Investment Company Act file number | 811-05488 |
Registrant’s telephone number, including area code: | (312) 917-7700 |
Date of fiscal year end: | October 31 |
Date of reporting period: | October 31, 2022 |
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Closed-End | 31 October |
Funds | 2022 |
NUV | Nuveen Municipal Value Fund, Inc. |
NUW | Nuveen AMT-Free Municipal Value Fund |
NMI | Nuveen Municipal Income Fund, Inc. |
Chair’s Letter to Shareholders | 4 |
Portfolio Managers’ Comments | 5 |
Common Share Information | 7 |
Performance Overview and Holding Summaries | 9 |
Shareholder Meeting Report | 15 |
Report of Independent Registered Public Accounting Firm | 16 |
Portfolios of Investments | 17 |
Statement of Assets and Liabilities | 63 |
Statement of Operations | 64 |
Statement of Changes in Net Assets | 65 |
Financial Highlights | 68 |
Notes to Financial Statements | 72 |
Shareholder Update | 84 |
Important Tax Information | 110 |
Additional Fund Information | 111 |
Glossary of Terms Used in this Report | 112 |
Annual Investment Management Agreement Approval Process | 114 |
Board Members & Officers | 124 |
Per Common Share Amounts | |||
Monthly Distributions (Ex-Dividend Date) | NUV | NUW | NMI |
November 2021 | $0.0280 | $0.0390 | $0.0270 |
December | 0.0280 | 0.0390 | 0.0270 |
January | 0.0280 | 0.0390 | 0.0270 |
February | 0.0280 | 0.0390 | 0.0270 |
March | 0.0280 | 0.0390 | 0.0270 |
April | 0.0280 | 0.0390 | 0.0255 |
May | 0.0280 | 0.0390 | 0.0255 |
June | 0.0280 | 0.0390 | 0.0255 |
July | 0.0280 | 0.0390 | 0.0275 |
August | 0.0280 | 0.0390 | 0.0275 |
September | 0.0280 | 0.0390 | 0.0275 |
October 2022 | 0.0280 | 0.0390 | 0.0300 |
Total Distributions from Net Investment Income | $0.3360 | $0.4680 | $0.3240 |
Total Distributions from Long Term Capital Gains* | $ — | $0.1714 | $0.0005 |
Total Distributions from Short Term Capital Gains* | $ — | $0.0205 | $ — |
Total Distributions | $0.3360 | $0.6599 | $0.3245 |
Yields | |||
Market Yield** | 4.02% | 3.55% | 4.22% |
Taxable-Equivalent Yield** | 6.76% | 5.94% | 7.13% |
* | Distribution paid in December 2021. |
** | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 40.8%. Your actual federal income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that was not exempt from federal income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower. |
NMI | |
Additional authorized common shares | 2,200,000 |
NUV | NUW | NMI | |
Common shares cumulatively repurchased and retired | 0 | 0 | 0 |
Common shares authorized for repurchase | 20,750,000 | 1,795,000 | 1,000,000 |
NUV | NUW | NMI | |
Common share NAV | $8.77 | $14.20 | $9.24 |
Common share price | $8.35 | $13.19 | $8.53 |
Premium/(Discount) to NAV | (4.79)% | (7.11)% | (7.68)% |
Average premium/(discount) to NAV | (3.76)% | (6.37)% | (3.96)% |
NUV | Nuveen Municipal Value Fund, Inc. |
Performance Overview and Holding Summaries as of October 31, 2022 |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
NUV at Common Share NAV | (14.52)% | 0.34% | 2.23% |
NUV at Common Share Price | (22.80)% | (0.20)% | 1.77% |
S&P Municipal Bond Index | (11.36)% | 0.50% | 1.77% |
NUV | Performance Overview and Holding Summaries as of |
October 31, 2022 (continued) |
Fund Allocation | |
(% of net assets) | |
Long-Term Municipal Bonds | 99.8% |
Other Assets Less Liabilities | 1.4% |
Net Assets Plus Floating Rate | |
Obligations | 101.2% |
Floating Rate Obligations | (1.2)% |
Net Assets | 100% |
Portfolio Credit Quality | |
(% of total investment exposure) | |
U.S. Guaranteed | 9.3% |
AAA | 6.9% |
AA | 34.3% |
A | 22.8% |
BBB | 17.8% |
BB or Lower | 2.1% |
N/R (not rated) | 6.8% |
Total | 100% |
Portfolio Composition | |
(% of total investments) | |
Tax Obligation/Limited | 27.2% |
Transportation | 19.5% |
Utilities | 13.9% |
Tax Obligation/General | 12.8% |
U.S. Guaranteed | 10.0% |
Health Care | 7.7% |
Other | 8.9% |
Total | 100% |
States and Territories 1 | |
(% of total municipal bonds) | |
Texas | 15.3% |
Illinois | 10.0% |
New York | 7.6% |
Colorado | 7.2% |
California | 6.9% |
Florida | 5.0% |
New Jersey | 4.8% |
Georgia | 4.2% |
Ohio | 4.0% |
Washington | 3.6% |
Nevada | 2.8% |
Michigan | 2.5% |
South Carolina | 2.4% |
Indiana | 1.9% |
Kentucky | 1.8% |
District of Columbia | 1.7% |
Other | 18.3% |
Total | 100% |
NUW | Nuveen AMT-Free Municipal Value Fund |
Performance Overview and Holding Summaries as of October 31, 2022 |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
NUW at Common Share NAV | (14.65)% | 0.33% | 2.08% |
NUW at Common Share Price | (17.84)% | (1.20)% | 0.96% |
S&P Municipal Bond Index | (11.36)% | 0.50% | 1.77% |
NUW | Performance Overview and Holding Summaries as of |
October 31, 2022 (continued) |
Fund Allocation | |
(% of net assets) | |
Long-Term Municipal Bonds | 99.2% |
Common Stocks | 0.5% |
Corporate Bonds | 0.0% |
Other Assets Less Liabilities | 1.1% |
Net Assets Plus Floating Rate | |
Obligations | 100.8% |
Floating Rate Obligations | (0.8)% |
Net Assets | 100% |
Portfolio Credit Quality | |
(% of total investment exposure) | |
U.S. Guaranteed | 2.2% |
AAA | 7.8% |
AA | 37.5% |
A | 24.5% |
BBB | 19.4% |
BB or Lower | 2.0% |
N/R (not rated) | 6.1% |
N/A (not applicable) | 0.5% |
Total | 100% |
Portfolio Composition | |
(% of total investments) | |
Tax Obligation/Limited | 22.0% |
Utilities | 21.2% |
Tax Obligation/General | 15.0% |
Transportation | 11.9% |
Health Care | 10.7% |
Education and Civic Organizations | 6.5% |
Consumer Staples | 4.6% |
Common Stocks | 0.5% |
Corporate Bonds | 0.0% |
Other | 7.6% |
Total | 100% |
States and Territories 1 | |
(% of total municipal bonds) | |
California | 11.2% |
Texas | 10.5% |
Illinois | 8.0% |
New Jersey | 7.4% |
New York | 5.8% |
Nevada | 5.6% |
Pennsylvania | 4.7% |
Tennessee | 4.5% |
Washington | 4.3% |
Colorado | 4.0% |
Kentucky | 3.6% |
Florida | 3.4% |
Maryland | 3.2% |
Georgia | 3.1% |
Ohio | 3.1% |
Other | 17.6% |
Total | 100% |
NMI | Nuveen Municipal Income Fund, Inc. |
Performance Overview and Holding Summaries as of October 31, 2022 |
Average Annual | |||
1-Year | 5-Year | 10-Year | |
NMI at Common Share NAV | (15.39)% | (0.35)% | 1.91% |
NMI at Common Share Price | (24.32)% | (1.99)% | 0.32% |
S&P Municipal Bond Index | (11.36)% | 0.50% | 1.77% |
NMI | Performance Overview and Holding Summaries as of |
October 31, 2022 (continued) |
Fund Allocation | |
(% of net assets) | |
Long-Term Municipal Bonds | 93.0% |
Short-Term Municipal Bonds | 4.3% |
Other Assets Less Liabilities | 2.7% |
Net Assets | 100% |
Portfolio Credit Quality | |
(% of total investment exposure) | |
U.S. Guaranteed | 7.5% |
AAA | 1.0% |
AA | 31.3% |
A | 25.7% |
BBB | 17.9% |
BB or Lower | 3.8% |
N/R (not rated) | 12.8% |
Total | 100% |
Portfolio Composition | |
(% of total investments) | |
Health Care | 21.4% |
Transportation | 18.5% |
Tax Obligation/Limited | 15.2% |
Utilities | 9.8% |
Education and Civic Organizations | 9.6% |
Tax Obligation/General | 9.5% |
U.S. Guaranteed | 7.5% |
Other | 8.5% |
Total | 100% |
States and Territories 1 | |
(% of total municipal bonds) | |
Colorado | 12.2% |
Illinois | 12.1% |
Texas | 7.3% |
Wisconsin | 5.2% |
New York | 4.9% |
California | 4.4% |
Mississippi | 4.4% |
Florida | 4.3% |
Arizona | 3.2% |
North Carolina | 3.2% |
New Jersey | 2.7% |
Missouri | 2.7% |
Alabama | 2.5% |
Indiana | 2.5% |
Louisiana | 2.5% |
Tennessee | 2.3% |
Minnesota | 2.2% |
Pennsylvania | 2.1% |
Other | 19.3% |
Total | 100% |
NUV | NUW | NMI | |
Common | Common | Common | |
shares | shares | shares | |
Approval of the Board Members was reached as follows: | |||
William C. Hunter | |||
For | 163,638,492 | 15,071,123 | 7,842,678 |
Withhold | 4,710,483 | 604,782 | 590,087 |
Total | 168,348,975 | 15,675,905 | 8,432,765 |
Judith M. Stockdale | |||
For | 163,373,377 | 15,049,289 | 7,767,968 |
Withhold | 4,975,598 | 626,616 | 664,797 |
Total | 168,348,975 | 15,675,905 | 8,432,765 |
Carole E. Stone | |||
For | 163,896,650 | 15,062,161 | 7,849,876 |
Withhold | 4,452,325 | 613,744 | 582,889 |
Total | 168,348,975 | 15,675,905 | 8,432,765 |
Margaret L. Wolff | |||
For | 163,986,017 | 15,112,563 | 8,005,344 |
Withhold | 4,362,958 | 563,342 | 427,421 |
Total | 168,348,975 | 15,675,905 | 8,432,765 |
December 29, 2022
NUV | Nuveen Municipal Value Fund, Inc. |
Portfolio of Investments | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
LONG-TERM INVESTMENTS – 99.8% | ||||
MUNICIPAL BONDS – 99.8% | ||||
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 | $ 230,553 |
225 | 4.000%, 7/01/40 – BAM Insured | 7/30 at 100.00 | AA | 201,708 |
3,805 | Homewood, Alabama, General Obligation Warrants, Series 2016, 5.000%, 9/01/36, | 9/26 at 100.00 | AA+ (4) | 4,040,415 |
(Pre-refunded 9/01/26) | ||||
4,285 | Total Alabama | 4,472,676 | ||
Alaska – 0.0% | ||||
110 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | 6/31 at 100.00 | BBB+ | 86,452 |
Bonds, Senior Series 2021A Class 1, 4.000%, 6/01/50 | ||||
Arizona – 1.3% | ||||
5,610 | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue | No Opt. Call | A+ | 5,540,268 |
Bonds, Intel Corporation Project, Series 2007, 2.700%, 12/01/37, (AMT), (Mandatory Put 8/14/23) | ||||
1,915 | Chandler Industrial Development Authority, Arizona, Industrial Development Revenue | 6/24 at 100.00 | A+ | 1,916,130 |
Bonds, Intel Corporation Project, Series 2019, 5.000%, 6/01/49, (AMT), (Mandatory Put 6/03/24) | ||||
2,935 | Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien | 7/27 at 100.00 | Aa3 | 3,016,710 |
Series 2017A, 5.000%, 7/01/35 | ||||
780 | Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Subordinate | 7/30 at 100.00 | AAA | 688,483 |
Lien Series 2020A, 4.000%, 7/01/45 | ||||
2,590 | Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien | 7/31 at 100.00 | AAA | 2,701,240 |
Series 2021A, 5.000%, 7/01/45 | ||||
2,175 | Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical | 4/31 at 100.00 | A | 1,746,503 |
Center, Series 2021A, 4.000%, 4/01/46 | ||||
5,600 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | No Opt. Call | A3 | 5,526,080 |
Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | ||||
Tucson, Arizona, Water System Revenue Bonds, Refunding Series 2017: | ||||
1,000 | 5.000%, 7/01/34 | 7/27 at 100.00 | AA | 1,051,170 |
750 | 5.000%, 7/01/35 | 7/27 at 100.00 | AA | 786,743 |
23,355 | Total Arizona | 22,973,327 | ||
California – 6.9% | ||||
4,615 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement | No Opt. Call | AA | 4,479,411 |
Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured | ||||
5,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, | 4/23 at 100.00 | A1 (4) | 5,041,000 |
Series 2013S-4, 5.000%, 4/01/38, (Pre-refunded 4/01/23) | ||||
405 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB+ | 314,531 |
Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 | ||||
1,250 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 12/30 at 100.00 | BBB+ | 970,775 |
Sonoma County Tobacco Securitization Corporation, Series 2020A, 4.000%, 6/01/49 | ||||
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter | ||||
Health, Refunding Series 2016B: | ||||
4,080 | 5.000%, 11/15/46, (Pre-refunded 11/15/26) | 11/26 at 100.00 | N/R (4) | 4,354,339 |
5,920 | 5.000%, 11/15/46 | 11/26 at 100.00 | A1 | 5,886,079 |
1,650 | California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los | 8/27 at 100.00 | BBB+ | 1,619,871 |
Angeles, Series 2017A, 5.000%, 8/15/35 | ||||
3,850 | California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health | 7/23 at 100.00 | AA– (4) | 3,895,969 |
System, Series 2013A, 5.000%, 7/01/33, (Pre-refunded 7/01/23) |
NUV | Nuveen Municipal Value Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien | ||||
Series 2018A: | ||||
$ 1,635 | 5.000%, 12/31/43, (AMT) | 6/28 at 100.00 | BBB– | $ 1,548,754 |
3,495 | 5.000%, 12/31/47, (AMT) | 6/28 at 100.00 | BBB– | 3,241,507 |
1,000 | California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien | 6/28 at 100.00 | BBB– | 925,480 |
Series 2018B, 5.000%, 6/01/48, (AMT) | ||||
2,290 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San | 1/29 at 100.00 | BBB | 2,077,557 |
Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, | ||||
7/01/39, 144A | ||||
1,625 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, | 11/23 at 100.00 | Aa3 | 1,647,539 |
Series 2013I, 5.000%, 11/01/38 | ||||
3,500 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/26 at 100.00 | BB | 3,063,410 |
Linda University Medical Center, Series 2016A, 5.000%, 12/01/46, 144A | ||||
4,505 | Covina-Valley Unified School District, Los Angeles County, California, General | No Opt. Call | A+ | 3,596,206 |
Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured | ||||
5,700 | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, | 6/27 at 100.00 | AAA | 5,902,977 |
Water System Revenue Bonds, Green Series 2017A, 5.000%, 6/01/45 | ||||
2,180 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, | 1/31 at 100.00 | A– | 2,211,872 |
Refunding Series 2013A, 0.000%, 1/15/42 (5) | ||||
49,020 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement | 12/31 at 27.75 | N/R | 4,105,915 |
Asset-Backed Bonds, Capital Appreciation Series 2021B-2, 0.000%, 6/01/66 | ||||
2,780 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 11/31 at 100.00 | Aa2 | 2,863,789 |
Airport, Refunding Subordinate Series 2022I, 5.000%, 5/15/48 | ||||
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– | 2,437,950 |
2,555 | 0.000%, 8/01/24 – FGIC Insured | No Opt. Call | AA– | 2,403,259 |
2,365 | Montebello Unified School District, Los Angeles County, California, General Obligation | No Opt. Call | A– | 1,950,297 |
Bonds, Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured | ||||
Mount San Antonio Community College District, Los Angeles County, California, General | ||||
Obligation Bonds, Election of 2008, Series 2013A: | ||||
3,060 | 0.000%, 8/01/28 (5) | 2/28 at 100.00 | Aa1 | 3,217,712 |
2,315 | 0.000%, 8/01/43 (5) | 8/35 at 100.00 | Aa1 | 1,925,756 |
3,550 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | A | 4,047,284 |
Series 2009C, 6.500%, 11/01/39 | ||||
80 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, | 8/29 at 100.00 | AA | 89,501 |
8/01/38 – AGC Insured | ||||
10,150 | Placer Union High School District, Placer County, California, General Obligation Bonds, | No Opt. Call | AA | 6,325,176 |
Series 2004C, 0.000%, 8/01/33 – AGM Insured | ||||
San Bruno Park School District, San Mateo County, California, General Obligation Bonds, | ||||
Series 2000B: | ||||
2,575 | 0.000%, 8/01/24 – FGIC Insured | No Opt. Call | Aa2 | 2,419,573 |
2,660 | 0.000%, 8/01/25 – FGIC Insured | No Opt. Call | Aa2 | 2,386,499 |
285 | San Diego Tobacco Settlement Revenue Funding Corporation, California, Tobacco Settlement | 6/28 at 100.00 | BBB | 262,887 |
Bonds, Subordinate Series 2018C, 4.000%, 6/01/32 | ||||
San Francisco Airports Commission, California, Revenue Bonds, San Francisco | ||||
International Airport, Refunding Second Series 2019D: | ||||
6,000 | 5.000%, 5/01/36 | 5/29 at 100.00 | N/R | 6,185,700 |
4,000 | 5.000%, 5/01/39 | 5/29 at 100.00 | A1 | 4,067,720 |
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 | A | 281,103 |
525 | 4.000%, 1/15/41 | 1/32 at 100.00 | A | 461,401 |
550 | 4.000%, 1/15/43 | 1/32 at 100.00 | A | 474,760 |
200 | 4.000%, 1/15/44 | 1/32 at 100.00 | A | 171,400 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
California | ||||
$ 12,095 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | No Opt. Call | Baa2 | $ 11,017,819 |
Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured | ||||
13,220 | San Mateo County Community College District, California, General Obligation Bonds, | No Opt. Call | AAA | 10,661,401 |
Series 2006A, 0.000%, 9/01/28 – NPFG Insured | ||||
5,000 | San Mateo Union High School District, San Mateo County, California, General Obligation | No Opt. Call | Aaa | 4,677,200 |
Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured | ||||
5,815 | San Ysidro School District, San Diego County, California, General Obligation Bonds, | 8/25 at 29.16 | AA | 1,486,721 |
Refunding Series 2015, 0.000%, 8/01/48 | ||||
610 | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed | 12/30 at 100.00 | BBB– | 563,323 |
Bonds, Refunding Sacramento County Tobacco Securitization Corporation Series 2021B Class 2, | ||||
4.000%, 6/01/49 | ||||
575 | Vernon, California, Electric System Revenue Bonds, Series 2021A, 5.000%, 4/01/28 | No Opt. Call | BBB+ | 592,129 |
185,500 | Total California | 125,853,552 | ||
Colorado – 7.2% | ||||
7,500 | Arapahoe County School District 6, Littleton, Colorado, General Obligation Bonds, Series | 12/28 at 100.00 | Aa1 | 8,046,600 |
2019A, 5.500%, 12/01/43 | ||||
7,105 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health | 1/23 at 100.00 | BBB+ (4) | 7,127,665 |
Initiatives, Series 2013A, 5.250%, 1/01/45, (Pre-refunded 1/01/23) | ||||
4,155 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 3,239,861 |
Series 2019A–2, 4.000%, 8/01/49 | ||||
1,255 | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, | 12/24 at 100.00 | BBB | 1,184,933 |
Senior Lien Series 2017, 5.000%, 12/31/51 | ||||
7,070 | Colorado Mountain College, Colorado, Certificates of Participation, Series 2021, | 12/31 at 100.00 | Aa3 | 5,996,845 |
4.000%, 12/01/46 | ||||
4,500 | Colorado State, Building Excellent Schools Today, Certificates of Participation, Series | 3/28 at 100.00 | Aa2 | 4,702,815 |
2018N, 5.000%, 3/15/37 | ||||
1,000 | Colorado State, Building Excellent Schools Today, Certificates of Participation, Series | 3/30 at 100.00 | Aa2 | 862,600 |
2020R, 4.000%, 3/15/45 | ||||
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 | 833,355 |
1,475 | 4.000%, 9/01/40 | 9/31 at 100.00 | Aa2 | 1,333,842 |
1,750 | 4.000%, 9/01/41 | 9/31 at 100.00 | Aa2 | 1,568,000 |
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 | 1,335,275 |
2,000 | 5.000%, 9/01/31 | 3/28 at 100.00 | Aa2 | 2,129,680 |
1,260 | 5.000%, 9/01/32 | 3/28 at 100.00 | Aa2 | 1,338,032 |
620 | 5.000%, 9/01/33 | 3/28 at 100.00 | Aa2 | 656,326 |
3,790 | Colorado State, Certificates of Participation, Rural Series 2018A, 5.000%, 12/15/37 | 12/28 at 100.00 | Aa2 | 3,996,631 |
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B: | ||||
2,750 | 5.000%, 11/15/25 | 12/22 at 100.00 | AA– | 2,753,300 |
3,400 | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2022B, | 11/32 at 100.00 | AA– | 3,511,316 |
5.250%, 11/15/53 | ||||
5,160 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 11/23 at 100.00 | A+ | 5,112,528 |
2013B, 5.000%, 11/15/43 | ||||
2,000 | Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center | 12/26 at 100.00 | Baa2 | 1,983,860 |
Hotel, Refunding Senior Lien Series 2016, 5.000%, 12/01/35 | ||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | ||||
9,660 | 0.000%, 9/01/29 – NPFG Insured | No Opt. Call | A | 7,208,582 |
24,200 | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | A | 16,280,792 |
17,000 | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | A | 10,821,520 |
NUV | Nuveen Municipal Value Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 2,905 | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2020A, | 9/24 at 100.00 | A | $ 2,887,599 |
5.000%, 9/01/40 | ||||
7,600 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, | 9/26 at 52.09 | A | 3,174,596 |
0.000%, 9/01/39 – NPFG Insured | ||||
8,000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado | No Opt. Call | AA– | 9,038,400 |
Springs Utilities, Series 2008, 6.500%, 11/15/38 | ||||
1,400 | Regional Transportation District, Colorado, Private Activity Bonds, Denver Transit | 1/31 at 100.00 | A– | 1,272,110 |
Partners Eagle P3 Project, Series 2020A, 4.000%, 7/15/34 | ||||
2,900 | Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, | 5/31 at 100.00 | AA+ | 2,675,076 |
Refunding Green Series 2021B, 4.000%, 11/01/40 | ||||
4,945 | Regional Transportation District, Colorado, Sales Tax Revenue Bonds, Fastracks Project, | 11/26 at 100.00 | AA+ | 5,124,157 |
Series 2017A, 5.000%, 11/01/40 | ||||
8,355 | State of Colorado, Rural Colorado, Certificates of Participation, Series 2022, 6.000%, 12/15/38 | 12/32 at 100.00 | Aa2 | 9,621,869 |
4,250 | University of Colorado, Enterprise System Revenue Bonds, Series 2018B, 5.000%, 6/01/43, | 6/28 at 100.00 | Aa1 (4) | 4,613,460 |
(Pre-refunded 6/01/28) | ||||
150,155 | Total Colorado | 130,431,625 | ||
Connecticut – 0.8% | ||||
8,440 | Connecticut State, General Obligation Bonds, Series 2015E, 5.000%, 8/01/29 | 8/25 at 100.00 | Aa3 | 8,775,068 |
5,000 | Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/33 | 11/25 at 100.00 | Aa3 | 5,174,600 |
13,440 | Total Connecticut | 13,949,668 | ||
Delaware – 0.1% | ||||
1,270 | Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2021, | 1/32 at 100.00 | A1 | 1,104,570 |
4.000%, 1/01/46 | ||||
District of Columbia – 1.7% | ||||
15,000 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | 12/22 at 23.49 | N/R | 2,906,550 |
Bonds, Series 2006A, 0.000%, 6/15/46 | ||||
5,390 | District of Columbia Water and Sewer Authority, Public Utility Revenue Bonds, Senior | 4/28 at 100.00 | AAA | 5,585,711 |
Lien Series 2018B, 5.000%, 10/01/43 | ||||
3,865 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 10/29 at 100.00 | A– | 3,753,843 |
Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, | ||||
5.000%, 10/01/47 | ||||
10,000 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 10/28 at 100.00 | A– | 10,859,300 |
Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 6.500%, 10/01/44 | ||||
Washington Convention and Sports Authority, District of Columbia, Dedicated Tax Revenue | ||||
Bonds, Refunding Senior Lien Series 2021A: | ||||
670 | 4.000%, 10/01/36 | 10/30 at 100.00 | AA | 623,254 |
1,060 | 4.000%, 10/01/38 | 10/30 at 100.00 | AA | 951,668 |
1,265 | 4.000%, 10/01/39 | 10/30 at 100.00 | AA | 1,126,432 |
1,745 | Washington Convention and Sports Authority, District of Columbia, Dedicated Tax Revenue | 10/30 at 100.00 | AA | 1,566,661 |
Bonds, Refunding Senior Lien Series 2021B, 4.000%, 10/01/38 | ||||
1,805 | Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue Bonds, | 7/31 at 100.00 | AA | 1,888,770 |
Green Series 2021A, 5.000%, 7/15/41 | ||||
2,390 | Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue | 7/30 at 100.00 | AA | 2,079,013 |
Bonds, Series 2020A, 4.000%, 7/15/45 | ||||
43,190 | Total District of Columbia | 31,341,202 | ||
Florida – 5.0% | ||||
1,000 | Babcock Ranch Community Independent Special District, Charlotte County, Florida, Special | 5/32 at 100.00 | N/R | 895,300 |
Assessment Bonds, 2022 Project Series 2022, 5.000%, 5/01/53 | ||||
1,240 | Broward County, Florida, Half-Cent Sales Tax Revenue Bonds, Refunding Series 2020, | 10/30 at 100.00 | AA+ | 1,116,843 |
4.000%, 10/01/40 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Florida | ||||
$ 15,000 | Broward County, Florida, Tourist Development Tax Revenue Bonds, Convention Center | 9/31 at 100.00 | Aa3 | $ 12,572,700 |
Expansion Project, Series 2021, 4.000%, 9/01/51 | ||||
1,355 | Central Florida Expressway Authority, Revenue Bonds, Senior Lien Series 2021D, | No Opt. Call | A+ | 1,479,511 |
5.000%, 7/01/31 | ||||
565 | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, | 6/25 at 100.00 | N/R | 573,548 |
Renaissance Charter School Income Projects, Series 2015A, 6.000%, 6/15/35, 144A | ||||
Florida Development Finance Corporation, Healthcare Facilities Revenue Bonds, UF | ||||
Health - Jacksonville Project, Series 2022A: | ||||
1,800 | 4.000%, 2/01/41 – AGM Insured | 2/32 at 100.00 | AA | 1,563,480 |
1,875 | 4.000%, 2/01/42 – AGM Insured | 2/32 at 100.00 | AA | 1,614,806 |
15,000 | Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail | 12/22 at 102.00 | N/R | 14,683,650 |
Expansion Project, Series 2022A, 7.250%, 7/01/57, (AMT), (Mandatory Put 10/03/23), 144A | ||||
4,000 | Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/36 | 10/27 at 100.00 | Aa3 | 4,155,440 |
3,500 | Gainesville, Florida, Utilities System Revenue Bonds, Series 2019A, 5.000%, 10/01/47 | 10/29 at 100.00 | Aa3 | 3,539,165 |
2,290 | Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International | 10/24 at 100.00 | A1 (4) | 2,364,448 |
Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40, (Pre-refunded 10/01/24) | ||||
Lakeland, Florida, Energy System Revenue Bonds, Series 2021: | ||||
1,300 | 4.000%, 10/01/39 | 10/31 at 100.00 | AA | 1,169,038 |
1,000 | 4.000%, 10/01/40 | 10/31 at 100.00 | AA | 891,580 |
2,735 | Miami Beach Health Facilities Authority, Florida, Hospital Revenue Bonds, Mount Sinai | 11/31 at 100.00 | A– | 2,160,595 |
Medical Center of Florida Project, Series 2021B, 4.000%, 11/15/46 | ||||
5,090 | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series | 12/22 at 100.00 | A | 5,024,543 |
2010A, 5.000%, 7/01/40 | ||||
2,000 | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, | 10/24 at 100.00 | A2 | 2,005,820 |
Refunding Series 2014B, 5.000%, 10/01/37 | ||||
Orlando Utilities Commission, Florida, Utility System Revenue Bonds, Series 2018A: | ||||
3,500 | 5.000%, 10/01/36 | 10/27 at 100.00 | AA | 3,688,545 |
3,780 | 5.000%, 10/01/37 | 10/27 at 100.00 | AA | 3,976,900 |
1,120 | 5.000%, 10/01/38 | 10/27 at 100.00 | AA | 1,175,642 |
10,725 | Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, | 5/24 at 100.00 | Aa2 (4) | 10,994,948 |
5.000%, 11/01/44, (Pre-refunded 5/01/24) | ||||
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+ | 679,590 |
4,860 | 0.000%, 10/01/47 | 10/29 at 52.89 | BBB+ | 1,031,341 |
1,700 | 0.000%, 10/01/48 | 10/29 at 50.96 | BBB+ | 337,909 |
3,250 | 0.000%, 10/01/49 | 10/29 at 49.08 | BBB+ | 605,475 |
2,500 | 0.000%, 10/01/50 | 10/29 at 47.17 | BBB+ | 436,500 |
