NUV
Nuveen Municipal Value Fund,
Inc.
Portfolio of Investments January 31, 2020
(Unaudited)
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 100.5% | ||||||
MUNICIPAL BONDS – 100.5% | ||||||
Alabama – 0.2% | ||||||
$3,805 | Homewood, Alabama, General Obligation Warrants, Refunding Series 2016, 5.000%, 9/01/36 | 9/26 at 100.00 | AA+ | $4,630,038 | ||
Alaska – 0.1% | ||||||
2,710 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 | 2/20 at 100.00 | B3 | 2,713,875 | ||
Arizona – 1.3% | ||||||
7,525 | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue Bonds, Intel Corporation Project, Series 2019, 5.000%, 6/01/49 (Mandatory Put 6/03/24) (AMT) | No Opt. Call | A+ | 8,704,995 | ||
2,935 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/35 | 7/27 at 100.00 | AA- | 3,646,092 | ||
5,600 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | No Opt. Call | A3 | 7,768,152 | ||
4,240 | Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C Re-offering, 5.000%, 9/01/35 – AGM Insured | 9/20 at 100.00 | AA | 4,332,771 | ||
Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2017: | ||||||
1,000 | 5.000%, 7/01/32 | 7/27 at 100.00 | AA | 1,255,000 | ||
1,410 | 5.000%, 7/01/33 | 7/27 at 100.00 | AA | 1,764,390 | ||
1,000 | 5.000%, 7/01/34 | 7/27 at 100.00 | AA | 1,249,010 | ||
750 | 5.000%, 7/01/35 | 7/27 at 100.00 | AA | 933,495 | ||
24,460 | Total Arizona | 29,653,905 | ||||
California – 8.8% | ||||||
4,615 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured | No Opt. Call | AA | 4,424,077 | ||
5,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38 (Pre-refunded 4/01/23) | 4/23 at 100.00 | AA- (4) | 5,672,050 | ||
3,920 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Refunding Series 2006, 0.000%, 6/01/33 | 2/20 at 46.60 | CCC- | 1,839,225 | ||
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A: | ||||||
3,275 | 5.450%, 6/01/28 | 2/20 at 100.00 | B2 | 3,325,108 | ||
4,200 | 5.600%, 6/01/36 | 2/20 at 100.00 | B2 | 4,257,456 | ||
1,175 | California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Refunding Series 2016AW, 5.000%, 12/01/33 | 12/26 at 100.00 | AAA | 1,474,120 |
1
NUV | Nuveen Municipal Value Fund, Inc. (continued) |
Portfolio of Investments January 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
California (continued) | ||||||
$10,000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 | 11/26 at 100.00 | AA- | $11,987,800 | ||
1,200 | California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A, 5.000%, 8/15/37 | 8/27 at 100.00 | BBB+ | 1,455,504 | ||
3,850 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33 | 7/23 at 100.00 | AA- | 4,350,230 | ||
2,335 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 (Pre-refunded 7/01/20) | 7/20 at 100.00 | Baa2 (4) | 2,382,097 | ||
6,130 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, 5.000%, 12/31/43 (AMT) | 6/28 at 100.00 | BBB | 7,368,199 | ||
2,725 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, 11/21/45, 144A | 1/29 at 100.00 | BBB | 3,265,967 | ||
1,625 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38 | 11/23 at 100.00 | Aa3 | 1,842,750 | ||
5,000 | California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 | 10/21 at 100.00 | Aa2 | 5,327,350 | ||
3,500 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.000%, 12/01/46, 144A | 6/26 at 100.00 | BB | 3,952,900 | ||
4,505 | Covina-Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured | No Opt. Call | A+ | 3,898,807 | ||
5,700 | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Green Series 2017A, 5.000%, 6/01/45 | 6/27 at 100.00 | AAA | 6,998,118 | ||
2,180 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 0.000%, 1/15/42 (5) | 1/31 at 100.00 | A- | 2,376,091 | ||
30,000 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM) | No Opt. Call | AAA | 29,507,100 | ||
14,100 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47 | 6/22 at 100.00 | N/R | 14,867,604 | ||
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- | 2,401,450 | ||
2,555 | 0.000%, 8/01/24 – FGIC Insured | No Opt. Call | AA- | 2,420,581 | ||
2,365 | Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured | No Opt. Call | A- | 2,072,166 | ||
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 | 3,419,213 | ||
2,315 | 0.000%, 8/01/43 (5) | 8/35 at 100.00 | Aa1 | 2,416,050 | ||
3,550 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 | No Opt. Call | A | 5,780,571 | ||
10,150 | Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/33 – AGM Insured | No Opt. Call | AA | 7,753,077 |
2
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
California (continued) | ||||||
San Bruno Park School District, San Mateo County, California, General Obligation Bonds, Series 2000B: | ||||||
$2,575 | 0.000%, 8/01/24 – FGIC Insured | No Opt. Call | Aa3 | $2,426,500 | ||
2,660 | 0.000%, 8/01/25 – FGIC Insured | No Opt. Call | Aa3 | 2,467,177 | ||
450 | San Diego Tobacco Settlement Revenue Funding Corporation, California, Tobacco Settlement Bonds, Subordinate Series 2018C, 4.000%, 6/01/32 | 6/28 at 100.00 | BBB | 487,751 | ||
10,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019D, 5.000%, 5/01/39 | 5/29 at 100.00 | A+ | 12,836,000 | ||
250 | San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41 (Pre-refunded 2/01/21) | 2/21 at 100.00 | BBB+ (4) | 265,330 | ||
12,095 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured | No Opt. Call | Baa2 | 11,021,690 | ||
13,220 | San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | AAA | 11,802,419 | ||
5,000 | San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured | No Opt. Call | Aaa | 4,751,600 | ||
5,815 | San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/48 | 8/25 at 29.16 | AA | 1,489,629 | ||
2,000 | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27 | 2/20 at 100.00 | B | 2,021,900 | ||
195,595 | Total California | 196,405,657 | ||||
Colorado – 6.4% | ||||||
7,500 | Arapahoe County School District 6, Littleton, Colorado, General Obligation Bonds, Series 2019A, 5.500%, 12/01/43 | 12/28 at 100.00 | Aa1 | 9,729,075 | ||
7,105 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) | 1/23 at 100.00 | BBB+ (4) | 7,972,734 | ||
4,155 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2, 4.000%, 8/01/49 | 8/29 at 100.00 | BBB+ | 4,620,900 | ||
1,255 | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017, 5.000%, 12/31/51 | 12/24 at 100.00 | BBB | 1,381,906 | ||
2,000 | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2012A, 5.000%, 3/01/41 (Pre-refunded 3/01/22) | 3/22 at 100.00 | AA (4) | 2,171,200 | ||
4,500 | Colorado State, Building Excellent Schools Today, Certificates of Participation, Series 2018N, 5.000%, 3/15/37 | 3/28 at 100.00 | Aa2 | 5,604,120 | ||
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 | 1,592,750 | ||
2,000 | 5.000%, 9/01/31 | 3/28 at 100.00 | Aa2 | 2,539,800 | ||
