1
Nuveen
Municipal
Value
Fund,
Inc.
Portfolio
of
Investments
July
31,
2022
(Unaudited)
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
99.6%
X
1,986,242,180
MUNICIPAL
BONDS
-
99.6%
X
1,986,242,180
Alabama
-
0.2%
Birmingham
Airport
Authority,
Alabama,
Airport
Revenue
Bonds,
Series
2020:
$
255
4.000%,
7/01/39
-
BAM
Insured
7/30
at
100.00
AA
$
262,563
225
4.000%,
7/01/40
-
BAM
Insured
7/30
at
100.00
AA
230,189
3,805
Homewood,
Alabama,
General
Obligation
Warrants,
Series
2016,
5.000%,
9/01/36,
(Pre-refunded
9/01/26)
9/26
at
100.00
AA+
(4)
4,283,022
4,285
Total
Alabama
4,775,774
Alaska
-
0.1%
Anchorage,
Alaska,
General
Obligation
Bonds,
School
Series
2021C:
1,500
4.000%,
9/01/40
9/31
at
100.00
N/R
1,556,535
1,000
4.000%,
9/01/41
9/31
at
100.00
N/R
1,030,390
110
Northern
Tobacco
Securitization
Corporation,
Alaska,
Tobacco
Settlement
Asset-Backed
Bonds,
Senior
Series
2021A
Class
1,
4.000%,
6/01/50
6/31
at
100.00
BBB+
104,497
2,610
Total
Alaska
2,691,422
Arizona
-
1.3%
7,525
Chandler
Industrial
Development
Authority,
Arizona,
Industrial
Development
Revenue
Bonds,
Intel
Corporation
Project,
Series
2019,
5.000%,
6/01/49,
(AMT),
(Mandatory
Put
6/03/24)
6/24
at
100.00
A+
7,882,287
2,935
Phoenix
Civic
Improvement
Corporation,
Arizona,
Airport
Revenue
Bonds,
Senior
Lien
Series
2017A,
5.000%,
7/01/35
7/27
at
100.00
Aa3
3,228,794
780
Phoenix
Civic
Improvement
Corporation,
Arizona,
Excise
Tax
Revenue
Bonds,
Subordinate
Lien
Series
2020A,
4.000%,
7/01/45
7/30
at
100.00
AAA
794,726
2,590
Phoenix
Civic
Improvement
Corporation,
Arizona,
Water
System
Revenue
Bonds,
Junior
Lien
Series
2021A,
5.000%,
7/01/45
7/31
at
100.00
AAA
2,965,861
2,175
Pima
County
Industrial
Development
Authority,
Arizona,
Revenue
Bonds,
Tucson
Medical
Center,
Series
2021A,
4.000%,
4/01/46
4/31
at
100.00
A
2,161,406
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
6,210,344
Tucson,
Arizona,
Water
System
Revenue
Bonds,
Refunding
Series
2017:
1,000
5.000%,
7/01/34
7/27
at
100.00
AA
1,119,130
750
5.000%,
7/01/35
7/27
at
100.00
AA
838,245
23,355
Total
Arizona
25,200,793
California
-
6.7%
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
4,512,778
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
A1
(4)
5,115,400
405
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+
383,891
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
July
31,
2022
(Unaudited)
2
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
California
(continued)
$
1,250
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Sonoma
County
Tobacco
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
12/30
at
100.00
BBB+
$
1,184,850
California
Health
Facilities
Financing
Authority,
California,
Revenue
Bonds,
Sutter
Health,
Refunding
Series
2016B:
5,920
5.000%,
11/15/46
11/26
at
100.00
A1
6,291,835
4,080
5.000%,
11/15/46,
(Pre-refunded
11/15/26)
11/26
at
100.00
N/R
(4)
4,608,687
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+
1,263,792
3,850
California
Health
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph
Health
System,
Series
2013A,
5.000%,
7/01/33,
(Pre-refunded
7/01/23)
7/23
at
100.00
AA-
(4)
3,970,659
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-
6,394,509
2,725
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
11/21/45,
144A
1/29
at
100.00
BBB
2,846,344
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
1,678,885
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
3,514,140
4,505
Covina-Valley
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Series
2003B,
0.010%,
6/01/28
-
FGIC
Insured
No
Opt.
Call
A+
3,847,045
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
6,232,494
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-
2,413,086
49,020
Golden
State
Tobacco
Securitization
Corporation,
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Capital
Appreciation
Series
2021B-2,
0.000%,
6/01/66
12/31
at
27.75
N/R
6,262,305
Merced
Union
High
School
District,
Merced
County,
California,
General
Obligation
Bonds,
Series
1999A:
2,500
0.010%,
8/01/23
-
FGIC
Insured
No
Opt.
Call
AA-
2,455,400
2,555
0.010%,
8/01/24
-
FGIC
Insured
No
Opt.
Call
AA-
2,454,435
2,365
Montebello
Unified
School
District,
Los
Angeles
County,
California,
General
Obligation
Bonds,
Election
1998
Series
2004,
0.010%,
8/01/27
-
FGIC
Insured
No
Opt.
Call
A-
2,074,625
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
3,395,774
2,315
0.000%,
8/01/43
(5)
8/35
at
100.00
Aa1
2,181,216
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
4,495,968
80
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A,
7.000%,
8/01/38
-
AGC
Insured
8/29
at
100.00
AA
96,025
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
7,108,755
3
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
0.010%,
8/01/24
-
FGIC
Insured
No
Opt.
Call
Aa2
$
2,474,626
2,660
0.010%,
8/01/25
-
FGIC
Insured
No
Opt.
Call
Aa2
2,473,002
285
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
286,311
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
A1
11,189,600
San
Joaquin
Hills
Transportation
Corridor
Agency,
Orange
County,
California,
Refunding
Senior
Lien
Toll
Road
Revenue
Bonds,
Series
2021A:
315
4.000%,
1/15/39
1/32
at
100.00
N/R
319,807
525
4.000%,
1/15/41
1/32
at
100.00
N/R
530,176
550
4.000%,
1/15/43
1/32
at
100.00
N/R
552,222
200
4.000%,
1/15/44
1/32
at
100.00
N/R
200,332
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
11,318,017
13,220
San
Mateo
County
Community
College
District,
California,
General
Obligation
Bonds,
Series
2006A,
0.010%,
9/01/28
-
NPFG
Insured
No
Opt.
Call
AAA
11,518,322
5,000
San
Mateo
Union
High
School
District,
San
Mateo
County,
California,
General
Obligation
Bonds,
Election
of
2000,
Series
2002B,
0.010%,
9/01/24
-
FGIC
Insured
No
Opt.
Call
Aaa
4,812,350
5,815
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015,
0.010%,
8/01/48
8/25
at
29.16
AA
1,528,066
610
Tobacco
Securitization
Authority
of
Northern
California,
Tobacco
Settlement
Asset-Backed
Bonds,
Refunding
Sacramento
County
Tobacco
Securitization
Corporation
Series
2021B Class
2,
4.000%,
6/01/49
12/30
at
100.00
BBB-
626,074
575
Vernon,
California,
Electric
System
Revenue
Bonds,
Series
2021A,
5.000%,
4/01/28
No
Opt.