3,000 | 0.000%, 10/01/51 | 10/29 at 45.32 | BBB+ | 490,800 |
3,000 | 0.000%, 10/01/52 | 10/29 at 43.62 | BBB+ | 459,630 |
3,000 | 0.000%, 10/01/53 | 10/29 at 41.97 | BBB+ | 431,700 |
2,500 | 0.000%, 10/01/54 | 10/29 at 40.38 | BBB+ | 337,875 |
4,000 | Pembroke Pines, Florida, Capital Improvement Revenue Bonds, Series 2019A, | 7/29 at 100.00 | AA | 3,638,640 |
4.000%, 7/01/38 | ||||
1,020 | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole | 5/28 at 100.00 | A– | 1,057,414 |
Electric Cooperatice, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42 | ||||
6,865 | South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, | 5/25 at 100.00 | AA | 6,500,537 |
4.000%, 5/01/34 | ||||
117,570 | Total Florida | 91,653,913 | ||
Georgia – 4.2% | ||||
3,325 | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, | 5/25 at 100.00 | Aa2 | 3,382,622 |
5.000%, 11/01/40 | ||||
4,945 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia | No Opt. Call | A– | 4,897,182 |
Power Company, Fourth Series 1994, 2.250%, 10/01/32, (Mandatory Put 5/25/23) |
NUV | Nuveen Municipal Value Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Georgia | ||||
$ 2,290 | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health | 4/27 at 100.00 | A | $ 2,191,255 |
System, Inc Project, Series 2017A, 5.000%, 4/01/47 | ||||
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | ||||
Certificates, Northeast Georgia Health Services Inc., Series 2017B: | ||||
3,500 | 5.500%, 2/15/42 | 2/27 at 100.00 | AA | 3,636,885 |
2,500 | 5.250%, 2/15/45 | 2/27 at 100.00 | AA | 2,545,100 |
1,500 | Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center | 1/31 at 100.00 | BBB– | 1,131,195 |
Hotel Revenue Bonds, First Tier Series 2021A, 4.000%, 1/01/54 | ||||
10,500 | Georgia Ports Authority, Revenue Bonds, Series 2022, 5.250%, 7/01/52 | 7/32 at 100.00 | Aa2 | 11,048,625 |
5,865 | Municipal Electric Authority of Georgia, General Resolution Projects Subordinated Bonds, | 1/28 at 100.00 | A1 | 5,662,540 |
Series 20188HH, 5.000%, 1/01/44 | ||||
11,145 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, | 7/28 at 100.00 | A | 10,482,876 |
Series 2019A, 5.000%, 1/01/49 | ||||
4,025 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project M Bonds, | 1/30 at 100.00 | AA | 3,901,030 |
Series 2021A, 5.000%, 1/01/62 – AGM Insured | ||||
17,350 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project M Bonds, | 7/32 at 100.00 | AA | 16,918,853 |
Series 2022A, 5.000%, 7/01/52 – AGM Insured | ||||
2,415 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien | 1/25 at 100.00 | A2 | 2,422,269 |
Series 2015A, 5.000%, 1/01/35 | ||||
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien | ||||
Series 2020A: | ||||
1,000 | 5.000%, 1/01/45 | 1/31 at 100.00 | A2 | 960,120 |
5,500 | 5.000%, 1/01/50 | 1/31 at 100.00 | A2 | 5,205,970 |
2,000 | Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, | 10/26 at 100.00 | AA | 2,025,520 |
Refunding Series 2016A, 5.000%, 10/01/46 | ||||
77,860 | Total Georgia | 76,412,042 | ||
Guam – 0.0% | ||||
Guam A.B. Won Pat International Airport Authority, Revenue Bonds, Series 2013C: | ||||
170 | 6.375%, 10/01/43, (Pre-refunded 10/01/23), (AMT) | 10/23 at 100.00 | Baa2 (4) | 173,973 |
160 | 6.375%, 10/01/43, (AMT) | 10/23 at 100.00 | Baa2 | 163,739 |
330 | Total Guam | 337,712 | ||
Hawaii – 0.5% | ||||
4,830 | Honolulu City and County, Hawaii, General Obligation Bonds, Series 2018A, 5.000%, 9/01/40 | 9/28 at 100.00 | Aa1 | 5,086,183 |
3,000 | Honolulu City and County, Hawaii, Wastewater System Revenue Bonds, First Bond | 1/28 at 100.00 | Aa2 | 3,140,490 |
Resolution, Senior Series 2018A, 5.000%, 7/01/37 | ||||
7,830 | Total Hawaii | 8,226,673 | ||
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 | 536,512 |
545 | 5.000%, 4/01/41 – AGM Insured | 4/31 at 100.00 | AA | 576,697 |
1,550 | University of Idaho, General Revenue Bonds, Refunding Series 2022A, 4.000%, 4/01/45 - | 4/32 at 100.00 | AA | 1,340,533 |
BAM Insured | ||||
2,600 | Total Idaho | 2,453,742 | ||
Illinois – 9.9% | ||||
5,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 5,090,750 |
Series 2016, 6.000%, 4/01/46 | ||||
5,000 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/25 at 100.00 | BB | 5,223,500 |
Series 2016A, 7.000%, 12/01/44 | ||||
2,945 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/26 at 100.00 | BB | 3,042,538 |
Series 2016B, 6.500%, 12/01/46 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois | ||||
$ 4,710 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/27 at 100.00 | BB | $ 5,002,161 |
Series 2017A, 7.000%, 12/01/46, 144A | ||||
17,775 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated | No Opt. Call | Baa2 | 16,203,868 |
Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured | ||||
7,495 | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated | No Opt. Call | Baa2 | 4,695,767 |
Tax Revenues, Series 1999A, 0.000%, 12/01/31 – NPFG Insured | ||||
2,325 | Chicago Greater Metropolitan Water Reclamation District, Illinois, General Obligation | 12/31 at 100.00 | AAA | 1,975,134 |
Bonds, Limited Tax Capital Improvement Green Series 2021A, 4.000%, 12/01/46 | ||||
1,960 | Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal | No Opt. Call | A | 2,020,544 |
Transit Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2021, | ||||
5.000%, 6/01/27 | ||||
1,000 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2018, 5.000%, 11/15/35 | 11/26 at 100.00 | A+ | 1,027,500 |
1,500 | Cook County, Illinois, General Obligation Bonds, Refunding Series 2021A, 5.000%, 11/15/32 | 11/30 at 100.00 | A+ | 1,574,835 |
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2021A: | ||||
1,000 | 4.000%, 11/15/39 | 11/30 at 100.00 | AA– | 894,090 |
2,040 | 4.000%, 11/15/40 | 11/30 at 100.00 | AA– | 1,805,074 |
5,000 | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated | 5/25 at 100.00 | AA– | 4,951,450 |
Group, Series 2015A, 5.000%, 11/15/38 | ||||
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, | ||||
Refunding Series 2015C: | ||||
560 | 5.000%, 8/15/35 | 8/25 at 100.00 | A3 | 560,437 |
825 | 5.000%, 8/15/44 | 8/25 at 100.00 | A3 | 800,225 |
5,125 | Illinois State, General Obligation Bonds, November Series 2017C, 5.000%, 11/01/29 | 11/27 at 100.00 | BBB | 5,129,408 |
1,755 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 | No Opt. Call | BBB | 1,766,864 |
5,590 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, | 1/23 at 100.00 | AA– | 5,599,000 |
5.000%, 1/01/38 | ||||
4,000 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2016B, | 7/26 at 100.00 | AA– | 4,039,320 |
5.000%, 1/01/41 | ||||
5,715 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2021A, | 1/32 at 100.00 | AA– | 5,755,862 |
5.000%, 1/01/46 | ||||
9,015 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/29 at 100.00 | BBB+ | 6,813,627 |
Bonds, Refunding Series 2020A, 4.000%, 6/15/50 | ||||
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+ | 4,015,729 |
11,675 | 0.000%, 6/15/29 – FGIC Insured | No Opt. Call | BBB+ | 8,475,116 |
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | ||||
Expansion Project, Series 2002A: | ||||
4,950 | 0.000%, 12/15/32 – NPFG Insured | No Opt. Call | BBB+ | 2,934,014 |
21,375 | 0.000%, 6/15/34 – NPFG Insured | No Opt. Call | BBB+ | 11,490,986 |
21,000 | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | BBB+ | 10,271,520 |
21,970 | 0.000%, 6/15/36 – NPFG Insured | No Opt. Call | BBB+ | 10,410,704 |
10,375 | 0.000%, 12/15/36 – NPFG Insured | No Opt. Call | BBB+ | 4,767,105 |
10,000 | 0.000%, 12/15/37 – NPFG Insured | No Opt. Call | BBB+ | 4,315,400 |
25,825 | 0.000%, 6/15/39 – NPFG Insured | No Opt. Call | BBB+ | 10,026,556 |
6,095 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | AA+ | 7,220,320 |
Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured | ||||
8,000 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | No Opt. Call | AA+ | 9,056,560 |
Illinois, General Obligation Bonds, Series 2003A, 6.000%, 7/01/33 – NPFG Insured | ||||
5,000 | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, | 6/24 at 100.00 | AA+ (4) | 5,136,150 |
Illinois, General Obligation Bonds, Series 2014A, 5.000%, 6/01/44, (Pre-refunded 6/01/24) | ||||
5,020 | Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville | No Opt. Call | AA | 4,808,407 |
Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured |
NUV | Nuveen Municipal Value Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois | ||||
$ 615 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, | 10/23 at 100.00 | A– | $ 625,929 |
6.000%, 10/01/42 | ||||
Will County Community Unit School District 201-U Crete-Monee, Illinois, General | ||||
Obligation Bonds, Capital Appreciation Series 2004: | ||||
1,800 | 0.000%, 11/01/22 – NPFG Insured | No Opt. Call | N/R | 1,800,000 |
780 | 0.000%, 11/01/22 – NPFG Insured, (ETM) | No Opt. Call | Baa2 (4) | 780,000 |
160 | 0.000%, 11/01/22 – NPFG Insured, (ETM) | No Opt. Call | N/R (4) | 160,000 |
590 | 0.000%, 11/01/22 – NPFG Insured, (ETM) | No Opt. Call | N/R (4) | 590,000 |
250,810 | Total Illinois | 180,856,450 | ||
Indiana – 1.9% | ||||
5,010 | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, | 5/23 at 100.00 | A (4) | 5,054,789 |
Series 2012A, 5.000%, 5/01/42, (Pre-refunded 5/01/23) | ||||
2,250 | Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation | 6/25 at 100.00 | AA | 2,025,360 |
Group, Refunding 2015A, 4.000%, 12/01/40 | ||||
5,740 | Indiana Finance Authority, Provate Activity Bonds, Ohio River Bridges East End Crossing | 7/23 at 100.00 | A– (4) | 5,771,628 |
Project, Series 2013A, 5.000%, 7/01/48, (Pre-refunded 7/01/23), (AMT) | ||||
2,000 | Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series | 7/26 at 100.00 | A+ | 2,053,400 |
2016A, 5.000%, 1/01/42 | ||||
4,250 | Indianapolis Local Public Improvement Bond Bank, Indiana, Community Justice Campus | 2/29 at 100.00 | N/R | 4,323,950 |
Bonds, Courthouse & Jail Project, Series 2019A, 5.000%, 2/01/54 | ||||
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: | ||||
2,400 | 0.000%, 2/01/25 – AMBAC Insured | No Opt. Call | AA | 2,209,680 |
14,595 | 0.000%, 2/01/27 – AMBAC Insured | No Opt. Call | AA | 12,384,587 |
36,245 | Total Indiana | 33,823,394 | ||
Kentucky – 1.8% | ||||
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern | ||||
Kentucky International Airport, Refunding Series 2016: | ||||
1,530 | 5.000%, 1/01/27 | 1/26 at 100.00 | A1 | 1,591,445 |
1,600 | 5.000%, 1/01/28 | 1/26 at 100.00 | A1 | 1,660,992 |
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 | 1,328,614 |
1,435 | 5.000%, 9/01/38 | 9/28 at 100.00 | A2 | 1,484,048 |
4,000 | 5.000%, 9/01/43 | 9/28 at 100.00 | A2 | 4,103,080 |
2,000 | 5.000%, 9/01/48 | 9/28 at 100.00 | A2 | 2,040,540 |
1,000 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, | 12/27 at 100.00 | AA | 955,460 |
Louisville Arena Authority, Inc., Series 2017A, 5.000%, 12/01/45 – AGM Insured | ||||
8,935 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | 7/25 at 100.00 | BBB+ | 8,302,134 |
Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 | ||||
6,000 | Kentucky Public Transportation Infrastructure Authority, Toll Revenue Bonds, Downtown | 7/31 at 100.00 | Baa2 | 6,387,060 |
Crossing Project, Convertible Capital Appreciation First Tier Series 2013C, 0.000%, 7/01/39 (5) | ||||
5,000 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 115, Series | 4/27 at 100.00 | A1 | 5,245,000 |
2017, 5.000%, 4/01/30 | ||||
32,780 | Total Kentucky | 33,098,373 | ||
Louisiana – 0.9% | ||||
1,335 | East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Refunding Series 2019A, | 2/29 at 100.00 | AA– | 1,198,523 |
4.000%, 2/01/45 | ||||
4,420 | Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series | 7/23 at 100.00 | A2 | 4,447,227 |
2013A, 5.000%, 7/01/28 | ||||
9,040 | New Orleans Aviation Board, Louisiana, General Airport Revenue Bonds, North Terminal | 1/27 at 100.00 | A2 | 8,739,872 |
Project, Series 2017A, 5.000%, 1/01/48 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Louisiana | ||||
$ 1,470 | New Orleans Aviation Board, Louisiana, Special Facility Revenue Bonds, Parking | 10/28 at 100.00 | AA | $ 1,484,803 |
Facilities Corporation Consolidated Garage System, Series 2018A, 5.000%, 10/01/43 – AGM Insured | ||||
16,265 | Total Louisiana | 15,870,425 | ||
Maine – 1.0% | ||||
800 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | BBB (4) | 808,864 |
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/33, (Pre-refunded 7/01/23) | ||||
Maine Health and Higher Educational Facilities Authority Revenue Bonds, MaineHealth | ||||
Issue, Series 2018A: | ||||
5,125 | 5.000%, 7/01/43 | 7/28 at 100.00 | A+ | 5,052,276 |
2,005 | 5.000%, 7/01/48 | 7/28 at 100.00 | A+ | 1,929,592 |
1,805 | Maine Turnpike Authority, Turnpike Revenue Bonds, Series 2020, 5.000%, 7/01/50 | 7/30 at 100.00 | AA– | 1,849,205 |
7,990 | University of Maine, System Revenue Bonds, Series 2022, 5.000%, 3/01/47 | 3/32 at 100.00 | AA– | 8,188,871 |
17,725 | Total Maine | 17,828,808 | ||
Maryland – 1.2% | ||||
Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017: | ||||
1,140 | 5.000%, 9/01/29 | 9/27 at 100.00 | CCC | 1,091,447 |
630 | 5.000%, 9/01/31 | 9/27 at 100.00 | CCC | 592,622 |
1,945 | 5.000%, 9/01/32 | 9/27 at 100.00 | CCC | 1,811,826 |
385 | 5.000%, 9/01/34 | 9/27 at 100.00 | CCC | 350,681 |
3,750 | 5.000%, 9/01/35 | 9/27 at 100.00 | CCC | 3,371,512 |
8,215 | 5.000%, 9/01/46 | 9/27 at 100.00 | CCC | 6,825,351 |
1,050 | Maryland Health and Higher Educational Facilities Authority, Maryland, Revenue Bonds, | 7/25 at 100.00 | A– | 1,031,709 |
Meritus Medical Center, Series 2015, 5.000%, 7/01/40 | ||||
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 | 4,472,563 |
2,260 | 5.000%, 5/01/47, (Pre-refunded 5/01/28) | 5/28 at 100.00 | N/R (4) | 2,450,902 |
23,750 | Total Maryland | 21,998,613 | ||
Massachusetts – 1.1% | ||||
1,000 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, | 1/29 at 100.00 | A+ | 1,052,070 |
Refunding Senior Lien Series 2019A, 5.000%, 1/01/37 | ||||
2,100 | Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare | 11/23 at 100.00 | A (4) | 2,142,819 |
Obligated Group, Series 2013, 5.250%, 11/15/41, (Pre-refunded 11/15/23) | ||||
2,905 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/25 at 100.00 | BBB | 2,770,963 |
Green Bonds, Series 2015D, 5.000%, 7/01/44 | ||||
1,500 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, | 7/26 at 100.00 | BBB | 1,502,730 |
Series 2016E, 5.000%, 7/01/35 | ||||
2,765 | Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute | 12/26 at 100.00 | A1 | 2,700,106 |
Issue, Series 2016N, 5.000%, 12/01/46 | ||||
9,110 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior | 5/23 at 100.00 | AAA (4) | 9,200,098 |
Series 2013A, 5.000%, 5/15/43, (Pre-refunded 5/15/23) | ||||
980 | Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior | No Opt. Call | A+ | 754,414 |
Series 1997A, 0.000%, 1/01/29 – NPFG Insured | ||||
105 | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, | 12/22 at 100.00 | Aaa | 105,172 |
5.500%, 8/01/30 | ||||
20,465 | Total Massachusetts | 20,228,372 | ||
Michigan – 2.5% | ||||
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, | ||||
Refunding Series 2013: | ||||
1,505 | 6.000%, 10/01/33 | 10/23 at 100.00 | N/R | 1,390,274 |
2,520 | 6.000%, 10/01/43 | 10/23 at 100.00 | N/R | 2,166,393 |
NUV | Nuveen Municipal Value Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Michigan | ||||
$ 15 | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, | 12/22 at 100.00 | A+ | $ 15,003 |
4.500%, 7/01/35 – NPFG Insured | ||||
3,000 | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, | No Opt. Call | A+ | 3,210,090 |
5.500%, 7/01/29 – NPFG Insured | ||||
5 | Detroit, Michigan, Water Supply System Revenue Bonds, Second Lien Series 2003B, 5.000%, | 12/22 at 100.00 | A+ | 5,008 |
7/01/34 – NPFG Insured | ||||
5 | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2003A, 5.000%, | 12/22 at 100.00 | A1 | 5,008 |
7/01/34 – NPFG Insured | ||||
4,000 | Kalamazoo County, Michigan, General Obligation Bonds, Limited Tax Series 2022, | 5/31 at 100.00 | AA+ | 3,595,240 |
4.000%, 5/01/45 | ||||
3,315 | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of | 11/28 at 100.00 | Aa3 | 3,446,904 |
Wayne Criminal Justice Center Project, Senior Lien Series 2018, 5.000%, 11/01/43 | ||||
2,360 | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of | 11/30 at 100.00 | AA | 2,151,848 |
Wayne, Second Lien Refunding Series 2020, 4.000%, 11/01/37 | ||||
2,220 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco | 12/30 at 100.00 | BBB– | 2,067,220 |
Receipts, Series 2020B-1-CL2, 5.000%, 6/01/49 | ||||
6,000 | Michigan Hospital Finance Authority, Revenue Bonds, Ascension Health Senior Credit | 11/26 at 100.00 | AA+ | 4,846,380 |
Group, Refunding & Project Series 2010F-6, 4.000%, 11/15/47 | ||||
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 | 9,954,391 |
435 | 5.000%, 4/15/30, (Pre-refunded 10/15/25) | 10/25 at 100.00 | N/R (4) | 455,619 |
Michigan State, Trunk Line Fund Bonds, Rebuilding Michigan Program, Series 2021A: | ||||
3,020 | 4.000%, 11/15/37 | 11/31 at 100.00 | AA+ | 2,880,053 |
6,510 | 4.000%, 11/15/38 | 11/31 at 100.00 | AA+ | 6,157,809 |
1,800 | Northern Michigan University, General Revenue Bonds, Series 2021, 4.000%, 6/01/46 | 6/31 at 100.00 | A1 | 1,530,720 |
1,100 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne | 12/25 at 100.00 | A1 | 1,078,165 |
County Airport, Series 2015D, 5.000%, 12/01/45 | ||||
47,375 | Total Michigan | 44,956,125 | ||
Minnesota – 0.3% | ||||
3,200 | Rochester, Minnesota, Health Care Facilities Revenue Bonds, Mayo Clinic, Refunding | No Opt. Call | AA | 3,524,352 |
Series 2016B, 5.000%, 11/15/34 | ||||
1,480 | University of Minnesota, General Obligation Bonds, Series 2016A, 5.000%, 4/01/41 | 4/26 at 100.00 | Aa1 | 1,514,884 |
4,680 | Total Minnesota | 5,039,236 | ||
Missouri – 0.2% | ||||
3,465 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 11/23 at 100.00 | A2 | 3,479,726 |
CoxHealth, Series 2013A, 5.000%, 11/15/48 | ||||
Montana – 0.6% | ||||
1,115 | Billings, Montana, Sewer System Revenue Bonds, Series 2017, 5.000%, 7/01/33 | 7/27 at 100.00 | AA+ | 1,168,174 |
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 | 1,372,790 |
1,415 | 5.000%, 7/01/31 | 7/28 at 100.00 | BBB | 1,441,630 |
1,980 | 5.000%, 7/01/32 | 7/28 at 100.00 | BBB | 2,001,404 |
2,135 | 5.000%, 7/01/33 | 7/28 at 100.00 | BBB | 2,151,226 |
3,045 | Montana Facility Finance Authority, Revenue Bonds, Billings Clinic Obligated Group, | 8/28 at 100.00 | AA– | 2,946,860 |
Series 2018A, 5.000%, 8/15/48 | ||||
11,030 | Total Montana | 11,082,084 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Nebraska – 0.3% | ||||
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding | ||||
Crossover Series 2017A: | ||||
$ 1,710 | 5.000%, 9/01/35 | No Opt. Call | A | $ 1,699,056 |
1,500 | 5.000%, 9/01/42 | No Opt. Call | A | 1,437,120 |
1,400 | Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska | 11/25 at 100.00 | A | 1,363,124 |
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 | ||||
4,610 | Total Nebraska | 4,499,300 | ||
Nevada – 2.8% | ||||
490 | Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building | 6/30 at 100.00 | AA | 441,730 |
Series 2020A, 4.000%, 6/15/40 – AGM Insured | ||||
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+ | 2,135,220 |
5,000 | 5.000%, 12/01/35 | 12/28 at 100.00 | AA+ | 5,302,000 |
5,000 | Las Vegas Convention and Visitors Authority, Nevada, Convention Center Expansion Revenue | 7/28 at 100.00 | Aa3 | 5,068,200 |
Bonds, Series 2018B, 5.000%, 7/01/43 | ||||
8,500 | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, | 7/28 at 100.00 | Aa3 | 8,754,490 |
5.250%, 7/01/43 | ||||
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 | 5,362,141 |
10,000 | 5.000%, 6/01/34 | 12/24 at 100.00 | Aa1 | 10,254,100 |
9,000 | 5.000%, 6/01/39 | 12/24 at 100.00 | Aa1 | 9,185,310 |
1,205 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Water | 6/26 at 100.00 | Aa1 | 1,237,390 |
Improvement Series 2016A, 5.000%, 6/01/41 | ||||
2,000 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno | 12/28 at 100.00 | A3 | 2,000,080 |
Transportation Rail Access Corridor Project, Series 2018A, 5.000%, 6/01/48 | ||||
250 | Reno, Nevada, Subordinate Lien Sales Tax Revenue Refunding Bonds, ReTrac-Reno | 12/28 at 100.00 | AA | 259,840 |
Transportation Rail Access Corridor Project, Series 2018B, 5.000%, 6/01/33 – AGM Insured | ||||
48,665 | Total Nevada | 50,000,501 | ||
New Jersey – 4.8% | ||||
2,500 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A, | 1/29 at 100.00 | A+ | 2,588,650 |
5.000%, 1/01/36 | ||||
930 | New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge | 1/24 at 100.00 | AA | 901,607 |
Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured, (AMT) | ||||
6,000 | New Jersey Economic Development Authority, School Facilities Construction Bonds, | 12/26 at 100.00 | Baa1 (4) | 6,511,200 |
Refunding Series 2016BBB, 5.500%, 6/15/31, (Pre-refunded 12/15/26) | ||||
5,990 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | No Opt. Call | AA | 6,281,833 |
2005N-1, 5.500%, 9/01/25 – AGM Insured | ||||
4,000 | New Jersey Economic Development Authority, School Facilities Construction Financing | 3/23 at 100.00 | Baa1 | 4,013,120 |
Program Bonds, Refunding Series 2013NN, 5.000%, 3/01/26 | ||||
9,420 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | No Opt. Call | Baa1 | 6,123,942 |
Appreciation Series 2010A, 0.000%, 12/15/31 | ||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding | ||||
Series 2006C: | ||||
30,000 | 0.000%, 12/15/30 – FGIC Insured | No Opt. Call | Baa1 | 20,724,000 |
27,000 | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | AA | 16,714,080 |
4,500 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/23 at 100.00 | Baa1 | 4,523,535 |
2013AA, 5.000%, 6/15/29 | ||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: | ||||
2,750 | 5.250%, 6/15/32 | 6/25 at 100.00 | Baa1 | 2,793,725 |
2,150 | 5.250%, 6/15/34 | 6/25 at 100.00 | Baa1 | 2,173,241 |
NUV | Nuveen Municipal Value Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New Jersey | ||||
$ 4,600 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/30 at 100.00 | Baa1 | $ 3,782,212 |
2020AA, 4.000%, 6/15/45 | ||||
2,000 | New Jersey Turnpike Authority, Revenue Bonds, Series 2017B, 5.000%, 1/01/40 | 1/28 at 100.00 | A+ | 2,063,080 |
3,760 | New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2017G, 4.000%, 1/01/43 | 1/28 at 100.00 | A+ | 3,332,150 |
1,135 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, | 5/23 at 100.00 | Aa3 (4) | 1,145,431 |
5/01/43, (Pre-refunded 5/01/23) | ||||
1,455 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, | 11/30 at 100.00 | AA | 1,468,109 |
Series 2020A, 5.000%, 11/01/41 – BAM Insured | ||||
2,720 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 2,500,931 |
Bonds, Series 2018B, 5.000%, 6/01/46 | ||||
110,910 | Total New Jersey | 87,640,846 | ||
New York – 7.6% | ||||
Dormitory Authority of the State of New York, Lease Revenue Bonds, State University | ||||
Dormitory Facilities, Series 2017A: | ||||
2,970 | 5.000%, 7/01/42 | 7/27 at 100.00 | Aa3 | 3,047,398 |
780 | 5.000%, 7/01/42, (Pre-refunded 7/01/27) | 7/27 at 100.00 | N/R (4) | 834,023 |
5,330 | Dormitory Authority of the State of New York, Revenue Bonds, NYU Langone Hospitals | 7/30 at 100.00 | A | 4,297,259 |
Obligated Group, Series 2020A, 4.000%, 7/01/53 | ||||
2,055 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Notes | 9/23 at 100.00 | A | 1,823,134 |
Series 2021, 1.000%, 9/01/25 | ||||
1,950 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/28 at 100.00 | A | 2,009,007 |
2018, 5.000%, 9/01/39 | ||||
1,500 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/30 at 100.00 | A | 1,562,100 |
2020A, 5.000%, 9/01/38 | ||||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2021A: | ||||
1,000 | 4.000%, 9/01/39 | 9/31 at 100.00 | A | 911,720 |
2,100 | 4.000%, 9/01/41 | 9/31 at 100.00 | A2 | 1,878,744 |
8,325 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 5/30 at 100.00 | A3 | 7,535,374 |
Climate Bond Certified Series 2020C-1, 5.000%, 11/15/50 | ||||
2,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | 11/30 at 100.00 | A3 | 1,973,375 |
Green Climate Certified Series 2020E, 4.000%, 11/15/45 | ||||
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 | 11/22 at 100.00 | A3 | 3,066,939 |
7,380 | 5.000%, 11/15/56 | 11/23 at 100.00 | A3 | 7,175,131 |
New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes | ||||
Revenue Bonds, Queens Baseball Stadium Project, Refunding Series 2021A: | ||||
1,500 | 5.000%, 1/01/29 – AGM Insured | No Opt. Call | AA | 1,603,140 |
1,750 | 5.000%, 1/01/30 – AGM Insured | No Opt. Call | AA | 1,878,030 |
4,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second | 6/29 at 100.00 | AA+ | 3,760,120 |
General Resolution Revenue Bonds, Fiscal 2019 Series FF-2, 4.000%, 6/15/37 | ||||
10,000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, | 7/28 at 100.00 | AA | 10,157,100 |
Fiscal 2018, Series 2017S-3, 5.000%, 7/15/43 | ||||
7,000 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, | 7/28 at 100.00 | AA | 7,224,910 |
Fiscal 2019 Subseries S-3A, 5.000%, 7/15/37 | ||||
5,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 2/32 at 100.00 | AAA | 5,079,300 |
Subordinate Fiscal 2022 Subseries F-1, 5.000%, 2/01/51 | ||||
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 | 3,564,515 |
11,755 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 10,327,943 |
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | ||||