1,260 | 5.000%, 9/01/32 | 3/28 at 100.00 | Aa2 | 1,595,777 | ||
620 | 5.000%, 9/01/33 | 3/28 at 100.00 | Aa2 | 783,426 | ||
3,790 | Colorado State, Certificates of Participation, Rural Series 2018A, 5.000%, 12/15/37 | 12/28 at 100.00 | Aa2 | 4,820,463 |
3
NUV | Nuveen Municipal Value Fund, Inc. (continued) |
Portfolio of Investments January 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Colorado (continued) | ||||||
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B: | ||||||
$2,750 | 5.000%, 11/15/25 | 11/22 at 100.00 | AA- | $3,050,685 | ||
2,200 | 5.000%, 11/15/29 | 11/22 at 100.00 | AA- | 2,427,766 | ||
5,160 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43 | 11/23 at 100.00 | A+ | 5,824,092 | ||
2,000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/35 | 12/26 at 100.00 | Baa2 | 2,337,240 | ||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | ||||||
9,660 | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | A | 7,965,443 | ||
24,200 | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | A | 18,707,568 | ||
17,000 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 12,742,520 | ||
7,600 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured | 9/26 at 52.09 | A | 3,433,908 | ||
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 | 5,193,727 | ||
10,075 | 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | A | 4,159,061 | ||
8,000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.500%, 11/15/38 | No Opt. Call | A+ | 12,630,160 | ||
5,000 | Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding Series 2011, 6.000%, 11/01/26 | 11/21 at 100.00 | Baa3 | 5,353,200 | ||
3,750 | Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41 | 7/20 at 100.00 | BBB | 3,816,037 | ||
4,945 | Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, Series 2017A, 5.000%, 11/01/40 | 11/26 at 100.00 | AA+ | 6,055,301 | ||
4,250 | University of Colorado, Enterprise System Revenue Bonds, Series 2018B, 5.000%, 6/01/43 | 6/28 at 100.00 | Aa1 | 5,300,302 | ||
149,725 | Total Colorado | 141,809,161 | ||||
Connecticut – 0.8% | ||||||
1,500 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2011A, 5.000%, 7/01/41 | 7/21 at 100.00 | A+ | 1,567,950 | ||
8,440 | Connecticut State, General Obligation Bonds, Series 2015E, 5.000%, 8/01/29 | 8/25 at 100.00 | A1 | 10,115,593 | ||
5,000 | Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/33 | 11/25 at 100.00 | A1 | 5,942,700 | ||
9,999 | Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31 (cash 4.000%, PIK 2.050%) (6) | No Opt. Call | N/R | 374,964 | ||
24,939 | Total Connecticut | 18,001,207 | ||||
District of Columbia – 0.4% | ||||||
15,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 0.000%, 6/15/46 | 3/20 at 19.83 | N/R | 2,961,150 | ||
5,390 | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Senior Lien Series 2018B, 5.000%, 10/01/43 | 4/28 at 100.00 | AAA | 6,720,414 | ||
20,390 | Total District of Columbia | 9,681,564 |
4
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Florida – 4.8% | ||||||
$3,000 | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured (Pre-refunded 10/01/21) | 10/21 at 100.00 | AA (4) | $3,206,100 | ||
565 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School Income Projects, Series 2015A, 6.000%, 6/15/35, 144A | 6/25 at 100.00 | N/R | 629,998 | ||
Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A: | ||||||
3,400 | 6.250%, 1/01/49 (AMT) (Mandatory Put 1/01/24), 144A | 4/20 at 104.00 | N/R | 3,438,250 | ||
3,400 | 6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A | 4/20 at 105.00 | N/R | 3,434,000 | ||
3,400 | 6.500%, 1/01/49 (AMT) (Mandatory Put 1/01/29), 144A | 4/20 at 105.00 | N/R | 3,438,250 | ||
4,000 | Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/37 | 10/27 at 100.00 | AA- | 4,968,880 | ||
3,500 | Gainesville, Florida, Utilities System Revenue Bonds, Series 2019A, 5.000%, 10/01/44 | 10/29 at 100.00 | AA- | 4,422,775 | ||
2,290 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40 | 10/24 at 100.00 | A+ | 2,650,721 | ||
5,090 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | A | 5,170,269 | ||
9,500 | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's Hospital, Series 2010A, 6.000%, 8/01/46 (Pre-refunded 8/01/21) | 8/21 at 100.00 | A (4) | 10,211,835 | ||
2,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37 | 10/24 at 100.00 | A | 2,322,880 | ||
4,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/29 (Pre-refunded 10/01/20) | 10/20 at 100.00 | A (4) | 4,108,160 | ||
4,000 | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/42 | 7/22 at 100.00 | AA | 4,335,400 | ||
9,590 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured (Pre-refunded 10/01/20) | 10/20 at 100.00 | AA (4) | 9,852,574 | ||
Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Series 2018A: | ||||||
3,500 | 5.000%, 10/01/36 | 10/27 at 100.00 | AA | 4,367,370 | ||
3,780 | 5.000%, 10/01/37 | 10/27 at 100.00 | AA | 4,698,653 | ||
1,120 | 5.000%, 10/01/38 | 10/27 at 100.00 | AA | 1,388,453 | ||
10,725 | Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, 5.000%, 11/01/44 (Pre-refunded 5/01/24) | 5/24 at 100.00 | AA+ (4) | 12,555,758 | ||
3,250 | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/43 | 11/22 at 100.00 | BBB+ | 3,487,705 | ||
4,000 | Pembroke Pines, Florida, Capital Improvement Revenue Bonds, Series 2019A, 4.000%, 7/01/38 | 7/29 at 100.00 | AA | 4,662,080 | ||
1,020 | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole Electric Cooperative, Inc Project, Refunding Series 2018B, 5.000%, 3/15/42 | 5/28 at 100.00 | A- | 1,231,089 | ||
6,865 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/34 | 5/25 at 100.00 | AA | 7,588,777 | ||
3,300 | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 | 5/22 at 100.00 | Aa2 | 3,568,059 | ||
95,295 | Total Florida | 105,738,036 |
5
NUV | Nuveen Municipal Value Fund, Inc. (continued) |
Portfolio of Investments January 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Georgia – 2.3% | ||||||
$3,325 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/40 | 5/25 at 100.00 | Aa2 | $3,924,697 | ||
4,945 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Fourth Series 1994, 2.250%, 10/01/32 (Mandatory Put 5/25/23) | No Opt. Call | A- | 5,068,328 | ||
2,290 | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc Project, Series 2017A, 5.000%, 4/01/47 | 4/27 at 100.00 | A | 2,697,414 | ||
6,000 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2017B, 5.500%, 2/15/42 | 2/27 at 100.00 | AA | 7,494,060 | ||
5,865 | Municipal Electric Authority of Georgia, General Resolution Projects Subordinated Bonds, Series 20188HH, 5.000%, 1/01/44 | 1/28 at 100.00 | A1 | 7,009,262 | ||
16,145 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2019A, 5.000%, 1/01/49 | 7/28 at 100.00 | A | 18,967,630 | ||
2,415 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A, 5.000%, 1/01/35 | 1/25 at 100.00 | A2 | 2,752,110 | ||