Call
N/R
638,239
182,705
Total
California
133,250,042
Colorado
-
7.1%
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
8,691,375
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)
7,208,378
4,155
Colorado
Health
Facilities
Authority,
Colorado,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
4.000%,
8/01/44
8/29
at
100.00
BBB+
4,084,157
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
1,277,188
7,070
Colorado
Mountain
College,
Colorado,
Certificates
of
Participation,
Series
2021,
4.000%,
12/01/46
12/31
at
100.00
Aa3
7,162,193
4,500
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2018N,
5.000%,
3/15/37
3/28
at
100.00
Aa2
5,023,980
1,000
Colorado
State,
Building
Excellent
Schools
Today,
Certificates
of
Participation,
Series
2020R,
4.000%,
3/15/45
3/30
at
100.00
Aa2
1,015,990
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
July
31,
2022
(Unaudited)
4
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
(continued)
Colorado
State,
Certificates
of
Participation,
Higher
Education
Lease
Purchase
Financing
Program,
Series
2020:
$
900
4.000%,
9/01/38
9/31
at
100.00
Aa2
$
945,900
4,475
4.000%,
9/01/40
9/31
at
100.00
Aa2
4,645,498
1,750
4.000%,
9/01/41
9/31
at
100.00
Aa2
1,799,122
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
1,424,037
2,000
5.000%,
9/01/31
3/28
at
100.00
Aa2
2,269,680
1,260
5.000%,
9/01/32
3/28
at
100.00
Aa2
1,425,388
620
5.000%,
9/01/33
3/28
at
100.00
Aa2
697,178
3,790
Colorado
State,
Certificates
of
Participation,
Rural
Series
2018A,
5.000%,
12/15/37
12/28
at
100.00
Aa2
4,268,715
5,000
Colorado
State,
Certificates
of
Participation,
Rural
Series
2021A,
4.000%,
12/15/39
12/31
at
100.00
Aa2
5,129,650
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2012B:
2,750
5.000%,
11/15/25
11/22
at
100.00
AA-
2,776,923
2,200
5.000%,
11/15/29,
(Pre-refunded
11/15/22)
11/22
at
100.00
AA-
(4)
2,222,418
3,400
Denver
City
and
County,
Colorado,
Airport
System
Revenue
Bonds,
Series
2022B,
5.250%,
11/15/53
11/32
at
100.00
N/R
3,879,094
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+
5,294,366
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
2,080,460
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2000B:
9,660
0.000%,
9/01/29
-
NPFG
Insured
No
Opt.
Call
A
7,743,166
24,200
0.000%,
9/01/31
-
NPFG
Insured
No
Opt.
Call
A
17,796,922
17,000
0.000%,
9/01/32
-
NPFG
Insured
No
Opt.
Call
A
11,949,980
1,705
E-470
Public
Highway
Authority,
Colorado,
Senior
Revenue
Bonds,
Series
2020A,
5.000%,
9/01/40
9/24
at
100.00
A
1,789,892
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
3,358,364
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
AA-
10,251,120
1,400
Regional
Transportation
District,
Colorado,
Private
Activity
Bonds,
Denver
Transit
Partners
Eagle
P3
Project,
Series
2020A,
4.000%,
7/15/34
1/31
at
100.00
A-
1,430,408
2,900
Regional
Transportation
District,
Colorado,
Sales
Tax
Revenue
Bonds,
Fastracks
Project,
Refunding
Green
Series
2021B,
4.000%,
11/01/40
5/31
at
100.00
AA+
3,027,803
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+
5,433,467
4,250
University
of
Colorado,
Enterprise
System
Revenue
Bonds,
Series
2018B,
5.000%,
6/01/43,
(Pre-refunded
6/01/28)
6/28
at
100.00
Aa1
(4)
4,956,860
150,800
Total
Colorado
141,059,672
Connecticut
-
0.7%
8,440
Connecticut
State,
General
Obligation
Bonds,
Series
2015E,
5.000%,
8/01/29
8/25
at
100.00
Aa3
9,152,167
5,000
Connecticut
State,
General
Obligation
Bonds,
Series
2015F,
5.000%,
11/15/33
11/25
at
100.00
Aa3
5,417,950
13,440
Total
Connecticut
14,570,117
5
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Delaware
-
0.1%
$
1,270
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2021,
4.000%,
1/01/46
1/32
at
100.00
N/R
$
1,276,439
District
of
Columbia
-
1.7%
15,000
District
of
Columbia
Tobacco
Settlement
Corporation,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2006A,
0.000%,
6/15/46
8/22
at
23.12
N/R
3,452,250
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
5,965,760
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-
4,070,541
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-
11,560,600
Washington
Convention
and
Sports
Authority,
Washington
D.C.,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021A:
670
4.000%,
10/01/36
10/30
at
100.00
AA
693,175
1,060
4.000%,
10/01/38
10/30
at
100.00
AA
1,089,892
1,265
4.000%,
10/01/39
10/30
at
100.00
AA
1,292,160
1,745
Washington
Convention
and
Sports
Authority,
Washington
D.C.,
Dedicated
Tax
Revenue
Bonds,
Refunding
Senior
Lien
Series
2021B,
4.000%,
10/01/38
10/30
at
100.00
AA
1,789,236
1,805
Washington
Metropolitan
Area
Transit
Authority,
Dedicated
Revenue
Bonds,
Green
Series
2021A,
5.000%,
7/15/41
7/31
at
100.00
AA
2,092,067
2,390
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Dedicated
Revenue
Bonds,
Series
2020A,
4.000%,
7/15/45
7/30
at
100.00
AA
2,416,433
43,190
Total
District
of
Columbia
34,422,114
Florida
-
4.4%
1,000
Babcock
Ranch
Community
Independent
Special
District,
Charlotte
County,
Florida,
Special
Assessment
Bonds,
2022
Project
Series
2022,
5.000%,
5/01/53
5/32
at
100.00
N/R
1,003,230
1,240
Broward
County,
Florida,
Half-Cent
Sales
Tax
Revenue
Bonds,
Refunding
Series
2020,
4.000%,
10/01/40
10/30
at
100.00
AA+
1,274,832
15,000
Broward
County,
Florida,
Tourist
Development
Tax
Revenue
Bonds,
Convention
Center
Expansion
Project,
Series
2021,
4.000%,
9/01/51
9/31
at
100.00
N/R
14,983,500
1,355
Central
Florida
Expressway
Authority,
Revenue
Bonds,
Senior
Lien
Series
2021D,
5.000%,
7/01/31
No
Opt.