3,180 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Secured by | 2/30 at 100.00 | AA | 2,705,099 |
Port Authority Consolidated Bonds, Refunding Series 1WTC-2021, 4.000%, 2/15/43 – BAM Insured |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New York | ||||
$ 4,000 | New York State Power Authority, General Revenue Bonds, Series 2020A, 4.000%, 11/15/50 | 5/30 at 100.00 | AA | $ 3,423,920 |
5,200 | New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group | 9/32 at 100.00 | AA+ | 4,370,600 |
1 Series 2022A, 4.000%, 3/15/49 | ||||
8,270 | New York Transportation Development Corporation, New York, Special Facilities Bonds, | 7/24 at 100.00 | BBB | 7,561,178 |
LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46, (AMT) | ||||
5,000 | New York Transportation Development Corporation, New York, Special Facility Revenue | 12/32 at 100.00 | N/R | 4,586,450 |
Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2022, 5.000%, | ||||
12/01/40, (AMT) | ||||
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 | 3,159,098 |
5,250 | 5.000%, 1/01/36, (AMT) | 1/28 at 100.00 | Baa3 | 5,053,545 |
4,500 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | 6/31 at 100.00 | BBB+ | 3,541,995 |
Asset-Backed Bonds, Senior Series 2021A–2, 4.000%, 6/01/50 | ||||
8,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA | 5/27 at 100.00 | AA– | 8,173,360 |
Bridges & Tunnels, Series 2017A, 5.000%, 11/15/37 | ||||
3,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, | 5/25 at 100.00 | AA– | 3,039,450 |
Refunding Series 2015A, 5.000%, 11/15/50 | ||||
7,000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior | 11/32 at 100.00 | AA+ | 6,428,170 |
Lien Green Bonds, Series 2022D-2, 4.500%, 5/15/52 | ||||
6,000 | Triborough Bridge and Tunnel Authority, New York, Sales Tax Revenue Bonds, MTA Bridges & | 11/32 at 100.00 | AAA | 6,264,360 |
Tunnels, TBTA Capital Lockbox-City Sales Tax, Series 2022A, 5.250%, 5/15/52 | ||||
650 | TSASC Inc., New York, Tobacco Settlement Asset-Backed Bonds, Fiscal 2017 Series B, | No Opt. Call | B– | 637,728 |
5.000%, 6/01/24 | ||||
146,795 | Total New York | 138,654,215 | ||
North Carolina – 1.0% | ||||
1,520 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University | 10/26 at 100.00 | AA+ | 1,574,598 |
Project, Refunding Series 2016B, 5.000%, 10/01/44 | ||||
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– | 2,097,591 |
4,175 | 5.000%, 6/30/54, (AMT) | 6/25 at 100.00 | BBB– | 3,763,011 |
2,995 | North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A, | 7/26 at 100.00 | BBB | 2,723,893 |
5.000%, 7/01/54 | ||||
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+ | 784,020 |
1,500 | 0.000%, 1/01/42 | 1/30 at 68.97 | AA+ | 553,050 |
14,500 | 0.000%, 1/01/49 | 1/30 at 54.10 | AA+ | 3,562,795 |
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 | 1,640,551 |
1,850 | 5.000%, 1/01/32 | 1/27 at 100.00 | BBB | 1,859,491 |
32,320 | Total North Carolina | 18,559,000 | ||
North Dakota – 0.1% | ||||
1,840 | Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System | 12/27 at 100.00 | Baa2 | 1,717,714 |
Obligated Group, Series 2017A, 5.000%, 12/01/42 | ||||
Ohio – 4.0% | ||||
4,710 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | BBB+ | 3,734,747 |
Revenue Bonds, Refunding Senior Lien Series 2020A–2 Class 1, 4.000%, 6/01/48 | ||||
44,755 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 37,722,199 |
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 |
NUV | Nuveen Municipal Value Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Ohio | ||||
$ 1,195 | Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, | 11/27 at 100.00 | Aa2 | $ 1,242,215 |
Refunding & Improvement Series 2017A, 5.000%, 11/01/32 | ||||
3,485 | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, | 6/27 at 100.00 | AA– | 2,914,959 |
4.000%, 12/01/46 | ||||
5,000 | Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018, 5.000%, 6/01/43 | 6/28 at 100.00 | AAA | 5,234,600 |
14,500 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, | No Opt. Call | BBB– | 12,536,555 |
FirstEnergy Generation Corporation Project, Refunding Series 2009D, 3.375%, 8/01/29, | ||||
(Mandatory Put 9/15/21) | ||||
4,110 | Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC – Borrower, Portsmouth | 6/25 at 100.00 | AA | 4,056,323 |
Bypass Project, Series 2015, 5.000%, 12/31/39 – AGM Insured, (AMT) | ||||
4,975 | Ohio State, Turnpike Revenue Bonds, Ohio Turnpike and Infrastructure Commission | 2/23 at 100.00 | Aa3 (4) | 5,001,368 |
Infrastructure Projects, Junior Lien, Current Interest Series 2013A–1, 5.000%, 2/15/48, | ||||
(Pre-refunded 2/15/23) | ||||
82,730 | Total Ohio | 72,442,966 | ||
Oklahoma – 1.3% | ||||
4,000 | Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Refunding | 7/26 at 100.00 | AAA (4) | 4,237,760 |
Series 2016, 5.000%, 7/01/36, (Pre-refunded 7/01/26) | ||||
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 | 1,632,135 |
1,250 | 5.000%, 8/15/29 | 8/25 at 100.00 | A | 1,275,262 |
Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | ||||
Project, Series 2018B: | ||||
1,790 | 5.250%, 8/15/43 | 8/28 at 100.00 | Baa3 | 1,502,759 |
5,090 | 5.500%, 8/15/52 | 8/28 at 100.00 | Baa3 | 4,170,237 |
1,000 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | 8/32 at 100.00 | N/R | 880,150 |
Project, Taxable Series 2022, 5.500%, 8/15/37 | ||||
10,000 | Oklahoma State Turnpike Authority, Turnpike System Revenue Bonds, Second Senior Series | 1/26 at 100.00 | AA– | 10,346,300 |
2017A, 5.000%, 1/01/42 | ||||
24,720 | Total Oklahoma | 24,044,603 | ||
Oregon – 0.9% | ||||
2,500 | Oregon Health and Science University, Revenue Bonds, Green Series 2021A, 4.000%, 7/01/44 | 1/32 at 100.00 | AA– | 2,191,075 |
6,585 | Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Refunding | 5/27 at 100.00 | AAA | 7,016,054 |
Senior Lien Series 2017B, 5.000%, 11/15/28 | ||||
2,000 | Oregon State, General Obligation Bonds, Article XI-Q State Projects Series 2021A, | 5/31 at 100.00 | AA+ | 1,843,100 |
4.000%, 5/01/40 | ||||
5,330 | University of Oregon, General Revenue Bonds, Series 2018A, 5.000%, 4/01/48 | 4/28 at 100.00 | Aa2 | 5,451,844 |
16,415 | Total Oregon | 16,502,073 | ||
Pennsylvania – 1.3% | ||||
3,155 | Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, | 2/27 at 100.00 | AA– | 3,163,834 |
Geisinger Health System, Series 2017A-2, 5.000%, 2/15/39 | ||||
3,035 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, | 5/32 at 100.00 | A | 2,396,679 |
Thomas Jefferson University, Series 2022B, 4.000%, 5/01/52 | ||||
2,000 | Pennsylvania State University, Revenue Bonds, Refunding Series 2016A, 5.000%, 9/01/41 | 9/26 at 100.00 | Aa1 | 2,082,740 |
7,500 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue | 12/22 at 100.00 | AA– (4) | 7,511,250 |
Bonds, Subordinate Series 2013A, 5.000%, 12/01/43, (Pre-refunded 12/01/22) | ||||
1,250 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue | 12/26 at 100.00 | AA– | 1,255,175 |
Bonds, Subordinate Series 2014A, 4.750%, 12/01/37 | ||||
3,000 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2018A-2, | 12/28 at 100.00 | AA– | 2,953,290 |
5.000%, 12/01/48 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania | ||||
$ 3,645 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, | 12/30 at 100.00 | A | $ 2,932,001 |
4.000%, 12/01/50 | ||||
570 | Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue | 9/29 at 100.00 | AA | 564,283 |
Bonds, Refunding Subordinate Series 2019B, 4.000%, 9/01/34 – AGM Insured | ||||
1,350 | Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, | 1/28 at 100.00 | Baa3 | 1,327,509 |
Series 2017, 5.000%, 1/01/38, (AMT) | ||||
25,505 | Total Pennsylvania | 24,186,761 | ||
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 | 3,242,386 |
15,388 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 13,989,846 |
9,039 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 7,817,922 |
5,320 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured | 7/28 at 100.00 | N/R | 4,601,321 |
Cofina Project Series 2019A-2A, 4.550%, 7/01/40 | ||||
35,778 | Total Puerto Rico | 29,651,475 | ||
South Carolina – 2.4% | ||||
Patriots Energy Group, South Carolina, Gas System Revenue Bonds, Improvement and | ||||
Refunding Series 2021A: | ||||
3,750 | 4.000%, 6/01/46 | 6/31 at 100.00 | A2 | 3,129,825 |
1,500 | 4.000%, 6/01/51 | 6/31 at 100.00 | A2 | 1,227,720 |
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 | 10,373,497 |
9,535 | 0.000%, 1/01/29 – AGC Insured | No Opt. Call | AA | 7,424,809 |
5,500 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 6/25 at 100.00 | A– | 5,294,300 |
Improvement Series 2015A, 5.000%, 12/01/50 | ||||
4,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & | 12/30 at 100.00 | A | 3,490,000 |
Improvement Series 2020A, 4.000%, 12/01/39 | ||||
8,000 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 12/26 at 100.00 | A | 7,618,000 |
Series 2016B, 5.000%, 12/01/56 | ||||
1,500 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding | 6/32 at 100.00 | N/R | 1,431,390 |
Series 2022A, 5.000%, 12/01/55 | ||||
3,455 | South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series | 6/24 at 100.00 | A– | 3,460,805 |
2014A, 5.500%, 12/01/54 | ||||
50,000 | Total South Carolina | 43,450,346 | ||
Tennessee – 1.1% | ||||
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 | AA | 308,676 |
875 | 4.000%, 4/01/33 | 4/31 at 100.00 | AA | 861,341 |
760 | 4.000%, 4/01/37 | 4/31 at 100.00 | AA | 707,568 |
1,305 | 4.000%, 4/01/40 | 4/31 at 100.00 | AA | 1,185,580 |
250 | Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue | No Opt. Call | AA | 276,922 |
Bonds, Refunding Series 2021, 5.000%, 10/01/32 | ||||
1,450 | Memphis, Tennessee, Sanitary Sewerage System Revenue Bonds, Refunding Series 2020B, | 10/30 at 100.00 | AA+ | 1,503,867 |
5.000%, 10/01/45 | ||||
2,260 | Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage | 7/27 at 100.00 | AA | 2,321,766 |
Revenue Bonds, Green Series 2017A, 5.000%, 7/01/42 | ||||
1,375 | New Memphis Arena Public Building Authority, Memphis and Shelby County, Tennessee, Local | 4/31 at 81.47 | AA | 543,593 |
Government Public Improvement Bonds, Capital Appreciation Series 2021, 0.000%, 4/01/40 | ||||
3,000 | Tennessee State School Bond Authority, Higher Educational Facilities Second Program | 11/27 at 100.00 | AA+ | 3,113,340 |
Bonds, Series 2017A, 5.000%, 11/01/42 |
NUV | Nuveen Municipal Value Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Tennessee | ||||
$ 7,245 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 4.000%, | 2/23 at 100.43 | A2 | $ 7,229,496 |
5/01/48, (Mandatory Put 5/01/23) | ||||
3,240 | West Wilson Utility District, Wilson County, Tennessee, Water Revenue Bonds, Improvement | 6/32 at 100.00 | AA | 2,710,584 |
Series 2022, 4.000%, 6/01/52 | ||||
22,070 | Total Tennessee | 20,762,733 | ||
Texas – 15.2% | ||||
240 | Baytown Municipal Development District, Texas, Hotel Revenue Bonds, Baytown Convention | 10/31 at 100.00 | BBB– | 178,318 |
Center Hotel, First-Lien Series 2021A, 4.000%, 10/01/50 | ||||
14,355 | Bexar County Hospital District, Texas, Certificates of Obligation, Series 2018, 4.000%, | 2/27 at 100.00 | Aa1 | 12,663,981 |
2/15/43, (UB) (6) | ||||
2,420 | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series | 1/23 at 100.00 | A– (4) | 2,427,357 |
2013A, 5.000%, 1/01/43, (Pre-refunded 1/01/23) | ||||
2,680 | Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien | 1/30 at 100.00 | BBB+ | 2,199,047 |
Series 2020G, 4.000%, 1/01/45 | ||||
710 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020A, | 1/30 at 100.00 | A– | 714,856 |
5.000%, 1/01/39 | ||||
240 | Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series | 9/24 at 100.00 | BBB– | 231,463 |
2014A, 5.250%, 9/01/44 | ||||
5,000 | El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of | 8/23 at 100.00 | A– | 5,008,600 |
Obligation Series 2013, 5.000%, 8/15/39 | ||||
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 | 2,189,278 |
5,500 | 4.000%, 9/01/48 – AGM Insured | 9/23 at 100.00 | AA | 4,546,410 |
27,340 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate | 10/23 at 100.00 | AA (4) | 27,772,792 |
Lien Series 2013B, 5.000%, 4/01/53, (Pre-refunded 10/01/23) | ||||
2,845 | Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 6/25 at 100.00 | AA | 2,460,128 |
Houston Methodist Hospital System, Series 2015, 4.000%, 12/01/45 | ||||
7,295 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation | 11/31 at 39.79 | AA | 1,510,649 |
Refunding Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured | ||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H: | ||||
11,055 | 0.000%, 11/15/27 | No Opt. Call | Baa2 | 8,655,623 |
845 | 0.000%, 11/15/27, (ETM) | No Opt. Call | Baa2 (4) | 701,950 |
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien | ||||
Series 2014C: | ||||
425 | 5.000%, 11/15/23 | No Opt. Call | Baa1 | 429,038 |
1,565 | 5.000%, 11/15/31 | 11/24 at 100.00 | Baa1 | 1,585,689 |
14,905 | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, | 11/24 at 59.10 | Baa2 | 7,919,325 |
0.000%, 11/15/33 – NPFG Insured | ||||
1,000 | Hidalgo County Regional Mobility Authority, Texas, Toll and Vehicle Registration Fee | 12/31 at 100.00 | Baa2 | 854,640 |
Revenue Bonds, Senior Lien Series 2022A, 4.000%, 12/01/40 | ||||
Houston, Texas, Airport System Revenue Bonds, Refunding & Subordinate Lien Series 2018B: | ||||
1,590 | 5.000%, 7/01/43 | 7/28 at 100.00 | A1 | 1,575,451 |
2,290 | 5.000%, 7/01/48 | 7/28 at 100.00 | A1 | 2,241,727 |
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 | 18,472,924 |
12,940 | 0.000%, 9/01/30 – AMBAC Insured | No Opt. Call | A | 9,201,634 |
10,000 | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A | 6,739,200 |
19,500 | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A | 12,460,695 |
5,120 | Leander Independent School District, Williamson and Travis Counties, Texas, General | 8/25 at 100.00 | AAA | 5,275,290 |
Obligation Bonds, Refunding Series 2015A, 5.000%, 8/15/39 | ||||
4,510 | Leander Independent School District, Williamson and Travis Counties, Texas, General | 8/26 at 100.00 | AAA | 4,643,316 |
Obligation Bonds, Refunding Series 2016A, 5.000%, 8/15/49 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas | ||||
$ 2,000 | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, | 12/22 at 100.00 | Baa1 | $ 2,001,240 |
Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, | ||||
11/01/28, (AMT) | ||||
3,570 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | 5/31 at 100.00 | A+ | 3,562,003 |
Transmission Services Corporation Project, Refunding Series 2021A, 5.000%, 5/15/51 | ||||
Lubbock, Texas, Electric Light and Power System Revenue Bonds, Series 2018: | ||||
2,170 | 5.000%, 4/15/40 | 4/28 at 100.00 | A+ | 2,260,120 |
3,930 | 5.000%, 4/15/43 | 4/28 at 100.00 | A+ | 4,071,755 |
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) | 31,756,200 |
5,220 | 6.500%, 1/01/43, (Pre-refunded 1/01/25) | 1/25 at 100.00 | A+ (4) | 5,552,357 |
15,450 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, | No Opt. Call | AA | 8,036,781 |
0.000%, 1/01/36 – AGC Insured | ||||
9,020 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, | 1/23 at 100.00 | A+ (4) | 9,047,421 |
5.000%, 1/01/40, (Pre-refunded 1/01/23) | ||||
5,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2017A, | 1/28 at 100.00 | AA– | 4,415,850 |
4.000%, 1/01/43 | ||||
8,000 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier Series 2017B, | 1/27 at 100.00 | A | 8,019,840 |
5.000%, 1/01/43 | ||||
9,100 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series | 1/25 at 100.00 | A | 9,308,936 |
2015A, 5.000%, 1/01/32 | ||||
1,750 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 8/26 at 100.00 | AA | 1,751,487 |
Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 | ||||
5,000 | Temple, Texas, General Obligation Bonds, Combination Tax and Revenue Series 2022B, | 8/31 at 100.00 | AA | 4,247,750 |
4.000%, 8/01/47 | ||||
4,785 | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, | No Opt. Call | A2 | 4,957,404 |
Senior Lien Series 2008D, 6.250%, 12/15/26 | ||||
5,400 | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE | 12/29 at 100.00 | Baa2 | 5,334,498 |
Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien | ||||
Series 2019A, 5.000%, 12/31/35 | ||||
3,000 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | 8/24 at 100.00 | A | 3,056,400 |
First Tier Series 2015B, 5.000%, 8/15/37 | ||||
1,750 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | 8/24 at 100.00 | A– | 1,767,360 |
Second Tier Series 2015C, 5.000%, 8/15/33 | ||||
5,500 | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series | No Opt. Call | A | 4,945,710 |
2002A, 0.000%, 8/15/25 – AMBAC Insured | ||||
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 | 11,581,625 |
6,500 | 5.000%, 10/15/42 | 10/27 at 100.00 | AAA | 6,696,560 |
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 | 438,678 |
725 | 3.000%, 9/01/39 | 9/31 at 100.00 | Baa2 | 520,296 |
322,695 | Total Texas | 275,989,652 | ||
Utah – 0.9% | ||||
5,345 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, | 7/27 at 100.00 | A | 5,295,238 |
5.000%, 7/01/42 | ||||
3,500 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2018B, | 7/28 at 100.00 | A | 3,463,530 |
5.000%, 7/01/43 |
NUV | Nuveen Municipal Value Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Utah | ||||
Salt Lake County, Utah, Sales Tax Revenue Bonds, TRCC Series 2017: | ||||
$ 695 | 5.000%, 2/01/36 | 2/27 at 100.00 | AAA | $ 727,547 |
1,150 | 5.000%, 2/01/37 | 2/27 at 100.00 | AAA | 1,201,554 |
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– | 1,328,413 |
1,000 | 5.000%, 9/01/30 | 3/28 at 100.00 | AA– | 1,060,740 |
1,250 | 5.000%, 9/01/31 | 3/28 at 100.00 | AA– | 1,315,575 |
660 | 5.000%, 9/01/32 | 3/28 at 100.00 | AA– | 691,112 |
540 | Utah Water Finance Agency, Revenue Bonds, Pooled Loan Financing Program, Series 2017A, | 3/27 at 100.00 | AA | 560,909 |
5.000%, 3/01/37 | ||||
15,390 | Total Utah | 15,644,618 | ||
Virginia – 0.5% | ||||
1,805 | Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, | 7/26 at 100.00 | BBB | 1,814,187 |
First Tier Series 2016, 5.000%, 7/01/51 | ||||
4,355 | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed | 11/22 at 100.00 | B– | 3,798,649 |
Bonds, Series 2007B1, 5.000%, 6/01/47 | ||||
4,100 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform | 6/27 at 100.00 | BBB | 3,779,831 |
66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/49, (AMT) | ||||
10,260 | Total Virginia | 9,392,667 | ||
Washington – 3.6% | ||||
8,825 | Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle | 11/31 at 100.00 | AAA | 7,609,886 |
Excise Tax Bonds, Refunding & Improvement, Green Series 2021S-1, 4.000%, 11/01/46 | ||||
Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Series 2016: | ||||
1,930 | 5.000%, 2/01/29 | 2/26 at 100.00 | AA– | 2,011,581 |
1,000 | 5.000%, 2/01/30 | 2/26 at 100.00 | AA– | 1,038,540 |
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 | 1,186,926 |
5,000 | 5.000%, 12/01/41 | 6/27 at 100.00 | A1 | 5,056,900 |
1,390 | Washington Health Care Facilities Authority, Revenue Bonds, CommonSpirit Health, Series | 8/29 at 100.00 | BBB+ | 1,122,453 |
2019A-1, 4.000%, 8/01/44 | ||||
12,000 | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & | 12/22 at 100.00 | AA– | 12,036,600 |
Services, Refunding Series 2012A, 5.000%, 10/01/33 | ||||
1,310 | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical | 8/27 at 100.00 | BBB– | 1,337,274 |
Center, Series 2017, 5.000%, 8/15/30 | ||||
6,030 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue | 7/31 at 100.00 | Baa3 | 5,118,385 |
Bonds, Refunding Series2021B. Exchange Purchase, 4.000%, 7/01/37 | ||||
Washington State Convention Center Public Facilities District, Lodging Tax Revenue | ||||
Bonds, Refunding Subordinate Series 2021B. Exchange Purchase: | ||||
4,615 | 4.000%, 7/01/43 | 7/31 at 100.00 | Baa3 | 3,649,496 |
7,830 | 3.000%, 7/01/58 | 7/31 at 100.00 | Baa3 | 4,271,500 |
3,240 | 4.000%, 7/01/58 | 7/31 at 100.00 | Baa3 | 2,303,964 |
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 | 6,995,352 |
16,195 | 0.000%, 6/01/30 – NPFG Insured | No Opt. Call | Aaa | 11,931,990 |
79,640 | Total Washington | 65,670,847 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
West Virginia – 0.6% | ||||
$ 1,830 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington | 1/29 at 100.00 | BBB+ | $ 1,827,621 |
Hospital, Inc. Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/34 | ||||
2,750 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area | 9/29 at 100.00 | Baa1 | 2,699,950 |
Medical Center, Refunding & Improvement Series 2019A, 5.000%, 9/01/38 | ||||
3,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/23 at 100.00 | A (4) | 3,037,890 |
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44, | ||||
(Pre-refunded 6/01/23) | ||||
3,570 | West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018, | 6/28 at 100.00 | AA– | 3,690,630 |
5.000%, 6/01/43 | ||||
11,150 | Total West Virginia | 11,256,091 | ||
Wisconsin – 0.4% | ||||
4,410 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, | 12/22 at 100.00 | A3 | 4,334,412 |
Inc., Series 2012, 5.000%, 6/01/39 | ||||
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) | 946,024 |
2,870 | 4.000%, 11/15/46 | 5/26 at 100.00 | AA+ | 2,331,962 |
8,215 | Total Wisconsin | 7,612,398 | ||
$ 2,141,793 | Total Long-Term Investments (cost $1,907,042,309) | 1,815,237,566 | ||
Floating Rate Obligations – (1.2)% | (21,480,000) | |||
Other Assets Less Liabilities – 1.4% | 25,698,994 | |||
Net Assets Applicable to Common Shares – 100% | $ 1,819,456,560 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
(4) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
(5) | Step-up coupon bond, a bond with a coupon that increases (“steps up”), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. |
(6) | 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. |
NUW | Nuveen AMT-Free Municipal Value Fund |
Portfolio of Investments | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
LONG-TERM INVESTMENTS – 99.7% | ||||
MUNICIPAL BONDS – 99.2% | ||||
Alaska – 0.3% | ||||
$ 800 | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed | No Opt. Call | A | $ 819,528 |
Bonds, Senior Series 2021A Class 1, 5.000%, 6/01/31 | ||||
Arizona – 1.7% | ||||
345 | Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Subordinate | 7/30 at 100.00 | AAA | 304,521 |
Lien Series 2020A, 4.000%, 7/01/45 | ||||
1,035 | Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien | 7/31 at 100.00 | AAA | 1,079,453 |
Series 2021A, 5.000%, 7/01/45 | ||||
3,045 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | No Opt. Call | A3 | 3,004,806 |
Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | ||||
4,425 | Total Arizona | 4,388,780 | ||
California – 11.1% | ||||
1,730 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement | No Opt. Call | AA | 1,238,715 |
Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured | ||||
45 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, | 6/30 at 100.00 | BBB+ | 34,948 |
Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 | ||||
340 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San | 1/29 at 100.00 | BBB | 308,458 |
Diego County Water Authority Desalination Project Pipeline, Refunding Series 2019, 5.000%, | ||||
7/01/39, 144A | ||||
2,040 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International | 5/29 at 100.00 | Aa3 | 2,228,741 |
Airport, Private Activity/Non AMT Refunding Subordinate Series 2019C, 5.000%, 5/15/30 | ||||
450 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | A | 513,036 |
Series 2009A, 6.500%, 11/01/39 | ||||
10,200 | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 7.000%, | 8/29 at 100.00 | AA | 11,411,352 |
8/01/38 – AGC Insured | ||||
1,030 | Poway Unified School District, San Diego County, California, General Obligation Bonds, | No Opt. Call | Aa2 | 579,354 |
School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/35 | ||||
2,470 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco | 5/27 at 100.00 | A1 | 2,446,905 |
International Airport, Governmental Purpose Second Series 2017B, 5.000%, 5/01/47 | ||||
12,955 | San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 | No Opt. Call | AA | 7,116,441 |
Election Series 2012G, 0.000%, 8/01/35 – AGM Insured | ||||
5,185 | San Ysidro School District, San Diego County, California, General Obligation Bonds, | 8/25 at 36.88 | AA | 1,680,770 |
Refunding Series 2015, 0.000%, 8/01/44 | ||||
115 | Vernon, California, Electric System Revenue Bonds, Series 2021A, 5.000%, 4/01/28 | No Opt. Call | BBB+ | 118,426 |
700 | Victor Elementary School District, San Bernardino County, California, General Obligation | No Opt. Call | Aa3 | 657,069 |
Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured | ||||
37,260 | Total California | 28,334,215 | ||
Colorado – 3.9% | ||||
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center | ||||
Hotel, Refunding Senior Lien Series 2016: | ||||
1,000 | 5.000%, 12/01/30 | 12/26 at 100.00 | Baa2 | 1,016,350 |
1,500 | 5.000%, 12/01/36 | 12/26 at 100.00 | Baa2 | 1,480,140 |
Denver Health and Hospitals Authority, Colorado, Healthcare Revenue Bonds, Series 2019A: | ||||
1,750 | 4.000%, 12/01/38 | 12/29 at 100.00 | BBB | 1,439,637 |
2,000 | 4.000%, 12/01/39 | 12/29 at 100.00 | BBB | 1,620,700 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
$ 5,885 | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, | No Opt. Call | A | $ 3,332,264 |
9/01/34 – NPFG Insured | ||||
1,000 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado | No Opt. Call | AA– | 1,129,800 |
Springs Utilities, Series 2008, 6.500%, 11/15/38 | ||||