2,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46 | 10/26 at 100.00 | AA | 2,399,500 | ||
42,985 | Total Georgia | 50,313,001 | ||||
Guam – 0.0% | ||||||
330 | Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (AMT) | 10/23 at 100.00 | BBB+ | 382,434 | ||
Hawaii – 0.4% | ||||||
4,830 | Honolulu City and County, Hawaii, General Obligation Bonds, Series 2018A, 5.000%, 9/01/40 | 9/28 at 100.00 | Aa1 | 6,096,233 | ||
3,000 | Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond Resolution, Senior Series 2018A, 5.000%, 7/01/37 | 1/28 at 100.00 | Aa2 | 3,739,770 | ||
7,830 | Total Hawaii | 9,836,003 | ||||
Illinois – 12.5% | ||||||
5,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, Series 2016, 6.000%, 4/01/46 | 4/27 at 100.00 | A | 6,073,350 | ||
5,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016A, 7.000%, 12/01/44 | 12/25 at 100.00 | BB | 6,167,250 | ||
2,945 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2016B, 6.500%, 12/01/46 | 12/26 at 100.00 | BB | 3,629,948 | ||
4,710 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 2017A, 7.000%, 12/01/46, 144A | 12/27 at 100.00 | BB- | 6,114,287 | ||
17,725 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured | No Opt. Call | Baa2 | 16,150,665 | ||
7,495 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/31 – NPFG Insured | No Opt. Call | Baa2 | 5,505,977 | ||
1,500 | Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36 | 1/22 at 100.00 | AA+ | 1,574,130 | ||
5,000 | Chicago, Illinois, Motor Fuel Tax Revenue Bonds, Series 2008A, 5.000%, 1/01/38 – AGC Insured | 3/20 at 100.00 | AA | 5,016,000 |
6
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Illinois (continued) | ||||||
$3,320 | Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured | No Opt. Call | AA | $3,286,036 | ||
8,875 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 | 11/20 at 100.00 | A+ | 9,135,748 | ||
1,000 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2018, 5.000%, 11/15/35 | 11/26 at 100.00 | A+ | 1,174,300 | ||
3,260 | Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.750%, 10/15/40 | 10/20 at 100.00 | BB | 3,346,520 | ||
5,000 | Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37 | 11/22 at 100.00 | AA- | 5,389,450 | ||
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A: | ||||||
510 | 6.000%, 5/15/39 | 5/20 at 100.00 | A | 518,033 | ||
3,110 | 6.000%, 5/15/39 (Pre-refunded 5/15/20) | 5/20 at 100.00 | N/R (4) | 3,153,571 | ||
5,000 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2015A, 5.000%, 11/15/38 | 5/25 at 100.00 | AA- | 5,745,600 | ||
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 | 643,020 | ||
825 | 5.000%, 8/15/44 | 8/25 at 100.00 | Baa1 | 931,664 | ||
2,500 | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) | 2/21 at 100.00 | AA- (4) | 2,615,850 | ||
3,000 | Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51 | 10/21 at 100.00 | AA+ | 3,156,180 | ||
5,125 | Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/28 | 1/26 at 100.00 | BBB | 5,962,681 | ||
1,755 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/29 | 2/27 at 100.00 | BBB | 2,083,115 | ||
655 | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 | 8/22 at 100.00 | BBB | 705,933 | ||
5,590 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 | 1/23 at 100.00 | AA- | 6,150,174 | ||
4,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, 5.000%, 1/01/41 | 7/26 at 100.00 | AA- | 4,794,680 | ||
5,000 | Lombard Public Facilities Corporation, Illinois, Conference Center and Hotel Revenue Bonds, First Tier Series 2005A-2, 5.500%, 1/01/36, 144A | 3/20 at 100.00 | N/R | 4,819,400 | ||
2,875 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2020A, 4.000%, 6/15/50 (WI/DD, Settling 3/17/20) (WI/DD, Settling 3/17/20) | 12/29 at 100.00 | BBB | 3,167,359 | ||
16,800 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured | No Opt. Call | Baa2 | 16,342,200 | ||
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 | BBB | 3,564,590 | ||
5,245 | 0.000%, 6/15/28 – NPFG Insured | No Opt. Call | BBB | 4,319,100 | ||
11,675 | 0.000%, 6/15/29 – FGIC Insured | No Opt. Call | BBB | 9,338,832 |
7
NUV | Nuveen Municipal Value Fund, Inc. (continued) |
Portfolio of Investments January 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Illinois (continued) | ||||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: | ||||||
$2,315 | 5.700%, 6/15/24 (Pre-refunded 6/15/22) | 6/22 at 101.00 | N/R (4) | $2,595,208 | ||
7,685 | 5.700%, 6/15/24 | 6/22 at 101.00 | BBB | 8,470,407 | ||
4,950 | 0.000%, 12/15/32 – NPFG Insured | No Opt. Call | BBB | 3,520,044 | ||
21,375 | 0.000%, 6/15/34 – NPFG Insured | No Opt. Call | BBB | 14,393,284 | ||
21,000 | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | BBB | 13,455,330 | ||
21,970 | 0.000%, 6/15/36 – NPFG Insured | No Opt. Call | BBB | 13,839,562 | ||
10,375 | 0.000%, 12/15/36 – NPFG Insured | No Opt. Call | BBB | 6,424,615 | ||
10,000 | 0.000%, 12/15/37 – NPFG Insured | No Opt. Call | BBB | 5,942,500 | ||
25,825 | 0.000%, 6/15/39 – NPFG Insured | No Opt. Call | BBB | 14,456,318 | ||
6,095 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured | No Opt. Call | AA+ | 8,872,187 | ||
8,000 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2003A, 6.000%, 7/01/33 – NPFG Insured | No Opt. Call | AA+ | 11,450,480 | ||
5,000 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2014A, 5.000%, 6/01/44 | 6/24 at 100.00 | AA+ | 5,601,050 | ||
5,020 | Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured | No Opt. Call | AA | 4,689,885 | ||
10,285 | Springfield, Illinois, Water Revenue Bonds, Refunding Series 2012, 5.000%, 3/01/37 (UB) (7) | 3/22 at 100.00 | AA- | 11,008,550 | ||
615 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42 | 10/23 at 100.00 | A- | 697,951 | ||
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004: | ||||||
780 | 0.000%, 11/01/22 – NPFG Insured (ETM) | No Opt. Call | Baa2 (4) | 754,416 | ||
2,550 | 0.000%, 11/01/22 – NPFG Insured | No Opt. Call | A+ | 2,438,871 | ||
312,530 | Total Illinois | 279,186,301 | ||||
Indiana – 2.3% | ||||||
5,010 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 | 5/23 at 100.00 | A | 5,518,465 | ||
2,250 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 4.000%, 12/01/40 | 6/25 at 100.00 | AA | 2,453,580 | ||
5,740 | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (AMT) | 7/23 at 100.00 | A- | 6,315,435 | ||
2,000 | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A, 5.000%, 1/01/42 | 7/26 at 100.00 | A+ | 2,387,080 | ||
5,000 | Indianapolis Local Public Improvement Bond Bank, Indiana, Community Justice Campus Bonds, Courthouse & Jail Project, Series 2019A, 5.250%, 2/01/54 | 2/29 at 100.00 | AAA | 6,291,450 |
8
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Indiana (continued) | ||||||
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: | ||||||
