,111

15

5.000%,

6/01/32

12/27

at

100.00

A

15,832

40

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

United

Methodist

Homes

of

New

Jersey

Obligated

Group

Issue,

Refunding

Series

2014A,

5.000%,

7/01/29,

(Pre-refunded

7/01/24)

7/24

at

100.00

N/R (4)

40,601

155

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

West

Campus

Housing

LLC

-

New

Jersey

City

University

Student

Housing

Project,

Series

2015,

5.000%,

7/01/47

7/25

at

100.00

B

130,264

100

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

White

Horse

HMT

Urban

Renewal

LLC

Project,

Series

2020,

5.000%,

1/01/40,

144A

1/28

at

102.00

N/R

71,973

935

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Series

2005N-1,

5.500%,

9/01/27

-

NPFG

Insured

No

Opt.

Call

A2

1,014,699

15

New

Jersey

Economic

Development

Authority,

School

Facilities

Construction

Bonds,

Social

Series

2021QQQ,

4.000%,

6/15/50

12/30

at

100.00

A2

14,323

7

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

Jersey

(continued)

$

145

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

College

of

New

Jersey,

Refunding

Series

2016F,

3.000%,

7/01/40

7/26

at

100.00

A

$

117,610

100

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Kean

University,

Refunding

Series

2015H,

4.000%,

7/01/39

-

AGM

Insured

7/25

at

100.00

AA

99,223

50

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Montclair

State

University,

Series

2014A,

5.000%,

7/01/44

7/24

at

100.00

A+

50,340

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Rider

University,

Series 2017F:

5

3.750%,

7/01/37

7/27

at

100.00

BB

3,877

100

4.000%,

7/01/42

7/27

at

100.00

BB

74,692

100

5.000%,

7/01/47

7/27

at

100.00

BB

84,366

75

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2013D,

5.000%,

7/01/38

8/23

at

100.00

BBB+

75,045

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2016C:

435

3.000%,

7/01/41

7/26

at

100.00

BBB+

339,291

50

3.000%,

7/01/46

7/26

at

100.00

BBB+

36,784

25

4.000%,

7/01/46

7/26

at

100.00

BBB+

22,399

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology,

Series

2017A:

200

4.000%,

7/01/47

7/27

at

100.00

BBB+

178,832

30

5.000%,

7/01/47

7/27

at

100.00

BBB+

30,376

25

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

The

College

of

Saint

Elizabeth,

Series

2016D,

5.000%,

7/01/46

7/26

at

100.00

BB

22,364

80

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Refunding

Series

2016,

4.000%,

7/01/41

1/27

at

100.00

AA-

78,471

230

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Barnabas

Health,

Refunding

Series

2014A,

5.000%,

7/01/44

7/24

at

100.00

AA-

231,932

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hackensack

Meridian

Health

Obligated

Group,

Refunding

Series

2017A:

150

5.000%,

7/01/28

7/27

at

100.00

AA-

160,780

150

5.000%,

7/01/57

7/27

at

100.00

AA-

154,391

110

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hunterdon

Medical

Center,

Refunding

Series

2014A,

4.000%,

7/01/45

7/24

at

100.00

A+

104,563

50

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Refunding

Series

2016A,

4.000%,

7/01/41

7/26

at

100.00

AA-

48,983

360

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

AA-

369,637

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Princeton

HealthCare

System,

Series

2016A:

25

5.000%,

7/01/32

7/26

at

100.00

AA

26,302

40

5.000%,

7/01/33

7/26

at

100.00

AA

42,016

30

5.000%,

7/01/34

7/26

at

100.00

AA

31,461

130

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Robert

Wood

Johnson

University

Hospital

Issue,

Series

2014A,

5.000%,

7/01/39

7/24

at

100.00

AA-

131,422

110

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Robert

Wood

Johnson

University

Hospital,

Series

2013A,

5.500%,

7/01/43

8/23

at

100.00

AA-

110,070

125

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Refunding

Series

2016A,

5.000%,

7/01/43

7/26

at

100.00

AA-

128,219

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

(Unaudited)

8

NUW

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

Jersey

(continued)

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Joseph's

Healthcare

System

Obligated

Group

Issue,

Refunding

Series

2016:

$

10

3.000%,

7/01/32

7/26

at

100.00

BBB-

$

8,905

405

4.000%,

7/01/48

7/26

at

100.00

BBB-

346,222

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

University

Hospital

Issue,

Refunding

Series

2015A:

130

4.125%,

7/01/38

-

AGM

Insured

7/25

at

100.00

AA

129,276

110

5.000%,

7/01/46

-

AGM

Insured

7/25

at

100.00

AA

110,934

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2019:

50

4.000%,

7/01/44

7/29

at

100.00

A+

48,279

205

3.000%,

7/01/49

7/29

at

100.00

A+

145,968

50

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Village

Drive

Healthcare

Urban

Renewal

LLC,

Series

2018,

5.750%,

10/01/38,

144A

10/26

at

102.00

N/R

38,536

120

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2015A,

4.000%,

11/01/45

11/24

at

100.00

AA-

112,384

270

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2016B,

3.600%,

11/01/40

11/25

at

100.00

AA-

251,375

435

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2018A,

3.875%,

11/01/38

11/27

at

100.00

AA-

413,276

100

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2019A,

2.900%,

11/01/39

11/28

at

100.00

AA-

84,203

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018A:

125

3.600%,

4/01/33

10/27

at

100.00

AA

120,610

75

3.750%,

10/01/35

10/27

at

100.00

AA

72,287

665

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2019C,

3.950%,

10/01/44

4/28

at

100.00

AA

631,963

235

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2020E,

2.250%,

10/01/40

4/29

at

100.00

AA

172,391

200

New

Jersey

Institute

of

Technology,

New

Jersey,

General

Obligation

Bonds,

Series

2015A,

5.000%,

7/01/45

7/25

at

100.00

A1

203,078

70

New

Jersey

State,

General

Obligation

Bonds,

Covid-19

Emergency

Series

2020A,

4.000%,

6/01/32

No

Opt.