13,135 | Total Colorado | 10,018,891 | ||
Delaware – 0.2% | ||||
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A: | ||||
150 | 4.125%, 1/01/39 | 1/24 at 100.00 | A1 | 144,979 |
200 | 5.000%, 1/01/44 | 1/24 at 100.00 | A1 | 201,000 |
130 | Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2019, | 1/29 at 100.00 | A1 | 114,546 |
4.000%, 1/01/44 | ||||
480 | Total Delaware | 460,525 | ||
District of Columbia – 1.0% | ||||
90 | District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed | No Opt. Call | A– | 91,557 |
Bonds, Series 2001, 6.500%, 5/15/33 | ||||
1,735 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 10/29 at 100.00 | A– | 1,685,102 |
Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, | ||||
5.000%, 10/01/47 | ||||
725 | Washington Metropolitan Area Transit Authority, District of Columbia, Dedicated Revenue Bonds, | 7/31 at 100.00 | AA | 758,647 |
Green Series 2021A, 5.000%, 7/15/41 | ||||
2,550 | Total District of Columbia | 2,535,306 | ||
Florida – 3.4% | ||||
1,655 | Fort Myers, Florida, Utility System Revenue Bonds, Refunding Series 2019A, | 10/28 at 100.00 | Aa3 | 1,394,884 |
4.000%, 10/01/49 | ||||
500 | Gainesville, Florida, Utilities System Revenue Bonds, Series 2017A, 5.000%, 10/01/36 | 10/27 at 100.00 | Aa3 | 519,430 |
1,605 | Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Series 2015, | 11/24 at 100.00 | A2 | 1,571,086 |
5.000%, 11/15/45 | ||||
535 | Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City | 2/24 at 100.00 | AA | 516,489 |
Center/Historic Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured | ||||
3,350 | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series | 10/25 at 100.00 | AA– | 3,461,521 |
2017B, 5.000%, 10/01/32 | ||||
510 | Putnam County Development Authority, Florida, Pollution Control Revenue Bonds, Seminole | 5/28 at 100.00 | A– | 528,707 |
Electric Cooperatice, Inc. Project, Refunding Series 2018B, 5.000%, 3/15/42 | ||||
805 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 12/22 at 100.00 | N/R | 701,091 |
Series 2015-2, 0.000%, 5/01/40 (4) | ||||
880 | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding | 12/22 at 100.00 | N/R | 9 |
Series 2015-3, 6.610%, 5/01/40 (5) | ||||
9,840 | Total Florida | 8,693,217 | ||
Georgia – 3.1% | ||||
2,470 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia | No Opt. Call | A– | 2,446,115 |
Power Company, Fourth Series 1994, 2.250%, 10/01/32, (Mandatory Put 5/25/23) | ||||
2,000 | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation | 2/27 at 100.00 | AA | 2,036,080 |
Certificates, Northeast Georgia Health Services Inc., Series 2017B, 5.250%, 2/15/45 | ||||
1,470 | Municipal Electric Authority of Georgia, General Resolution Projects Subordinated Bonds, | 1/28 at 100.00 | A1 | 1,419,256 |
Series 20188HH, 5.000%, 1/01/44 | ||||
2,000 | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien | 1/25 at 100.00 | A2 | 2,006,020 |
Series 2015A, 5.000%, 1/01/35 | ||||
7,940 | Total Georgia | 7,907,471 |
NUW | Nuveen AMT-Free Municipal Value Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois – 7.9% | ||||
$ 2,000 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | $ 2,036,300 |
Series 2016, 6.000%, 4/01/46 | ||||
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: | ||||
470 | 0.000%, 1/01/33 – FGIC Insured | No Opt. Call | BBB+ | 281,464 |
3,000 | 0.000%, 1/01/37 – FGIC Insured | No Opt. Call | BBB+ | 1,409,190 |
2,000 | Cook County, Illinois, Sales Tax Revenue Bonds, Series 2017, 5.000%, 11/15/38 | 11/27 at 100.00 | AA– | 2,023,100 |
1,800 | Evanston, Cook County, Illinois, General Obligation Bonds, Corporate Purpose Series | 12/29 at 100.00 | AA+ | 1,849,428 |
2019A, 5.000%, 12/01/43 | ||||
3,500 | Illinois Finance Authority, State of Illinois Clean Water Initiative Revolving Fund | 1/27 at 100.00 | AAA | 3,622,465 |
Revenue Bonds, Series 2017, 5.000%, 7/01/37 | ||||
1,500 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 | No Opt. Call | BBB | 1,505,895 |
525 | Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/27 | No Opt. Call | BBB | 528,549 |
495 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/29 at 100.00 | BBB+ | 374,126 |
Bonds, Refunding Series 2020A, 4.000%, 6/15/50 | ||||
11,420 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | BBB+ | 4,928,187 |
Expansion Project, Series 2002A, 0.000%, 12/15/37 – NPFG Insured | ||||
615 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, | 10/23 at 100.00 | A– | 625,929 |
6.000%, 10/01/42 | ||||
Will County Community Unit School District 201-U Crete-Monee, Illinois, General | ||||
Obligation Bonds, Capital Appreciation Series 2004: | ||||
300 | 0.000%, 11/01/23 – NPFG Insured, (ETM) | No Opt. Call | Baa2 (6) | 289,821 |
330 | 0.000%, 11/01/23 – NPFG Insured | No Opt. Call | A | 317,371 |
340 | 0.000%, 11/01/23 – NPFG Insured, (ETM) | No Opt. Call | Baa2 (6) | 328,787 |
50 | 0.000%, 11/01/23 – NPFG Insured, (ETM) | No Opt. Call | N/R (6) | 48,351 |
25 | 0.000%, 11/01/23 – NPFG Insured, (ETM) | No Opt. Call | N/R (6) | 24,151 |
28,370 | Total Illinois | 20,193,114 | ||
Indiana – 0.5% | ||||
1,500 | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, | No Opt. Call | AA | 1,381,050 |
2/01/25 – AMBAC Insured | ||||
Kentucky – 3.6% | ||||
1,150 | Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern | 1/26 at 100.00 | A1 | 1,189,687 |
Kentucky International Airport, Refunding Series 2016, 5.000%, 1/01/29 | ||||
1,000 | Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington | 9/28 at 100.00 | A2 | 1,025,770 |
Center Corporation Project, Series 2018A, 5.000%, 9/01/43 | ||||
2,500 | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, | 12/22 at 100.00 | AA | 2,377,500 |
Louisville Arena Authority, Inc., Series 2017A, 5.000%, 12/01/47 – AGM Insured | ||||
1,000 | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 1,019,810 |
Series 2019A-1, 5.000%, 8/01/32 | ||||
3,750 | Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky | 7/25 at 100.00 | BBB+ | 3,484,387 |
Information Highway Project, Senior Series 2015A, 5.000%, 1/01/45 | ||||
9,400 | Total Kentucky | 9,097,154 | ||
Maine – 1.6% | ||||
1,545 | Maine Turnpike Authority, Turnpike Revenue Bonds, Series 2020, 5.000%, 7/01/36 | 7/30 at 100.00 | AA– | 1,645,966 |
2,425 | University of Maine, System Revenue Bonds, Series 2022, 5.000%, 3/01/47 | 3/32 at 100.00 | AA– | 2,485,358 |
3,970 | Total Maine | 4,131,324 | ||
Maryland – 3.2% | ||||
3,420 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, | 9/27 at 100.00 | CCC | 3,153,992 |
5.000%, 9/01/33 | ||||
5,000 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar | 5/27 at 100.00 | A | 4,902,100 |
Health Issue, Series 2017A, 5.000%, 5/15/45 | ||||
8,420 | Total Maryland | 8,056,092 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Michigan – 0.8% | ||||
$ 1,000 | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of | 11/28 at 100.00 | Aa3 | $ 1,039,790 |
Wayne Criminal Justice Center Project, Senior Lien Series 2018, 5.000%, 11/01/43 | ||||
1,210 | Michigan Finance Authority, Tobacco Settlement Asset- Backed Bonds, 2007 Sold Tobacco | 12/30 at 100.00 | BBB– | 1,126,728 |
Receipts, Series 2020B-1-CL2, 5.000%, 6/01/49 | ||||
2,210 | Total Michigan | 2,166,518 | ||
Minnesota – 1.2% | ||||
1,145 | Rochester, Minnesota, Electric Utility Revenue Bonds, Refunding Series 2017A, | 12/26 at 100.00 | AA | 1,192,426 |
5.000%, 12/01/47 | ||||
700 | Southern Minnesota Municipal Power Agency, Badger Coulee Project Revenue Bonds, Series | 1/30 at 100.00 | AA– | 757,204 |
2019A, 5.000%, 1/01/32 | ||||
1,000 | University of Minnesota, General Obligation Bonds, Series 2017A, 5.000%, 9/01/36 | 9/27 at 100.00 | Aa1 | 1,047,720 |
2,845 | Total Minnesota | 2,997,350 | ||
Montana – 0.8% | ||||
Montana Facility Finance Authority, Montana, Health Facilities Revenue Bonds, Bozeman | ||||
Deaconess Health Services Obligated Group, Series 2021A: | ||||
500 | 5.000%, 6/01/31 | No Opt. Call | A | 520,820 |
640 | 4.000%, 6/01/38 | 6/31 at 100.00 | A | 568,544 |
1,245 | 4.000%, 6/01/40 | 6/31 at 100.00 | A | 1,086,138 |
2,385 | Total Montana | 2,175,502 | ||
Nevada – 5.6% | ||||
3,000 | Clark County, Nevada, General Obligation Bonds, Transportation Improvement, Limited Tax, | 12/28 at 100.00 | AA+ | 3,202,830 |
Additionally Secured by Pledged Revenue Series 2018B, 5.000%, 12/01/33 | ||||
4,000 | Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2018C, | 7/28 at 100.00 | Aa3 | 4,119,760 |
5.250%, 7/01/43 | ||||
Las Vegas Convention and Visitors Authority, Nevada, Revenue Bonds, Series 2019B: | ||||
3,015 | 5.000%, 7/01/36 | 7/29 at 100.00 | Aa3 | 3,111,178 |
1,665 | 5.000%, 7/01/37 | 7/29 at 100.00 | Aa3 | 1,713,685 |
2,000 | Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series | 12/24 at 100.00 | Aa1 | 2,041,180 |
2015, 5.000%, 6/01/39 | ||||
60 | Sparks, Nevada, Sales Tax Revenue Bonds, Tourism Improvement District 1 Legends at | No Opt. Call | Ba2 | 51,979 |
Sparks Marina, Refunding Senior Series 2019A, 2.750%, 6/15/28, 144A | ||||
13,740 | Total Nevada | 14,240,612 | ||
New Jersey – 7.4% | ||||
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue | ||||
Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A: | ||||
105 | 5.000%, 2/15/25 | 2/24 at 100.00 | BBB+ | 105,614 |
100 | 5.000%, 2/15/34 | 2/24 at 100.00 | BBB+ | 97,400 |
105 | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue | 2/23 at 100.00 | BBB+ | 105,271 |
Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 | ||||
110 | Camden County Improvement Authority, New Jersey, Lease Revenue Bonds, Rowan University | 12/23 at 100.00 | A | 110,924 |
School of Osteopathic Medicine Project, Refunding Series 2013A, 5.000%, 12/01/32 | ||||
80 | Cumberland County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, | 10/28 at 100.00 | AA | 69,294 |
County Correctional Facility Project, Series 2018, 4.000%, 10/01/43 – BAM Insured | ||||
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2018A: | ||||
175 | 5.000%, 1/01/37 | 1/29 at 100.00 | A+ | 177,991 |
125 | 5.000%, 1/01/38 | 1/29 at 100.00 | A+ | 126,985 |
295 | Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, | 1/23 at 100.00 | A | 295,631 |
Port District Project, Series 2012, 5.000%, 1/01/27 | ||||
245 | Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, | No Opt. Call | AA | 261,518 |
Series 2005A, 5.750%, 11/01/28 – AGM Insured |
NUW | Nuveen AMT-Free Municipal Value Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New Jersey | ||||
Harrison, New Jersey, General Obligation Bonds, Parking Utility Series 2018: | ||||
$ 35 | 3.125%, 3/01/31 – BAM Insured | 3/28 at 100.00 | AA | $ 31,946 |
30 | 3.250%, 3/01/32 – BAM Insured | 3/28 at 100.00 | AA | 27,319 |
50 | 3.500%, 3/01/36 – BAM Insured | 3/28 at 100.00 | AA | 43,980 |
150 | Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, | 5/26 at 100.00 | AA | 153,434 |
Hudson County Vocational Technical Schools Project, Series 2016, 5.250%, 5/01/51 | ||||
100 | Jersey City, New Jersey, General Obligation Bonds, Refunding General Improvement Series | 11/27 at 100.00 | AA– | 106,517 |
2017A, 5.000%, 11/01/29 | ||||
100 | Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich | 12/22 at 100.00 | Caa3 | 64,351 |
Center Hotel/Conference Center Project, Series 2005A, 5.000%, 1/01/32 (5) | ||||
125 | Middlesex County, New Jersey, General Obligation Bonds, Refunding Redevelopment Series | No Opt. Call | AAA | 133,303 |
2017, 5.000%, 1/15/27 | ||||
20 | Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding | 1/24 at 100.00 | AAA | 20,261 |
Parking Utility Series 2014A, 5.000%, 1/01/37 | ||||
100 | Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding School | No Opt. Call | AAA | 101,640 |
Series 2017B, 4.000%, 3/01/25 | ||||
New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking | ||||
Revenue Bonds, Refunding Series 2016A: | ||||
300 | 5.000%, 9/01/32 – BAM Insured | 9/26 at 100.00 | AA | 312,294 |
140 | 5.000%, 9/01/39 – BAM Insured | 9/26 at 100.00 | AA | 144,094 |
25 | New Jersey Economic Development Authority, Charter School Revenue Bonds, Foundation | 1/28 at 100.00 | BBB– | 23,927 |
Academy Charter School, Series 2018A, 5.000%, 7/01/38 | ||||
New Jersey Economic Development Authority, Charter School Revenue Bonds, North Star | ||||
Academy Charter School of Newark, Series 2017: | ||||
220 | 4.000%, 7/15/37 | 7/27 at 100.00 | BBB– | 188,476 |
25 | 5.000%, 7/15/47 | 7/27 at 100.00 | BBB– | 23,266 |
100 | New Jersey Economic Development Authority, Charter School Revenue Bonds, Teaneck | 9/27 at 100.00 | BB | 85,218 |
Community Charter School, Series 2017A, 5.125%, 9/01/52, 144A | ||||
35 | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, | 1/24 at 100.00 | N/R | 29,897 |
Series 2014, 5.250%, 1/01/44 | ||||
100 | New Jersey Economic Development Authority, Lease Revenue Bonds, State House Project, | 12/28 at 100.00 | Baa1 | 93,088 |
Series 2017B, 4.500%, 6/15/40 | ||||
215 | New Jersey Economic Development Authority, Natural Gas Facilities Revenue Bonds, New | 8/24 at 100.00 | A1 | 156,019 |
Jersey Natural Gas Company Project, Refunding Series 2011A, 2.750%, 8/01/39 | ||||
125 | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, | 7/27 at 100.00 | Baa3 | 112,295 |
Refunding Subordinate Series 2017A, 3.375%, 7/01/30 | ||||
55 | New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Kean | 1/27 at 100.00 | B | 45,685 |
Properties LLC – Kean University Student Housing Project, Series 2017A, 5.000%, 7/01/47 | ||||
100 | New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan | 1/25 at 100.00 | Ba3 | 80,604 |
Properties LLC – Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48 | ||||
115 | New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding | No Opt. Call | A | 118,013 |
Series 2015, 5.000%, 3/01/25 | ||||
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding | ||||
Series 2017: | ||||
20 | 3.000%, 6/01/32 | 12/27 at 100.00 | A | 17,331 |
15 | 5.000%, 6/01/32 | 12/27 at 100.00 | A | 15,341 |
140 | New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New | 7/23 at 100.00 | BB+ (6) | 141,414 |
Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34, (Pre-refunded 7/01/23) | ||||
40 | New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New | 7/24 at 100.00 | BB+ (6) | 41,011 |
Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29, (Pre-refunded 7/01/24) | ||||
155 | New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC – New | 7/25 at 100.00 | BB– | 127,421 |
Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New Jersey | ||||
$ 100 | New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal | 1/28 at 102.00 | N/R | $ 74,588 |
LLC Project, Series 2020, 5.000%, 1/01/40, 144A | ||||
170 | New Jersey Economic Development Authority, Rutgers University General Obligation Lease | 6/23 at 100.00 | Aa3 (6) | 171,720 |
Revenue Bonds, College Avenue Redevelopment Project, Series 2013, 5.000%, 6/15/46, | ||||
(Pre-refunded 6/15/23) | ||||
935 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series | No Opt. Call | Baa1 | 999,637 |
2005N-1, 5.500%, 9/01/27 – NPFG Insured | ||||
15 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Social | 12/30 at 100.00 | Baa1 | 12,002 |
Series 2021QQQ, 4.000%, 6/15/50 | ||||
145 | New Jersey Educational Facilities Authority, Revenue Bonds, College of New Jersey, | 7/26 at 100.00 | A | 101,425 |
Refunding Series 2016F, 3.000%, 7/01/40 | ||||
100 | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding | 7/25 at 100.00 | AA | 89,964 |
Series 2015H, 4.000%, 7/01/39 – AGM Insured | ||||
50 | New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, | 7/24 at 100.00 | A+ | 50,185 |
Series 2014A, 5.000%, 7/01/44 | ||||
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2017F: | ||||
5 | 3.750%, 7/01/37 | 7/27 at 100.00 | BB+ | 3,771 |
100 | 4.000%, 7/01/42 | 7/27 at 100.00 | BB+ | 73,088 |
100 | 5.000%, 7/01/47 | 7/27 at 100.00 | BB+ | 83,158 |
75 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, | 7/23 at 100.00 | BBB+ | 75,112 |
Series 2013D, 5.000%, 7/01/38 | ||||
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, | ||||
Series 2016C: | ||||
435 | 3.000%, 7/01/41 | 7/26 at 100.00 | BBB+ | 310,594 |
50 | 3.000%, 7/01/46 | 7/26 at 100.00 | BBB+ | 33,011 |
25 | 4.000%, 7/01/46 | 7/26 at 100.00 | BBB+ | 20,293 |
New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of | ||||
Technology, Series 2017A: | ||||
200 | 4.000%, 7/01/47 | 7/27 at 100.00 | BBB+ | 160,510 |
30 | 5.000%, 7/01/47 | 7/27 at 100.00 | BBB+ | 28,699 |
25 | New Jersey Educational Facilities Authority, Revenue Bonds, The College of Saint | 7/26 at 100.00 | BB | 21,163 |
Elizabeth, Series 2016D, 5.000%, 7/01/46 | ||||
80 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital | 1/27 at 100.00 | AA– | 71,761 |
Corporation, Refunding Series 2016, 4.000%, 7/01/41 | ||||
230 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, | 7/24 at 100.00 | AA– | 226,633 |
Refunding Series 2014A, 5.000%, 7/01/44 | ||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack | ||||
Meridian Health Obligated Group, Refunding Series 2017A: | ||||
150 | 5.000%, 7/01/28 | 7/27 at 100.00 | AA– | 158,934 |
150 | 5.000%, 7/01/57 | 7/27 at 100.00 | AA– | 144,864 |
110 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical | 7/24 at 100.00 | A+ | 91,759 |
Center, Refunding Series 2014A, 4.000%, 7/01/45 | ||||
50 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health | 7/26 at 100.00 | AA– | 43,614 |
Obligated Group Issue, Refunding Series 2016A, 4.000%, 7/01/41 | ||||
360 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health | 7/27 at 100.00 | AA– | 353,138 |
Obligated Group Issue, Series 2017A, 5.000%, 7/01/42 | ||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical | ||||
Center Obligated Group Issue, Refunding Series 2013: | ||||
20 | 5.250%, 7/01/31, (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R (6) | 20,241 |
85 | 5.250%, 7/01/31, (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R (6) | 86,136 |
NUW | Nuveen AMT-Free Municipal Value Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New Jersey | ||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton | ||||
HealthCare System, Series 2016A: | ||||
$ 25 | 5.000%, 7/01/32 | 7/26 at 100.00 | AA | $ 25,939 |
40 | 5.000%, 7/01/33 | 7/26 at 100.00 | AA | 41,343 |
30 | 5.000%, 7/01/34 | 7/26 at 100.00 | AA | 30,931 |
130 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood | 7/24 at 100.00 | AA– | 130,516 |
Johnson University Hospital Issue, Series 2014A, 5.000%, 7/01/39 | ||||
110 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood | 7/23 at 100.00 | AA– | 110,725 |
Johnson University Hospital, Series 2013A, 5.500%, 7/01/43 | ||||
125 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas | 7/26 at 100.00 | AA– | 123,856 |
Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | ||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s | ||||
Healthcare System Obligated Group Issue, Refunding Series 2016: | ||||
10 | 3.000%, 7/01/32 | 7/26 at 100.00 | BBB– | 8,033 |
405 | 4.000%, 7/01/48 | 7/26 at 100.00 | BBB– | 303,547 |
100 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s | 8/23 at 100.00 | A– (6) | 100,549 |
Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37, (Pre-refunded 8/15/23) | ||||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University | ||||
Hospital Issue, Refunding Series 2015A: | ||||
130 | 4.125%, 7/01/38 – AGM Insured | 7/25 at 100.00 | AA | 118,899 |
110 | 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | AA | 105,984 |
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Valley Health | ||||
System Obligated Group, Series 2019: | ||||
50 | 4.000%, 7/01/44 | 7/29 at 100.00 | A+ | 42,190 |
205 | 3.000%, 7/01/49 | 7/29 at 100.00 | A+ | 130,216 |
50 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Village Drive | 10/26 at 102.00 | N/R | 37,590 |
Healthcare Urban Renewal LLC, Series 2018, 5.750%, 10/01/38, 144A | ||||
130 | New Jersey Housing & Mortgage Finance Agency, Multifamily Conduit Revenue Bonds, | No Opt. Call | Aaa | 129,776 |
Riverside Village Family Apartments Phase 1 Project, Series 2019F, 1.350%, 12/01/22 | ||||
120 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, | 11/24 at 100.00 | AA– | 100,139 |
4.000%, 11/01/45 | ||||
270 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B, | 11/25 at 100.00 | AA– | 228,317 |
3.600%, 11/01/40 | ||||
435 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2018A, | 11/27 at 100.00 | AA– | 384,662 |
3.875%, 11/01/38 | ||||
100 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2019A, | 11/28 at 100.00 | AA– | 78,443 |
2.900%, 11/01/39 | ||||
200 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2019B, | No Opt. Call | AA– | 198,092 |
1.500%, 5/01/23 | ||||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, | ||||
Series 2018A: | ||||
125 | 3.600%, 4/01/33 | 10/27 at 100.00 | AA | 119,986 |
75 | 3.750%, 10/01/35 | 10/27 at 100.00 | AA | 70,438 |
665 | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, | 4/28 at 100.00 | AA | 559,943 |
Series 2019C, 3.950%, 10/01/44 | ||||
240 | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, | 4/29 at 100.00 | AA | 165,845 |
Series 2020E, 2.250%, 10/01/40 | ||||
200 | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, | 7/25 at 100.00 | A1 | 203,238 |
5.000%, 7/01/45 | ||||
70 | New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A, | No Opt. Call | A3 | 69,570 |
4.000%, 6/01/32 | ||||
100 | New Jersey State, General Obligation Bonds, Various Purpose Series 2020, 2.250%, 6/01/35 | 12/27 at 100.00 | A3 | 75,457 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New Jersey | ||||
$ 5,020 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital | No Opt. Call | Baa1 | $ 3,263,502 |
Appreciation Series 2010A, 0.000%, 12/15/31 | ||||
2,170 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | No Opt. Call | Baa1 | 853,656 |
2009A, 0.000%, 12/15/39 | ||||
255 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/25 at 100.00 | Baa1 | 255,584 |
2015AA, 5.250%, 6/15/41 | ||||
50 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/29 at 100.00 | Baa1 | 43,314 |
2019A, 4.000%, 12/15/39 | ||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB: | ||||
225 | 3.500%, 6/15/46 | 12/28 at 100.00 | Baa1 | 166,709 |
100 | 4.000%, 6/15/50 | 12/28 at 100.00 | Baa1 | 80,010 |
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA: | ||||
30 | 4.000%, 6/15/45 | 12/30 at 100.00 | Baa1 | 24,667 |
40 | 3.000%, 6/15/50 | 12/30 at 100.00 | Baa1 | 25,838 |
70 | 5.000%, 6/15/50 | 12/30 at 100.00 | Baa1 | 66,714 |
255 | New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45 | 1/25 at 100.00 | A+ | 257,859 |
200 | Ocean City, New Jersey, General Obligation Bonds, General Improvement Series 2019, | 9/26 at 100.00 | AA | 156,126 |
2.250%, 9/15/33 | ||||
235 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, | 5/23 at 100.00 | Aa3 (6) | 237,160 |
5/01/43, (Pre-refunded 5/01/23) | ||||
300 | Salem County Pollution Control Financing Authority, New Jersey, Revenue Bonds, Atlantic | No Opt. Call | A | 253,815 |
City Electric Company Project, Refunding Series 2020, 2.250%, 6/01/29 | ||||
250 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, | 11/29 at 100.00 | AA | 259,232 |
Refunding Series 2019A, 5.000%, 11/01/31 – AGM Insured | ||||
30 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, | 11/30 at 100.00 | BBB+ | 28,937 |
Series 2020A, 5.000%, 11/01/45 | ||||
125 | Sussex County, New Jersey, General Obligation Bonds, Series 2019, 3.000%, 6/01/27 | 6/26 at 100.00 | AA+ | 121,479 |
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | ||||
Bonds, Series 2018A: | ||||
215 | 4.000%, 6/01/37 | 6/28 at 100.00 | A– | 192,857 |
305 | 5.250%, 6/01/46 | 6/28 at 100.00 | BBB+ | 295,762 |
480 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BB+ | 441,341 |
Bonds, Series 2018B, 5.000%, 6/01/46 | ||||
535 | Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile | No Opt. Call | Aaa | 608,161 |
Detention Center Facility Project, Refunding Series 2015A, 5.500%, 5/01/30 | ||||
170 | Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency | 12/22 at 100.00 | Aaa | 170,114 |
Revenue Bonds, Series 2011A, 5.000%, 6/15/41 | ||||
23,080 | Total New Jersey | 18,791,834 | ||
New York – 5.8% | ||||
500 | Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing | 10/29 at 100.00 | AA | 544,010 |
Program, Series 2021A, 5.000%, 10/01/32 – AGM Insured | ||||
3,000 | Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds | No Opt. Call | A2 | 3,157,410 |
Series 2007, 5.500%, 10/01/37 | ||||
1,500 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/27 at 100.00 | A | 1,518,840 |
2017, 5.000%, 9/01/42 | ||||
2,050 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series | 9/28 at 100.00 | A | 2,112,033 |
2018, 5.000%, 9/01/39 | ||||
1,390 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 5/30 at 100.00 | A3 | 1,258,158 |
Climate Bond Certified Series 2020C-1, 5.000%, 11/15/50 | ||||
750 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding | No Opt. Call | A3 | 756,922 |
Green Climate Certified Series 2020E, 5.000%, 11/15/30 |
NUW | Nuveen AMT-Free Municipal Value Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New York | ||||
$ 1,230 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 5.000%, 8/01/42BA | 8/30 at 100.00 | AA | $ 1,265,326 |
315 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred | 12/23 at 100.00 | Aa3 | 319,508 |
Seventy Ninth Series 2013, 5.000%, 12/01/43 | ||||
1,000 | Suffolk Tobacco Asset Securitization Corporation, New York, Tobacco Settlement | No Opt. Call | A | 1,034,070 |
Asset-Backed Bonds, Senior Series 2021A-2, 5.000%, 6/01/31 | ||||