Call
A+
1,618,005
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
591,719
2,500
Florida
Development
Finance
Corporation,
Healthcare
Facilities
Revenue
Bonds,
UF
Health
-
Jacksonville
Project,
Series
2022A,
4.000%,
2/01/46
-
AGM
Insured
2/32
at
100.00
N/R
2,488,300
4,000
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2017A,
5.000%,
10/01/37
10/27
at
100.00
Aa3
4,420,400
3,500
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2019A,
5.000%,
10/01/44
10/29
at
100.00
Aa3
3,872,330
2,290
Hillsborough
County
Aviation
Authority,
Florida,
Revenue
Bonds,
Tampa
International
Airport,
Subordinate
Lien
Series
2015B,
5.000%,
10/01/40,
(Pre-refunded
10/01/24)
10/24
at
100.00
A1
(4)
2,449,659
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
July
31,
2022
(Unaudited)
6
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Florida
(continued)
Lakeland,
Florida,
Energy
System
Revenue
Bonds,
Series
2021:
$
1,300
4.000%,
10/01/39
10/31
at
100.00
N/R
$
1,335,893
1,000
4.000%,
10/01/40
10/31
at
100.00
N/R
1,025,500
2,735
Miami
Beach
Health
Facilities
Authority,
Florida,
Hospital
Revenue
Bonds,
Mount
Sinai
Medical
Center
of
Florida
Project,
Series
2021B,
4.000%,
11/15/46
11/31
at
100.00
A-
2,692,662
5,090
Miami-Dade
County
Expressway
Authority,
Florida,
Toll
System
Revenue
Bonds,
Series
2010A,
5.000%,
7/01/40
8/22
at
100.00
A
5,117,231
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
A2
2,093,860
Orlando
Utilities
Commission,
Florida,
Utility
System
Revenue
Bonds,
Series
2018A:
3,500
5.000%,
10/01/36
10/27
at
100.00
AA
3,916,675
3,780
5.000%,
10/01/37
10/27
at
100.00
AA
4,223,545
1,120
5.000%,
10/01/38
10/27
at
100.00
AA
1,248,957
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
Aa2
(4)
11,339,221
Osceola
County,
Florida,
Transportation
Revenue
Bonds,
Osceola
Parkway,
Refunding
&
Improvement
Capital
Appreciation
Series
2019A-2:
3,000
0.000%,
10/01/46
10/29
at
54.89
BBB+
944,550
4,860
0.000%,
10/01/47
10/29
at
52.89
BBB+
1,454,015
1,700
0.000%,
10/01/48
10/29
at
50.96
BBB+
483,208
3,250
0.000%,
10/01/49
10/29
at
49.08
BBB+
877,500
2,500
0.000%,
10/01/50
10/29
at
47.17
BBB+
640,775
3,000
0.000%,
10/01/51
10/29
at
45.32
BBB+
730,170
3,000
0.010%,
10/01/52
10/29
at
43.62
BBB+
693,000
3,000
0.000%,
10/01/53
10/29
at
41.97
BBB+
660,150
2,500
0.000%,
10/01/54
10/29
at
40.38
BBB+
524,050
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+
3,254,485
4,000
Pembroke
Pines,
Florida,
Capital
Improvement
Revenue
Bonds,
Series
2019A,
4.000%,
7/01/38
7/29
at
100.00
AA
4,114,920
1,020
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-
1,122,928
6,865
South
Broward
Hospital
District,
Florida,
Hospital
Revenue
Bonds,
Refunding
Series
2015,
4.000%,
5/01/34
5/25
at
100.00
AA
6,943,673
104,645
Total
Florida
88,138,943
Georgia
-
3.6%
3,325
Atlanta,
Georgia,
Water
and
Wastewater
Revenue
Bonds,
Refunding
Series
2015,
5.000%,
11/01/40
5/25
at
100.00
Aa2
3,529,554
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-
4,922,896
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
2,422,980
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
6,465,180
1,500
Geo.
L.
Smith
II
Georgia
World
Congress
Center
Authority,
Georgia,
Convention
Center
Hotel
Revenue
Bonds, First
Tier
Series
2021A,
4.000%,
1/01/54
1/31
at
100.00
BBB-
1,358,550
7
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Georgia
(continued)
$
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
$
6,265,873
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
16,953,380
4,025
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
M
Bonds,
Series
2021A,
5.000%,
1/01/62
-
AGM
Insured
1/30
at
100.00
AA
4,247,019
17,350
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
M
Bonds,
Series
2022A,
5.000%,
7/01/52
-
AGM
Insured
7/32
at
100.00
N/R
18,642,922
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
2,523,965
1,500
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2020A,
5.000%,
1/01/50
1/31
at
100.00
N/R
1,594,860
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
2,184,300
67,360
Total
Georgia
71,111,479
Guam
-
0.0%
Guam
A.B.
Won
Pat International
Airport
Authority,
Revenue
Bonds,
Series
2013C:
160
6.375%,
10/01/43,
(AMT)
10/23
at
100.00
Baa2
165,939
170
6.375%,
10/01/43,
(Pre-refunded
10/01/23),
(AMT)
10/23
at
100.00
Baa2
(4)
178,985
330
Total
Guam
344,924
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
5,402,645
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
3,337,470
7,830
Total
Hawaii
8,740,115
Idaho
-
0.1%
University
of
Idaho,
General
Revenue
Bonds,
Refunding
Series
2021A:
505
5.000%,
4/01/39
-
AGM
Insured
4/31
at
100.00
AA
584,618
545
5.000%,
4/01/41
-
AGM
Insured
4/31
at
100.00
AA
627,857
1,550
University
of
Idaho,
General
Revenue
Bonds,
Refunding
Series
2022A,
4.000%,
4/01/45
-
BAM
Insured
4/32
at
100.00
N/R
1,581,418
2,600
Total
Idaho
2,793,893
Illinois
-
10.5%
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-
5,417,100
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
5,500,050
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
3,239,794
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
5,375,711
17,775
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
16,649,665
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
July
31,
2022
(Unaudited)
8
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Illinois
(continued)
$
7,495
Chicago
Board
of
Education,
Illinois,
Unlimited
Tax
General
Obligation
Bonds,
Dedicated
Tax
Revenues,
Series
1999A,
0.010%,
12/01/31
-
NPFG
Insured
No
Opt.
Call
Baa2
$
5,338,763
1,930
Chicago
Greater
Metropolitan
Water
Reclamation
District,
Illinois,
General
Obligation
Bonds,
Limited
Tax
Capital
Improvement
Green
Series
2021A,
4.000%,
12/01/51
12/31
at
100.00
N/R
1,947,988
Chicago
Transit
Authority,
Illinois,
Capital
Grant
Receipts
Revenue
Bonds,
Federal
Transit
Administration
Section
5307
Urbanized
Area
Formula
Funds,
Refunding
Series
2021:
1,960
5.000%,
6/01/27
No
Opt.
Call
A
2,186,341
1,000
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2018,
5.000%,
11/15/35
11/26
at
100.00
A+
1,087,250
1,650
Cook
County,
Illinois,
General
Obligation
Bonds,
Refunding
Series
2021A,
5.000%,
11/15/31
11/30
at
100.00
A+
1,892,203
5,000
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2012,
5.000%,
11/15/37
11/22
at
100.00
AA-
5,041,550
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2021A:
1,000
4.000%,
11/15/39
11/30
at
100.00
AA-
1,021,410
2,040
4.000%,
11/15/40
11/30
at
100.00
AA-
2,075,374
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-
5,241,650
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
A3
583,839
825
5.000%,
8/15/44
8/25
at
100.00
A3
852,440
5,125
Illinois
State,
General
Obligation
Bonds,
November
Series
2017C,
5.000%,
11/01/29
11/27
at
100.00
BBB
5,572,669
1,755
Illinois
State,
General
Obligation
Bonds,
October
Series
2016,
5.000%,
2/01/27
No
Opt.
Call
BBB
1,921,444
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-
5,643,217
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-
4,278,840
Illinois
Toll
Highway
Authority,
Toll
Highway
Revenue
Bonds,
Senior
Lien
Series
2021A:
4,200
4.000%,
1/01/46
1/32
at
100.00
N/R
4,215,582
5,715
5.000%,
1/01/46
1/32
at
100.00
N/R
6,406,572
9,015
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A,
4.000%,
6/15/50
12/29
at
100.00
BBB+
8,526,117
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
1994B:
5,245
0.000%,
6/15/28
-
NPFG
Insured
No
Opt.
Call
BBB+
4,350,098
11,675
0.010%,
6/15/29
-
FGIC
Insured
No
Opt.
Call
BBB+
9,286,412
9
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:
$
4,950
0.010%,
12/15/32
-
NPFG
Insured
No
Opt.
Call
BBB+
$
3,350,704
21,375
0.010%,
6/15/34
-
NPFG
Insured
No
Opt.
Call
BBB+
13,399,133
21,000
0.000%,
12/15/35
-
NPFG
Insured
No
Opt.
Call
BBB+
12,207,090
21,970
0.010%,
6/15/36
-
NPFG
Insured
No
Opt.