$12,550 | 0.000%, 2/01/21 – AMBAC Insured | No Opt. Call | AA | $12,428,892 | ||
2,400 | 0.000%, 2/01/25 – AMBAC Insured | No Opt. Call | AA | 2,261,184 | ||
14,595 | 0.000%, 2/01/27 – AMBAC Insured | No Opt. Call | AA | 13,193,734 | ||
49,545 | Total Indiana | 50,849,820 | ||||
Iowa – 0.6% | ||||||
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: | ||||||
175 | 5.375%, 6/01/38 | 3/20 at 100.00 | B- | 176,897 | ||
7,000 | 5.625%, 6/01/46 | 3/20 at 100.00 | B- | 7,075,880 | ||
4,965 | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 3/20 at 100.00 | B- | 5,018,821 | ||
12,140 | Total Iowa | 12,271,598 | ||||
Kentucky – 1.4% | ||||||
395 | Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured | 2/20 at 100.00 | Baa2 | 396,395 | ||
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 | A1 | 1,863,402 | ||
1,600 | 5.000%, 1/01/28 | 1/26 at 100.00 | A1 | 1,940,864 | ||
2,000 | Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Series 2018A, 5.000%, 9/01/48 | 9/28 at 100.00 | A2 | 2,409,660 | ||
1,000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011, 5.000%, 8/15/42 | 8/21 at 100.00 | A | 1,045,180 | ||
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+ | 2,407,986 | ||
6,760 | 5.000%, 1/01/45 | 7/25 at 100.00 | BBB+ | 7,460,336 | ||
6,000 | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5) | 7/31 at 100.00 | Baa3 | 6,934,680 | ||
5,000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 115, Series 2017, 5.000%, 4/01/30 | 4/27 at 100.00 | A1 | 6,142,250 | ||
26,460 | Total Kentucky | 30,600,753 | ||||
Louisiana – 1.2% | ||||||
1,335 | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2019A, 4.000%, 2/01/45 | 2/29 at 100.00 | AA | 1,524,944 | ||
2,310 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 | 8/20 at 100.00 | BBB | 2,370,892 | ||
5,450 | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35 | 11/20 at 100.00 | BBB | 5,656,664 |
9
NUV | Nuveen Municipal Value Fund, Inc. (continued) |
Portfolio of Investments January 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Louisiana (continued) | ||||||
$4,420 | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/28 | 7/23 at 100.00 | AA- | $4,976,389 | ||
1,470 | New Orleans Aviation Board, Louisana, Special Facility Revenue Bonds, Parking Facilities Corporation Consolidated Garage System, Series 2018A, 5.000%, 10/01/43 – AGM Insured | 10/28 at 100.00 | AA | 1,787,520 | ||
9,040 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal Project, Series 2017A, 5.000%, 1/01/48 | 1/27 at 100.00 | A | 10,706,976 | ||
24,025 | Total Louisiana | 27,023,385 | ||||
Maine – 0.6% | ||||||
4,250 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33 | 7/23 at 100.00 | BBB | 4,630,672 | ||
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+ | 1,441,066 | ||
5,940 | 5.000%, 7/01/48 | 7/28 at 100.00 | A+ | 7,141,900 | ||
1,050 | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41 | 7/21 at 100.00 | BB | 1,118,576 | ||
12,430 | Total Maine | 14,332,214 | ||||
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- | 759,944 | ||
2,330 | 5.000%, 9/01/32 | 9/27 at 100.00 | BBB- | 2,799,891 | ||
3,070 | 5.000%, 9/01/34 | 9/27 at 100.00 | BBB- | 3,659,900 | ||
1,000 | 5.000%, 9/01/35 | 9/27 at 100.00 | BBB- | 1,188,640 | ||
1,000 | 5.000%, 9/01/36 | 9/27 at 100.00 | BBB- | 1,185,040 | ||
4,500 | 5.000%, 9/01/39 | 9/27 at 100.00 | BBB- | 5,276,610 | ||
3,500 | 5.000%, 9/01/46 | 9/27 at 100.00 | BBB- | 4,079,145 | ||
2,350 | Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/41 (AMT) | 9/26 at 100.00 | BBB | 2,698,434 | ||
1,050 | Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, Meritus Medical Center, Series 2015, 5.000%, 7/01/40 | 7/25 at 100.00 | A- | 1,215,050 | ||
1,500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36 | 1/22 at 100.00 | Baa3 | 1,627,410 | ||
6,635 | Maryland Stadium Authority, Lease Revenue Bonds, Baltimore City Public Schools Construction & Revitalization Program, Series 2018A, 5.000%, 5/01/47 | 5/28 at 100.00 | AA | 8,105,714 | ||
27,565 | Total Maryland | 32,595,778 | ||||
Massachusetts – 1.0% | ||||||
1,000 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2019A, 5.000%, 1/01/37 | 1/29 at 100.00 | A+ | 1,271,350 | ||
2,100 | Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41 | 11/23 at 100.00 | AA- | 2,345,952 | ||
2,905 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 | 7/25 at 100.00 | BBB | 3,298,424 |
10
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Massachusetts (continued) | ||||||
$1,105 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2016E, 5.000%, 7/01/36 | 7/26 at 100.00 | BBB | $1,295,038 | ||
2,765 | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, Series 2016N, 5.000%, 12/01/46 | 12/26 at 100.00 | A1 | 3,276,940 | ||
9,110 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43 | 5/23 at 100.00 | AAA | 10,212,492 | ||
980 | Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/29 – NPFG Insured | No Opt. Call | A+ | 837,244 | ||
320 | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30 | 3/20 at 100.00 | Aaa | 321,155 | ||
20,285 | Total Massachusetts | 22,858,595 | ||||
Michigan – 2.7% | ||||||
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013: | ||||||
1,775 | 6.000%, 10/01/33 | 10/23 at 100.00 | N/R | 1,820,422 | ||
2,520 | 6.000%, 10/01/43 | 10/23 at 100.00 | N/R | 2,559,362 | ||
3,090 | Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21 | 3/20 at 100.00 | B- | 3,075,323 | ||
1,415 | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | 7/22 at 100.00 | A+ | 1,548,491 | ||
15 | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 7/01/35 – NPFG Insured | 3/20 at 100.00 | A | 15,038 | ||
3,000 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – NPFG Insured | No Opt. Call | A | 3,836,610 | ||
5 | Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B, 5.000%, 7/01/34 – NPFG Insured | 3/20 at 100.00 | A+ | 5,016 | ||
5 | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%, 7/01/34 – NPFG Insured | 3/20 at 100.00 | A2 | 5,015 | ||
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Remarketed Series 2006: | ||||||
1,105 | 5.250%, 5/15/36 – AGM Insured (Pre-refunded 5/15/20) | 5/20 at 100.00 | A2 (4) | 1,118,359 | ||
895 | 5.250%, 5/15/36 – AGM Insured | 5/20 at 100.00 | A2 | 905,821 | ||
1,950 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44 | 7/22 at 100.00 | A+ | 2,098,766 | ||
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI: | ||||||
15 | 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (4) | 16,105 | ||
4,585 | 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | AA- (4) | 4,927,041 | ||
5,000 | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015MI, 5.000%, 12/01/35 (Pre-refunded 6/01/22) | 6/22 at 100.00 | AA- (4) | 5,466,900 | ||