3,000 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior | No Opt. Call | AA+ | 2,771,010 |
Lien Subseries 2021A-1, 2.000%, 5/15/45, (Mandatory Put 5/15/26) | ||||
14,735 | Total New York | 14,737,287 | ||
North Carolina – 1.1% | ||||
1,000 | North Carolina Capital Facilities Finance Agency, Revenue Bonds, Duke University | 10/26 at 100.00 | AA+ | 1,038,490 |
Project, Refunding Series 2016B, 5.000%, 7/01/42 | ||||
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Refunding | ||||
Senior Lien Series 2017: | ||||
1,095 | 5.000%, 1/01/31 – AGM Insured | 1/27 at 100.00 | AA | 1,138,636 |
700 | 5.000%, 1/01/32 | 1/27 at 100.00 | BBB | 703,591 |
2,795 | Total North Carolina | 2,880,717 | ||
Ohio – 3.0% | ||||
570 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | BBB+ | 451,976 |
Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 | ||||
8,690 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 7,324,453 |
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | ||||
9,260 | Total Ohio | 7,776,429 | ||
Oklahoma – 0.2% | ||||
500 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | 8/28 at 100.00 | Baa3 | 409,650 |
Project, Series 2018B, 5.500%, 8/15/52 | ||||
Pennsylvania – 4.7% | ||||
160 | Adams County, Pennsylvania, General Obligation Bonds, Series 2017B, 2.500%, 11/15/29 | 11/25 at 100.00 | Aa2 | 147,330 |
50 | Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, | 10/27 at 100.00 | Baa3 | 46,764 |
Robert Morris University, Series 2017, 5.000%, 10/15/37 | ||||
465 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Allegheny | 4/28 at 100.00 | A | 380,691 |
Health Network Obligated Group Issue, Series 2018A, 4.000%, 4/01/44 | ||||
115 | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University | 7/29 at 100.00 | A | 104,839 |
of Pittsburgh Medical Center, Series 2019A, 4.000%, 7/15/35 | ||||
220 | Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, | 12/23 at 100.00 | AA– (6) | 224,783 |
12/01/32, (Pre-refunded 12/01/23) | ||||
20 | Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, | 12/22 at 100.00 | AA– (6) | 20,030 |
5.000%, 12/01/37, (Pre-refunded 12/01/22) | ||||
230 | Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue | 5/27 at 100.00 | Ba3 | 197,273 |
Bonds, City Center Refunding Project, Series 2017, 5.000%, 5/01/42, 144A | ||||
105 | Avon Grove School District, Chester County, Pennsylvania, General Obligation Bonds, | 5/29 at 100.00 | AA | 96,950 |
Series 2021A, 4.000%, 11/15/37 | ||||
140 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 175 |
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35 (5) | ||||
10 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 12 |
Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2008A, 2.700%, 4/01/35 (5) | ||||
250 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue | No Opt. Call | N/R | 312 |
Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 (5) | ||||
380 | Berks County Industrial Development Authority, Pennsylvania, Health System Revenue | 11/27 at 100.00 | BB– | 253,346 |
Bonds, Tower Health Project, Series 2017, 5.000%, 11/01/50 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania | ||||
$ 155 | Berks County Industrial Development Authority, Pennsylvania, Healthcare Facilities | 5/27 at 100.00 | BBB | $ 139,312 |
Revenue Bonds, Highlands at Wyomissing, Series 2017A, 5.000%, 5/15/42 | ||||
15 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Alvernia University | 10/29 at 100.00 | BB+ | 13,144 |
Project, Series 2020, 5.000%, 10/01/39 | ||||
125 | Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, | 8/26 at 100.00 | Aa2 | 125,056 |
Refunding Series 2016, 4.000%, 8/01/33 | ||||
45 | Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General | 4/24 at 100.00 | AA– | 45,903 |
Obligation Bonds, Series 2015, 5.000%, 10/01/38 | ||||
155 | Bucks County Industrial Development Authority, Pennsylvania, Hospital Revenue Bonds, | 8/30 at 100.00 | A– | 95,506 |
Saint Luke’s University Health Network Project, Series 2021, 3.000%, 8/15/53 | ||||
70 | Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane | 3/27 at 100.00 | BBB– | 70,192 |
Charter School Project, Series 2016, 5.125%, 3/15/36 | ||||
20 | Bucks County Water and Sewer Authority, Pennsylvania, Water System Revenue Bonds, Series | 12/28 at 100.00 | AA | 11,342 |
2020, 2.125%, 12/01/45 | ||||
115 | Canon-McMillan School District, Washington County, Pennsylvania, General Obligation | 12/24 at 100.00 | AA | 116,799 |
Bonds, Series 2014D, 5.000%, 12/15/39 | ||||
100 | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany | 11/25 at 100.00 | AA– (6) | 105,011 |
Medical Center Project, Series 2016A, 5.000%, 11/15/46, (Pre-refunded 11/15/25) | ||||
75 | Chester County Health and Education Facilities Authority, Pennsylvania, Health System | 10/27 at 100.00 | AA | 68,443 |
Revenue Bonds, Main Line Health System, Series 2017A, 4.000%, 10/01/37 | ||||
190 | Chester County Health and Education Facilities Authority, Pennsylvania, Health System | 9/30 at 100.00 | AA | 155,766 |
Revenue Bonds, Main Line Health System, Series 2020A, 4.000%, 9/01/50 | ||||
35 | Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, | 12/25 at 103.00 | N/R | 27,987 |
Simpson Senior Services Project, Series 2019, 5.000%, 12/01/51 | ||||
20 | Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School | 12/27 at 100.00 | BBB– | 18,223 |
Revenue Bonds, Series 2017A, 5.000%, 12/15/47 | ||||
15 | Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue | 8/23 at 100.00 | Ba2 | 13,032 |
Bonds, University Student Housing, LLC Project at West Chester University Series 2013A, | ||||
5.000%, 8/01/45 | ||||
35 | Clarion County Industrial Development Authority, Pennsylvania, Revenue Bonds, Clarion | 7/24 at 100.00 | A1 | 35,276 |
University Foundation Inc. Student Housing Project at Clarion University, Series 2014A, | ||||
5.000%, 7/01/45 | ||||
100 | Colonial School District, Montgomery County, Pennsylvania, General Obligation Bonds, | 2/27 at 100.00 | Aaa | 103,570 |
Series 2020, 5.000%, 2/15/44 | ||||
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Master | ||||
Settlement, Series 2018: | ||||
40 | 5.000%, 6/01/33 | 6/28 at 100.00 | A1 | 41,299 |
355 | 4.000%, 6/01/39 – AGM Insured | 6/28 at 100.00 | AA | 323,735 |
70 | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Asbury Pennsylvania | 1/25 at 104.00 | N/R | 60,703 |
Obligated Group, Refunding Series 2019, 5.000%, 1/01/45 | ||||
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran | ||||
Social Ministries Project, Series 2015: | ||||
20 | 4.000%, 1/01/33, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (6) | 20,281 |
60 | 4.000%, 1/01/33, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (6) | 60,844 |
45 | 4.000%, 1/01/33 | 1/25 at 100.00 | BBB+ | 41,581 |
65 | 5.000%, 1/01/38 | 1/25 at 100.00 | BBB+ | 65,061 |
15 | 5.000%, 1/01/38, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (6) | 15,531 |
55 | 5.000%, 1/01/38, (Pre-refunded 1/01/25) | 1/25 at 100.00 | N/R (6) | 56,948 |
100 | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran | 1/26 at 100.00 | BBB+ | 101,041 |
Social Ministries Project, Series 2016, 5.000%, 1/01/29 |
NUW | Nuveen AMT-Free Municipal Value Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania | ||||
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran | ||||
Social Ministries Project, Series 2019A: | ||||
$ 25 | 4.125%, 1/01/38 | 1/29 at 100.00 | BBB+ | $ 22,446 |
5 | 5.000%, 1/01/39, (Pre-refunded 1/01/29) | 1/29 at 100.00 | N/R (6) | 5,407 |
25 | 5.000%, 1/01/39 | 1/29 at 100.00 | BBB+ | 24,509 |
100 | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Dickinson College | 11/27 at 100.00 | A+ | 103,278 |
Project, Second Series 2017A, 5.000%, 11/01/39 | ||||
200 | Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Penn State Health, | 11/29 at 100.00 | A+ | 167,280 |
Series 2019, 4.000%, 11/01/44 | ||||
30 | Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University | 5/29 at 100.00 | Baa3 | 25,764 |
Project, Series 2019, 5.000%, 5/01/48 | ||||
30 | Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, | 5/24 at 100.00 | Baa3 | 27,595 |
Series 2014, 5.000%, 5/01/37 | ||||
55 | Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle | 6/26 at 100.00 | A | 55,553 |
Health System Project, Refunding Series 2016A, 5.000%, 6/01/35 | ||||
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System | ||||
Revenue Bonds, Series 2017: | ||||
245 | 5.000%, 7/01/42 | 7/27 at 100.00 | A1 | 248,903 |
540 | 5.000%, 7/01/47 | 7/27 at 100.00 | A1 | 545,843 |
295 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System | No Opt. Call | A1 | 318,329 |
Revenue Bonds, Series 2019A, 5.000%, 7/01/28 | ||||
225 | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A, | 7/26 at 100.00 | BBB– | 185,591 |
5.000%, 7/01/41 | ||||
25 | Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2019A, | 7/29 at 100.00 | BBB– | 16,235 |
4.000%, 7/01/45 | ||||
150 | Dubois Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Penn Highlands | 1/28 at 100.00 | A– | 144,968 |
Healthcare, Series 2018, 5.000%, 7/15/48 | ||||
30 | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services | 7/24 at 100.00 | N/R (6) | 30,758 |
Inc – Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46, | ||||
(Pre-refunded 7/01/24) | ||||
100 | East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services | 7/25 at 100.00 | N/R (6) | 104,174 |
Inc – Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47, | ||||
(Pre-refunded 7/01/25) | ||||
25 | Easton Area School District, Northampton County, Pennsylvania, General Obligation Bonds, | 2/28 at 100.00 | Aa2 | 26,947 |
Series 2020B, 5.000%, 2/01/31 | ||||
60 | Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon | 11/26 at 100.00 | BBB+ | 45,724 |
University, Series 2016, 4.000%, 5/01/46 | ||||
75 | General Authority of Southcentral Pennsylvania, Revenue Bonds, AICUP Financing | 10/27 at 100.00 | A– | 59,806 |
Program-York College of Pennsylvania, Series 2017 PP4, 3.375%, 11/01/37 | ||||
Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, | ||||
Series 2016OO2: | ||||
15 | 3.250%, 5/01/36 | 5/26 at 100.00 | BBB | 12,029 |
35 | 3.500%, 5/01/41 | 5/26 at 100.00 | BBB | 26,726 |
20 | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic | 5/25 at 100.00 | A | 20,013 |
Villages Project, Series 2015, 5.000%, 11/01/35 | ||||
40 | Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint | 3/27 at 102.00 | BB+ | 31,357 |
Anne’s Retirement Community, Inc., Series 2020, 5.000%, 3/01/50 | ||||
100 | Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health | 8/26 at 100.00 | AA | 100,845 |
System, Refunding Series 2016B, 5.000%, 8/15/46 | ||||
155 | Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health | 8/26 at 100.00 | AA | 156,934 |
System, Series 2016A, 5.000%, 8/15/42 | ||||
55 | Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot | 5/23 at 100.00 | N/R (6) | 55,694 |
Village Project, Series 2013, 5.750%, 5/01/35, (Pre-refunded 5/01/23) |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania | ||||
$ 25 | Lancaster School District, Lancaster County, Pennsylvania, General Obligation Bonds, | 12/28 at 100.00 | AA | $ 24,472 |
Series 2020, 4.000%, 6/01/35 – AGM Insured | ||||
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown | ||||
Concession, Series 2013A: | ||||
105 | 5.125%, 12/01/47, (Pre-refunded 12/01/23) | 12/23 at 100.00 | N/R (6) | 107,144 |
95 | 5.125%, 12/01/47 | 12/23 at 100.00 | A | 92,484 |
100 | Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd | 5/26 at 100.00 | A– | 82,338 |
Group, Refunding Series 2016, 4.000%, 11/01/41 | ||||
195 | Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, | 11/23 at 100.00 | AA | 198,202 |
Limited Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured | ||||
100 | Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue | 7/24 at 100.00 | N/R | 94,829 |
Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33, 144A | ||||
50 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, | 9/28 at 100.00 | A | 48,734 |
Thomas Jefferson University, Series 2018A, 5.000%, 9/01/48 | ||||
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, | ||||
Thomas Jefferson University, Series 2019: | ||||
50 | 4.000%, 9/01/44 | 9/29 at 100.00 | A | 42,494 |
25 | 4.000%, 9/01/49 | 9/29 at 100.00 | A | 20,648 |
200 | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue | 1/25 at 100.00 | Ba1 (6) | 207,738 |
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45, | ||||
(Pre-refunded 1/15/25) | ||||
200 | Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS | 11/26 at 100.00 | A– | 192,956 |
Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36 | ||||
90 | Northampton County General Purpose Authority, Pennsylvania, Revenue Bonds, Lafayette | 11/28 at 100.00 | Aa3 | 82,823 |
College, Refunding Series 2018, 4.000%, 11/01/38 | ||||
55 | Northampton County Industrial Development Authority, Pennsylvania, Revenue Bonds, | 11/26 at 103.00 | BB+ | 46,724 |
Morningstar Senior Living, Inc., Series 2019, 5.000%, 11/01/44 | ||||
55 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, | No Opt. Call | N/R | 69 |
Shippingport Project, First Energy Guarantor., Series 2006A, 2.550%, 11/01/41 (5) | ||||
90 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue | 9/25 at 100.00 | Caa1 | 74,025 |
Refunding Bonds, PPL Energy Supply, LLC Project, Series 2009A, 0.000%, 12/01/38 (5) | ||||
140 | Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, | 1/24 at 100.00 | AA | 141,709 |
Capitol Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured | ||||
250 | Pennsylvania Economic Development Financing Authority, Revenue Bonds, | 10/29 at 100.00 | A+ | 185,898 |
Pennsylvania-American Water Company, Refunding Series 2019, 3.000%, 4/01/39 | ||||
35 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family | 9/23 at 100.00 | BBB– | 35,884 |
University, Series 2013A, 6.500%, 9/01/38 | ||||
120 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia | 6/23 at 100.00 | N/R (6) | 121,139 |
University, Refunding Series 2013, 5.000%, 6/01/32, (Pre-refunded 6/01/23) | ||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the | ||||
Sciences in Philadelphia, Series 2012: | ||||
35 | 4.000%, 11/01/39 | 12/22 at 100.00 | Baa1 | 30,787 |
60 | 5.000%, 11/01/42 | 12/22 at 100.00 | Baa1 | 59,813 |
300 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University | 7/26 at 100.00 | Baa3 | 277,134 |
Properties Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, | ||||
Series 2016A, 5.000%, 7/01/35 | ||||
95 | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, | 7/23 at 100.00 | A– (6) | 96,473 |
Series 2013A, 5.500%, 7/15/38, (Pre-refunded 7/15/23) | ||||
45 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 4/25 at 100.00 | AA+ | 38,708 |
2016-119, 3.500%, 10/01/36 | ||||
350 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 10/25 at 100.00 | AA+ | 275,545 |
2016-120, 3.200%, 4/01/40 |
NUW | Nuveen AMT-Free Municipal Value Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania | ||||
$ 450 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 10/25 at 100.00 | AA+ | $ 346,432 |
2016-121, 3.200%, 10/01/41 | ||||
65 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 10/26 at 100.00 | AA+ | 59,040 |
2017-123B, 3.450%, 10/01/32 | ||||
45 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 4/27 at 100.00 | AA+ | 42,022 |
2017-125B, 3.700%, 10/01/47 | ||||
250 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 10/28 at 100.00 | AA+ | 188,548 |
2019-129, 3.350%, 10/01/45 | ||||
125 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 10/28 at 100.00 | AA+ | 86,657 |
2019-130A, 3.000%, 10/01/46 | ||||
45 | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series | 10/29 at 100.00 | AA+ | 28,627 |
2020-133, 2.500%, 10/01/45 | ||||
100 | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Special Revenue | 12/26 at 100.00 | AA– | 100,414 |
Bonds, Subordinate Series 2014A, 4.750%, 12/01/37 | ||||
100 | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Subordinate Series | 12/28 at 100.00 | A+ | 96,488 |
2018B, 5.000%, 12/01/48 | ||||
585 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 | 12/25 at 100.00 | A1 | 582,783 |
50 | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2021A, | 12/30 at 100.00 | A | 40,219 |
4.000%, 12/01/50 | ||||
25 | Philadelphia Authority for Industrial Development, Pennsylvania, Charter School Revenue | 6/28 at 100.00 | BB+ | 20,940 |
Bonds, Philadelphia Performing Arts: A String Theory Charter School, Series 2020, 5.000%, | ||||
6/15/50, 144A | ||||
70 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, La Salle | 11/27 at 100.00 | BB+ | 51,923 |
University, Series 2017, 3.625%, 5/01/35 | ||||
50 | Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, | 3/28 at 100.00 | BB | 42,097 |
University of the Arts, Series 2017, 5.000%, 3/15/45, 144A | ||||
105 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998 General Ordinance, Sixteenth | 8/30 at 100.00 | AA | 107,662 |
Series 2020A, 5.000%, 8/01/50 – AGM Insured | ||||
150 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifteenth Series | 8/27 at 100.00 | A | 150,258 |
2017, 5.000%, 8/01/47 | ||||
125 | Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015, | 8/25 at 100.00 | A | 128,349 |
5.000%, 8/01/30 | ||||
100 | Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue | 7/27 at 100.00 | BBB– | 102,311 |
Bonds, Temple University Health System Obligated Group, Series of 2017, 5.000%, 7/01/30 | ||||
100 | Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Parking | 12/27 at 100.00 | A | 103,614 |
Revenue Bonds, Series 2017, 5.000%, 12/15/34 | ||||
20 | Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue | 9/30 at 100.00 | AA | 17,397 |
Bonds, First Lien Series 2020B, 4.000%, 9/01/45 – AGM Insured | ||||
25 | Pittsburgh Water and Sewer Authority, Pennsylvania, Water and Sewer System Revenue | 9/29 at 100.00 | AA | 24,749 |
Bonds, Refunding Subordinate Series 2019B, 4.000%, 9/01/34 – AGM Insured | ||||
200 | Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley | 1/27 at 100.00 | A+ | 192,952 |
Health Network, Series 2016B, 5.000%, 7/01/45 | ||||
35 | Rostraver Township, Westmoreland County, Pennsylvania, General Obligation Bonds, Series | 9/25 at 100.00 | AA | 32,178 |
2018, 3.500%, 9/01/34 – AGM Insured | ||||
80 | Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016, | 5/24 at 100.00 | BB+ | 78,453 |
5.000%, 11/15/32 | ||||
100 | Scranton-Lackawanna Health and Welfare Authority, Pennsylvania, University Revenue | 6/26 at 100.00 | BB+ | 84,789 |
Bonds, Marywood University, Series 2016, 5.000%, 6/01/46 | ||||
210 | Southcentral Pennsylvania General Authority, Revenue Bonds, Wellspan Health Obligated | 6/29 at 100.00 | Aa3 | 207,035 |
Group, Series 2019A, 5.000%, 6/01/49 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Pennsylvania | ||||
$ 10 | The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania, | 5/24 at 100.00 | BB+ | $ 9,370 |
Guaranteed Lease Revenue Bonds, Series 2016A, 5.000%, 11/15/28 | ||||
40 | Upper Allegheny Joint Sanitary Authority, Allegheny County, Pennsylvania, Sewer Revenue | 9/29 at 100.00 | AA | 28,204 |
Bonds, Refunding Series 2019A, 3.000%, 9/01/44 – AGM Insured | ||||
100 | Upper Dublin School District, Montgomery County, Pennsylvania, General Obligation Bonds, | 3/29 at 100.00 | Aa3 | 91,381 |
Series 2021A, 4.000%, 9/15/38 | ||||
145 | Washington County Industrial Development Authority, Pennsylvania, College Revenue Bonds, | 11/27 at 100.00 | BBB+ | 117,662 |
AICUP Financing Program-Washington and Jefferson College Project, Series 2017-PP5, | ||||
3.375%, 11/01/36 | ||||
15 | Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center | 1/28 at 100.00 | BB | 13,996 |
Tax Increment Bonds, Series 2018, 5.000%, 7/01/35 | ||||
15 | Westmoreland County Industrial Development Authority, Pennsylvania, Revenue Bonds, | 1/31 at 100.00 | Baa1 | 12,525 |
Excela Health Project, Series 2020A, 4.000%, 7/01/37 | ||||
Williamsport Sanitary Authority, Lycoming County, Pennsylvania, Sewer Revenue Bonds, Series 2021: | ||||
100 | 5.000%, 1/01/25 – BAM Insured | No Opt. Call | AA | 103,477 |
25 | 5.000%, 1/01/28 – BAM Insured | No Opt. Call | AA | 26,841 |
13,425 | Total Pennsylvania | 11,864,962 | ||
Puerto Rico – 2.7% | ||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||
3,329 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 3,026,527 |
3,740 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 3,234,763 |
72 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 61,919 |
710 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured | 7/28 at 100.00 | N/R | 614,086 |
Cofina Project Series 2019A-2A, 4.550%, 7/01/40 | ||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable | ||||
Restructured Cofina Project Series 2019A-2: | ||||
10 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 8,412 |
10 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 8,412 |
49 | 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 40,580 |
7,920 | Total Puerto Rico | 6,994,699 | ||
South Carolina – 1.7% | ||||
5,435 | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, | No Opt. Call | AA | 4,232,180 |
0.000%, 1/01/29 – AGC Insured | ||||
Tennessee – 4.4% | ||||
3,090 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 8/29 at 100.00 | BBB+ | 2,950,950 |
CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/44 | ||||
2,000 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 5/31 at 100.00 | A+ | 1,610,540 |
Board, Tennessee, Revenue Bonds, Belmont University, Refunding & Improvement Series 2021, | ||||
4.000%, 5/01/46 | ||||
135 | Metropolitan Government of Nashville-Davidson County Health and Educational Facilities | 7/26 at 100.00 | A3 | 125,882 |
Board, Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A, | ||||
5.000%, 7/01/46 | ||||
605 | Metropolitan Government of Nashville-Davidson County, Tennessee, Water and Sewerage | 7/27 at 100.00 | AA | 621,535 |
Revenue Bonds, Green Series 2017A, 5.000%, 7/01/42 | ||||
4,000 | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, | No Opt. Call | BBB | 4,151,160 |
5.625%, 9/01/26 | ||||
2,160 | West Wilson Utility District, Wilson County, Tennessee, Water Revenue Bonds, Improvement | 6/32 at 100.00 | AA | 1,841,767 |
Series 2022, 4.000%, 6/01/47 | ||||
11,990 | Total Tennessee | 11,301,834 |
NUW | Nuveen AMT-Free Municipal Value Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas – 10.5% | ||||
$ 1,000 | Austin Community College District Public Facility Corporation, Texas, Lease Revenue | 8/27 at 100.00 | AA | $ 1,036,880 |
Bonds, Highland Campus – Building 3000 Project, Series 2018A, 5.000%, 8/01/42 | ||||
1,000 | Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2017, | 11/26 at 100.00 | AA | 1,040,550 |
5.000%, 11/15/35 | ||||
500 | Bexar County Hospital District, Texas, Certificates of Obligation, Series 2020, | 2/29 at 100.00 | Aa1 | 509,475 |
5.000%, 2/15/45 | ||||
745 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2020A, | 1/30 at 100.00 | A– | 745,358 |
5.000%, 1/01/40 | ||||
1,855 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier | 10/23 at 100.00 | A+ (6) | 1,892,656 |
Series 2013A, 5.500%, 4/01/53, (Pre-refunded 10/01/23) | ||||
1,000 | Harris County, Texas, Toll Road Revenue Bonds, Refunding First Lien Series 2021A, | No Opt. Call | Aa2 | 1,097,850 |
5.000%, 8/15/30 | ||||
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and | ||||
Entertainment Project, Series 2001B: | ||||
3,000 | 0.000%, 9/01/32 – AMBAC Insured | No Opt. Call | A | 1,917,030 |
7,935 | 0.000%, 9/01/33 – AMBAC Insured | No Opt. Call | A | 4,795,121 |
1,430 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | 5/31 at 100.00 | A+ | 1,426,797 |
Transmission Services Corporation Project, Refunding Series 2021A, 5.000%, 5/15/51 | ||||
915 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, | 1/25 at 100.00 | A+ | 924,315 |
5.000%, 1/01/45 | ||||
250 | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, | 8/26 at 100.00 | AA | 250,212 |
Texas Health Resources System, Series 2016A, 5.000%, 2/15/41 | ||||
1,600 | Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE | 12/29 at 100.00 | Baa2 | 1,580,592 |
Mobility Partners LLC North Tarrant Express Managed Lanes Project, Refunding Senior Lien | ||||
Series 2019A, 5.000%, 12/31/35 | ||||
7,635 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master | 10/26 at 100.00 | AAA | 7,149,032 |
Trust Series 2016, 4.000%, 10/15/41 | ||||
2,500 | Texas Water Development Board, State Water Implementation Revenue Fund Bonds, Master | 10/27 at 100.00 | AAA | 2,316,325 |
Trust Series 2017A, 4.000%, 10/15/42, (UB) (7) | ||||
31,365 | Total Texas | 26,682,193 | ||
Utah – 0.6% | ||||
1,500 | Salt Lake City, Utah, Airport Revenue Bonds, International Airport Series 2017B, | 7/27 at 100.00 | A | 1,479,585 |
5.000%, 7/01/47 | ||||
Virginia – 1.0% | ||||
1,160 | Chesapeake Bay Bridge and Tunnel District, Virginia, General Resolution Revenue Bonds, | 7/26 at 100.00 | BBB | 1,165,904 |
First Tier Series 2016, 5.000%, 7/01/51 | ||||
1,400 | Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital | 7/28 at 100.00 | BBB+ | 1,361,276 |
Appreciation Series 2012B, 0.000%, 7/15/40 (4) | ||||
2,560 | Total Virginia | 2,527,180 | ||
Washington – 4.3% | ||||
3,330 | Chelan County Public Utility District 1, Washington, Columbia River-Rock Island | No Opt. Call | AA+ | 2,561,503 |
Hydro-Electric System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/29 – NPFG Insured | ||||
3,890 | University of Washington, General Revenue Bonds, Refunding Series 2021A, 5.000%, 4/01/46 | 4/31 at 100.00 | Aaa | 4,063,299 |