Call
BBB+
12,436,997
10,375
0.010%,
12/15/36
-
NPFG
Insured
No
Opt.
Call
BBB+
5,722,435
10,000
0.000%,
12/15/37
-
NPFG
Insured
No
Opt.
Call
BBB+
5,232,400
25,825
0.000%,
6/15/39
-
NPFG
Insured
No
Opt.
Call
BBB+
12,380,505
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+
7,935,385
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+
9,908,800
5,000
Regional
Transportation
Authority,
Cook,
DuPage,
Kane,
Lake,
McHenry
and
Will
Counties,
Illinois,
General
Obligation
Bonds,
Series
2014A,
5.000%,
6/01/44,
(Pre-refunded
6/01/24)
6/24
at
100.00
AA+
(4)
5,303,500
5,020
Southwestern
Illinois
Development
Authority,
Local
Government
Revenue
Bonds,
Edwardsville
Community
Unit
School
District
7
Project,
Series
2007,
0.010%,
12/01/23
-
AGM
Insured
No
Opt.
Call
AA
4,864,681
615
University
of
Illinois,
Health
Services
Facilities
System
Revenue
Bonds,
Series
2013,
6.000%,
10/01/42
10/23
at
100.00
A-
639,219
Will
County
Community
Unit
School
District
201-U
Crete-Monee,
Illinois,
General
Obligation
Bonds,
Capital
Appreciation
Series
2004:
780
0.000%,
11/01/22
-
NPFG
Insured,
(ETM)
No
Opt.
Call
Baa2
(4)
776,856
1,800
0.000%,
11/01/22
-
NPFG
Insured
No
Opt.
Call
N/R
1,791,504
590
0.000%,
11/01/22
-
NPFG
Insured,
(ETM)
No
Opt.
Call
N/R
(4)
587,764
160
0.000%,
11/01/22
-
NPFG
Insured,
(ETM)
No
Opt.
Call
N/R
(4)
159,394
259,765
Total
Illinois
210,348,446
Indiana
-
1.8%
5,010
Indiana
Finance
Authority,
Hospital
Revenue
Bonds,
Community
Health
Network
Project,
Series
2012A,
5.000%,
5/01/42,
(Pre-refunded
5/01/23)
5/23
at
100.00
A
(4)
5,137,204
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
2,266,605
5,740
Indiana
Finance
Authority,
Provate
Activity
Bonds,
Ohio
River
Bridges
East
End
Crossing
Project,
Series
2013A,
5.000%,
7/01/48,
(Pre-refunded
7/01/23),
(AMT)
7/23
at
100.00
A-
(4)
5,906,058
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+
2,152,460
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
5,613,150
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E:
2,400
0.000%,
2/01/25
-
AMBAC
Insured
No
Opt.
Call
AA
2,274,144
14,595
0.010%,
2/01/27
-
AMBAC
Insured
No
Opt.
Call
AA
13,113,900
36,995
Total
Indiana
36,463,521
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
July
31,
2022
(Unaudited)
10
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Kentucky
-
1.8%
$
150
Greater
Kentucky
Housing
Assistance
Corporation,
FHA-Insured
Section
8
Mortgage
Revenue
Refunding
Bonds,
Series
1997A,
6.100%,
1/01/24
-
NPFG
Insured
8/22
at
100.00
Baa2
$
150,382
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
1,674,906
1,600
5.000%,
1/01/28
1/26
at
100.00
A1
1,749,152
Kentucky
Bond
Development
Corporation,
Transient
Room
Tax
Revenue
Bonds,
Lexington
Center
Corporation
Project,
Series
2018A:
1,280
5.000%,
9/01/37
9/28
at
100.00
A2
1,431,181
1,435
5.000%,
9/01/38
9/28
at
100.00
A2
1,600,843
4,000
5.000%,
9/01/43
9/28
at
100.00
A2
4,420,880
2,000
5.000%,
9/01/48
9/28
at
100.00
A2
2,197,880
1,000
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project
Revenue
Bonds,
Louisville
Arena
Authority,
Inc.,
Series
2017A,
5.000%,
12/01/45
-
AGM
Insured
12/27
at
100.00
AA
1,113,860
8,935
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+
9,216,274
6,000
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Convertible
Capital
Appreciation
First
Tier
Series
2013C,
0.000%,
7/01/39
(5)
7/31
at
100.00
Baa2
6,685,800
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
5,549,400
32,930
Total
Kentucky
35,790,558
Louisiana
-
0.9%
1,335
East
Baton
Rouge
Sewerage
Commission,
Louisiana,
Revenue
Bonds,
Refunding
Series
2019A,
4.000%,
2/01/45
2/29
at
100.00
AA-
1,346,628
4,420
Louisiana
Stadium
and
Exposition
District,
Revenue
Refunding
Bonds,
Senior
Lien
Series
2013A,
5.000%,
7/01/28
7/23
at
100.00
A2
4,555,650
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
A2
9,541,991
1,470
New
Orleans
Aviation
Board,
Louisiana,
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
1,570,371
16,265
Total
Louisiana
17,014,640
Maine
-
1.4%
800
Maine
Health
and
Higher
Educational
Facilities
Authority
Revenue
Bonds,
Eastern
Maine
Medical
Center
Obligated
Group
Issue,
Series
2013,
5.000%,
7/01/33,
(Pre-refunded
7/01/23)
7/23
at
100.00
BBB
(4)
824,624
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+
1,259,258
5,940
5.000%,
7/01/48
7/28
at
100.00
A+
6,251,078
Maine
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2020:
8,195
4.000%,
7/01/45
7/30
at
100.00
AA-
8,387,173
1,805
5.000%,
7/01/50
7/30
at
100.00
AA-
2,022,069
7,990
University
of
Maine,
System
Revenue
Bonds,
Series
2022,
5.000%,
3/01/47
3/32
at
100.00
N/R
8,934,817
25,920
Total
Maine
27,679,019
11
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Maryland
-
1.2%
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017:
$
630
5.000%,
9/01/31
9/27
at
100.00
CCC
$
636,067
1,945
5.000%,
9/01/32
9/27
at
100.00
CCC
1,959,004
3,455
5.000%,
9/01/34
9/27
at
100.00
CCC
3,463,499
2,000
5.000%,
9/01/35
9/27
at
100.00
CCC
2,001,680
4,500
5.000%,
9/01/42
9/27
at
100.00
CCC
4,291,155
3,500
5.000%,
9/01/46
9/27
at
100.00
CCC
3,362,100
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-
1,082,036
Maryland
Stadium
Authority,
Revenue
Bonds,
Baltimore
City
Public
Schools
Construction
&
Revitalization
Program,
Series
2018A:
4,375
5.000%,
5/01/47
5/28
at
100.00
AA
4,813,200
2,260
5.000%,
5/01/47,
(Pre-refunded
5/01/28)
5/28
at
100.00
N/R
(4)
2,619,182
23,715
Total
Maryland
24,227,923
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+
1,128,380
2,100
Massachusetts
Development
Finance
Agency,
Hospital
Revenue
Bonds,
Cape
Cod
Healthcare
Obligated
Group,
Series
2013,
5.250%,
11/15/41,
(Pre-refunded
11/15/23)
11/23
at
100.00
A
(4)
2,199,183
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
3,020,648
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
1,175,654
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
2,933,499
9,110
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Senior
Series
2013A,
5.000%,
5/15/43,
(Pre-refunded
5/15/23)
5/23
at
100.00
AAA
(4)
9,357,701
980
Massachusetts
Turnpike
Authority,
Metropolitan
Highway
System
Revenue
Bonds,
Senior
Series
1997A,
0.000%,
1/01/29
-
NPFG
Insured
No
Opt.