Call

A1

74,826

100

New

Jersey

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020,

2.250%,

6/01/35

12/27

at

100.00

A1

84,148

5,020

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A,

0.000%,

12/15/31

No

Opt.

Call

A2

3,694,670

2,170

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2009A,

0.000%,

12/15/39

No

Opt.

Call

A2

1,066,555

255

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2015AA,

5.250%,

6/15/41

6/25

at

100.00

A2

259,651

50

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019A,

4.000%,

12/15/39

12/29

at

100.00

A2

49,485

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019BB:

225

3.500%,

6/15/46

12/28

at

100.00

A2

193,984

100

4.000%,

6/15/50

12/28

at

100.00

A2

94,721

9

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

Jersey

(continued)

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2020AA:

$

40

3.000%,

6/15/50

12/30

at

100.00

A2

$

30,209

30

4.000%,

6/15/50

12/30

at

100.00

A2

28,416

70

5.000%,

6/15/50

12/30

at

100.00

A2

73,768

255

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Refunding

Series

2015E,

5.000%,

1/01/45

1/25

at

100.00

AA-

259,297

200

Ocean

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2019,

2.250%,

9/15/33

9/26

at

100.00

AA

176,092

300

Salem

County

Pollution

Control

Financing

Authority,

New

Jersey,

Revenue

Bonds,

Atlantic

City

Electric

Company

Project,

Refunding

Series

2020,

2.250%,

6/01/29

No

Opt.

Call

A

272,508

250

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Refunding

Series

2019A,

5.000%,

11/01/31

-

AGM

Insured

11/29

at

100.00

AA

275,968

30

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2020A,

5.000%,

11/01/45

11/30

at

100.00

BBB+

31,120

125

Sussex

County,

New

Jersey,

General

Obligation

Bonds,

Series

2019,

3.000%,

6/01/27

6/26

at

100.00

AA+

124,815

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A:

215

4.000%,

6/01/37

6/28

at

100.00

A-

217,249

305

5.250%,

6/01/46

6/28

at

100.00

BBB+

316,553

450

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B,

5.000%,

6/01/46

6/28

at

100.00

BBB-

450,153

535

Union

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Bonds,

Juvenile

Detention

Center

Facility

Project,

Refunding

Series

2015A,

5.500%,

5/01/30

No

Opt.

Call

Aaa

624,923

170

Union

County

Utilities

Authority,

New

Jersey,

Solid

Waste

System

County

Deficiency

Revenue

Bonds,

Series

2011A,

5.000%,

6/15/41

8/23

at

100.00

Aaa

170,095

Total

New

Jersey

18,808,153

New

York

-

6.9%

500

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

School

Districts

Financing

Program,

Series

2021A,

5.000%,

10/01/32

-

AGM

Insured

10/29

at

100.00

AA

559,805

3,000

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarters

Revenue

Bonds

Series

2007,

5.500%,

10/01/37

No

Opt.

Call

A2

3,439,410

1,500

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2017,

5.000%,

9/01/42

9/27

at

100.00

A

1,586,040

2,050

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2018,

5.000%,

9/01/39

9/28

at

100.00

A

2,211,068

1,390

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020C-1,

5.000%,

11/15/50

5/30

at

100.00

A3

1,440,846

750

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Green

Climate

Certified

Series

2020E,

5.000%,

11/15/30

No

Opt.

Call

A3

823,627

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2024A-1:

1,450

4.000%,

5/01/53

5/33

at

100.00

AAA

1,405,616

1,510

5.000%,

5/01/53

5/33

at

100.00

AAA

1,632,008

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

(Unaudited)

10

NUW

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

New

York

(continued)

$

1,230

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2021

Series

C,

5.000%,

8/01/42

8/30

at

100.00

AA

$

1,336,543

315

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Seventy

Ninth

Series

2013,

5.000%,

12/01/43

12/23

at

100.00

AA-

316,147

1,000

Suffolk

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Senior

Series

2021A-2,

5.000%,

6/01/31

No

Opt.

Call

A

1,096,450

3,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Subseries

2021A-1,

2.000%,

5/15/45,

(Mandatory

Put

5/15/26)

No

Opt.

Call

AA+

2,789,760

Total

New

York

18,637,320

North

Carolina

-

1.1%

1,000

North

Carolina

Capital

Facilities

Finance

Agency,

Revenue

Bonds,

Duke

University

Project,

Refunding

Series

2016B,

5.000%,

7/01/42

10/26

at

100.00

AA+

1,050,740

North

Carolina

Turnpike

Authority,

Triangle

Expressway

System

Revenue

Bonds,

Refunding

Senior

Lien

Series

2017:

1,095

5.000%,

1/01/31

-

AGM

Insured

1/27

at

100.00

AA

1,163,558

700

5.000%,

1/01/32

1/27

at

100.00

BBB

736,554

Total

North

Carolina

2,950,852

Ohio

-

3.1%

570

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A-2

Class

1,

4.000%,

6/01/48

6/30

at

100.00

BBB+

525,369

8,580

Buckeye

Tobacco

Settlement

Financing

Authority,

Ohio,

Tobacco

Settlement

Asset-Backed

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020B-2

Class

2,

5.000%,

6/01/55

6/30

at

100.00

N/R

7,986,607

Total

Ohio

8,511,976

Oklahoma

-

0.2%

500

Oklahoma

Development

Finance

Authority,

Health

System

Revenue

Bonds,

OU

Medicine

Project,

Series

2018B,

5.500%,

8/15/57

8/28

at

100.00

BB-

492,390

Total

Oklahoma

492,390

Pennsylvania

-

4.4%

160

Adams

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2017B,

2.500%,

11/15/29

11/25

at

100.00

Aa2

152,082

50

Allegheny

County

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Robert

Morris

University,

Series

2017,

5.000%,

10/15/37

10/27

at

100.00

Baa3

50,021

465

Allegheny

County

Hospital

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Allegheny

Health

Network

Obligated

Group

Issue,

Series

2018A,

4.000%,

4/01/44

4/28

at

100.00

A

419,397

115

Allegheny

County

Hospital

Development

Authority,

Pennsylvania,

Revenue

Bonds,

University

of

Pittsburgh

Medical

Center,

Series

2019A,

4.000%,

7/15/35

7/29

at

100.00

A

116,375

220

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2013C-72,

5.250%,

12/01/32,

(Pre-refunded

12/01/23)

12/23

at

100.00

AA- (4)

221,423

230

Allentown

Neighborhood

Improvement

Zone

Development

Authority,

Pennsylvania,

Tax

Revenue

Bonds,

City

Center

Refunding

Project,

Series

2017,

5.000%,

5/01/42,

144A

5/27

at

100.00

Ba3

230,271

105

Avon

Grove

School

District,

Chester

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A,

4.000%,

11/15/37

5/29

at

100.00

AA

106,941

11

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Pennsylvania

(continued)

$

140

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2005A,

4.000%,

1/01/35

(6)

No

Opt.

Call

N/R

$

1

10

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2008A,

2.700%,

4/01/35

(6)

No

Opt.

Call

N/R

0

250

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006B,

3.500%,

12/01/35

(6)

No

Opt.

Call

N/R

2

380

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Tower

Health

Project,

Series

2017,

5.000%,

11/01/50

11/27

at

100.00

B

246,529

155

Berks

County

Industrial

Development

Authority,

Pennsylvania,

Healthcare

Facilities

Revenue

Bonds,

Highlands

at

Wyomissing,

Series

2017A,

5.000%,

5/15/42

5/27

at

100.00

BBB

144,604

15

Berks

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds, Alvernia

University

Project,

Series

2020,

5.000%,

10/01/39

10/29

at

100.00

BB+

14,311

125

Bethel

Park

School

District,

Allegheny

County,

Pennsylvania,

General

Obligation

Bonds,

Refunding

Series

2016,

4.000%,

8/01/33

8/26

at

100.00

Aa2

128,070

45

Boyertown

Area

School

District,

Berks

and

Montgomery

Counties,

Pennsylvania,

General

Obligation

Bonds,

Series

2015,

5.000%,

10/01/38

4/24

at

100.00

AA-

45,426

155

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Saint

Luke's

University

Health

Network

Project,

Series

2021,

3.000%,

8/15/53

8/30

at

100.00

A-

102,732

70

Bucks

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

School

Lane

Charter

School

Project,

Series

2016,

5.125%,

3/15/36

3/27

at

100.00

BBB-

71,357

20

Bucks

County

Water

and

Sewer

Authority,

Pennsylvania,

Water

System

Revenue

Bonds,

Series

2020,

2.125%,

12/01/45

12/28

at

100.00

AA

13,065

115

Canon-McMillan

School

District,

Washington

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2014D,

5.000%,

12/15/39

12/24

at

100.00

AA

116,354

100

Centre

County

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Mount

Nittany

Medical

Center

Project,

Series

2016A,

5.000%,

11/15/46,

(Pre-refunded

11/15/25)

11/25

at

100.00

A+ (4)

104,155

75

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2017A,

4.000%,

10/01/37

10/27

at

100.00

AA-

74,966

190

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Main

Line

Health

System,

Series

2020A,

4.000%,

9/01/50

9/30

at

100.00

AA-

175,093

35

Chester

County

Health

and

Education

Facilities

Authority,

Pennsylvania,

Revenue

Bonds,

Simpson

Senior

Services

Project,

Series

2019,

5.000%,

12/01/51

12/25

at

103.00

N/R

28,509

20

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Avon

Grove

Charter

School

Revenue

Bonds,

Series

2017A,

5.000%,

12/15/47

12/27

at

100.00

BBB-

19,518

15

Chester

County

Industrial

Development

Authority,

Pennsylvania,

Student

Housing

Revenue

Bonds,

University

Student

Housing,

LLC

Project

at

West

Chester

University

Series

2013A,

5.000%,

8/01/45

8/23

at

100.00

Ba2

14,159

35

Clarion

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Clarion

University

Foundation

Inc.

Student

Housing

Project

at

Clarion

University,

Series

2014A,

5.000%,

7/01/45

7/24

at

100.00

A1

35,234

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

(Unaudited)

12

NUW

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Pennsylvania

(continued)

$

100

Colonial

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020,

5.000%,

2/15/44

2/27

at

100.00

Aaa

$

105,526

Commonwealth

Financing

Authority,

Pennsylvania,

State

Appropriation

Lease

Bonds,

Master

Settlement,

Series

2018:

40

5.000%,

6/01/33

6/28

at

100.00

A1

42,931

355

4.000%,

6/01/39

-

AGM

Insured

6/28

at

100.00

AA

350,208

70

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Asbury

Pennsylvania

Obligated

Group, Refunding

Series

2019,

5.000%,

1/01/45

1/25

at

104.00

N/R

59,964

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2015:

20

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00

N/R (4)

20,200

60

4.000%,

1/01/33,

(Pre-refunded

1/01/25)

1/25

at

100.00

N/R (4)

60,601

45

4.000%,

1/01/33

1/25

at

100.00

BBB+

42,460

65

5.000%,

1/01/38

1/25

at

100.00

BBB+

65,084

15

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00

N/R (4)