3,315 | Michigan Finance Authority, Senior Lien Distributable State Aid Revenue Bonds, Charter County of Wayne Criminal Justice Center Project, Series 2018, 5.000%, 11/01/43 | 11/28 at 100.00 | Aa3 | 4,074,931 |
11
NUV | Nuveen Municipal Value Fund, Inc. (continued) |
Portfolio of Investments January 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Michigan (continued) | ||||||
$6,000 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit Group, Refunding and Project Series 2010F-6, 4.000%, 11/15/47 | 11/26 at 100.00 | AA+ | $6,690,480 | ||
5,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/41 | 10/21 at 100.00 | Aa2 | 5,345,900 | ||
10,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/30 | 10/25 at 100.00 | Aa2 | 11,988,100 | ||
2,890 | Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42 | 3/22 at 100.00 | A1 | 3,091,693 | ||
1,100 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D, 5.000%, 12/01/45 | 12/25 at 100.00 | A | 1,298,462 | ||
53,680 | Total Michigan | 59,887,835 | ||||
Minnesota – 0.3% | ||||||
3,200 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding Series 2016B, 5.000%, 11/15/34 | No Opt. Call | AA | 4,582,432 | ||
1,480 | University of Minnesota, General Obligation Bonds, Series 2016A, 5.000%, 4/01/41 | 4/26 at 100.00 | Aa1 | 1,776,651 | ||
4,680 | Total Minnesota | 6,359,083 | ||||
Missouri – 0.7% | ||||||
3,465 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 3,799,650 | ||
12,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B, 5.000%, 6/01/30 (Pre-refunded 6/01/20) | 6/20 at 100.00 | AA- (4) | 12,158,280 | ||
15,465 | Total Missouri | 15,957,930 | ||||
Montana – 0.6% | ||||||
1,115 | Billings, Montana, Sewer System Revenue Bonds, Series 2017, 5.000%, 7/01/33 | 7/27 at 100.00 | AA+ | 1,386,369 | ||
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 | 1,602,064 | ||
1,415 | 5.000%, 7/01/31 | 7/28 at 100.00 | BBB | 1,685,208 | ||
1,980 | 5.000%, 7/01/32 | 7/28 at 100.00 | BBB | 2,351,824 | ||
2,135 | 5.000%, 7/01/33 | 7/28 at 100.00 | BBB | 2,529,569 | ||
3,045 | Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, Series 2018A, 5.000%, 8/15/48 | 8/28 at 100.00 | AA- | 3,726,654 | ||
11,030 | Total Montana | 13,281,688 | ||||
Nebraska – 0.4% | ||||||
3,210 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding Crossover Series 2017A, 5.000%, 9/01/37 | No Opt. Call | A | 4,407,169 | ||
1,855 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 5.000%, 9/01/42 | 9/22 at 100.00 | A | 2,016,404 | ||
1,400 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 | 11/25 at 100.00 | A | 1,603,602 | ||
6,465 | Total Nebraska | 8,027,175 |
12
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Nevada – 2.8% | ||||||
Clark County, Nevada, General Obligation Bonds, Transportation Improvement, Limited Tax, Additionally Secured by Pledged Revenue Series 2018B: | ||||||
$2,000 | 5.000%, 12/01/33 | 12/28 at 100.00 | AA+ | $2,571,660 | ||
5,000 | 5.000%, 12/01/35 | 12/28 at 100.00 | AA+ | 6,391,800 | ||
5,000 | Humboldt County, Nevada, Pollution Control Revenue Bonds, Sierra Pacific Power Company Projects, Series 2016B, 1.850%, 10/01/29 (Mandatory Put 4/15/22) | No Opt. Call | A+ | 5,075,850 | ||
5,000 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue Bonds, Series 2018B, 5.000%, 7/01/43 | 7/28 at 100.00 | Aa3 | 6,123,600 | ||
8,500 | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, 5.250%, 7/01/43 | 7/28 at 100.00 | Aa3 | 10,610,550 | ||
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+ | 6,130,472 | ||
10,000 | 5.000%, 6/01/34 | 12/24 at 100.00 | AA+ | 11,729,500 | ||
9,000 | 5.000%, 6/01/39 | 12/24 at 100.00 | AA+ | 10,535,040 | ||
1,205 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water Improvement Series 2016A, 5.000%, 6/01/41 | 6/26 at 100.00 | AA+ | 1,445,831 | ||
2,000 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018A, 5.000%, 6/01/48 | 12/28 at 100.00 | A3 | 2,426,580 | ||
250 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno Transporation Rail Access Corridor Project, Series 2018B, 5.000%, 6/01/33 – AGM Insured | 12/28 at 100.00 | AA | 312,408 | ||
53,175 | Total Nevada | 63,353,291 | ||||
New Jersey – 4.1% | ||||||
930 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (AMT) | 1/24 at 100.00 | AA | 1,046,557 | ||
6,000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31 | 12/26 at 100.00 | A- | 7,272,240 | ||
5,990 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005N-1, 5.500%, 9/01/25 – AGM Insured | No Opt. Call | AA | 7,321,936 | ||
4,000 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/25 | 3/23 at 100.00 | A- | 4,435,920 | ||
3,300 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 3/20 at 100.00 | BB+ | 3,311,715 | ||
9,420 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/31 | No Opt. Call | A- | 6,968,916 | ||
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- | 23,331,600 | ||
27,000 | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | AA | 19,971,360 | ||
4,500 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 5.000%, 6/15/29 | 6/23 at 100.00 | A- | 4,993,020 |
13
NUV | Nuveen Municipal Value Fund, Inc. (continued) |
Portfolio of Investments January 31, 2020 | |
(Unaudited) |
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 2015AA: | ||||||
$2,750 | 5.250%, 6/15/32 | 6/25 at 100.00 | A- | $3,190,715 | ||
2,150 | 5.250%, 6/15/34 | 6/25 at 100.00 | A- | 2,486,819 | ||
2,000 | New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 5.000%, 1/01/40 | 1/28 at 100.00 | A+ | 2,481,800 | ||
1,135 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 (Pre-refunded 5/01/23) | 5/23 at 100.00 | Aa3 (4) | 1,285,671 | ||
2,720 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 | 6/28 at 100.00 | BB+ | 3,118,018 | ||
101,895 | Total New Jersey | 91,216,287 | ||||
New Mexico – 0.0% | ||||||
245 | University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21 | No Opt. Call | AA- | 255,175 | ||
New York – 5.4% | ||||||
3,750 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | Aa3 | 4,580,363 | ||
5,330 | Dormitory Authority of the State of New York, Revenue Bonds, NYU Langone Hospitals Obligated Group, Series 2020A, 4.000%, 7/01/50 (WI/DD, Settling 2/11/20) | 7/30 at 100.00 | A | 6,155,937 | ||
1,950 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018, 5.000%, 9/01/39 | 9/28 at 100.00 | A | 2,426,912 | ||
12,855 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 (Pre-refunded 5/01/21) | 5/21 at 100.00 | A (4) | 13,530,402 | ||
9,850 | New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured | 3/20 at 100.00 | Baa1 | 9,954,508 | ||
10,000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2018, Series 2017S-3, 5.000%, 7/15/43 | 7/28 at 100.00 | AA | 12,360,500 | ||
7,000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2019 Subseries S-3A, 5.000%, 7/15/37 | 7/28 at 100.00 | AA | 8,796,760 | ||
11,755 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | 11/24 at 100.00 | N/R | 13,082,257 | ||