690 | Washington Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical | 8/27 at 100.00 | BBB– | 704,366 |
Center, Series 2017, 5.000%, 8/15/30 | ||||
Washington State Convention Center Public Facilities District, Lodging Tax Revenue | ||||
Bonds, Refunding Series2021B. Exchange Purchase: | ||||
2,165 | 4.000%, 7/01/37 | 7/31 at 100.00 | Baa3 | 1,837,695 |
2,140 | 4.000%, 7/01/43 | 7/31 at 100.00 | Baa1 | 1,707,763 |
12,215 | Total Washington | 10,874,626 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
West Virginia – 1.9% | ||||
$ 530 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Cabell Huntington | 1/29 at 100.00 | BBB+ | $ 529,311 |
Hospital, Inc. Project, Refunding & Improvement Series 2018A, 5.000%, 1/01/34 | ||||
1,800 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area | 9/29 at 100.00 | Baa1 | 1,767,240 |
Medical Center, Refunding & Improvement Series 2019A, 5.000%, 9/01/38 | ||||
1,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/23 at 100.00 | A (6) | 1,012,630 |
Health System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44, | ||||
(Pre-refunded 6/01/23) | ||||
1,430 | West Virginia Parkways Authority, Turnpike Toll Revenue Bonds, Senior Lien Series 2018, | 6/28 at 100.00 | AA– | 1,478,320 |
5.000%, 6/01/43 | ||||
4,760 | Total West Virginia | 4,787,501 | ||
$ 290,810 | Total Municipal Bonds (cost $267,497,585) | 252,937,326 |
Shares | Description (1) | Value |
COMMON STOCKS – 0.5% | ||
Independent Power And Renewable Electricity Producers – 0.5% | ||
14,686 | Energy Harbor Corp (8), (9) | $ 1,181,489 |
Total Common Stocks (cost $407,801) | 1,181,489 |
Principal | |||||
Amount (000) | Description (1) | Coupon | Maturity | Ratings (3) | Value |
CORPORATE BONDS – 0.0% | |||||
Independent Power and Renewable Electricity Producers – 0.0% | |||||
$ 130 | Talen Energy Corp | 0.000% | 8/31/23 | N/R | $ 36,817 |
$ 130 | Total Corporate Bonds (cost $ –) | 36,817 | |||
Total Long-Term Investments (cost $267,905,386) | 254,155,632 | ||||
Floating Rate Obligations – (0.8)% | (2,000,000) | ||||
Other Assets Less Liabilities – 1.1% (10) | 2,797,219 | ||||
Net Assets Applicable to Common Shares – 100% | $ 254,952,851 |
Unrealized | |||||
Number of | Expiration | Notional | Appreciation | ||
Description | Contracts | Date | Amount | Value | (Depreciation) |
U.S. Treasury 10-Year Note | (196) | 12/22 | $(23,018,217) | $(21,676,375) | $1,341,842 |
NUW | Nuveen AMT-Free Municipal Value Fund |
Portfolio of Investments (continued) | |
October 31, 2022 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
(4) | 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. |
(5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
(6) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
(7) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
(8) | Common Stock received as part of the bankruptcy settlements during February 2020 for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35; Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35; Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35; and Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2006A, 2.550%, 11/01/41. |
(9) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. |
(10) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as well as the OTC cleared and exchange-traded derivatives, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
ETM | Escrowed to maturity |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. |
NMI | Nuveen Municipal Income Fund, Inc. |
Portfolio of Investments | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
LONG-TERM INVESTMENTS – 93.0% | ||||
MUNICIPAL BONDS – 93.0% | ||||
Alabama – 2.5% | ||||
$ 1,255 | Limestone County Water & Sewer Authority, Alabama, Water and Sewer Revenue Bonds, Series | 6/32 at 100.00 | AA– | $ 1,288,835 |
2022, 5.000%, 12/01/45 | ||||
1,000 | Southeast Energy Authority, Alabama, Commodity Supply Revenue Bonds, Project 4, Series | 5/28 at 100.34 | A2 | 985,020 |
2022B-1, 5.000%, 5/01/53, (Mandatory Put 8/01/28) | ||||
100 | Tuscaloosa County Industrial Development Authority, Alabama, Gulf Opportunity Zone | 5/29 at 100.00 | N/R | 81,553 |
Bonds, Hunt Refining Project, Refunding Series 2019A, 5.250%, 5/01/44, 144A | ||||
2,355 | Total Alabama | 2,355,408 | ||
Arizona – 3.1% | ||||
600 | Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals | 12/24 at 100.00 | A+ | 601,092 |
Project, Refunding Series 2014A, 5.000%, 12/01/39 | ||||
1,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of | 1/28 at 100.00 | AA– | 1,000,900 |
Math & Science Projects, Series 2018A, 5.000%, 7/01/48 | ||||
1,000 | Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, KIPPC NYC | 7/31 at 100.00 | BBB– | 790,280 |
Public Charter Schools – Macombs Facility Project, Series 2021A, 4.000%, 7/01/41 | ||||
515 | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy | No Opt. Call | A3 | 532,608 |
Inc Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28 | ||||
3,115 | Total Arizona | 2,924,880 | ||
Arkansas – 0.2% | ||||
200 | Arkansas Development Finance Authority, Arkansas, Environmental Improvement Revenue | 9/25 at 105.00 | BB | 180,954 |
Bonds, United States Steel Corporation, Green Series 2022, 5.450%, 9/01/52, (AMT), 144A | ||||
California – 4.3% | ||||
2,120 | Brea Olinda Unified School District, Orange County, California, General Obligation | No Opt. Call | Aa2 | 2,067,085 |
Bonds, Series 1999A, 0.000%, 8/01/23 – FGIC Insured | ||||
500 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter | 11/27 at 100.00 | A1 | 442,570 |
Health, Series 2018A, 4.000%, 11/15/42 | ||||
365 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma | 6/26 at 100.00 | BB | 331,956 |
Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A | ||||
275 | California Statewide Communities Development Authority, Revenue Bonds, Front Porch | 4/27 at 100.00 | A | 251,276 |
Communities & Services Project, Series 2017A, 4.000%, 4/01/36 | ||||
33 | California Statewide Community Development Authority, Revenue Bonds, Daughters of | 1/22 at 100.00 | N/R | 32,914 |
Charity Health System, Series 2005A, 5.500%, 7/01/39 (4),(5) | ||||
300 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, | No Opt. Call | A | 351,471 |
Series 2009A, 7.000%, 11/01/34 | ||||
500 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road | 1/25 at 100.00 | BBB+ | 500,965 |
Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 | ||||
4,093 | Total California | 3,978,237 | ||
Colorado – 12.0% | ||||
1,000 | Boulder Valley School District RE2, Boulder County, Colorado, General Obligation Bonds, | 6/29 at 100.00 | AA+ | 875,930 |
Series 2019A, 4.000%, 12/01/48 |
NMI | Nuveen Municipal Income Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Colorado | ||||
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, | ||||
Refunding Series 2013A: | ||||
$ 150 | 5.125%, 12/01/29, (Pre-refunded 12/01/23) | 12/23 at 100.00 | BBB (6) | $ 152,742 |
250 | 5.375%, 12/01/33, (Pre-refunded 12/01/23) | 12/23 at 100.00 | BBB (6) | 255,227 |
350 | Colorado Health Facilities Authority, Colorado, Health Facilities Revenue Bonds, The | 6/27 at 100.00 | N/R (6) | 371,423 |
Evangelical Lutheran Good Samaritan Society Project, Refunding Series 2017, 5.000%, 6/01/42, | ||||
(Pre-refunded 6/01/27) | ||||
1,000 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, AdventHealth Obligated | 11/29 at 100.00 | AA | 869,490 |
Group, Series 2019A, 4.000%, 11/15/43 | ||||
500 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living | 1/24 at 102.00 | N/R | 434,130 |
Neighborhoods Project, Refunding Series 2016, 5.000%, 1/01/37 | ||||
640 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, | 8/29 at 100.00 | BBB+ | 499,040 |
Series 2019A-2, 4.000%, 8/01/49 | ||||
750 | Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, | 11/23 at 100.00 | AA+ | 759,480 |
5.000%, 11/15/38 | ||||
1,395 | Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series | 12/28 at 100.00 | A+ | 1,347,096 |
2018A, 5.000%, 12/01/43, (AMT) | ||||
575 | Erie Farm Metropolitan District, Erie, Boulder County, Colorado, General Obligation | 12/31 at 100.00 | AA | 595,234 |
Limited Tax Bonds, Refunding & Improvement, Series 2021, 5.000%, 12/01/41 – AGM Insured | ||||
700 | Falcon Area Water and Wastewater Authority (El Paso County, Colorado), Tap Fee Revenue | 9/27 at 103.00 | N/R | 645,883 |
Bonds, Series 2022A, 6.750%, 12/01/34, 144A | ||||
300 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/25 at 100.00 | A | 302,592 |
Revenue Bonds, Refunding Series 2015A, 5.000%, 12/01/45 | ||||
650 | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported | 12/28 at 100.00 | A | 537,706 |
Revenue Bonds, Series 2018A, 4.000%, 12/01/51 | ||||
125 | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado | No Opt. Call | AA– | 126,274 |
Springs Utilities, Series 2008, 6.125%, 11/15/23 | ||||
1,100 | Rampart Range Metropolitan District 1, Lone Tree, Colorado, Limited Tax Supported and | 12/27 at 100.00 | AA | 1,136,355 |
Special Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 12/01/42 | ||||
1,000 | Southshore Metropolitan District 2 Aurora, Arapahoe County, Colorado, General Obligaiton | 12/30 at 100.00 | AA | 837,820 |
Bonds, Subordinate Limited Tax Improvement Series 2020A-2, 4.000%, 12/01/46 – BAM Insured | ||||
477 | Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, | 12/23 at 100.00 | N/R (6) | 483,955 |
Limited Tax Convertible to Unlimited Tax, Refunding & Improvement Series 2013, 5.000%, | ||||
12/01/33, (Pre-refunded 12/01/23), 144A | ||||
525 | Waterview II Metropolitan District, El Paso County, Colorado, Limited Tax General | 3/27 at 103.00 | N/R | 457,291 |
Obligation Bonds, Series 2022A, 4.500%, 12/01/31 | ||||
500 | West Globeville Metropolitan District 1, Denver, Colorado, General Obligation Limited | 12/29 at 103.00 | N/R | 434,755 |
Tax Bonds, Series 2022, 6.750%, 12/01/52 | ||||
11,987 | Total Colorado | 11,122,423 | ||
Connecticut – 0.9% | ||||
1,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford | 7/31 at 100.00 | A+ | 826,720 |
HealthCare Issue, Series 2021A, 4.000%, 7/01/51 | ||||
Delaware – 0.1% | ||||
100 | Delaware Health Facilities Authority, Revenue Bonds, Beebe Medical Center Project, | 12/28 at 100.00 | BBB | 95,169 |
Series 2018, 5.000%, 6/01/48 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
District of Columbia – 0.1% | ||||
$ 105 | Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Revenue Bonds, | 10/29 at 100.00 | A– | $ 84,678 |
Dulles Metrorail & Capital improvement Projects, Refunding & Subordinate Lien Series 2019B, | ||||
4.000%, 10/01/49 | ||||
Florida – 4.2% | ||||
840 | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter | 9/23 at 100.00 | BBB | 842,545 |
Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33 | ||||
700 | Florida Development Finance Corporation, Florida, Surface Transportation Facility | 1/24 at 107.00 | N/R | 592,760 |
Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, | ||||
1/01/49, (AMT), 144A | ||||
Florida Development Finance Corporation, Florida, Surface Transportation Facility | ||||
Revenue Bonds, Virgin Trains USA Passenger Rail Project, Series 2019A: | ||||
350 | 6.375%, 1/01/49, (AMT), (Mandatory Put 1/01/26), 144A | 12/22 at 103.00 | N/R | 315,403 |
380 | 6.500%, 1/01/49, (AMT), (Mandatory Put 1/01/29), 144A | 12/22 at 103.00 | N/R | 334,818 |
500 | Florida Development Finance Corporation, Revenue Bonds, Brightline Passenger Rail | 12/22 at 102.00 | N/R | 489,455 |
Expansion Project, Series 2022A, 7.250%, 7/01/57, (AMT), (Mandatory Put 10/03/23), 144A | ||||
500 | Greater Orlando Aviation Authority, Florida, Orlando Airport Facilities Revenue Bonds, | 10/27 at 100.00 | A1 | 485,565 |
Priority Subordinated Series 2017A, 5.000%, 10/01/42, (AMT) | ||||
1,145 | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, | 2/31 at 100.00 | A | 847,105 |
Florida Health Sciences Center Inc D/B/A Tampa General Hospital, Series 2020A, 4.000%, 8/01/55 | ||||
4,415 | Total Florida | 3,907,651 | ||
Georgia – 1.2% | ||||
455 | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium | 7/25 at 100.00 | A1 | 465,155 |
Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40 | ||||
245 | Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, | 11/23 at 100.00 | BB+ | 227,740 |
Testletree Village Apartments, Series 2013A, 4.000%, 11/01/25 | ||||
500 | Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health | 4/30 at 100.00 | A | 398,330 |
System, Inc Project, Series 2017A, 4.000%, 4/01/50 | ||||
1,200 | Total Georgia | 1,091,225 | ||
Hawaii – 1.8% | ||||
250 | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific | 7/23 at 100.00 | BB | 250,893 |
University, Series 2013A, 6.625%, 7/01/33, 144A | ||||
1,500 | Hawaii State, Airport System Revenue Bonds, Series 2022, 5.000%, 7/01/47, (AMT) | 7/32 at 100.00 | A+ | 1,431,000 |
1,750 | Total Hawaii | 1,681,893 | ||
Illinois – 11.8% | ||||
250 | Chicago Board of Education, Illinois, Dedicated Capital Improvement Tax Revenue Bonds, | 4/27 at 100.00 | A– | 254,538 |
Series 2016, 6.000%, 4/01/46 | ||||
435 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/28 at 100.00 | BB | 378,876 |
Refunding Series 2018D, 5.000%, 12/01/46 | ||||
650 | Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, | 12/25 at 100.00 | BB | 679,055 |
Series 2016A, 7.000%, 12/01/44 | ||||
200 | Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior | 1/32 at 100.00 | N/R | 199,860 |
Lien Series 2022A, 5.500%, 1/01/55 | ||||
1,000 | Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural | 11/24 at 100.00 | A | 1,001,420 |
History, Series 2002.RMKT, 4.500%, 11/01/36 | ||||
500 | Illinois Finance Authority, Revenue Bonds, Bradley University, Refunding Series 2021A, | 8/31 at 100.00 | BBB+ | 373,955 |
4.000%, 8/01/51 | ||||
1,000 | Illinois Finance Authority, Revenue Bonds, Northshore – Edward-Elmhurst Health Credit | 8/32 at 100.00 | AA– | 985,700 |
Group, Series 2022A, 5.000%, 8/15/51 |
NMI | Nuveen Municipal Income Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Illinois | ||||
$ 80 | Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series | 7/23 at 100.00 | A– | $ 81,030 |
2013A, 5.500%, 7/01/28 | ||||
200 | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, | 8/25 at 100.00 | A3 | 193,994 |
Refunding Series 2015C, 5.000%, 8/15/44 | ||||
540 | Illinois State, General Obligation Bonds, June Series 2022A, 5.500%, 3/01/47 | 3/32 at 100.00 | BBB+ | 522,817 |
500 | Illinois State, General Obligation Bonds, March Series 2021A, 5.000%, 3/01/46 | 3/31 at 100.00 | BBB | 455,780 |
400 | Illinois State, General Obligation Bonds, May Series 2020, 5.500%, 5/01/39 | 5/30 at 100.00 | BBB | 402,120 |
1,000 | Illinois State, General Obligation Bonds, October Series 2022C, 5.500%, 10/01/41 | 10/32 at 100.00 | N/R | 996,310 |
990 | Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31 | 7/23 at 100.00 | BBB | 991,267 |
1,900 | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2019A, | 7/29 at 100.00 | AA– | 1,917,860 |
5.000%, 1/01/44 | ||||
200 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | 12/25 at 100.00 | BBB+ | 197,072 |
Bonds, Series 2015A, 5.500%, 6/15/53 | ||||
6,000 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project | No Opt. Call | BBB+ | 741,180 |
Bonds, Series 2017A, 0.000%, 12/15/56 | ||||
205 | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place | No Opt. Call | BBB+ | 100,270 |
Expansion Project, Series 2002A, 0.000%, 12/15/35 – NPFG Insured | ||||
490 | University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, | 10/23 at 100.00 | A– | 499,692 |
6.000%, 10/01/32 | ||||
16,540 | Total Illinois | 10,972,796 | ||
Indiana – 2.4% | ||||
735 | Gary Local Public Improvement Bond Bank, Indiana, Economic Development Revenue Bonds, | 6/30 at 100.00 | N/R | 594,270 |
Drexel Foundation for Educational Excellence Project, Refunding Series 2020A, 5.875%, | ||||
6/01/55, 144A | ||||
1,000 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, Fulcrum CenterPoint, | 5/23 at 100.00 | N/R | 1,000,120 |
LLC Project, Series 2022, 4.500%, 12/15/46, (AMT), (Mandatory Put 11/15/23) , (WI/DD, | ||||
Settling 11/15/22) | ||||
655 | Indiana Finance Authority, Provate Activity Bonds, Ohio River Bridges East End Crossing | 7/23 at 100.00 | A– (6) | 658,609 |
Project, Series 2013A, 5.000%, 7/01/44, (Pre-refunded 7/01/23), (AMT) | ||||
2,390 | Total Indiana | 2,252,999 | ||
Iowa – 0.5% | ||||
500 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer | 12/29 at 103.00 | BBB– | 433,695 |
Company Project, Refunding Series 2022, 5.000%, 12/01/50 | ||||
Kansas – 0.6% | ||||
500 | Ellis County Unified School District 489 Hays, Kansas, General Obligation Bonds, | 9/31 at 100.00 | AA | 524,075 |
Refunding & Improvement Series 2022B, 5.000%, 9/01/47 – AGM Insured | ||||
Louisiana – 2.4% | ||||
1,000 | East Baton Rouge Parish Capital Improvement District, Louisiana, MOVEBR Sales Tax | 8/29 at 100.00 | AA+ | 1,027,080 |
Revenue Bonds, Series 2019, 5.000%, 8/01/48 | ||||
1,230 | Louisiana Local Government Environmental Facilities and Community Development Authority, | 10/27 at 100.00 | A | 1,208,881 |
Louisiana, Revenue Bonds, Womans Hospital Foundation Project, Refunding Series 2017A, | �� | |||
5.000%, 10/01/41 | ||||
2,230 | Total Louisiana | 2,235,961 | ||
Maine – 0.5% | ||||
500 | Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine | 7/23 at 100.00 | BBB (6) | 505,540 |
Medical Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43, (Pre-refunded 7/01/23) |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Maryland – 0.6% | ||||
$ 500 | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula | 7/24 at 100.00 | A (6) | $ 513,045 |
Regional Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45, (Pre-refunded 7/01/24) | ||||
Massachusetts – 0.6% | ||||
50 | Massachusetts Development Finance Agency, Revenue Bonds, Atrius Health Issue, Series | 6/29 at 100.00 | BBB (6) | 51,763 |
2019A, 4.000%, 6/01/49, (Pre-refunded 6/01/29) | ||||
500 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, | 7/26 at 100.00 | A– | 473,985 |
Series 2016I, 5.000%, 7/01/46 | ||||
550 | Total Massachusetts | 525,748 | ||
Michigan – 1.0% | ||||
1,000 | Michigan State University, General Revenue Bonds, Refunding Series 2019C, 4.000%, 2/15/44 | 8/29 at 100.00 | AA | 894,930 |
Minnesota – 2.2% | ||||
75 | Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory | 8/26 at 100.00 | BB+ | 56,279 |
Academy, Refunding Series 2016A, 4.250%, 8/01/46 | ||||
300 | City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, | 12/22 at 100.00 | N/R | 253,044 |
Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31 | ||||
1,000 | Duluth Economic Development Authority, Minnesota, Health Care Facilities Revenue Bonds, | 2/28 at 100.00 | A– | 948,560 |
Essentia Health Obligated Group, Series 2018A, 5.000%, 2/15/53 | ||||
300 | Saint Paul Park, Minnesota, Senior Housing and Health Care Revenue Bonds, Presbyterian | 9/24 at 100.00 | N/R | 264,240 |
Homes Bloomington Project, Refunding Series 2017, 4.250%, 9/01/37 | ||||
500 | West Saint Paul-Mendota Heights-Eagan Independent School District 197, Dakota County, | 2/27 at 100.00 | AAA | 475,160 |
Minnesota, General Obligation Bonds, School Buidling Series 2018A, 4.000%, 2/01/39 | ||||
2,175 | Total Minnesota | 1,997,283 | ||
Mississippi – 1.1% | ||||
1,000 | Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial | 9/26 at 100.00 | BBB+ | 977,940 |
Healthcare, Series 2016A, 5.000%, 9/01/36 | ||||
Missouri – 2.6% | ||||
135 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 5/23 at 100.00 | BBB | 136,305 |
Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 | ||||
1,000 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 12/22 at 100.00 | BBB– | 923,660 |
Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33 | ||||
125 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue | 10/23 at 100.00 | A+ | 125,855 |
Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 | ||||
1,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, | 2/29 at 100.00 | AA– | 807,900 |
Mosaic Health System, Series 2019A, 4.000%, 2/15/54 | ||||
215 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship | 9/25 at 103.00 | BB+ | 175,739 |
Village Saint Louis Obligated Group, Series 2018A, 5.250%, 9/01/53 | ||||
335 | Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, | 10/23 at 100.00 | N/R | 275,156 |
Missouri Valley College, Series 2017, 4.500%, 10/01/40 | ||||
2,810 | Total Missouri | 2,444,615 | ||
Nebraska – 0.5% | ||||
500 | Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Refunding | No Opt. Call | A | 479,040 |
Crossover Series 2017A, 5.000%, 9/01/42 |
NMI | Nuveen Municipal Income Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
New Jersey – 2.7% | ||||
$ 55 | Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control | No Opt. Call | BBB– (6) | $ 55,527 |
Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24, (AMT), (ETM) | ||||
110 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University | 7/25 at 100.00 | AA | 105,984 |
Hospital Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured | ||||
545 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 6/25 at 100.00 | Baa1 | 523,734 |
2015AA, 5.000%, 6/15/45 | ||||
1,000 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series | 12/28 at 100.00 | Baa1 | 827,320 |
2019BB, 4.000%, 6/15/44 | ||||
1,000 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed | 6/28 at 100.00 | BBB+ | 962,440 |
Bonds, Series 2018A, 5.000%, 6/01/46 | ||||
2,710 | Total New Jersey | 2,475,005 | ||
New York – 4.7% | ||||
60 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue | 7/25 at 100.00 | BBB | 54,420 |
Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 | ||||
1,500 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 3/32 at 100.00 | AA+ | 1,533,555 |
General Purpose Series 2022A, 5.000%, 3/15/46 | ||||
1,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, | 2/30 at 100.00 | AA+ | 858,070 |
General Purpose, Series 2019D, 4.000%, 2/15/47 | ||||
250 | Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health | 12/32 at 100.00 | BBB+ | 234,430 |
Project, Series 2022A, 5.250%, 12/01/52 | ||||
315 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green | 5/30 at 100.00 | A3 | 296,673 |
Climate Bond Certified Series 2020C-1, 5.250%, 11/15/55 | ||||
500 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, | 2/31 at 100.00 | AAA | 444,030 |
Subordinate Fiscal 2021 Subseries E-1, 4.000%, 2/01/42 | ||||
500 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade | 11/24 at 100.00 | N/R | 439,300 |
Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | ||||
500 | Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior | 11/32 at 100.00 | AA+ | 524,770 |
Lien Green Bonds, Series 2022D-2, 5.250%, 5/15/47 | ||||
4,625 | Total New York | 4,385,248 | ||
North Carolina – 2.0% | ||||
2,000 | North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Senior Lien | 1/30 at 100.00 | Aa1 | 1,849,680 |
Series 2019, 5.000%, 1/01/49 | ||||
North Dakota – 0.1% | ||||
100 | Grand Forks, North Dakota, Senior Housing & Nursing Facilities Revenue Bonds, Valley | 12/26 at 100.00 | N/R | 86,376 |
Homes and Services Obligated Group, Series 2017, 5.000%, 12/01/36 | ||||
Ohio – 1.4% | ||||
640 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed | 6/30 at 100.00 | N/R | 539,430 |
Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | ||||
1,000 | Cleveland-Cuyahoga County Port Authority, Ohio, Cultural Facility Revenue Bonds, The | 7/31 at 100.00 | A3 | 790,300 |
Cleveland Museum of Natural History Project, Series 2021, 4.000%, 7/01/51 | ||||
1,640 | Total Ohio | 1,329,730 | ||
Oklahoma – 0.6% | ||||
670 | Oklahoma Development Finance Authority, Health System Revenue Bonds, OU Medicine | 8/28 at 100.00 | Baa3 | 537,802 |
Project, Series 2018B, 5.500%, 8/15/57 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Oregon – 0.0% | ||||
$ 55 | Clackamas County Hospital Facility Authority, Oregon, Revenue Bonds, Rose Villa Inc., | 11/25 at 102.00 | N/R | $ 46,429 |
Series 2020A, 5.250%, 11/15/50 | ||||
Pennsylvania – 2.0% | ||||
1,000 | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital & | 11/22 at 100.00 | BB– | 716,390 |
Medical Center Project, Series 2012A, 5.000%, 11/01/40 | ||||
500 | Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Penn State Health, | 11/29 at 100.00 | A+ | 488,425 |
Series 2021, 5.000%, 11/01/51 | ||||
100 | Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, | 9/29 at 100.00 | A | 82,590 |
Thomas Jefferson University, Series 2019, 4.000%, 9/01/49 | ||||
560 | Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue | 1/25 at 100.00 | Ba1 (6) | 581,666 |
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36, | ||||
(Pre-refunded 1/15/25) | ||||
2,160 | Total Pennsylvania | 1,869,071 | ||
Puerto Rico – 1.6% | ||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||
200 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 172,982 |
1,760 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 273,909 |
500 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 418,270 |
745 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 640,685 |
3,205 | Total Puerto Rico | 1,505,846 | ||
South Carolina – 0.5% | ||||
620 | South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds, | 4/26 at 103.00 | BBB– | 426,120 |
Bishop Gadsden Episcopal Retirement Community, Series 2019A, 4.000%, 4/01/49 | ||||
South Dakota – 1.5% | ||||
100 | Sioux Falls, South Dakota, Health Facilities Revenue Bonds, Dow Rummel Village Project, | 11/26 at 100.00 | BB | 82,376 |
Series 2017, 5.125%, 11/01/47 | ||||
1,300 | South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health | 7/24 at 100.00 | AA– | 1,287,689 |