Call
A+
825,189
105
Massachusetts
Water
Pollution
Abatement
Trust,
Pooled
Loan
Program
Bonds,
Series
2000-6,
5.500%,
8/01/30
8/22
at
100.00
Aaa
105,286
20,070
Total
Massachusetts
20,745,540
Michigan
-
2.5%
Detroit
Academy
of
Arts
and
Sciences,
Michigan,
Public
School
Academy
Revenue
Bonds,
Refunding
Series
2013:
1,600
6.000%,
10/01/33
10/23
at
100.00
N/R
1,601,264
2,520
6.000%,
10/01/43
10/23
at
100.00
N/R
2,466,576
15
Detroit,
Michigan,
Second
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2005A,
4.500%,
7/01/35
-
NPFG
Insured
8/22
at
100.00
A+
15,021
3,000
Detroit,
Michigan,
Senior
Lien
Sewerage
Disposal
System
Revenue
Bonds,
Series
2001B,
5.500%,
7/01/29
-
NPFG
Insured
No
Opt.
Call
A+
3,388,200
5
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Second
Lien
Series
2003B,
5.000%,
7/01/34
-
NPFG
Insured
8/22
at
100.00
A+
5,014
5
Detroit,
Michigan,
Water
Supply
System
Revenue
Bonds,
Senior
Lien
Series
2003A,
5.000%,
7/01/34
-
NPFG
Insured
8/22
at
100.00
A1
5,014
4,000
Kalamazoo
County,
Michigan,
General
Obligation
Bonds,
Limitied
Tax
Series
2022,
4.000%,
5/01/45
5/31
at
100.00
N/R
4,121,400
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
July
31,
2022
(Unaudited)
12
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Michigan
(continued)
$
3,315
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
$
3,706,369
2,360
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne,
Second
Lien
Refunding
Series
2020,
4.000%,
11/01/37
11/30
at
100.00
AA
2,468,584
2,220
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-
2,302,517
6,000
Michigan
Hospital
Finance
Authority,
Revenue
Bonds,
Ascension
Health
Senior
Credit
Group,
Refunding
&
Project
Series
2010F-6,
4.000%,
11/15/47
11/26
at
100.00
AA+
5,948,880
Michigan
State
Building
Authority,
Revenue
Bonds,
Facilities
Program,
Refunding
Series
2015-I:
9,565
5.000%,
4/15/30
10/25
at
100.00
Aa2
10,372,191
435
5.000%,
4/15/30,
(Pre-refunded
10/15/25)
10/25
at
100.00
N/R
(4)
478,304
Michigan
State,
Trunk
Line
Fund
Bonds,
Rebuilding
Michigan
Program,
Series
2021A:
3,020
4.000%,
11/15/37
11/31
at
100.00
N/R
3,172,993
6,510
4.000%,
11/15/38
11/31
at
100.00
N/R
6,827,883
1,800
Northern
Michigan
University,
General
Revenue
Bonds,
Series
2021,
4.000%,
6/01/46
6/31
at
100.00
N/R
1,825,110
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
A1
1,161,248
47,470
Total
Michigan
49,866,568
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
3,983,584
1,480
University
of
Minnesota,
General
Obligation
Bonds,
Series
2016A,
5.000%,
4/01/41
4/26
at
100.00
Aa1
1,598,563
4,680
Total
Minnesota
5,582,147
Missouri
-
0.2%
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
3,555,575
Montana
-
0.6%
1,115
Billings,
Montana,
Sewer
System
Revenue
Bonds,
Series
2017,
5.000%,
7/01/33
7/27
at
100.00
AA+
1,250,026
Montana
Facility
Finance
Authority,
Healthcare
Facility
Revenue
Bonds,
Kalispell
Regional
Medical
Center,
Series
2018B:
1,340
5.000%,
7/01/30
7/28
at
100.00
BBB
1,466,644
1,415
5.000%,
7/01/31
7/28
at
100.00
BBB
1,538,374
1,980
5.000%,
7/01/32
7/28
at
100.00
BBB
2,134,519
2,135
5.000%,
7/01/33
7/28
at
100.00
BBB
2,293,011
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-
3,244,417
11,030
Total
Montana
11,926,991
Nebraska
-
0.3%
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Refunding
Crossover
Series
2017A:
1,710
5.000%,
9/01/37
No
Opt.
Call
A
1,914,773
1,500
5.000%,
9/01/42
No
Opt.
Call
A
1,676,790
13
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Nebraska
(continued)
$
1,855
Central
Plains
Energy
Project,
Nebraska,
Gas
Project
3
Revenue
Bonds,
Series
2012,
5.000%,
9/01/42
9/22
at
100.00
A2
$
1,859,934
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
1,459,388
6,465
Total
Nebraska
6,910,885
Nevada
-
2.7%
490
Clark
County
School
District,
Nevada,
General
Obligation
Bonds,
Limited
Tax
Building
Series
2020A,
4.000%,
6/15/40
-
AGM
Insured
6/30
at
100.00
AA
504,073
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+
2,284,280
5,000
5.000%,
12/01/35
12/28
at
100.00
AA+
5,668,650
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
5,504,450
8,500
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Series
2018C,
5.250%,
7/01/43
7/28
at
100.00
Aa3
9,520,170
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Series
2015:
5,220
5.000%,
6/01/33
12/24
at
100.00
Aa1
5,550,583
10,000
5.000%,
6/01/34
12/24
at
100.00
Aa1
10,635,700
9,000
5.000%,
6/01/39
12/24
at
100.00
Aa1
9,542,520
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
Aa1
1,308,437
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
2,119,240
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
277,517
48,665
Total
Nevada
52,915,620
New
Jersey
-
5.0%
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+
2,766,550
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
951,855
6,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Refunding
Series
2016BBB,
5.500%,
6/15/31,
(Pre-
refunded
12/15/26)
12/26
at
100.00
Baa1
(4)
6,927,240
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
6,567,496
4,000
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Financing
Program
Bonds,
Refunding
Series
2013NN,
5.000%,
3/01/26
3/23
at
100.00
Baa1
4,068,280
3,235
New
Jersey
Health
Care
Facilities
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Saint
Peters
University
Hospital,
Series
2007,
5.750%,
7/01/37
8/22
at
100.00
BB+
3,239,561
9,420
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.010%,
12/15/31
No
Opt.
Call
Baa1
6,810,848
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
July
31,
2022
(Unaudited)
14
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Refunding
Series
2006C:
$
30,000
0.000%,
12/15/30
-
FGIC
Insured
No
Opt.
Call
Baa1
$
23,060,400
27,000
0.000%,
12/15/32
-
AGM
Insured
No
Opt.