15,356

55

5.000%,

1/01/38,

(Pre-refunded

1/01/25)

1/25

at

100.00

N/R (4)

56,304

100

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2016,

5.000%,

1/01/29

1/26

at

100.00

BBB+

101,127

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Diakon

Lutheran

Social

Ministries

Project,

Series

2019A:

25

4.125%,

1/01/38

1/29

at

100.00

BBB+

22,771

5

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00

N/R (4)

5,537

5

5.000%,

1/01/39

1/29

at

100.00

BBB+

4,957

20

5.000%,

1/01/39,

(Pre-refunded

1/01/29)

1/29

at

100.00

N/R (4)

22,148

100

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Dickinson

College

Project,

Second

Series

2017A,

5.000%,

11/01/39

11/27

at

100.00

A+

105,557

200

Cumberland

County

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Penn

State

Health,

Series

2019,

4.000%,

11/01/44

11/29

at

100.00

A

189,024

30

Dallas

Area

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Misericordia

University

Project,

Series

2019,

5.000%,

5/01/48

5/29

at

100.00

Baa3

27,914

30

Dallas

Area

Municipal

Authority,

Pennsylvania,

Revenue

Bonds,

Misericordia

University,

Series

2014,

5.000%,

5/01/37

5/24

at

100.00

Baa3

29,649

55

Dauphin

County

General

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Pinnacle

Health

System

Project,

Refunding

Series

2016A,

5.000%,

6/01/35

6/26

at

100.00

A

56,919

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017:

245

5.000%,

7/01/42

7/27

at

100.00

A+

255,599

540

5.000%,

7/01/47

7/27

at

100.00

A+

560,460

295

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2019A,

5.000%,

7/01/28

No

Opt.

Call

A+

322,783

225

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2016A,

5.000%,

7/01/41

7/26

at

100.00

B3

202,318

25

Doylestown

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Series

2019A,

4.000%,

7/01/45

7/29

at

100.00

B3

18,748

150

Dubois

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Penn

Highlands

Healthcare,

Series

2018,

5.000%,

7/15/48

1/28

at

100.00

A-

153,128

30

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Student

Services

Inc

-

Student

Housing

Project

at

Millersville

University,

Series

2014,

5.000%,

7/01/46,

(Pre-refunded

7/01/24)

7/24

at

100.00

N/R (4)

30,437

13

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Pennsylvania

(continued)

$

100

East

Hempfield

Township

Industrial

Development

Authority,

Pennsylvania,

Student

Services

Inc

-

Student

Housing

Project

at

Millersville

University,

Series

2015,

5.000%,

7/01/47,

(Pre-refunded

7/01/25)

7/25

at

100.00

N/R (4)

$

103,307

25

Easton

Area

School

District,

Northampton

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020B,

5.000%,

2/01/31

2/28

at

100.00

Aa2

27,350

60

Erie

Higher

Education

Building

Authority,

Pennsylvania,

Revenue

Bonds,

Gannon

University,

Series

2016,

4.000%,

5/01/46

11/26

at

100.00

BBB+

48,398

75

General

Authority

of

Southcentral

Pennsylvania,

Revenue

Bonds,

AICUP

Financing

Program-York

College

of

Pennsylvania,

Series

2017

PP4,

3.375%,

11/01/37

10/27

at

100.00

A-

66,440

Huntingdon

County

General

Authority,

Pennsylvania,

Revenue

Bonds,

Juniata

College,

Series

2016OO2:

15

3.250%,

5/01/36

5/26

at

100.00

BBB

12,899

35

3.500%,

5/01/41

5/26

at

100.00

BBB

28,396

20

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Masonic

Villages

Project,

Series

2015,

5.000%,

11/01/35

5/25

at

100.00

A

20,271

40

Lancaster

County

Hospital

Authority,

Pennsylvania,

Health

Center

Revenue

Bonds,

Saint

Anne's

Retirement

Community,

Inc.,

Series

2020,

5.000%,

3/01/50

3/27

at

102.00

BB+

31,734

100

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Refunding

Series

2016B,

5.000%,

8/15/46

8/26

at

100.00

AA

101,886

155

Lancaster

County

Hospital

Authority,

Revenue

Bonds,

University

of

Pennsylvania

Health

System,

Series

2016A,

5.000%,

8/15/42

8/26

at

100.00

AA

159,168

25

Lancaster

School

District,

Lancaster

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2020,

4.000%,

6/01/35

-

AGM

Insured

12/28

at

100.00

AA

25,933

Lehigh

County

Authority,

Pennsylvania,

Water

and

Sewer

Revenue

Bonds,

Allentown

Concession,

Series

2013A:

105

5.125%,

12/01/47,

(Pre-refunded

12/01/23)

12/23

at

100.00

N/R (4)

105,636

95

5.125%,

12/01/47

12/23

at

100.00

A

95,243

100

Lehigh

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Good

Shepherd

Group,

Refunding

Series

2016,

4.000%,

11/01/41

5/26

at

100.00

A-

91,556

195

Lehighton

Area

School

District,

Carbon

County,

Pennsylvania,

General

Obligation

Bonds,

Limited

Tax

Series

2015A,

5.000%,

11/15/43

-

BAM

Insured

11/23

at

100.00

AA

195,889

100

Monroe

County

Industrial

Development

Authority,

Pennsylvania,

Special

Obligation

Revenue

Bonds,

Tobyhanna

Township

Project,

Series

2014,

6.875%,

7/01/33,

144A

7/24

at

100.00

N/R

99,115

50

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2018A,

5.000%,

9/01/48

9/28

at

100.00

A

51,150

Montgomery

County

Higher

Education

and

Health

Authority,

Pennsylvania,

Revenue

Bonds,

Thomas

Jefferson

University,

Series

2019:

50

4.000%,

9/01/44

9/29

at

100.00

A

47,600

25

4.000%,

9/01/49

9/29

at

100.00

A

23,358

200

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Health

System

Revenue

Bonds,

Albert

Einstein

Healthcare

Network

Issue,

Series

2015A,

5.250%,

1/15/45,

(Pre-refunded

1/15/25)

1/25

at

100.00

N/R (4)

205,720

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

(Unaudited)

14

NUW

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Pennsylvania

(continued)

$

200

Montgomery

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

ACTS

Retirement-Life

Communities,

Inc.