System, Series 2014, 5.000%, 7/01/44 | ||||
1,400 | Total South Dakota | 1,370,065 | ||
Tennessee – 2.2% | ||||
1,250 | Chattanooga Health, Educational and Housing Facility Board, Tennessee, Revenue Bonds, | 1/23 at 100.00 | BBB+ (6) | 1,253,888 |
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45, (Pre-refunded 1/01/23) | ||||
870 | Knox County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, | 9/26 at 100.00 | BBB | 820,723 |
University Health System, Inc., Series 2016, 5.000%, 9/01/47 | ||||
2,120 | Total Tennessee | 2,074,611 | ||
Texas – 7.1% | ||||
670 | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, | 7/25 at 100.00 | A– (6) | 698,837 |
5.000%, 1/01/40, (Pre-refunded 7/01/25) | ||||
1,000 | Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series | 11/30 at 100.00 | A1 | 864,760 |
2021A, 4.000%, 11/01/46 | ||||
335 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Frst Tier | 10/23 at 100.00 | A+ | 329,228 |
Series 2013A, 5.125%, 10/01/43 | ||||
500 | Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Refunding | 4/30 at 100.00 | A+ | 428,490 |
First Tier Series 2020C, 4.000%, 10/01/45 | ||||
500 | Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA | 5/25 at 100.00 | A+ | 506,385 |
Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 |
NMI | Nuveen Municipal Income Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Texas | ||||
$ 125 | Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, | 11/22 at 104.00 | BB– | $ 117,873 |
Senior Lien Series 2018, 4.625%, 10/01/31, (AMT), 144A | ||||
200 | North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible | 9/31 at 100.00 | N/R (6) | 236,978 |
Capital Appreciation Series 2011C, 0.000%, 9/01/43, (Pre-refunded 9/01/31) (7) | ||||
410 | North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, | 1/23 at 100.00 | A+ (6) | 411,246 |
5.000%, 1/01/40, (Pre-refunded 1/01/23) | ||||
500 | North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series | 1/25 at 100.00 | A | 503,640 |
2015A, 5.000%, 1/01/38 | ||||
240 | Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series | 2/24 at 100.00 | Ba1 | 241,963 |
2014A, 5.000%, 2/01/34 | ||||
295 | SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, | No Opt. Call | A2 | 304,753 |
Series 2007, 5.500%, 8/01/27 | ||||
1,000 | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue | 6/29 at 100.00 | Baa3 | 893,660 |
Bonds, NTE Mobility Partners Segments 3 LLC Segments 3C Project, Series 2019, 5.000%, | ||||
6/30/58, (AMT) | ||||
1,000 | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Refunding | 8/24 at 100.00 | A– | 1,011,060 |
Second Tier Series 2015C, 5.000%, 8/15/32 | ||||
6,775 | Total Texas | 6,548,873 | ||
Virgin Islands – 0.4% | ||||
380 | Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, | No Opt. Call | N/R | 384,712 |
Series 2022A, 5.000%, 10/01/30 | ||||
Virginia – 2.0% | ||||
1,265 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform | 6/27 at 100.00 | BBB | 1,141,055 |
66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56, (AMT) | ||||
750 | Virginia Small Business Financing Authority, Revenue Bonds, 95 Express Lanes LLC | 12/32 at 100.00 | Baa1 | 721,185 |
Project, Refunding Senior Lien Series 2022, 5.000%, 12/31/47, (AMT) | ||||
2,015 | Total Virginia | 1,862,240 | ||
Washington – 1.0% | ||||
1,000 | Port of Seattle, Washington, Revenue Bonds, Refunding Intermediate Lien Private Activity | 8/32 at 100.00 | AA– | 970,030 |
Series 2022B, 5.000%, 8/01/42, (AMT) | ||||
West Virginia – 1.0% | ||||
1,000 | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United | 6/28 at 100.00 | A | 935,030 |
Health System Obligated Group, Series 2018A, 5.000%, 6/01/52 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
Wisconsin – 5.0% | ||||
Public Finance Authority of Wisconsin, Conference Center and Hotel Revenue Bonds, | ||||
Lombard Public Facilities Corporation, Second Tier Series 2018B: | ||||
$ 4 | 0.000%, 1/01/46, 144A (4) | No Opt. Call | N/R | $ 76 |
4 | 0.000%, 1/01/47, 144A (4) | No Opt. Call | N/R | 69 |
4 | 0.000%, 1/01/48, 144A (4) | No Opt. Call | N/R | 66 |
4 | 0.000%, 1/01/49, 144A (4) | No Opt. Call | N/R | 62 |
3 | 0.000%, 1/01/50, 144A (4) | No Opt. Call | N/R | 57 |
4 | 0.000%, 1/01/51, 144A (4) | No Opt. Call | N/R | 59 |
98 | 1.000%, 7/01/51, 144A (4) | 3/28 at 100.00 | N/R | 45,138 |
4 | 0.000%, 1/01/52, 144A (4) | No Opt. Call | N/R | 55 |
4 | 0.000%, 1/01/53, 144A (4) | No Opt. Call | N/R | 51 |
4 | 0.000%, 1/01/54, 144A (4) | No Opt. Call | N/R | 48 |
4 | 0.000%, 1/01/55, 144A (4) | No Opt. Call | N/R | 45 |
4 | 0.000%, 1/01/56, 144A (4) | No Opt. Call | N/R | 42 |
4 | 0.000%, 1/01/57, 144A (4) | No Opt. Call | N/R | 40 |
4 | 0.000%, 1/01/58, 144A (4) | No Opt. Call | N/R | 37 |
3 | 0.000%, 1/01/59, 144A (4) | No Opt. Call | N/R | 35 |
3 | 0.000%, 1/01/60, 144A (4) | No Opt. Call | N/R | 33 |
3 | 0.000%, 1/01/61, 144A (4) | No Opt. Call | N/R | 31 |
3 | 0.000%, 1/01/62, 144A (4) | No Opt. Call | N/R | 29 |
3 | 0.000%, 1/01/63, 144A (4) | No Opt. Call | N/R | 27 |
3 | 0.000%, 1/01/64, 144A (4) | No Opt. Call | N/R | 26 |
3 | 0.000%, 1/01/65, 144A (4) | No Opt. Call | N/R | 24 |
3 | 0.000%, 1/01/66, 144A (4) | No Opt. Call | N/R | 22 |
42 | 0.000%, 1/01/67, 144A (4) | No Opt. Call | N/R | 257 |
500 | Public Finance Authority of Wisconsin, Pollution Control Revenue Bonds, Duke Energy | No Opt. Call | Aa3 | 488,690 |
Progress Project, Refunding Series 2022A-2, 3.300%, 10/01/46, (Mandatory Put 10/01/26) | ||||
200 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson | 12/22 at 102.00 | N/R | 179,726 |
Hollow Project. Series 2014, 5.125%, 10/01/34 | ||||
200 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Oakwood | 1/27 at 103.00 | N/R | 134,308 |
Lutheran Senior Ministries, Series 2021, 4.000%, 1/01/57 | ||||
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, PHW | 10/23 at 102.00 | N/R | 824,400 |
Oconomowoc, Inc. Project, Series 2018, 5.125%, 10/01/48 | ||||
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 8/24 at 100.00 | A+ | 998,280 |
ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 | ||||
500 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers | 7/24 at 100.00 | A | 478,165 |
Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44 | ||||
545 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint | 9/23 at 100.00 | BBB– (6) | 552,794 |
John’s Communities Inc., Series 2018A, 5.000%, 9/15/50, (Pre-refunded 9/15/23) | ||||
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, | 12/24 at 100.00 | AA– | 958,360 |
ThedaCare Inc, Series 2015, 5.000%, 12/15/44 | ||||
$ 5,160 | Total Wisconsin | 4,661,052 | ||
Total Long-Term Investments (cost $93,865,708) | 86,324,825 |
NMI | Nuveen Municipal Income Fund, Inc. |
Portfolio of Investments (continued) | |
October 31, 2022 |
Principal | Optional Call | |||
Amount (000) | Description (1) | Provisions (2) | Ratings (3) | Value |
SHORT-TERM INVESTMENTS – 4.3% | ||||
MUNICIPAL BONDS – 4.3% | ||||
Mississippi – 3.2% | ||||
$ 3,000 | Mississippi Development Bank, Special Obligation Bonds, Jackson County, Industrial Water | 11/22 at 100.00 | AA | $ 3,000,000 |
System Project, Series 2009, 1.660%, 12/01/39, (Mandatory Put 10/31/2022) (8) | ||||
North Carolina – 1.1% | ||||
1,000 | University of North Carolina Chapel Hill, Revenue Bonds, University of North Carolina | 11/22 at 100.00 | AA | 1,000,000 |
Hospitals at Chapel Hill, Variable Rate Demand Series 2003B, 2.200%, 2/01/29, | ||||
(Mandatory Put 11/7/2022) (8) | ||||
$ | Total Short-Term Investments (cost $4,000,000) | 4,000,000 | ||
Total Investments (cost $97,865,708) – 97.3% | 90,324,825 | |||
Other Assets Less Liabilities – 2.7% | 2,505,564 | |||
Net Assets Applicable to Common Shares – 100% | $ 92,830,389 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. |
(4) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. |
(5) | For fair value measurement disclosure purposes, investment classified as Level 3. |
(6) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. |
(7) | 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. |
(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 |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
NUV | NUW | NMI | |
Assets | |||
Long-term investments, at value (cost $1,907,042,309, $267,905,386, | |||
and $93,865,708, respectively) | $1,815,237,566 | $254,155,632 | $86,324,825 |
Short-term investments, at value (cost approximates value) | — | — | 4,000,000 |
Cash | 398,638 | 397,201 | 1,410,614 |
Cash Collateral at brokers for investments in futures (1) | — | 392,642 | — |
Receivable for: | |||
Interest | 22,628,590 | 3,122,533 | 1,308,150 |
Investments sold | 10,450,000 | 155,637 | 1,145,000 |
Variation margin on futures contracts | — | 79,625 | — |
Deferred offering costs | — | — | 111,370 |
Other assets | 422,205 | 4,576 | 2,418 |
Total assets | 1,849,136,999 | 258,307,846 | 94,302,377 |
Liabilities | |||
Floating rate obligations | 21,480,000 | 2,000,000 | — |
Payable for: | |||
Dividends | 5,343,549 | 683,614 | 286,317 |
Interest | 100,892 | 7,304 | — |
Investments purchased - regular settlement | 1,205,367 | 418,236 | — |
Investments purchased - when-issued/delayed-delivery settlement | — | — | 1,000,000 |
Accrued expenses: | |||
Management fees | 712,609 | 122,565 | 48,769 |
Trustees fees | 422,387 | 4,856 | 1,295 |
Shelf offering costs | — | — | 76,464 |
Other | 415,635 | 118,420 | 59,143 |
Total liabilities | 29,680,439 | 3,354,995 | 1,471,988 |
Commitments and contingencies (as disclosed in Note 8) | |||
Net assets applicable to common shares | $1,819,456,560 | $254,952,851 | $ 92,830,389 |
Common shares outstanding | 207,541,595 | 17,951,336 | 10,046,142 |
Net asset value (“NAV”) per common share outstanding | $ 8.77 | $ 14.20 | $ 9.24 |
Net assets applicable to common shares consist of: | |||
Common shares, $0.01 par value per share | $ 2,075,416 | $ 179,513 | $ 100,461 |
Paid-in-surplus | 1,963,547,908 | 268,621,006 | 105,270,662 |
Total distributable earnings (loss) | (146,166,764) | (13,847,668) | (12,540,734) |
Net assets applicable to common shares | $1,819,456,560 | $254,952,851 | $ 92,830,389 |
Authorized common shares | 350,000,000 | Unlimited | 200,000,000 |
NUV | NUW | NMI | |
Investment Income | $ 78,459,862 | $ 10,094,955 | $ 4,195,840 |
Expenses | |||
Management fees | 8,751,151 | 1,577,698 | 633,371 |
Interest expense | 296,978 | 43,545 | 338 |
Custodian expenses, net | 178,185 | 56,821 | 22,427 |
Trustees fees | 65,152 | 9,152 | 3,360 |
Professional fees | 102,676 | 61,768 | 35,646 |
Shareholder reporting expenses | 167,271 | 33,783 | 20,413 |
Shareholder servicing agent fees | 316,112 | 772 | 6,348 |
Stock exchange listing fees | 64,417 | 7,413 | 10,550 |
Investor relations expenses | 97,851 | 13,891 | 5,488 |
Other | 38,007 | 25,033 | 13,440 |
Total expenses | 10,077,800 | 1,829,876 | 751,381 |
Net investment income (loss) | 68,382,062 | 8,265,079 | 3,444,459 |
Realized and Unrealized Gain (Loss) | |||
Net realized gain (loss) from: | |||
Investments | (42,644,074) | (3,959,790) | (5,141,509) |
Futures contracts | — | 3,005,927 | — |
Change in net unrealized appreciation (depreciation) of: | |||
Investments | (340,070,110) | (52,435,388) | (15,433,338) |
Futures contracts | — | 830,909 | — |
Net realized and unrealized gain (loss) | (382,714,184) | (52,558,342) | (20,574,847) |
Net increase (decrease) in net assets applicable to common shares | |||
from operations | $(314,332,122) | $(44,293,263) | $(17,130,388) |
NUV | NUW | |||
Year Ended | Year Ended | Year Ended | Year Ended | |
10/31/22 | 10/31/21 | 10/31/22 | 10/31/21 | |
Operations | ||||
Net investment income (loss) | $ 68,382,062 | $ 72,777,158 | $ 8,265,079 | $ 7,759,026 |
Net realized gain (loss) from: | ||||
Investments | (42,644,074) | 6,565,768 | (3,959,790) | 2,459,384 |
Futures contracts | — | — | 3,005,927 | 726,757 |
Change in net unrealized appreciation (depreciation) of: | ||||
Investments | (340,070,110) | 22,668,067 | (52,435,388) | 5,037,877 |
Futures contracts | — | — | 830,909 | 335,646 |
Net increase (decrease) in net assets applicable to common shares | ||||
from operations | (314,332,122) | 102,010,993 | (44,293,263) | 16,318,690 |
Distributions to Common Shareholders | ||||
Dividends | (69,733,974) | (74,633,069) | (11,846,086) | (8,014,507) |
Decrease in net assets applicable to common shares from | ||||
distributions to common shareholders | (69,733,974) | (74,633,069) | (11,846,086) | (8,014,507) |
Capital Share Transactions | ||||
Proceeds from shelf offering, net of offering costs and adjustments | — | — | — | — |
Net proceeds from common shares issued to common shareholders | ||||
due to reinvestment of distributions | 347,096 | 4,693,703 | — | — |
Issued in the Reorganizations | — | — | — | 41,997,759 |
Net increase (decrease) in net assets applicable to common shares | ||||
from capital share transactions | 347,096 | 4,693,703 | — | 41,997,759 |
Net increase (decrease) in net assets applicable to common shares | (383,719,000) | 32,071,627 | (56,139,349) | 50,301,942 |
Net assets applicable to common shares at the beginning of period | 2,203,175,560 | 2,171,103,933 | 311,092,200 | 260,790,258 |
Net assets applicable to common shares at the end of period | $1,819,456,560 | $2,203,175,560 | $254,952,851 | $311,092,200 |
NMI | ||
Year Ended | Year Ended | |
10/31/22 | 10/31/21 | |
Operations | ||
Net investment income (loss) | $ 3,444,459 | $ 3,517,318 |
Net realized gain (loss) from: | ||
Investments | (5,141,509) | 211,181 |
Futures contracts | — | — |
Change in net unrealized appreciation (depreciation) of: | ||
Investments | (15,433,338) | 1,485,410 |
Futures contracts | — | — |
Net increase (decrease) in net assets applicable to common shares | ||
from operations | (17,130,388) | 5,213,909 |
Distributions to Common Shareholders | ||
Dividends | (3,259,831) | (3,639,056) |
Decrease in net assets applicable to common shares from | ||
distributions to common shareholders | (3,259,831) | (3,639,056) |
Capital Share Transactions | ||
Proceeds from shelf offering, net of offering costs and adjustments | (9,169) | 9,576,034 |
Net proceeds from common shares issued to common shareholders | ||
due to reinvestment of distributions | 38,776 | 115,887 |
Issued in the Reorganizations | — | — |
Net increase (decrease) in net assets applicable to common shares | ||
from capital share transactions | 29,607 | 9,691,921 |
Net increase (decrease) in net assets applicable to common shares | (20,360,612) | 11,266,774 |
Net assets applicable to common shares at the beginning of period | 113,191,001 | 101,924,227 |
Net assets applicable to common shares at the end of period | $ 92,830,389 | $113,191,001 |
Less Distributions | |||||||||||||
Investment Operations | to Common Shareholders | Common Share | |||||||||||
Premium | |||||||||||||
from | |||||||||||||
From | Shares | ||||||||||||
Beginning | Net | Net | From | Accumu- | Sold | ||||||||
Common | Investment | Realized/ | Net | lated Net | Shelf | through | Ending | ||||||
Share | Income | Unrealized | Investment | Realized | Offering | Shelf | Ending | Share | |||||
NAV | (Loss) | Gain (Loss) | Total | Income | Gains | Total | Costs | Offering | NAV | Price | |||
NUV | |||||||||||||
Year Ended 10/31: | |||||||||||||
2022 | $10.62 | $0.33 | $(1.84) | $(1.51) | $(0.34) | $ — | $(0.34) | — | — | $ 8.77 | $ 8.35 | ||
2021 | 10.48 | 0.35 | 0.15 | 0.50 | (0.36) | — | (0.36) | — | — | 10.62 | 11.21 | ||
2020 | 10.57 | 0.37 | (0.09) | 0.28 | (0.37) | — | (0.37) | — | — | 10.48 | 10.81 | ||
2019 | 9.84 | 0.37 | 0.73 | 1.10 | (0.37) | — | (0.37) | — | — | 10.57 | 10.43 | ||
2018 | 10.30 | 0.38 | (0.45) | (0.07) | (0.39) | — | (0.39) | — | — | 9.84 | 9.18 | ||
NUW | |||||||||||||
Year Ended 10/31: | |||||||||||||
2022 | 17.33 | 0.46 | (2.93) | (2.47) | (0.47) | (0.19) | (0.66) | — | — | 14.20 | 13.19 | ||
2021 | 16.81 | 0.45 | 0.54 | 0.99 | (0.47) | — | (0.47) | —* | — | 17.33 | 16.76 | ||
2020 | 16.90 | 0.47 | (0.08) | 0.39 | (0.48) | — | (0.48) | — | — | 16.81 | 16.21 | ||
2019 | 15.88 | 0.60 | 1.16 | 1.76 | (0.65) | (0.10) | (0.75) | — | 0.01 | 16.90 | 16.83 | ||
2018 | 16.99 | 0.70 | (0.92) | (0.22) | (0.72) | (0.18) | (0.90) | — | 0.01 | 15.88 | 14.36 |
(a) | Total Return Based on Common Shares NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Common Share Supplemental Data/ | |||||
Ratio Applicable to Common Shares | |||||
Common Share | |||||
Total Returns | Ratios to Average Net Assets(b) | ||||
Based | Ending | ||||
Based | on | Net | Net | Portfolio | |
on | Share | Assets | Investment | Turnover | |
NAV(a) | Price(a) | (000) | Expenses | Income (Loss) | Rate(c) |
(14.52)% | (22.80)% | $1,819,457 | 0.50% | 3.36% | 29% |
4.79 | 7.19 | 2,203,176 | 0.48 | 3.27 | 11 |
2.72 | 7.41 | 2,171,104 | 0.51 | 3.52 | 11 |
11.35 | 17.92 | 2,186,923 | 0.54 | 3.63 | 13 |
(0.71) | (5.55) | 2,035,221 | 0.54 | 3.76 | 20 |
(14.65) | (17.84) | 254,953 | 0.64 | 2.90 | 17 |
5.89 | 6.31 | 311,092 | 0.68(d) | 2.60(d) | 10 |
2.33 | (0.77) | 260,790 | 0.78(d) | 2.79(d) | 13 |
11.38 | 22.81 | 262,190 | 0.73 | 3.61 | 31 |
(1.31) | (11.54) | 244,612 | 0.80 | 4.26 | 30 |
(b) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows: |
Ratios of Interest Expense to | Ratios of Interest Expense to | |||
Average Net Assets Applicable | Average Net Assets Applicable | |||
to Common Shares | to Common Shares | |||
NUV | NUW | |||
Year Ended 10/31: | Year Ended 10/31: | |||
2022 | 0.01% | 2022 | 0.01% | |
2021 | 0.01 | 2021 | 0.01 | |
2020 | 0.02 | 2020 | 0.01 | |
2019 | 0.04 | 2019 | 0.07 | |
2018 | 0.03 | 2018 | 0.10 |
(c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
(d) | During the period ended October 31, 2021 and October 31, 2020, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with a common shares equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect the voluntary expense reimbursement from Adviser. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser were as follows: |
Ratios to Average Net Assets | ||
Net | ||
Investment | ||
NUW | Expenses | Income (Loss) |
Year Ended 10/31: | ||
2021 | 0.68% | 2.60% |
2020 | 0.82 | 2.75 |
Financial Highlights (continued) |
Selected data for a common share outstanding throughout each period: |
Less Distributions | |||||||||||||
Investment Operations | to Common Shareholders | Common Share | |||||||||||
Premium | |||||||||||||
from | |||||||||||||
From | Shares | ||||||||||||
Beginning | Net | Net | From | Accumu- | Sold | ||||||||
Common | Investment | Realized/ | Net | lated Net | Shelf | through | Ending | ||||||
Share | Income | Unrealized | Investment | Realized | Offering | Shelf | Ending | Share | |||||
NAV | (Loss) | Gain (Loss) | Total | Income | Gains | Total | Costs | Offering | NAV | Price | |||
NMI | |||||||||||||
Year Ended 10/31: | |||||||||||||
2022 | $11.27 | $0.34 | $(2.05) | $(1.71) | $(0.32) | $ —* | $(0.32) | $ — | $ — | $ 9.24 | $ 8.53 | ||
2021 | 11.08 | 0.37 | 0.20 | 0.57 | (0.38) | — | (0.38) | — | — | 11.27 | 11.65 | ||
2020 | 11.32 | 0.41 | (0.20) | 0.21 | (0.41) | (0.04) | (0.45) | — | —* | 11.08 | 11.31 | ||
2019 | 10.92 | 0.43 | 0.47 | 0.90 | (0.43) | (0.07) | (0.50) | — | —* | 11.32 | 11.33 | ||
2018 | 11.38 | 0.43 | (0.43) | — | (0.46) | — | (0.46) | (0.01) | 0.01 | 10.92 | 10.09 |
(a) | Total Return Based on Common Shares NAV is the combination of changes in common share NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
Common Share Supplemental Data/ | |||||
Ratio Applicable to Common Shares | |||||
Common Share | |||||
Total Returns | Ratios to Average Net Assets(b) | ||||
Based | Ending | ||||
Based | on | Net | Net | Portfolio | |
on | Share | Assets | Investment | Turnover | |
NAV(a) | Price(a) | (000) | Expenses | Income (Loss) | Rate(c) |
(15.39)% | (24.32)% | $ 92,830 | 0.72% | 3.29% | 61% |
5.18 | 6.51 | 113,191 | 0.73 | 3.23 | 15 |
1.86 | 3.87 | 101,924 | 0.74 | 3.70 | 15 |
8.45 | 17.61 | 99,822 | 0.79 | 3.83 | 10 |
(0.05) | (8.14) | 95,396 | 0.89 | 3.87 | 17 |
(b) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 4 – Portfolio Securities and Investments in Derivatives), where applicable, as follows: |
Ratios of Interest Expense to | |
Average Net Assets Applicable | |
to Common Shares | |
NMI | |
Year Ended 10/31: | |
2022 | —% |
2021 | — |
2020 | — |
2019 | — |
2018 | — |
(c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
* | Value rounded to zero. |
NUV | NUM | NMI | |
Custodian Fee Credit | $3,643 | $1,141 | $1,234 |
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). |
NUV | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $1,815,237,566 | $ — | $1,815,237,566 |
NUW | ||||
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $ 252,937,326 | $ — | $ 252,937,326 |
Common Stocks | — | 1,181,489 | — | 1,181,489 |
Corporate Bonds | — | 36,817 | — | 36,817 |
Investments in Derivatives: | ||||
Futures Contracts** | 1,341,842 | — | — | 1,341,842 |
Total | $1,341,842 | $ 254,155,632 | $ — | $ 255,497,474 |
NMI | ||||
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $ 86,291,911 | $32,914*** | $ 86,324,825 |
Short-Term Investments* | ||||
Municipal Bonds | — | 4,000,000 | — | 4,000,000 |
Total | $ — | $ 90,291,911 | $32,914 | $ 90,324,825 |
* | Refer to the Fund’s Portfolio of Investments for state and/or industry classifications. |
** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
*** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
Floating Rate Obligations Outstanding | NUV | NUW | NMI |
Floating rate obligations: self-deposited Inverse Floaters | $21,480,000 | $2,000,000 | $ — |
Floating rate obligations: externally-deposited Inverse Floaters | — | — | — |
Total | $21,480,000 | $2,000,000 | $ — |
Self-Deposited Inverse Floaters | NUV | NUW | NMI |
Average floating rate obligations outstanding | $24,206,644 | $3,172,014 | $ — |
Average annual interest rate and fees | 1.16% | 1.28% | —% |
Floating Rate Obligations – Recourse Trusts | NUV | NUW | NMI |
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $21,480,000 | $2,000,000 | $ — |
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | — | — | — |
Total | $21,480,000 | $2,000,000 | $ — |
NUV | NUW | NMI | |
Purchases | $597,890,802 | $49,283,268 | $61,440,219 |
Sales and maturities | 604,143,363 | 49,386,675 | 62,980,298 |
NUW | |
Average notional amount of futures contracts outstanding* | $26,023,771 |
Location on the Statement of Assets and Liabilities | ||||||
Underlying | Derivative | Asset Derivatives | (Liability) Derivatives | |||
Risk Exposure | Instrument | Location | Value | Location | Value | |
NUW | ||||||
Interest rate | Futures contracts | Receivable for variation margin | 1,341,842 | — | $ — | |
on futures contracts* |
* | Value represents the cumulative unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the asset and/or liability derivative location as described in the table above. |
Net Realized | Change in Net Unrealized | |||
Underlying Risk | Derivative | Gain (Loss) from | Appreciation (Depreciation) of | |
Fund | Exposure | Instrument | Futures Contracts | Futures Contracts |
NUW | Interest rate | Futures contracts | $3,005,927 | $830,909 |
NUW | NMI | ||||
Year | Year | Year | Year | ||
Ended | Ended | Ended | Ended | ||
10/31/22 | 10/31/21 | 10/31/22 | 10/31/21 | ||
Additional authorized common shares | — | 1,500,000* | 2,200,000 | 2,200,000 | |
Common shares sold | — | — | — | 834,470 | |
Offering proceeds, net of offering costs and adjustments | $ — | $ — | $ (9,169) | $9,576,034 |
* | Represents additional authorized common shares for the period November 1, 2020 through August 31, 2021. |
NUW | ||
Year | Year | |
Ended | Ended | |
10/31/22 | 10/31/21 | |
Common shares: | ||
Issued in the Reorganizations | — | 2,435,254 |
NUV | NMI | |||||
Year | Year | Year | Year | |||
Ended | Ended | Ended | Ended | |||
10/31/22 | 10/31/21 | 10/31/22 | 10/31/21 | |||
Common shares: | ||||||
Issued to shareholders due to reinvestment of distributions | 32,361 | 434,220 | 3,430 | 10,201 | ||
Sold through shelf offering | — | — | — | 834,470 | ||
Weighted average common share: | ||||||
Premium to NAV per shelf offering common share sold | —% | —% | —% | 2.35% |
Gross | Gross | Net Unrealized | ||
Unrealized | Unrealized | Appreciation | ||
Fund | Tax Cost | Appreciation | (Depreciation) | (Depreciation) |
NUV | $1,878,969,179 | $40,597,116 | $(125,808,728) | $(85,211,612) |
NUW | 266,946,825 | 5,016,041 | (18,465,392) | (13,449,351) |
NMI | 97,839,156 | 448,781 | (7,963,112) | (7,514,331) |
Undistributed | Undistributed | Undistributed | Unrealized | Other | ||||
Tax-Exempt | Ordinary | Long-Term | Appreciation | Capital Loss | Late-Year Loss | Book-to-Tax | ||
Fund | Income 1 | Income | Capital Gains | (Depreciation) | Carryforwards | Deferrals | Differences | Total |
NUV | $7,304,010 | $455,866 | $ — | $(85,211,612) | $(62,903,863) | $ — | $(5,811,165) | $(146,166,764) |
NUW | 1,092,258 | 4,324 | — | (13,449,351) | (94,695) | — | (1,400,204) | (13,847,668) |
NMI | 350,454 | — | — | (7,514,331) | (5,075,473) | — | (301,384) | (12,540,734) |
10/31/22 | 10/31/2021 | ||||||
Tax-Exempt | Ordinary | Long-Term | Tax-Exempt | Ordinary | Long-Term | ||
Fund | Income 1 | Income | Capital Gains | Income | Income | Capital Gains | |
NUV | $68,791,746 | $942,228 | $ — | $73,442,393 | $1,190,676 | $ — | |
NUW | 8,231,947 | 538,802 | 3,075,337 | 7,613,930 | 400,577 | — | |
NMI | 3,254,922 | — | 4,909 | 3,573,719 | 65,337 | — |
Fund | Short-Term | Long-Term | Total |
NUV | $36,322,316 | $26,581,547 | $62,903,863 |
NUW | — | 94,695 | 94,695 |
NMI | 3,016,967 | 2,058,506 | 5,075,473 |
NUV | |
Average Daily Net Assets | Fund-Level Fee Rate |