5,825 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51 | 11/21 at 100.00 | A+ | 6,301,951 | ||
8,500 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Delta Air Lines, Inc - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018, 5.000%, 1/01/33 (AMT) | 1/28 at 100.00 | Baa3 | 10,405,530 | ||
8,270 | New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT) | 7/24 at 100.00 | BBB | 9,391,329 | ||
9,925 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eight Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | BBB+ | 10,334,406 | ||
7,550 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017C-2, 5.000%, 11/15/42 | 11/27 at 100.00 | AA- | 9,324,325 | ||
3,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50 | 5/25 at 100.00 | AA- | 3,501,090 |
14
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
New York (continued) | ||||||
$650 | TSASC Inc, New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B, 5.000%, 6/01/24 | No Opt. Call | B- | $725,530 | ||
106,210 | Total New York | 120,871,800 | ||||
North Carolina – 1.0% | ||||||
1,500 | Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37 | 1/21 at 100.00 | AA- | 1,554,990 | ||
1,520 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University Project, Refunding Series 2016B, 5.000%, 10/01/44 | 10/26 at 100.00 | AA+ | 1,859,097 | ||
North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes Project, Series 2015: | ||||||
2,155 | 5.000%, 12/31/37 (AMT) | 6/25 at 100.00 | BBB- | 2,469,522 | ||
4,175 | 5.000%, 6/30/54 (AMT) | 6/25 at 100.00 | BBB- | 4,699,798 | ||
2,010 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2010A, 5.000%, 6/01/42 (Pre-refunded 6/01/20) | 6/20 at 100.00 | N/R (4) | 2,036,190 | ||
1,000 | North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Novant Health Inc, Series 2010A, 4.750%, 11/01/43 | 11/20 at 100.00 | AA- | 1,022,430 | ||
2,995 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, 5.000%, 7/01/51 | 7/26 at 100.00 | BBB | 3,439,787 | ||
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 | 1,982,549 | ||
1,850 | 5.000%, 1/01/32 | 1/27 at 100.00 | BBB | 2,239,869 | ||
18,830 | Total North Carolina | 21,304,232 | ||||
North Dakota – 0.5% | ||||||
7,820 | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31 | 11/21 at 100.00 | A+ | 8,531,542 | ||
1,840 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated Group, Series 2017A, 5.000%, 12/01/42 | 12/27 at 100.00 | Baa2 | 2,121,759 | ||
9,660 | Total North Dakota | 10,653,301 | ||||
Ohio – 3.7% | ||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | ||||||
12,205 | 5.875%, 6/01/30 | 2/20 at 100.00 | CCC+ | 12,265,781 | ||
4,020 | 6.000%, 6/01/42 | 2/20 at 100.00 | B- | 4,043,195 | ||
11,940 | 5.875%, 6/01/47 | 2/20 at 100.00 | B- | 11,991,342 | ||
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 | CCC+ | 17,104,430 | ||
1,195 | Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children's Hospital Project, Refunding & Improvement Series 2017A, 5.000%, 11/01/32 | 11/27 at 100.00 | Aa2 | 1,496,367 | ||
3,485 | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 4.000%, 12/01/46 | 6/27 at 100.00 | AA- | 3,883,196 | ||
5,000 | Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018, 5.000%, 6/01/43 | 6/28 at 100.00 | AAA | 6,244,450 |
15
NUV | Nuveen Municipal Value Fund, Inc. (continued) |
Portfolio of Investments January 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Ohio (continued) | ||||||
$1,730 | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) | 11/21 at 100.00 | BBB (4) | $1,884,506 | ||
13,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Corporation Project, Refunding Series 2009D, 4.250%, 8/01/29 (Mandatory Put 9/15/21) (6) | No Opt. Call | N/R | 13,942,500 | ||
4,110 | Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC - Borrower, Portsmouth Bypass Project, Series 2015, 5.000%, 12/31/39 – AGM Insured (AMT) | 6/25 at 100.00 | AA | 4,725,596 | ||
4,975 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 | 2/23 at 100.00 | Aa3 | 5,485,286 | ||
78,075 | Total Ohio | 83,066,649 | ||||
Oklahoma – 1.3% | ||||||
1,225 | Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26, 144A | 8/21 at 100.00 | N/R | 1,339,782 | ||
4,000 | Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Refunding Series 2016, 5.000%, 7/01/36 | 7/26 at 100.00 | AAA | 4,878,040 | ||
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+ | 1,909,940 | ||
1,250 | 5.000%, 8/15/29 | 8/25 at 100.00 | A+ | 1,491,512 | ||
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine Project, Series 2018B: | ||||||
1,935 | 5.250%, 8/15/43 | 8/28 at 100.00 | Baa3 | 2,348,568 | ||
5,000 | 5.250%, 8/15/48 | 8/28 at 100.00 | Baa3 | 6,021,550 | ||
10,000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series 2017A, 5.000%, 1/01/42 | 1/26 at 100.00 | AA- | 11,792,200 | ||
25,000 | Total Oklahoma | 29,781,592 | ||||
Oregon – 0.7% | ||||||
6,585 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding Senior Lien Series 2017B, 5.000%, 11/15/28 | 5/27 at 100.00 | AAA | 8,367,296 | ||
5,330 | University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48 | 4/28 at 100.00 | Aa2 | 6,577,487 | ||
11,915 | Total Oregon | 14,944,783 | ||||
Pennsylvania – 1.2% | ||||||
2,500 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A, 5.000%, 1/01/36 | 1/29 at 100.00 | A+ | 3,194,125 | ||
3,155 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger Health System, Series 2017A-2, 5.000%, 2/15/39 | 2/27 at 100.00 | AA | 3,800,986 | ||
Pennsylvania State University, Revenue Bonds, Refunding Series 2016A: | ||||||
1,325 | 5.000%, 9/01/35 | 9/26 at 100.00 | Aa1 | 1,628,783 | ||
2,000 | 5.000%, 9/01/41 | 9/26 at 100.00 | Aa1 | 2,425,920 | ||
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2011B: | ||||||
1,405 | 5.000%, 12/01/41 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R (4) | 1,511,148 | ||
1,310 | 5.000%, 12/01/41 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A2 (4) | 1,407,726 |
16
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Pennsylvania (continued) | ||||||
$7,500 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue Bonds, Subordinate Series 2013A, 5.000%, 12/01/43 (Pre-refunded 12/01/22) | 12/22 at 100.00 | AA- (4) | $8,360,175 | ||
1,250 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5) | 12/26 at 100.00 | AA- | 1,341,737 | ||
570 | 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 | 669,488 | ||
1,350 | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series 2017, 5.000%, 1/01/38 (AMT) | 1/28 at 100.00 | Baa3 | 1,581,579 | ||
22,365 | Total Pennsylvania | 25,921,667 | ||||
Puerto Rico – 1.6% | ||||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
6,031 | 0.000%, 7/01/33 | 7/28 at 86.06 | N/R | 4,153,429 | ||
13,548 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 14,924,748 | ||
8,993 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 9,931,869 | ||