Call
AA
19,409,220
4,500
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2013AA,
5.000%,
6/15/29
6/23
at
100.00
Baa1
4,602,465
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA:
2,750
5.250%,
6/15/32
6/25
at
100.00
Baa1
2,900,755
2,150
5.250%,
6/15/34
6/25
at
100.00
Baa1
2,258,683
4,600
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA,
4.000%,
6/15/50
12/30
at
100.00
Baa1
4,561,590
2,000
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Series
2017B,
5.000%,
1/01/40
1/28
at
100.00
A+
2,201,480
3,760
New
Jersey
Turnpike
Authority,
Turnpike
Revenue
Bonds,
Series
2021A,
4.000%,
1/01/42
1/31
at
100.00
A+
3,852,534
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)
1,164,249
1,455
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A,
5.000%,
11/01/41
-
BAM
Insured
11/30
at
100.00
AA
1,621,772
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+
2,774,917
114,145
Total
New
Jersey
99,739,895
New
York
-
7.6%
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
4,068,675
5,330
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
NYU
Langone
Hospitals
Obligated
Group,
Series
2020A,
4.000%,
7/01/53
7/30
at
100.00
A
5,238,644
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
School
Districts
Financing
Program,
Series
2021A:
1,200
5.000%,
10/01/32
-
AGM
Insured
10/29
at
100.00
AA
1,391,040
1,125
5.000%,
10/01/33
-
AGM
Insured
10/29
at
100.00
AA
1,296,900
2,055
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Notes
Series
2021,
1.000%,
9/01/25
9/23
at
100.00
A
1,970,046
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
2,176,024
1,500
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2020A,
5.000%,
9/01/38
9/30
at
100.00
A
1,708,980
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2021:
1,000
4.000%,
9/01/39
9/31
at
100.00
N/R
1,027,090
2,100
4.000%,
9/01/41
9/31
at
100.00
N/R
2,135,196
8,325
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
8,752,156
2,500
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Climate
Certified
Series
2020E,
4.000%,
11/15/45
11/30
at
100.00
A3
2,429,650
MTA
Hudson
Rail
Yards
Trust
Obligations,
New
York,
MTA
Financing
Agreement
Payable
by
the
Metropolitan
Transportation
Authority,
Series
2016A:
3,135
5.000%,
11/15/51
8/22
at
100.00
A3
3,140,298
7,380
5.000%,
11/15/56
11/23
at
100.00
A3
7,595,644
15
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
York
(continued)
New
York
City
Industrial
Development
Agency,
New
York,
PILOT
Payment
in
Lieu
of
Taxes
Revenue
Bonds,
Queens
Baseball
Stadium
Project,
Refunding
Series
2021A:
$
1,750
5.000%,
1/01/30
-
AGM
Insured
No
Opt.
Call
AA
$
1,995,105
1,250
5.000%,
1/01/31
-
AGM
Insured
No
Opt.
Call
AA
1,434,500
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
11,060,800
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
7,847,490
3,465
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
C,
5.000%,
8/01/42
8/30
at
100.00
AA
3,870,786
5,000
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
F-1,
5.000%,
3/01/50
3/31
at
100.00
AA
5,573,950
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
11,835,992
3,180
New
York
Liberty
Development
Corporation,
New
York,
Liberty
Revenue
Bonds,
Secured
by
Port
Authority
Consolidated
Bonds,
Refunding
Series
1WTC-2021,
4.000%,
2/15/43
-
BAM
Insured
2/30
at
100.00
N/R
3,217,524
5,000
New
York
State
Power
Authority,
General
Revenue
Bonds,
Series
2020A,
4.000%,
11/15/50
5/30
at
100.00
AA
5,004,950
8,270
New
York
Transportation
Development
Corporation,
New
York,
Special
Facilities
Bonds,
LaGuardia
Airport
Terminal
B
Redevelopment
Project,
Series
2016A,
5.000%,
7/01/46,
(AMT)
7/24
at
100.00
BBB
8,522,070
4,920
New
York
Transportation
Development
Corporation,
New
York,
Special
Facility
Revenue
Bonds,
Terminal
4
John
F
Kennedy
International
Airport
Project,
Series
2022,
5.000%,
12/01/41,
(AMT)
12/32
at
100.00
N/R
5,249,345
New
York
Transportation
Development
Corporation,
Special
Facility
Revenue
Bonds,
Delta
Air
Lines,
Inc.
-
LaGuardia
Airport
Terminals
C&D
Redevelopment
Project,
Series
2018:
3,250
5.000%,
1/01/34,
(AMT)
1/28
at
100.00
Baa3
3,382,340
5,250
5.000%,
1/01/36,
(AMT)
1/28
at
100.00
Baa3
5,448,450
4,500
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Senior
Series
2021A-2,
4.000%,
6/01/50
6/31
at
100.00
N/R
4,260,915
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-
8,301,904
4,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
General
Purpose
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
Series
2018D,
4.000%,
11/15/38
11/30
at
100.00
AA-
4,109,680
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-
3,178,830
7,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Series
2021B-1,
4.000%,
5/15/56
5/31
at
100.00
N/R
6,925,240
6,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Sales
Tax
Revenue
Bonds,
MTA
Bridges
&
Tunnels,
TBTA
Capital
Lockbox-City
Sales
Tax,
Series
2022A,
5.250%,
5/15/52
11/32
at
100.00
N/R
6,929,220
650
TSASC
Inc.,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Fiscal
2017
Series
B,
5.000%,
6/01/24
No
Opt.
Call
B-
650,403
144,140
Total
New
York
151,729,837
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
July
31,
2022
(Unaudited)
16
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
North
Carolina
-
1.1%
$
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+
$
1,658,806
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-
2,209,479
4,175
5.000%,
6/30/54,
(AMT)
6/25
at
100.00
BBB-
4,224,557
2,995
North
Carolina
Turnpike
Authority,
Monroe
Expressway
Toll Revenue
Bonds,
Series
2017A,
5.000%,
7/01/51
7/26
at
100.00
BBB
3,083,233
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Capital
Appreciation
Series
2019:
2,000
0.000%,
1/01/41
1/30
at
71.45
AA+
979,560
1,500
0.000%,
1/01/42
1/30
at
68.97
AA+
699,210
14,500
0.000%,
1/01/49
1/30
at
54.10
AA+
4,913,615
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
1,734,297
1,850
5.000%,
1/01/32
1/27
at
100.00
BBB
1,960,630
32,320
Total
North
Carolina
21,463,387
North
Dakota
-
0.1%
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
1,905,062
Ohio
-
4.1%
4,710
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+
4,547,693
44,755
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
44,754,552
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
1,323,666
3,485
Franklin
County,
Ohio,
Revenue
Bonds,
Trinity
Health
Credit
Group,
Series
2017OH,
4.000%,
12/01/46
6/27
at
100.00
AA-
3,468,202
5,000
Franklin
County,
Ohio,
Sales
Tax
Revenue
Bonds,
Various
Purpose
Series
2018,
5.000%,
6/01/43
6/28
at
100.00
AAA
5,540,050
14,500
Ohio
Air
Quality
Development
Authority,
Ohio,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Generation
Corporation
Project,
Refunding
Series
2009D,
3.375%,
8/01/29,
(Mandatory
Put
9/15/21)
No
Opt.