Obligated

Group,

Series

2016,

5.000%,

11/15/36

11/26

at

100.00

A-

$

200,104

90

Northampton

County

General

Purpose

Authority,

Pennsylvania,

Revenue

Bonds,

Lafayette

College,

Refunding

Series

2018,

4.000%,

11/01/38

11/28

at

100.00

Aa3

89,125

55

Northampton

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Morningstar

Senior

Living,

Inc.,

Series

2019,

5.000%,

11/01/44

11/26

at

103.00

BB

47,433

55

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

Shippingport

Project,

First

Energy

Guarantor.,

Series

2006A,

2.550%,

11/01/41

(6)

No

Opt.

Call

N/R

1

140

Pennsylvania

Economic

Development

Financing

Authority,

Parking

System

Revenue

Bonds,

Capitol

Region

Parking

System,

Series

2013A,

5.250%,

1/01/44

-

AGM

Insured

1/24

at

100.00

AA

140,581

250

Pennsylvania

Economic

Development

Financing

Authority,

Revenue

Bonds,

Pennsylvania-American

Water

Company,

Refunding

Series

2019,

3.000%,

4/01/39

10/29

at

100.00

A+

208,797

35

Pennsylvania

Higher

Educational

Facilites

Authority, Revenue

Bonds,

Holy

Family

University,

Series

2013A,

6.500%,

9/01/38

9/23

at

100.00

N/R

35,082

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Sciences

in

Philadelphia,

Series

2012:

35

4.000%,

11/01/39

8/23

at

100.00

N/R

31,112

60

5.000%,

11/01/42

8/23

at

100.00

N/R

58,696

300

Pennsylvania

Higher

Educational

Facilities

Authority,

Revenue

Bonds,

University

Properties

Inc.

Student

Housing

Project

at

East

Stroudsburg

University

of

Pennsylvania,

Series

2016A,

5.000%,

7/01/35

7/26

at

100.00

Baa3

292,368

45

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-119,

3.500%,

10/01/36

4/25

at

100.00

AA+

43,690

350

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-120,

3.200%,

4/01/40

10/25

at

100.00

AA+

308,140

450

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2016-121,

3.200%,

10/01/41

10/25

at

100.00

AA+

378,347

65

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-123B,

3.450%,

10/01/32

10/26

at

100.00

AA+

63,677

45

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2017-125B,

3.700%,

10/01/47

4/27

at

100.00

AA+

42,939

250

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-129,

3.350%,

10/01/45

10/28

at

100.00

AA+

207,090

125

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2019-130A,

3.000%,

10/01/46

10/28

at

100.00

AA+

94,183

45

Pennsylvania

Housing

Finance

Agency,

Single

Family

Mortgage

Revenue

Bonds,

Series

2020-133,

2.500%,

10/01/45

10/29

at

100.00

AA+

32,295

100

Pennsylvania

Turnpike

Commission,

Motor

License

Fund-Enhanced

Turnpike

Special

Revenue

Bonds,

Subordinate

Series

2014A,

4.750%,

12/01/37

12/26

at

100.00

AA-

103,332

100

Pennsylvania

Turnpike

Commission,

Oil

Franchise

Tax

Revenue

Bonds,

Subordinate

Series

2018B,

5.000%,

12/01/48

12/28

at

100.00

A2

104,178

585

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Series

2015B,

5.000%,

12/01/45

12/25

at

100.00

AA-

599,145

50

Pennsylvania

Turnpike

Commission,

Turnpike

Revenue

Bonds,

Subordinate

Series

2019A,

4.000%,

12/01/49

12/29

at

100.00

A

48,238

15

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Pennsylvania

(continued)

$

25

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Charter

School

Revenue

Bonds,

Philadelphia

Performing

Arts:

A

String

Theory

Charter

School,

Series

2020,

5.000%,

6/15/50,

144A

6/28

at

100.00

BB+

$

23,827

70

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

La

Salle

University,

Series

2017,

3.625%,

5/01/35

11/27

at

100.00

BB+

55,062

Philadelphia

Authority

for

Industrial

Development,

Pennsylvania,

Revenue

Bonds,

University

of

the

Arts,

Series

2017:

5

5.000%,

3/15/45,

(Pre-refunded

3/15/28),

144A

3/28

at

100.00

N/R (4)