5,000 | 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 | 5,514,200 | ||
33,572 | Total Puerto Rico | 34,524,246 | ||||
South Carolina – 1.7% | ||||||
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: | ||||||
12,760 | 0.000%, 1/01/28 – AGC Insured | No Opt. Call | AA | 11,153,899 | ||
9,535 | 0.000%, 1/01/29 – AGC Insured | No Opt. Call | AA | 8,117,241 | ||
8,000 | South Carolina Public Service Authority Santee Cooper Revenue Obligations, Refunding Series 2016B, 5.000%, 12/01/56 | 12/26 at 100.00 | A | 9,337,760 | ||
5,500 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, 5.000%, 12/01/50 | 6/25 at 100.00 | A | 6,272,200 | ||
3,455 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54 | 6/24 at 100.00 | A | 3,936,108 | ||
39,250 | Total South Carolina | 38,817,208 | ||||
Tennessee – 0.6% | ||||||
2,260 | 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 | 2,786,874 | ||
3,000 | Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Series 2017A, 5.000%, 11/01/42 | 11/27 at 100.00 | AA+ | 3,719,190 | ||
7,245 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 4.000%, 5/01/48 (Mandatory Put 5/01/23) | 2/23 at 100.43 | A | 7,844,161 | ||
12,505 | Total Tennessee | 14,350,225 | ||||
Texas – 15.5% | ||||||
14,355 | Bexar County Hospital District, Texas, Certificates of Obligation, Series 2018, 4.000%, 2/15/43 (UB) (7) | 2/27 at 100.00 | Aa1 | 16,206,795 | ||
2,420 | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A, 5.000%, 1/01/43 | 1/23 at 100.00 | A- | 2,640,704 |
17
NUV | Nuveen Municipal Value Fund, Inc. (continued) |
Portfolio of Investments January 31, 2020 | |
(Unaudited) |
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- | $942,857 | ||
7,500 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (AMT) | 11/21 at 100.00 | A+ | 7,969,725 | ||
240 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44 | 9/24 at 100.00 | BBB- | 265,574 | ||
5,000 | El Paso County Hospital District, Texas, General Obligtion Bonds, Certificates of Obligation Series 2013, 5.000%, 8/15/39 | 8/23 at 100.00 | A- | 5,447,300 | ||
Fort Bend County Municipal Utility District 50, Texas, General Obligation Bonds, Series 2018A: | ||||||
2,600 | 4.000%, 9/01/46 – AGM Insured | 9/23 at 100.00 | AA | 2,717,962 | ||
5,500 | 4.000%, 9/01/48 – AGM Insured | 9/23 at 100.00 | AA | 5,748,050 | ||
27,340 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53 | 10/23 at 100.00 | AA+ | 30,468,243 | ||
2,845 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 4.000%, 12/01/45 | 6/25 at 100.00 | AA | 3,080,879 | ||
7,295 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured | 11/31 at 39.79 | AA | 2,163,259 | ||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: | ||||||
845 | 0.000%, 11/15/27 (ETM) | No Opt. Call | Baa2 (4) | 753,410 | ||
11,055 | 0.000%, 11/15/27 | No Opt. Call | Baa2 | 9,304,772 | ||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C: | ||||||
425 | 5.000%, 11/15/23 | No Opt. Call | A3 | 480,535 | ||
1,845 | 5.000%, 11/15/32 | 11/24 at 100.00 | A3 | 2,112,931 | ||
14,905 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/33 – NPFG Insured | 11/24 at 59.10 | Baa2 | 7,764,611 | ||
Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B: | ||||||
1,590 | 5.000%, 7/01/43 | 7/28 at 100.00 | A1 | 1,961,106 | ||
2,290 | 5.000%, 7/01/48 | 7/28 at 100.00 | A1 | 2,804,288 | ||
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 | A | 20,373,613 | ||
12,940 | 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | A | 10,334,660 | ||
10,000 | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A | 7,748,100 | ||
19,500 | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A | 14,652,885 | ||
5,120 | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/15/39 | 8/25 at 100.00 | AAA | 6,054,349 | ||
4,510 | Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2016A, 5.000%, 8/15/49 | 8/26 at 100.00 | AAA | 5,356,752 | ||
2,000 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company - Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (AMT) | 11/22 at 100.00 | A3 | 2,180,740 |
18
Principal Amount (000) | Description (1) | Optional Call 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- | $2,669,469 | ||
3,930 | 5.000%, 4/15/43 | 4/28 at 100.00 | AA- | 4,804,818 | ||
1,750 | Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36 | 4/21 at 100.00 | BBB | 1,837,308 | ||
5,420 | North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 9/01/26 | 3/22 at 100.00 | AAA | 5,872,516 | ||
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 | 36,871,800 | ||
5,220 | 6.500%, 1/01/43 | 1/25 at 100.00 | A+ | 6,504,172 | ||
15,450 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/36 – AGC Insured | No Opt. Call | AA | 10,912,644 | ||
9,020 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40 | 1/23 at 100.00 | A+ | 9,945,542 | ||
8,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2017B, 5.000%, 1/01/43 | 1/27 at 100.00 | A | 9,559,120 | ||
9,100 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/32 | 1/25 at 100.00 | A | 10,696,868 | ||
2,000 | San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (AMT) | 3/20 at 100.00 | A | 2,001,860 | ||
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) | 363,584 | ||
4,455 | 5.500%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | N/R (4) | 4,562,722 | ||
1,750 | 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 | 2,085,528 | ||
6,160 | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 | No Opt. Call | A2 | 7,320,482 | ||
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 | 2,764,525 | ||
10,400 | 5.000%, 12/15/32 | 12/22 at 100.00 | A3 | 11,383,320 | ||
4,400 | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien Series 2019A, 5.000%, 12/31/36 | 12/29 at 100.00 | Baa2 | 5,611,100 | ||
7,180 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 | 8/22 at 100.00 | A | 7,776,371 | ||
3,000 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37 | 8/24 at 100.00 | A | 3,468,720 | ||
1,750 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/33 | 8/24 at 100.00 | A- | 2,019,990 | ||
5,500 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured | No Opt. Call | A | 5,067,700 |
19
NUV | Nuveen Municipal Value Fund, Inc. (continued) |
Portfolio of Investments January 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Texas (continued) | ||||||
Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master Trust Series 2017A: | ||||||
$12,500 | 4.000%, 10/15/42 (UB) (7) | 10/27 at 100.00 | AAA | $14,330,125 | ||
6,500 | 5.000%, 10/15/42 | 10/27 at 100.00 | AAA | 8,039,915 | ||
346,130 | Total Texas | 346,004,299 | ||||
Utah – 0.9% | ||||||
5,345 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, 5.000%, 7/01/42 | 7/27 at 100.00 | A+ | 6,491,342 | ||
3,500 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, 5.000%, 7/01/43 | 7/28 at 100.00 | A+ | 4,319,980 | ||