Call
N/R
13,267,935
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
4,324,460
4,975
Ohio
State,
Turnpike
Revenue
Bonds,
Ohio
Turnpike
and
Infrastructure
Commission
Infrastructure
Projects,
Junior
Lien,
Current
Interest
Series
2013A-1,
5.000%,
2/15/48,
(Pre-refunded
2/15/23)
2/23
at
100.00
Aa3
(4)
5,064,401
82,730
Total
Ohio
82,290,959
Oklahoma
-
1.6%
4,000
Oklahoma
City
Water
Utilities
Trust,
Oklahoma,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2016,
5.000%,
7/01/36,
(Pre-refunded
7/01/26)
7/26
at
100.00
AAA
(4)
4,484,160
17
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Oklahoma
(continued)
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
Integris
Baptist
Medical
Center,
Refunding
Series
2015A:
$
1,590
5.000%,
8/15/27
8/25
at
100.00
A
$
1,704,798
1,250
5.000%,
8/15/29
8/25
at
100.00
A
1,325,575
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
1,875,518
5,000
5.250%,
8/15/48
8/28
at
100.00
Baa3
4,757,500
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-
10,646,600
7,000
Oklahoma
Water
Resources
Board,
Revolving
Fund
Revenue
Bonds,
Master
Trust,
Series
2021,
4.000%,
4/01/47
4/31
at
100.00
N/R
7,167,790
30,775
Total
Oklahoma
31,961,941
Oregon
-
0.8%
2,500
Oregon
Health
and
Science
University,
Revenue
Bonds,
Green
Series
2021A,
4.000%,
7/01/44
1/32
at
100.00
N/R
2,540,575
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
7,486,157
5,330
University
of
Oregon,
General
Revenue
Bonds,
Series
2018A,
5.000%,
4/01/48
4/28
at
100.00
Aa2
5,838,695
14,415
Total
Oregon
15,865,427
Pennsylvania
-
1.3%
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-
3,368,751
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2022B:
3,035
4.000%,
5/01/52
5/32
at
100.00
N/R
2,973,693
2,000
Pennsylvania
State
University,
Revenue
Bonds,
Refunding
Series
2016A,
5.000%,
9/01/41
9/26
at
100.00
Aa1
2,197,420
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)
7,589,175
1,250
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2014A,
0.000%,
12/01/37
12/26
at
100.00
AA-
1,308,175
3,000
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2020B,
5.000%,
12/01/50
12/30
at
100.00
A+
3,299,130
3,645
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2021A,
4.000%,
12/01/50
12/30
at
100.00
A
3,546,221
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
608,070
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
1,408,941
25,505
Total
Pennsylvania
26,299,576
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
July
31,
2022
(Unaudited)
18
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Puerto
Rico
-
1.7%
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
$
3,782,945
15,388
4.500%,
7/01/34
7/25
at
100.00
N/R
15,604,355
9,039
4.550%,
7/01/40
7/28
at
100.00
N/R
9,113,210
5,320
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
5,363,677
35,778
Total
Puerto
Rico
33,864,187
South
Carolina
-
2.4%
Patriots
Energy
Group,
South
Carolina,
Gas
System
Revenue
Bonds,
Improvement
and
Refunding
Series
2021A:
2,250
4.000%,
6/01/46
6/31
at
100.00
A2
2,259,720
3,000
4.000%,
6/01/51
6/31
at
100.00
A2
2,982,030
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2:
12,760
0.010%,
1/01/28
-
AGC
Insured
No
Opt.
Call
AA
11,069,428
9,535
0.010%,
1/01/29
-
AGC
Insured
No
Opt.
Call
AA
7,978,030
5,500
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Improvement
Series
2021B,
4.000%,
12/01/47
12/31
at
100.00
N/R
5,342,755
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
N/R
5,640,580
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
8,331,520
3,455
South
Carolina
Public
Service
Authority,
Santee
Cooper
Revenue
Obligations,
Series
2014A,
5.500%,
12/01/54
6/24
at
100.00
N/R
3,564,627
50,000
Total
South
Carolina
47,168,690
Tennessee
-
1.3%
Hallsdale-Powell
Utility
District,
Knox
County,
Tennessee,
Water
and
Sewer
Revenue
Bonds,
Refunding
&
Improvement
Series
2022A:
310
4.000%,
4/01/32
4/31
at
100.00
N/R
346,267
875
4.000%,
4/01/33
4/31
at
100.00
N/R
954,520
1,305
4.000%,
4/01/34
4/31
at
100.00
N/R
1,401,596
760
4.000%,
4/01/37
4/31
at
100.00
N/R
797,498
1,305
4.000%,
4/01/40
4/31
at
100.00
N/R
1,339,465
Hallsdale-Powell
Utility
District,
Knox
County,
Tennessee,
Water
and
Sewer
Revenue
Bonds,
Refunding
Series
2021:
1,000
5.000%,
10/01/31
No
Opt.
Call
AA
1,211,930
250
5.000%,
10/01/32
No
Opt.
Call
AA
305,692
1,450
Memphis,
Tennessee,
Sanitary
Sewerage
System
Revenue
Bonds,
Refunding
Series
2020B,
5.000%,
10/01/45
10/30
at
100.00
AA+
1,659,453
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
2,499,786
1,375
New
Memphis
Arena
Public
Building
Authority,
Memphis
and
Shelby
County,
Tennessee,
Local
Government
Public
Improvement
Bonds,
Capital
Appreciation
Series
2021,
0.000%,
4/01/40
4/31
at
81.47
AA
628,526
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+
3,301,320
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
A2
7,336,215
19
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Tennessee
(continued)
$
3,240
West
Wilson
Utility
District,
Wilson
County,
Tennessee,
Water
Revenue
Bonds,
Improvement
Series
2022,
4.000%,
6/01/52
6/32
at
100.00
N/R
$
3,253,446
24,375
Total
Tennessee
25,035,714
Texas
-
15.3%
240
Baytown
Municipal
Development
District,
Texas,
Hotel
Revenue
Bonds,
Baytown
Convention
Center
Hotel,
First-Lien
Series
2021A,
4.000%,
10/01/50
10/31
at
100.00
BBB-
211,075
14,355
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2018,
4.000%,
2/15/43,
(UB)
(6)
2/27
at
100.00
Aa1
14,546,209
2,420
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Refunding
Senior
Lien
Series
2013A,
5.000%,
1/01/43,
(Pre-refunded
1/01/23)
1/23
at
100.00
A-
(4)
2,454,751
2,680
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Refunding
Subordinate
Lien
Series
2020G,
4.000%,
1/01/45
1/30
at
100.00
BBB+
2,609,436
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2020A:
710
5.000%,
1/01/39
1/30
at
100.00
A-
776,761
4,650
Dallas
Area
Rapid
Transit,
Texas,
Sales
Tax
Revenue
Bonds,
Refunding
&
Improvement
Senior
Lien
Series
2021B,
5.000%,
12/01/47
12/30
at
100.00
N/R
5,202,095
240
Decatur
Hospital
Authority,
Texas,
Revenue
Bonds,
Wise
Regional
Health
System,
Series
2014A,
5.250%,
9/01/44
9/24
at
100.00
BBB-
244,392
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-
5,102,400
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
2,603,094
5,500
4.000%,
9/01/48
-
AGM
Insured
9/23
at
100.00
AA
5,501,540
3,335
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Refunding
First
Tier
Series
2020C,
4.000%,
10/01/49
4/30
at
100.00
A+
3,294,280
27,340
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
Subordinate
Lien
Series
2013B,
5.000%,
4/01/53,
(Pre-refunded
10/01/23)
10/23
at
100.00
AA
(4)
28,431,413
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
2,826,963
4,000
Harris
County,
Texas,
Toll
Road
Revenue
Bonds,
Refunding
First
Lien
Series
2021A,
4.000%,
8/15/45
8/30
at
100.00
Aa2
4,063,280
7,295
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Capital
Appreciation
Refunding
Senior
Lien
Series
2014A,
0.000%,
11/15/50
-
AGM
Insured
11/31
at
39.79
AA
1,874,669
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Junior
Lien
Series
2001H:
11,055
0.000%,
11/15/27
No
Opt.
Call
Baa2
9,268,070
845
0.000%,
11/15/27,
(ETM)
No
Opt.
Call
Baa2
(4)
748,906
Harris
County-Houston
Sports
Authority,
Texas,
Revenue
Bonds,
Refunding
Second
Lien
Series
2014C:
425
5.000%,
11/15/23
No
Opt.