5,429

45

5.000%,

3/15/45,

144A

3/28

at

100.00

BB-

38,328

150

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Fifteenth

Series

2017,

5.000%,

8/01/47

8/27

at

100.00

A

153,792

105

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

1998

General

Ordinance,

Sixteenth

Series

2020A,

5.000%,

8/01/50

-

AGM

Insured

8/30

at

100.00

AA

110,931

125

Philadelphia

Gas

Works,

Pennsylvania,

Revenue

Bonds,

Refunding

Thirteenth

Series

2015,

5.000%,

8/01/30

8/25

at

100.00

A

128,362

100

Philadelphia

Hospitals

and

Higher

Education

Facilities

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Temple

University

Health

System

Obligated

Group,

Series

of

2017,

5.000%,

7/01/30

7/27

at

100.00

BBB

103,299

100

Pittsburgh

and

Allegheny

County

Sports

and

Exhibition

Authority,

Pennsylvania,

Parking

Revenue

Bonds,

Series

2017,

5.000%,

12/15/34

12/27

at

100.00

A

107,353

20

Pittsburgh

Water

and

Sewer

Authority,

Pennsylvania,

Water

and

Sewer

System

Revenue

Bonds,

First

Lien

Series

2020B,

4.000%,

9/01/45

-

AGM

Insured

9/30

at

100.00

AA

20,104

25

Pittsburgh

Water

and

Sewer

Authority,

Pennsylvania,

Water

and

Sewer

System

Revenue

Bonds,

Refunding

Subordinate

Series

2019B,

4.000%,

9/01/34

-

AGM

Insured

9/29

at

100.00

AA

25,843

200

Pottsville

Hospital

Authority,

Pennsylvania,

Hospital

Revenue

Bonds,

Lehigh

Valley

Health

Network,

Series

2016B,

5.000%,

7/01/45

1/27

at

100.00

A+

202,102

35

Rostraver

Township,

Westmoreland

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2018,

3.500%,

9/01/34

-

AGM

Insured

9/25

at

100.00

AA

34,936

80

Scranton,

Lackawanna

County,

Pennsylvania,

General

Obligation

Notes,

Series

2016,

5.000%,

11/15/32

5/24

at

100.00

BBB-

79,822

100

Scranton-Lackawanna

Health

and

Welfare

Authority,

Pennsylvania,

University

Revenue

Bonds,

Marywood

University,

Series

2016,

5.000%,

6/01/46

6/26

at

100.00

BB+

88,782

210

Southcentral

Pennsylvania

General

Authority,

Revenue

Bonds,

Wellspan

Health

Obligated

Group,

Series

2019A,

5.000%,

6/01/49

6/29

at

100.00

Aa3

217,860

10

The

Redevelopment

Authority

of

the

City

of

Scranton,

Lackawanna

county,

Pennsylvania,

Guaranteed

Lease

Revenue

Bonds,

Series

2016A,

5.000%,

11/15/28

5/24

at

100.00

BBB-

9,871

40

Upper

Allegheny

Joint

Sanitary

Authority,

Allegheny

County,

Pennsylvania,

Sewer

Revenue

Bonds,

Refunding

Series

2019A,

3.000%,

9/01/44

-

AGM

Insured

9/29

at

100.00

AA

31,981

100

Upper

Dublin

School

District,

Montgomery

County,

Pennsylvania,

General

Obligation

Bonds,

Series

2021A,

4.000%,

9/15/38

3/29

at

100.00

Aa3

101,528

145

Washington

County

Industrial

Development

Authority,

Pennsylvania,

College

Revenue

Bonds,

AICUP

Financing

Program-Washington

and

Jefferson

College

Project,

Series

2017-PP5,

3.375%,

11/01/36

11/27

at

100.00

BBB+

128,144

15

Washington

County

Redevelopment

Authority,

Pennsylvania,

Tanger

Outlet

Victory

Center

Tax

Increment

Bonds,

Series

2018,

5.000%,

7/01/35

1/28

at

100.00

BB

14,788

15

Westmoreland

County

Industrial

Development

Authority,

Pennsylvania,

Revenue

Bonds,

Excela

Health

Project,

Series

2020A,

4.000%,

7/01/37

1/31

at

100.00

Baa2

13,762

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

(Unaudited)

16

NUW

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Pennsylvania

(continued)

Williamsport

Sanitary

Authority,

Lycoming

County,

Pennsylvania,

Sewer

Revenue

Bonds,

Series

2021.:

$

100

5.000%,

1/01/25

-

BAM

Insured

No

Opt.

Call

AA

$

102,344

25

5.000%,

1/01/28

-

BAM

Insured

No

Opt.

Call

AA

27,223

Total

Pennsylvania

12,053,380

Puerto

Rico

-

3.0%

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1:

2,479

4.500%,

7/01/34

7/25

at

100.00

N/R

2,464,126

3,812

5.000%,

7/01/58

7/28

at

100.00

N/R

3,719,597

710

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

Cofina

Project

Series

2019A-2A,

4.550%,

7/01/40

7/28

at

100.00

N/R

688,125

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2:

1,360

4.329%,

7/01/40

7/28

at

100.00

N/R

1,283,609

10

4.329%,

7/01/40

7/28

at

100.00

N/R

9,438

49

4.784%,

7/01/58

7/28

at

100.00

N/R

46,257

Total

Puerto

Rico

8,211,152

South

Carolina

-

1.6%

5,435

Piedmont

Municipal

Power

Agency,

South

Carolina,

Electric

Revenue

Bonds,

Series

2004A-2,

0.000%,

1/01/29

-

AGC

Insured

No

Opt.

Call

AA

4,450,504

Total

South

Carolina

4,450,504

Tennessee

-

4.4%

3,090

Chattanooga

Health,

Educational

and

Housing

Facility

Board,

Tennessee,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2,

5.000%,

8/01/44

8/29

at

100.00

A-

3,186,809

2,000

Metropolitan

Government

of

Nashville-Davidson

County

Health

and

Educational

Facilities

Board,

Tennessee,

Revenue

Bonds,

Belmont

University,

Refunding

&

Improvement

Series

2021,

4.000%,

5/01/46

5/31

at

100.00

A

1,896,780

135

Metropolitan

Government

of

Nashville-Davidson

County

Health

and

Educational

Facilities

Board,

Tennessee,

Revenue

Bonds,

Vanderbilt

University

Medical

Center,

Series

2016A,

5.000%,

7/01/46

7/26

at

100.00

A

137,299

605

Metropolitan

Government

of

Nashville-Davidson

County,

Tennessee,

Water

and

Sewerage

Revenue

Bonds,

Green

Series

2017A,

5.000%,

7/01/42

7/27

at

100.00

AA

635,214

4,000

The

Tennessee

Energy

Acquisition

Corporation,

Gas

Revenue

Bonds,

Series

2006B,

5.625%,

9/01/26

No

Opt.