Salt Lake County, Utah, Sales Tax Revenue Bonds, TRCC Series 2017: | ||||||
695 | 5.000%, 2/01/36 | 2/27 at 100.00 | AAA | 854,815 | ||
1,150 | 5.000%, 2/01/37 | 2/27 at 100.00 | AAA | 1,408,785 | ||
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 | AA- | 1,573,462 | ||
1,000 | 5.000%, 9/01/30 | 3/28 at 100.00 | AA- | 1,252,520 | ||
1,250 | 5.000%, 9/01/31 | 3/28 at 100.00 | AA- | 1,555,050 | ||
660 | 5.000%, 9/01/32 | 3/28 at 100.00 | AA- | 818,869 | ||
540 | Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017A, 5.000%, 3/01/37 | 3/27 at 100.00 | AA | 660,668 | ||
15,390 | Total Utah | 18,935,491 | ||||
Virginia – 2.5% | ||||||
1,805 | Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, First Tier Series 2016, 5.000%, 7/01/46 | 7/26 at 100.00 | BBB | 2,114,052 | ||
3,865 | Metropolitan Washington Airports Authority, Virginia, 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- | 4,807,789 | ||
14,110 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Projects, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53 | 4/22 at 100.00 | A- | 15,085,706 | ||
10,000 | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 | 10/28 at 100.00 | A- | 13,602,500 | ||
4,355 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 | 2/20 at 100.00 | B- | 4,395,502 | ||
4,350 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/52 (AMT) | 6/27 at 100.00 | BBB | 5,058,572 |
20
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Virginia (continued) | ||||||
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012: | ||||||
$4,180 | 5.250%, 1/01/32 (AMT) | 7/22 at 100.00 | BBB | $4,542,072 | ||
1,355 | 6.000%, 1/01/37 (AMT) | 7/22 at 100.00 | BBB | 1,495,283 | ||
3,770 | 5.500%, 1/01/42 (AMT) | 7/22 at 100.00 | BBB | 4,094,446 | ||
47,790 | Total Virginia | 55,195,922 | ||||
Washington – 3.2% | ||||||
Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016: | ||||||
1,930 | 5.000%, 2/01/29 | 2/26 at 100.00 | AA- | 2,346,571 | ||
1,000 | 5.000%, 2/01/30 | 2/26 at 100.00 | AA- | 1,212,830 | ||
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 | A1 | 1,412,244 | ||
5,000 | 5.000%, 12/01/41 | 6/27 at 100.00 | A1 | 5,969,650 | ||
1,390 | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-1, 4.000%, 8/01/44 | 8/29 at 100.00 | BBB+ | 1,557,412 | ||
3,780 | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 | 1/21 at 100.00 | A+ | 3,904,740 | ||
2,400 | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.375%, 12/01/33 (Pre-refunded 12/01/20) | 12/20 at 100.00 | N/R (4) | 2,488,656 | ||
12,000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2012A, 5.000%, 10/01/33 | 10/22 at 100.00 | AA- | 13,182,240 | ||
1,310 | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2017, 5.000%, 8/15/30 | 8/27 at 100.00 | BBB | 1,558,834 | ||
Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018: | ||||||
2,715 | 5.000%, 7/01/36 | 7/28 at 100.00 | A1 | 3,386,284 | ||
7,200 | 5.000%, 7/01/48 | 7/28 at 100.00 | A1 | 8,632,584 | ||
3,000 | 5.000%, 7/01/58 | 7/28 at 100.00 | A1 | 3,591,960 | ||
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C: | ||||||
9,100 | 0.000%, 6/01/29 – NPFG Insured | No Opt. Call | Aaa | 7,890,337 | ||
16,195 | 0.000%, 6/01/30 – NPFG Insured | No Opt. Call | Aaa | 13,682,022 | ||
68,195 | Total Washington | 70,816,364 | ||||
West Virginia – 0.7% | ||||||
1,830 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington Hospital, Inc Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/36 | 1/29 at 100.00 | BBB+ | 2,236,223 | ||
3,750 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical Center, Refunding & Improvement Series 2019A, 5.000%, 9/01/39 | 9/29 at 100.00 | Baa1 | 4,635,187 | ||
3,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 | 6/23 at 100.00 | A | 3,347,910 |
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NUV | Nuveen Municipal Value Fund, Inc. (continued) |
Portfolio of Investments January 31, 2020 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
West Virginia (continued) | ||||||
$3,570 | West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018, 5.000%, 6/01/43 | 6/28 at 100.00 | AA- | $4,427,336 | ||
12,150 | Total West Virginia | 14,646,656 | ||||
Wisconsin – 1.7% | ||||||
2,375 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40 | 2/22 at 100.00 | A- | 2,514,246 | ||
4,410 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc, Series 2012, 5.000%, 6/01/39 | 6/22 at 100.00 | A3 | 4,711,115 | ||
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) | 3,708,180 | ||
5,000 | 6.000%, 5/01/41 (Pre-refunded 5/01/21) | 5/21 at 100.00 | N/R (4) | 5,312,150 | ||
6,600 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc, Refunding 2012C, 5.000%, 8/15/32 (Pre-refunded 8/15/22) | 8/22 at 100.00 | N/R (4) | 7,270,230 | ||
10,000 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2010A, 5.000%, 6/01/30 (Pre-refunded 6/01/20) | 6/20 at 100.00 | AA- (4) | 10,131,900 | ||
3,350 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Ascension Health Alliance Senior Credit Group, Series 2016A, 4.000%, 11/15/46 | 5/26 at 100.00 | AA+ | 3,711,130 | ||
35,235 | Total Wisconsin | 37,358,951 | ||||
Wyoming – 0.1% | ||||||
1,850 | West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40 | 6/21 at 100.00 | BBB | 1,956,690 | ||
$2,183,801 | Total Long-Term Investments (cost $1,956,675,233) | 2,236,371,865 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 0.4% | ||||||
MUNICIPAL BONDS – 0.4% | ||||||
National – 0.4% | ||||||
$7,920 | JPMorgan Chase Putters / Drivers Trust Various States, Variable Rate Demand Obligations, Series 2019, 1.240%, 6/01/21 (AMT) (Mandatory Put 3/16/20), 144A (8) | No Opt. Call | F1+ | $7,920,000 | ||
$7,920 | Total Short-Term Investments (cost $7,920,000) | 7,920,000 | ||||
Total Investments (cost $1,964,595,233) – 100.9% | 2,244,291,865 | |||||
Floating Rate Obligations – (1.3)% | (29,705,000) | |||||
Other Assets Less Liabilities – 0.4% | 10,461,692 | |||||
Net Assets Applicable to Common Shares – 100% | $2,225,048,557 |
22
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. 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).
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 the Fund’s fair value measurements as of the end of the reporting period:
Level 1 | Level 2 | Level 3 | Total | |
Long-Term Investments: | ||||
Municipal Bonds | $ — | $2,236,371,865 | $ — | $2,236,371,865 |
Short-Term Investments: | ||||
Municipal Bonds | — | 7,920,000 | — | 7,920,000 |
Total | $ — | $2,244,291,865 | $ — | $2,244,291,865 |
(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) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
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. | |
AMT | Alternative Minimum Tax | |
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. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
23