Call
Baa1
439,114
1,565
5.000%,
11/15/31
11/24
at
100.00
Baa1
1,629,478
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
7,991,912
1,000
Hidalgo
County
Regional
Mobility
Authority,
Texas,
Toll
and
Vehicle
Registration
Fee
Revenue
Bonds,
Senior
Lien
Series
2022A,
4.000%,
12/01/41
12/31
at
100.00
N/R
967,220
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
July
31,
2022
(Unaudited)
20
NUV
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Texas
(continued)
Houston,
Texas,
Airport
System
Revenue
Bonds,
Refunding
&
Subordinate
Lien
Series
2018B:
$
1,590
5.000%,
7/01/43
7/28
at
100.00
A1
$
1,732,480
2,290
5.000%,
7/01/48
7/28
at
100.00
A1
2,481,375
1,500
Houston,
Texas,
Combined
Utility
System
Revenue
Bonds,
Refunding
First
Lien
Series
2021A,
4.000%,
11/15/46
11/31
at
100.00
AA
1,526,685
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
19,939,905
12,940
0.000%,
9/01/30
-
AMBAC
Insured
No
Opt.
Call
A
10,016,078
10,000
0.000%,
9/01/31
-
AMBAC
Insured
No
Opt.
Call
A
7,413,400
19,500
0.000%,
9/01/32
-
AMBAC
Insured
No
Opt.
Call
A
13,857,480
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
5,510,758
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
4,871,612
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
Baa1
2,013,780
3,570
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2020A,
5.000%,
5/15/50
5/30
at
100.00
A+
3,905,758
Lubbock,
Texas,
Electric
Light
and
Power
System
Revenue
Bonds,
Series
2018:
2,170
5.000%,
4/15/40
4/28
at
100.00
A+
2,401,669
3,930
5.000%,
4/15/43
4/28
at
100.00
A+
4,322,096
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier
Capital
Appreciation
Series
2008I:
30,000
6.200%,
1/01/42,
(Pre-refunded
1/01/25)
-
AGC
Insured
1/25
at
100.00
AA
(4)
33,169,500
5,220
6.500%,
1/01/43,
(Pre-refunded
1/01/25)
1/25
at
100.00
A+
(4)
5,801,821
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
9,547,636
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+
9,107,043
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
8,581,920
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
9,646,091
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
1,876,298
5,000
Temple,
Texas,
General
Obligation
Bonds,
Combination
Tax
and
Revenue
Series
2022B,
4.000%,
8/01/47
8/31
at
100.00
N/R
5,062,950
4,785
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
5,173,255
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Refunding
Senior
Lien
Series
2019A:
1,400
5.000%,
12/31/35
12/29
at
100.00
Baa2
1,509,438
3,000
5.000%,
12/31/36
12/29
at
100.00
Baa2
3,227,460
21
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Texas
(continued)
$
3,000
Texas
Transportation
Commission,
Central
Texas
Turnpike
System
Revenue
Bonds,
Refunding
First
Tier
Series
2015B,
5.000%,
8/15/37
8/24
at
100.00
A
$
3,133,410
1,750
Texas
Transportation
Commission,
Central
Texas
Turnpike
System
Revenue
Bonds,
Refunding
Second
Tier
Series
2015C,
5.000%,
8/15/33
8/24
at
100.00
A-
1,812,738
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
5,108,180
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2017A:
12,500
4.000%,
10/15/42,
(UB)
(6)
10/27
at
100.00
AAA
12,860,125
6,500
5.000%,
10/15/42
10/27
at
100.00
AAA
7,240,740
Uptown
Development
Authority,
Houston,
Texas,
Tax
Increment
Contract
Revenue
Bonds,
Infrastructure
Improvement
Facilities,
Refunding
Series
2021:
600
3.000%,
9/01/38
9/31
at
100.00
Baa2
518,214
725
3.000%,
9/01/39
9/31
at
100.00
Baa2
615,235
330,180
Total
Texas
304,772,188
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
5,794,194
3,500
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2018B,
5.000%,
7/01/43
7/28
at
100.00
A
3,841,215
Salt
Lake
County,
Utah,
Sales
Tax
Revenue
Bonds,
TRCC
Series
2017:
695
5.000%,
2/01/36
2/27
at
100.00
AAA
769,296
1,150
5.000%,
2/01/37
2/27
at
100.00
AAA
1,270,359
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-
1,416,100
1,000
5.000%,
9/01/30
3/28
at
100.00
AA-
1,128,060
1,250
5.000%,
9/01/31
3/28
at
100.00
AA-
1,397,762
660
5.000%,
9/01/32
3/28
at
100.00
AA-
733,894
540
Utah
Water
Finance
Agency,
Revenue
Bonds,
Pooled
Loan
Financing
Program,
Series
2017A,
5.000%,
3/01/37
3/27
at
100.00
AA
596,165
15,390
Total
Utah
16,947,045
Virginia
-
0.5%
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
1,895,683
4,355
Tobacco
Settlement
Financing
Corporation
of
Virginia,
Tobacco
Settlement
Asset
Backed
Bonds,
Series
2007B1,
5.000%,
6/01/47
8/22
at
100.00
B-
4,355,349
4,100
Virginia
Small
Business
Financing
Authority,
Private
Activity
Revenue
Bonds,
Transform
66
P3
Project,
Senior
Lien
Series
2017,
5.000%,
12/31/49,
(AMT)
6/27
at
100.00
BBB
4,258,752
10,260
Total
Virginia
10,509,784
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-
2,113,138
1,000
5.000%,
2/01/30
2/26
at
100.00
AA-
1,092,770
Nuveen
Municipal
Value
Fund,
Inc.
(continued)
Portfolio
of
Investments
July
31,
2022
(Unaudited)
22
NUV
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
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Washington
(continued)
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
$
1,261,844
5,000
5.000%,
12/01/41
6/27
at
100.00
A1
5,353,400
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+
1,369,970
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-
12,050,160
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-
1,416,228
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Subordinate
Series
2021B. Exchange
Purchase:
2,905
4.000%,
7/01/36
7/31
at
100.00
Baa3
2,916,562
7,740
4.000%,
7/01/43
7/31
at
100.00
Baa3
7,423,511
7,830
3.000%,
7/01/58
7/31
at
100.00
Baa3
5,450,463
3,240
4.000%,
7/01/58
7/31
at
100.00
Baa3
2,953,714
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
7,599,137
16,195
0.000%,
6/01/30
-
NPFG
Insured
No
Opt.
Call
Aaa
13,032,440
70,815
Total
Washington
64,033,337
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+
1,945,272
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
4,003,875
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,
(Pre-refunded
6/01/23)
6/23
at
100.00
A
(4)
3,100,140
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-
3,933,497
12,150
Total
West
Virginia
12,982,784
Wisconsin
-
0.4%
4,410
Wisconsin
Health
and
Educational
Facilities
Authority,
Revenue
Bonds,
Mercy
Alliance,
Inc.,
Series
2012,
5.000%,
6/01/39
8/22
at
100.00
A3
4,420,011
Wisconsin
Health
and
Educational
Facilities
Authority,
Wisconsin,
Revenue
Bonds,
Ascension
Health
Alliance
Senior
Credit
Group,
Series
2016A:
935
4.000%,
11/15/46,
(Pre-refunded
5/15/26)
5/26
at
100.00
N/R
(4)
997,421
2,870
4.000%,
11/15/46
5/26
at
100.00
AA+
2,851,775
8,215
Total
Wisconsin
8,269,207
$
2,144,888
Total
Long-Term
Investments
(cost
$1,921,012,372)
1,986,242,180
Floating
Rate
Obligations
-
(1.1)%
(
21,480,000
)
Other
Assets
Less
Liabilities
- 1.5%
29,418,629
Net
Assets
Applicable
to
Common
Shares
-
100%
$
1,994,180,809
23
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
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
$
–
$
1,986,242,180
$
–
$
1,986,242,180
(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)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
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
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.