Call

BBB

4,101,640

2,160

West

Wilson

Utility

District,

Wilson

County,

Tennessee,

Water

Revenue

Bonds,

Improvement

Series

2022,

4.000%,

6/01/47

6/32

at

100.00

AA

2,103,300

Total

Tennessee

12,061,042

Texas

-

10.4%

1,000

Austin

Community

College

District

Public

Facility

Corporation,

Texas,

Lease

Revenue

Bonds,

Highland

Campus

-

Building

3000

Project,

Series

2018A,

5.000%,

8/01/42

8/27

at

100.00

AA

1,050,960

1,000

Austin,

Texas,

Electric

Utility

System

Revenue

Bonds,

Refunding

Series

2017,

5.000%,

11/15/35

11/26

at

100.00

AA-

1,052,490

500

Bexar

County

Hospital

District,

Texas,

Certificates

of

Obligation,

Series

2020,

5.000%,

2/15/45

2/29

at

100.00

Aa1

525,055

1,000

Bexar

County

Hospital

District,

Texas,

Certificates

of

Obligation,

Series

2023,

5.000%,

2/15/48

,

(WI/DD)

8/32

at

100.00

Aa1

1,078,230

17

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

Texas

(continued)

$

745

Central

Texas

Regional

Mobility

Authority,

Revenue

Bonds,

Senior

Lien

Series

2020A,

5.000%,

1/01/40

1/30

at

100.00

A

$

786,571

1,855

Grand

Parkway

Transportation

Corporation,

Texas,

System

Toll

Revenue

Bonds,

First

Tier

Series

2013A,

5.500%,

4/01/53,

(Pre-refunded

10/01/23)

10/23

at

100.00

N/R (4)

1,861,418

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

A

2,111,070

7,935

0.000%,

9/01/33

-

AMBAC

Insured

No

Opt.

Call

A

5,339,541

1,430

Lower

Colorado

River

Authority,

Texas,

Transmission

Contract

Revenue

Bonds,

LCRA

Transmission

Services

Corporation

Project,

Refunding

Series

2021A,

5.000%,

5/15/51

5/31

at

100.00

A+

1,513,784

915

North

Texas

Tollway

Authority,

System

Revenue

Bonds,

Refunding

First

Tier,

Series

2015B,

5.000%,

1/01/45

1/25

at

100.00

AA-

924,132

250

Tarrant

County

Cultural

Education

Facilities

Finance

Corporation,

Texas,

Revenue

Bonds,

Texas

Health

Resources

System,

Series

2016A,

5.000%,

2/15/41

8/26

at

100.00

AA

257,350

1,600

Texas

Private

Activity

Bond

Surface

Transporation

Corporation,

Revenue

Bonds,

NTE

Mobility

Partners

LLC

North

Tarrant

Express

Managed

Lanes

Project,

Refunding

Senior

Lien

Series

2019A,

5.000%,

12/31/35

12/29

at

100.00

Baa1

1,717,040

7,635

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2016,

4.000%,

10/15/41

10/26

at

100.00

AAA

7,640,497

2,500

Texas

Water

Development

Board,

State

Water

Implementation

Revenue

Fund

Bonds,

Master

Trust

Series

2017A,

4.000%,

10/15/42,

(UB)

(7)

10/27

at

100.00

AAA

2,490,500

Total

Texas

28,348,638

Utah

-

0.6%

1,500

Salt

Lake

City,

Utah,

Airport

Revenue

Bonds,

International

Airport

Series

2017B,

5.000%,

7/01/47

7/27

at

100.00

A+

1,544,760

Total

Utah

1,544,760

Virginia

-

1.0%

1,160

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016,

5.000%,

7/01/51

7/26

at

100.00

BBB

1,172,412

1,400

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Capital

Appreciation

Series

2012B,

4.875%,

7/15/40

7/28

at

100.00

A-

1,440,306

Total

Virginia

2,612,718

Washington

-

3.5%

3,330

Chelan

County

Public

Utility

District

1,

Washington,

Columbia

River-

Rock

Island

Hydro-Electric

System

Revenue

Refunding

Bonds,

Series

1997A,

0.000%,

6/01/29

-

NPFG

Insured

No

Opt.

Call

AA+

2,756,074

690

Washington

Health

Care

Facilities

Authority,

Revenue

Bonds,

Virginia

Mason

Medical

Center,

Series

2017,

5.000%,

8/15/30

8/27

at

100.00

BBB+

722,382

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Refunding

Series2021B.

Exchange

Purchase:

2,165

4.000%,

7/01/37

7/31

at

100.00

Baa3

2,092,906

2,140

4.000%,

7/01/43

7/31

at

100.00

Baa1

1,986,155

2,000

Washington

State

Convention

Center

Public

Facilities

District,

Lodging

Tax

Revenue

Bonds,

Series

2018,

5.000%,

7/01/58

7/28

at

100.00

Baa1

2,028,560

Total

Washington

9,586,077

Nuveen

AMT-Free

Municipal

Value

Fund

(continued)

Portfolio

of

Investments

July

31,

2023

(Unaudited)

18

NUW

Part

F

of

Form

N-PORT

was

prepared

in

accordance

with

U.S.

generally

accepted

accounting

principles

(“U.S.

GAAP”)

and

in

conformity

with

the

applicable

rules

and

regulations

of

the

U.S.

Securities

and

Exchange

Commission

(“SEC”)

related

to

interim

filings.

Part

F

of

Form

N-PORT

does

not

include

all

information

and

footnotes

required

by

U.S.

GAAP

for

complete

financial

statements.

Certain

footnote

disclosures

normally

included

in

financial

statements

prepared

in

accordance

with

U.S.

GAAP

have

been

condensed

or

omitted

from

this

report

pursuant

to

the

rules

of

the

SEC.

For

a

full

set

of

the

Fund’s

notes

to

financial

statements,

please

refer

to

the

Fund’s

most

recently

filed

annual

or

semi-annual

report.

Fair

Value

Measurements

The

Fund’s

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board

of

Directors/

Trustees.

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.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

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

management’s

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

Principal

Amount

(000)

Description

(1)

Optional

Call

Provisions

(2)

Ratings

(3)

Value

West

Virginia

-

1.4%

$

530

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Cabell

Huntington

Hospital,

Inc.

Project,

Refunding

&

Improvement

Series

2018A,

5.000%,

1/01/34

1/29

at

100.00

BBB+

$

545,847

1,800

West

Virginia

Hospital

Finance

Authority,

Hospital

Revenue

Bonds,

Charleston

Area

Medical

Center,

Refunding

&

Improvement

Series

2019A,

5.000%,

9/01/38

9/29

at

100.00

Baa1

1,832,454

1,430

West

Virginia

Parkways

Authority,

Turnpike

Toll

Revenue

Bonds,

Senior

Lien

Series

2018,

5.000%,

6/01/43

6/28

at

100.00

AA-

1,509,994

Total

West

Virginia

3,888,295

Total

Municipal

Bonds

(cost

$266,568,582)

270,366,212

Shares

Description

(1)

Value

X

–

COMMON

STOCKS

-

0

.5

%

X

1,233,675

Electric

Utilities

-

0.1%

513

Talen

Energy

Corp

(8)

$

26,714

1,448

Talen

Energy

Supply

LLC

(8)

75,405

Total

Electric

Utilities

102,119

Independent

Power

and

Renewable

Electricity

Producers

-

0.4%

14,686

Energy

Harbor

Corp

(8),(9)

1,131,556

Total

Independent

Power

and

Renewable

Electricity

Producers

1,131,556

Total

Common

Stocks

(cost

$459,566)

1,233,675

Total

Long-Term

Investments

(cost

$267,028,148)

271,599,887

Floating

Rate

Obligations

-

(0.7)%

(

2,000,000

)

Other

Assets

&

Liabilities,

Net

- 0.7%(10)

2,135,335

Net

Assets

Applicable

to

Common

Shares

-

100%

$

271,735,222

Futures

Contracts

-

Short

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Value

Unrealized

Appreciation

(Depreciation)

U.S.

Treasury

10-Year

Note

(166)

9/23

$

(

18,866,602

)

$

(

18,493,438

)

$

373,164

19

investments).

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

270,366,212

$

–

$

270,366,212

Common

Stocks

–

1,233,675

–

1,233,675

Investments

in

Derivatives:

Futures

Contracts*

373,164

–

–

373,164

Total

$

373,164

$

271,599,887

$

–

$

271,973,051

*

Represents

net

unrealized

appreciation

(depreciation).

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(2)

Optional

Call

Provisions:

Dates

(month

and

year)

and

prices

of

the

earliest

optional

call

or

redemption.

There

may

be

other

call

provisions

at

varying

prices

at

later

dates.

Certain

mortgage-backed

securities

may

be

subject

to

periodic

principal

paydowns.

(3)

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.

(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)

Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(7)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(8)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(9)

Energy

Harbor

Corp

(ENGH)

common

stock

received

as

part

of

the

bankruptcy

settlements

during

February

2020

for

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Refunding

Series

2005A,

4.000%,

1/01/35;

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006A,

4.375%,

1/01/35;

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Refunding

Bonds,

FirstEnergy

Nuclear

Generation

Project,

Series

2006B,

3.500%,

12/01/35;

and

Pennsylvania

Economic

Development

Financing

Authority,

Exempt

Facilities

Revenue

Bonds,

Shippingport

Project,

First

Energy

Guarantor,

Series

2006A,

2.550%,

11/01/41.

Various

funds

and

accounts

managed

by

Nuveen,

including

the

Fund,

collectively

are

a

substantial

minority

holder

of

ENGH’s

outstanding

shares

of

common

stock,

and

possess

certain

other

rights

with

respect

to

the

corporate

governance

of

ENGH.

Due

to

these

facts,

under

the

federal

securities

laws,

the

securities

of

ENGH

held

by

Nuveen

funds

and

accounts,

including

the

Fund,

cannot

be

sold

except

under

limited

conditions

(which

are

not currently

satisfied).

The

Fund

is

therefore

unable

to

sell

such

shares

in

ordinary

secondary

market

transactions

at

this

time.

On

March

6,

2023

Vistra

Corp.

(“Vistra”)

announced

that

it

has

executed

a

definitive

agreement

with

Energy

Harbor

Corp.,

pursuant

to

which

Energy

Harbor

will

merge

with

and

into

a

newly-formed

subsidiary

of

Vistra. The

companies

anticipate

closing

the

transaction

in

the

second

half

of

2023. In

connection

with

the

transaction,

Nuveen

funds

and

accounts

expect

to

receive

a

combination

of

cash

and

shares

in

a

newly

formed

entity.

Nuveen

expects

these

shares

to

be

issued

in

a

private

transaction

and

may

have

reduced

secondary

market

liquidity. The

transaction

is

subject

to

certain

regulatory

approvals

and

there

can

be

no

assurance

that

the

transaction

will

close.

(10)

Other

assets

less

liabilities

includes

the

unrealized

appreciation

(depreciation)

of

certain

over-the-counter

("OTC")

derivatives

as

well

as

the

OTC

cleared

and

exchange-traded

derivatives,

when

applicable.

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

UB

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction.

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

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