For the first $500 million | 0.1500% |
For the next $500 million | 0.1250 |
For net assets over $1 billion | 0.1000 |
NUV | |
Gross Interest Income | Gross Income Fee Rate |
For the first $50 million | 4.125% |
For the next $50 million | 4.000 |
For gross income over $100 million | 3.875 |
NUW | |
Average Daily Managed Assets* | Fund-Level Fee Rate |
For the first $125 million | 0.4000% |
For the next $125 million | 0.3875 |
For the next $250 million | 0.3750 |
For the next $500 million | 0.3625 |
For the next $1 billion | 0.3500 |
For the next $3 billion | 0.3250 |
For managed assets over $5 billion | 0.3125 |
NMI | |
Average Daily Net Assets | Fund-Level Fee Rate |
For the first $125 million | 0.4500% |
For the next $125 million | 0.4375 |
For the next $250 million | 0.4250 |
For the next $500 million | 0.4125 |
For the next $1 billion | 0.4000 |
For the next $3 billion | 0.3750 |
For net assets over $5 billion | 0.3625 |
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level |
$55 billion | 0.2000% |
$56 billion | 0.1996 |
$57 billion | 0.1989 |
$60 billion | 0.1961 |
$63 billion | 0.1931 |
$66 billion | 0.1900 |
$71 billion | 0.1851 |
$76 billion | 0.1806 |
$80 billion | 0.1773 |
$91 billion | 0.1691 |
$125 billion | 0.1599 |
$200 billion | 0.1505 |
$250 billion | 0.1469 |
$300 billion | 0.1445 |
Cross-Trades | NUV | NUW | NMI |
Purchases | $19,199,586 | $ 3,447,769 | $ 11,340,814 |
Sales | 9,522,179 | 3,450,035 | 11,490,467 |
Realized gain(loss) | (894,143) | (221,655) | (866,997) |
NUV | NUW | NMI | |
Maximum outstanding balance | $7,723,370 | $2,587,233 | $1,800,000 |
NUV | NUW | NMI | |
Utilization period (days outstanding) | 10 | 3 | 6 |
Average daily balance outstanding | $5,327,011 | $2,587,233 | $978,094 |
Average annual interest rate | 2.86% | 1.30% | 1.39% |
• | The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax. |
• | The Fund will invest at least 80% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical rating organization (“NRSRO”) that rate such securities, or if it is unrated but judged to be of comparable quality by the Fund’s sub-adviser. A security is considered investment grade if it is rated within the four highest letter grades by at least one NRSRO that rate such securities (even if rated lower by another), or if it is unrated but judged to be of comparable quality by the Fund’s sub-adviser (such securities are commonly referred to as split-rated securities). |
• | The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade (Ba or BB or lower) by all NRSROs or are unrated but judged to be of comparable quality by the Fund’s sub-adviser; however, the Fund may not invest more than 10% of its Managed Assets in municipal securities rated below B3/B- by all NRSROs that rate the security or that are unrated but judged to be of comparable quality by the Fund’s sub-adviser. |
• | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities. |
• | The Fund will not invest more than 25% of its Managed Assets in municipal securities in any one industry or in any one state of origin. |
• | The Fund will not invest more than 10% of its Managed Assets in “tobacco settlement bonds.” |
• | The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of investment); provided, however, that the Fund’s sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s securities are already held by the Fund. |
• | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options. |
• | The Fund will invest at least 80% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one NRSRO that rate such securities, or if it is unrated but judged to be of comparable quality by the Fund’s sub-adviser. A security is considered investment grade if it is rated within the four highest letter grades by at least one NRSRO that rate such securities (even if rated lower by another), or if it is unrated but judged to be of comparable quality by the Fund’s sub-adviser (such securities are commonly referred to as split-rated securities). |
• | The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade (Ba or BB or lower) by all NRSRO or are unrated but judged to be of comparable quality by the Fund’s sub-adviser; however, the Fund may not invest more than 10% of its Managed Assets in municipal securities rated below B3/B- by all NRSROs that rate the security or that are unrated but judged to be of comparable quality by the Fund’s sub-adviser. |
• | The Fund will not invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to individuals. |
• | The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of investment); provided, however, that the Fund’s sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s securities are already held by the Fund. |
• | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities. |
• | The Fund will not invest more than 25% of its Managed Assets in municipal securities in any one industry or in any one state of origin and no more than 5% of its Managed Assets in any one issuer. |
• | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options. |
• | The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax. |
• | The Fund will invest at least 80% of its Managed Assets in investment grade quality municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one NRSRO that rate such securities, or if it is unrated but judged to be of comparable quality by the Fund’s sub-adviser. A security is considered investment grade if it is rated within the four highest letter grades by at least one NRSRO that rate such securities (even if rated lower by another), or if it is unrated but judged to be of comparable quality by the Fund’s sub-adviser (such securities are commonly referred to as split-rated securities). |
• | The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade (Ba or BB or lower) by all NRSRO or are unrated but judged to be of comparable quality by the Fund’s sub-adviser; however, the Fund may not invest more than 10% of its Managed Assets in municipal securities rated below B3/B- by all NRSROs that rate the security or that are unrated but judged to be of comparable quality by the Fund’s sub-adviser. |
• | The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of investment); provided, however, that the Fund’s sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s securities are already held by the Fund. |
• | The Fund may invest up to 25% of its Managed Assets in municipal securities in any one industry or in any one state of origin. |
• | The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities. |
• | The Fund may not enter into a futures contract or related options or forward contracts if more than 30% of the Fund’s Managed Assets would be represented by futures contracts or more than 5% of the Fund’s Managed Assets would be committed to initial margin deposits and premiums on futures contracts or related options. |
Nuveen | Nuveen | ||
Nuveen | AMT-Free | Municipal | |
Municipal | Municipal | Income | |
Value Fund, Inc. | Value Fund | Fund, Inc. | |
Risk | (NUV) | (NUW) | (NMI) |
Portfolio Level Risks | |||
Alternative Minimum Tax Risk | X | -- | X |
Below Investment Grade Risk | X | X | X |
Call Risk | X | X | X |
Credit Risk | X | X | X |
Credit Spread Risk | X | X | X |
Defaulted and Distressed Securities Risk | X | -- | -- |
Deflation Risk | X | X | X |
Derivatives Risk | X | X | X |
Distressed Securities Risk | -- | X | X |
Duration Risk | X | X | X |
Economic Sector Risk | X | X | X |
Financial Futures and Options Risk | -- | X | -- |
Hedging Risk | X | X | X |
Illiquid Investments Risk | X | X | -- |
Income Risk | X | X | X |
Inflation Risk | X | X | X |
Insurance Risk | X | X | -- |
Interest Rate Risk | X | X | X |
Inverse Floating Rate Securities Risk | X | X | X |
London Interbank Offered Rate (“LIBOR”) Replacement Risk | X | X | X |
Municipal Securities Market Liquidity Risk | X | X | X |
Municipal Securities Market Risk | X | X | X |
Other Investment Companies Risk | X | -- | -- |
Puerto Rico Municipal Securities Market Risk | X | X | X |
Reinvestment Risk | X | X | X |
Sector and Industry Risk | X | X | X |
Sector Focus Risk | X | X | X |
Special Risks Related to Certain Municipal Obligations | X | X | X |
Swap Transactions Risk | X | X | -- |
Tax Risk | X | X | X |
Taxability Risk | X | X | X |
Tobacco Settlement Bond Risk | X | X | X |
Unrated Securities Risk | X | X | X |
Valuation Risk | X | X | X |
Zero Coupon Bonds Risk | X | X | X |
Nuveen | Nuveen | ||
Nuveen | AMT-Free | Municipal | |
Municipal | Municipal | Income | |
Value Fund, Inc. | Value Fund | Fund, Inc. | |
Risk | (NUV) | (NUW) | (NMI) |
Fund Level and Other Risks | |||
Anti-Takeover Provisions | X | X | X |
Counterparty Risk | X | X | X |
Cybersecurity Risk | X | X | X |
Economic and Political Events Risk | X | X | X |
Global Economic Risk | X | X | X |
Investment and Market Risk | X | X | X |
Legislation and Regulatory Risk | X | X | X |
Leverage Risk | X | X | X |
Market Discount from Net Asset Value | X | X | X |
Recent Market Conditions | X | X | X |
Reverse Repurchase Agreement Risk | -- | -- | -- |
• | If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions; |
• | If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and |
• | If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund. |
Nuveen Municipal | |
Income Fund, Inc. | |
Shareholder Transaction Expenses | (NMI) |
Maximum Sales Charge (as a percentage of offering price) | 4.00% (1) |
Dividend Reinvestment Plan Fees (2) | $2.50 |
(1) | A maximum sales charge of 4.00% applies only to offerings pursuant to a syndicated underwriting. The maximum sales charge for offerings made at-the-market is 1.00%. There is no sales charge for offerings pursuant to a private transaction. |
(2) | You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares, held in a dividend reinvestment account. |
Nuveen Municipal | |
Income Fund, Inc. | |
Annual Expenses (as a Percentage of Net Assets Attributable to Common Shares) (1) | (NMI) |
Management Fees | 0.61% |
Interest and Other Related Expenses (2) | 0.00% (3) |
Other Expenses (4) | 0.11% |
Total Annual Expenses | 0.72% |
(1) | Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended October 31, 2022. |
(2) | Interest and Other Related Expenses reflect actual expenses and fees incurred by the Fund related to its temporary committed line of credit for the fiscal year ended October 31, 2022. The Fund will not leverage its capital structure by issuing senior securities such as Preferred Shares or debt instruments. However, the Fund may borrow for temporary or emergency purposes and invest in certain instruments, including inverse floating rate securities, that have the economic effect of leverage. During the fiscal year ended October 31, 2022, the Fund did not employ leverage through investments in inverse floating rate securities, but it did incur expenses related to its temporary committed line of credit as described in the Notes to Financial Statements (Note 9 – Borrowing Arrangements, Committed Line of Credit) of this annual report. “Actual Interest and Other Related Expenses” incurred in the future may be higher or lower. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s). |
(3) | Rounds to less than 0.01%. |
(4) | Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%. |
Nuveen Municipal | |
Income Fund, Inc. | |
(NMI) | |
1 Year | $17 |
3 Years | $33 |
5 Years | $50 |
10 Years | $99 |
Nuveen Municipal | |
Income Fund, Inc. | |
(NMI) | |
1 Year | $47 |
3 Years | $62 |
5 Years | $78 |
10 Years | $126 |
Nuveen Municipal | |
Income Fund, Inc. | |
(NMI) | |
1 Year | $7 |
3 Years | $23 |
5 Years | $40 |
10 Years | $89 |
Nuveen Municipal Income Fund, Inc. (NMI) | ||||||
Premium/(Discount) | ||||||
Market Price | NAV | to NAV | ||||
Fiscal Quarter End | High | Low | High | Low | High | Low |
October 2022 | $9.70 | $8.46 | $10.19 | $9.19 | (4.72)% | (8.82) % |
July 2022 | $9.75 | $9.03 | $10.24 | $9.72 | (4.69)% | (7.80)% |
April 30, 2022 | $10.77 | $9.42 | $11.10 | $10.13 | (2.62) % | (7.13)% |
January 2022 | $12.24 | $10.75 | $11.37 | $11.03 | 7.84% | (2.63)% |
October 2021 | $12.00 | $11.44 | $11.56 | $11.24 | 6.10% | 1.15% |
July 2021 | $12.13 | $11.52 | $11.59 | $11.34 | 5.66% | 1.21% |
April 2021 | $11.63 | $11.02 | $11.50 | $11.22 | 2.29% | (1.87)% |
January 2021 | $11.54 | $11.07 | $11.44 | $11.08 | 2.23% | (2.12)% |
Nuveen Municipal | |
Income Fund, Inc. | |
October 31, 2022 | (NMI) |
NAV per Common Share | $9.24 |
Market Price | $8.53 |
Percentage of Premium/(Discount) to NAV per Common Share | (7.68)% |
Net Assets Attributable to Common Shares | $92,830,389 |
Net Long-Term | |
Fund | Capital Gains |
NUV | $ — |
NUW | 3,075,337 |
NMI | 4,909 |
Board of Directors/Trustees | |||||
Jack B. Evans | William C. Hunter | Amy B. R. Lancellotta | Joanne T. Medero | Albin F. Moschner | John K. Nelson |
Judith M. Stockdale | Carole E. Stone | Matthew Thornton III | Terence J. Toth | Margaret L. Wolff | Robert L. Young |
Investment Adviser | Custodian | Legal Counsel | Independent Registered | Transfer Agent and |
Nuveen Fund Advisors, LLC | State Street Bank | Chapman and Cutler LLP | Public Accounting Firm | Shareholder Services |
333 West Wacker Drive | & Trust Company | Chicago, IL 60603 | KPMG LLP | Computershare Trust |
Chicago, IL 60606 | One Lincoln Street | 200 East Randolph Street | Company, N.A. | |
Boston, MA 02111 | Chicago, IL 60601 | 150 Royall Street | ||
Canton, MA 02021 | ||||
(800) 257-8787 |
NUV | NUW | NMI | |
Common shares repurchased | — | — | — |
• | Average Annual Total Return: |
• | Duration: |
• | Effective Leverage: |
• | Gross Domestic Product (GDP): |
• | Industrial Development Revenue Bond (IDR): |
• | Inverse Floating Rate Securities: |
• | Leverage: |
• | Net Asset Value (NAV) Per Share: |
• | Pre-Refunded Bond/Pre-Refunding: |
• | S&P Municipal Bond Index: |
• | Tax Obligation/General Bonds: |
• | Tax Obligation/Limited Bonds: |
• | Total Investment Exposure: |
• | Zero Coupon Bond: |
• | Centralization of Functions |
• | Fund Improvements and Product Management Initiatives |
• | Capital Initiatives |
• | Compliance Program Initiatives |
• | Investment Oversight |
• | Risk Management and Valuation Services |
• | Regulatory Matters |
• | Government Relations |
• | Business Continuity, Disaster Recovery and Information Security |
• | Distribution Management Services |
• | with respect specifically to closed-end funds, such continuing services also included: |
• | • Leverage Management Services |
• | • Capital Management, Market Intelligence and Secondary Market Services |
• | • Closed-end Fund Investor Relations Program |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | Appointed | Including other | in Fund Complex | |
and Term (1) | Directorships | Overseen by | ||
During Past 5 Years | Board Member | |||
Independent Board Members: | ||||
■ TERENCE J. TOTH | Formerly, a Co-Founding Partner, Promus Capital (investment advisory | |||
1959 | firm) (2008-2017); formerly, Director, Quality Control Corporation | |||
333 W. Wacker Drive | Chair and | 2008 | (manufacturing) (since 2012-2021); Chair of the Board of the Kehrein | 142 |
Chicago, IL 6o6o6 | Board Member | Class II | Center for the Arts (philanthropy) (since 2021); member: Catalyst | |
Schools of Chicago Board (since 2008) and Mather Foundation Board | ||||
(philanthropy) (since 2012), and chair of its Investment Committee; | ||||
formerly, Member, Chicago Fellowship Board (philanthropy) (2005-2016); | ||||
formerly, Director, Fulcrum IT Services LLC (information technology | ||||
services firm to government entities) (2010-2019); formerly, Director, | ||||
LogicMark LLC (health services) (2012-2016); formerly, Director, Legal & | ||||
General Investment Management America, Inc. (asset management) | ||||
(2008-2013); formerly, CEO and President, Northern Trust Global | ||||
Investments (financial services) (2004-2007): Executive Vice President, | ||||
Quantitative Management & Securities Lending (2000-2004); prior | ||||
thereto, various positions with Northern Trust Company (financial | ||||
services) (since 1994); formerly, Member, Northern Trust Mutual | ||||
Funds Board (2005-2007), Northern Trust Global Investments Board | ||||
(2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust | ||||
Securities Inc. Board (2003-2007) and Northern Trust Hong Kong | ||||
Board (1997-2004). | ||||
■ JACK B. EVANS | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine | |||
1948 | Foundation, (private philanthropic corporation); Life Trustee of Coe | |||
333 W. Wacker Drive | Board Member | 1999 | College; formerly, Member and President Pro-Tern of the Board of | 142 |
Chicago, IL 6o6o6 | Class III | Regents for the State of Iowa University System (2007- 2013); Director | ||
and Chairman (2009-2021), United Fire Group, a publicly held company; | ||||
Director, Public Member, American Board of Orthopaedic Surgery | ||||
(2015-2020); Director (2000-2004), Alliant Energy; Director (1996-2015), | ||||
The Gazette Company (media and publishing); Director (1997- 2003), | ||||
Federal Reserve Bank of Chicago; President and Chief Operating | ||||
Officer (1972-1995), SCI Financial Group, Inc., (regional financial | ||||
services firm). | ||||
■ WILLIAM C. HUNTER | Dean Emeritus, formerly, Dean, Tippie College of Business, University of | |||
1948 | (2006-2012); Director of Well mark, Inc. (since 2009); past Director | |||
333 W. Wacker Drive | Board Member | 2003 | (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., | 142 |
Chicago, IL 6o6o6 | Class I | The International Business Honor Society; formerly, Director (2004-2018) | ||
of Xerox Corporation; formerly, Dean and Distinguished Professor of | ||||
Finance, School of Business at the University of Connecticut (2003-2006); | ||||
previously, Senior Vice President and Director of Research at the Federal | ||||
Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), | ||||
Credit Research Center at Georgetown University. |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | Appointed | Including other | in Fund Complex | |
and Term (1) | Directorships | Overseen by | ||
During Past 5 Years | Board Member | |||
Independent Board Members (continued): | ||||
■ AMY B. R. LANCELLOTTA | Formerly, Managing Director, Independent Directors Council (IDC) | |||
1959 | (supports the fund independent director community and is part of the | |||
333 W. Wacker Drive | Board Member | 2021 | Investment Company Institute (ICI), which represents regulated | 142 |
Chicago, IL 6o6o6 | Class II | investment companies) (2006-2019); formerly, various positions with ICI | ||
(1989-2006); Member of the Board of Directors, Jewish Coalition Against | ||||
Domestic Abuse (UCADA) (since 2020). | ||||
■ JOANNE T. MEDERO | Formerly, Managing Director, Government Relations and Public Policy | |||
1954 | (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020). | |||
333 W. Wacker Drive | Board Member | 2021 | BlackRock, Inc. (global investment management firm); formerly, | 142 |
Chicago, IL 6o6o6 | Class III | Managing (Director, Global Head of Government Relations and Public | ||
Policy, Barclays Group (IBIM) (investment banking, investment | ||||
management and wealth management businesses) (2006-2009); | ||||
formerly, Managing Director, Global General Counsel and Corporate | ||||
Secretary, Barclays Global Investors (global investment management | ||||
firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP | ||||
(law firm) (1993-1995); formerly, General Counsel, Commodity Futures | ||||
Trading Commission (government agency overseeing U.S. derivatives | ||||
markets) (1989-1993); formerly, Deputy Associate Director/ Associate | ||||
Director for Legal and Financial Affairs, Office of Presidential Personnel, | ||||
The White House (1986-1989); Member of the Board of Directors, | ||||
Baltic-American Freedom Foundation (seeks to provide opportunities | ||||
for citizens of the Baltic states to gain education and professional | ||||
development through exchanges in the U.S.) (since 2019). | ||||
■ ALBIN F. MOSCHNER | Founder and Chief Executive Officer, Northcroft Partners, LLC, | |||
1952 | (management consulting) (since 2012); formerly, Chairman (2019), and | |||
333 W. Wacker Drive | Board Member | 2016 | Director (2012-2019), USA Technologies, Inc., (provider of solutions | 142 |
Chicago, IL 6o6o6 | Class III | and services to facilitate electronic payment transactions); formerly, | ||
Director, Wintrust Financial Corporation (1996-2016); previously, held | ||||
positions at Leap Wireless International, Inc., (consumer wireless | ||||
services) including Consultant (2011- 2012), Chief Operating Officer | ||||
(2008-2011), and Chief Marketing Officer (2004- 2008); formerly, | ||||
President, Verizon Card Services division of Verizon Communications, | ||||
Inc. (2000-2003); formerly, President, One Point Services at One Point | ||||
Communications (telecommunication services) (1999-2000); formerly, | ||||
Vice Chairman of the Board, Diba, Incorporated (internet technology | ||||
provider) (1996-1997); formerly, various executive positions (1991-1996) | ||||
including Chief Executive Officer (1995-1996) of Zenith Electronics | ||||
Corporation (consumer electronics). | ||||
■ JOHN K. NELSON | Member of Board of Directors of Core12 LLC. (private firm which | |||
1962 | develops branding, marketing and communications strategies for | |||
333 W. Wacker Drive | Board Member | 2013 | clients) (since 2008); served on The President’s Council of Fordham | 142 |
Chicago, IL 6o6o6 | Class II | University (2010-2019) and previously a Director of the Curran Center | ||
for Catholic American Studies (2009- 2018); formerly, senior external | ||||
advisor to the Financial Services practice of Deloitte Consulting LLP. | ||||
(2012-2014); former Chair of the Board of Trustees of Marian University | ||||
(2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer | ||||
of ABN AMRO Bank N.V., North America, and Global Head of the | ||||
Financial Markets Division (2007-2008), with various executive leadership | ||||
roles in ABN AMRO Bank N.V. between 1996 and 2007. |
Name, | Position(s) Held | Year First | Principal | Number |
Year of Birth | with the Funds | Elected or | Occupation(s) | of Portfolios |
& Address | Appointed | Including other | in Fund Complex | |
and Term (1) | Directorships | Overseen by | ||
During Past 5 Years | Board Member | |||
Independent Board Members (continued): | ||||
■ JUDITH M. STOCKDALE | Board Member, Land Trust Alliance (national public charity addressing | |||
1947 | natural land and water conservation in the U.S.) (since 2013); formerly, | |||
333 W. Wacker Drive | Board Member | 1997 | Board Member, U.S. Endowment for Forestry and Communities (national | 142 |
Chicago, IL 6o6o6 | Class I | endowment addressing forest health, sustainable forest production and | ||
markets, and economic health of forest-reliant communities in the U.S.) | ||||
(2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy | ||||
Donnelley Foundation (private foundation endowed to support both natural | ||||
land conservation and artistic vitality); prior thereto, Executive Director, | ||||
Great Lakes Protection Fund (endowment created jointly by seven of the | ||||
eight Great Lake states’ Governors to take a regional approach to improving | ||||
the health of the Great Lakes) (1990-1994). | ||||
■ CAROLE E. STONE | Former Director, Chicago Board Options Exchange, Inc. (2006-2017); | |||
1947 | and C2 Options Exchange, Incorporated (2009-2017); formerly Director, | |||
333 W. Wacker Drive | Board Member | 2007 | Cboe, Global Markets, Inc., (2010-2020) formerly named CBOE Holdings, | 142 |
Chicago, IL 6o6o6 | Class I | Inc.; formerly, Commissioner, New York State Commission on Public | ||
Authority Reform (2005-2010). | ||||
■ MATTHEW THORNTON III | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), | |||
1958 | Fed Ex Freight Corporation, a subsidiary of FedEx Corporation (“FedEx”) | |||
333 W. Wacker Drive | Board Member | 2020 | (provider of transportation, e-commerce and business services through | 142 |
Chicago, IL 6o6o6 | Class III | its portfolio of companies); formerly, Senior Vice President, U.S. | ||
Operations (2006-2018), Federal Express Corporation, a subsidiary of | ||||
FedEx; formerly, Member of the Board of Directors (2012-2018), Safe Kids | ||||
Worldwide ® (a non-profit organization dedicated to preventing childhood | ||||
injuries). Member of the Board of Directors (since 2014), The | ||||
Sherwin-Williams Company (develops, manufactures, distributes and sells | ||||
paints, coatings and related products); Director (since 2020), Crown | ||||
Castle International (provider of communications infrastructure). | ||||
■ MARGARET L. WOLFF | Formerly, member of the Board of Directors (2013-2017) of Travelers | |||
1955 | Insurance Company of Canada and The Dominion of Canada General | |||
333 W. Wacker Drive | Board Member | 2016 | Insurance Company (each, a part of Travelers Canada, the Canadian | 142 |
Chicago, IL 6o6o6 | Class I | operation of The Travelers Companies, Inc.); formerly, Of Counsel, | ||
Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions | ||||
Group) (legal services) (2005-2014); Member of the Board of Trustees | ||||
of New York-Presbyterian Hospital (since 2005); Member (since 2004), | ||||
formerly, Chair (2015-2022) of the Board of Trustees of The John A. | ||||
Hartford Foundation (philanthropy dedicated to improving the care of | ||||
older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) | ||||
of the Board of Trustees of Mt. Holyoke College. | ||||
■ ROBERT L. YOUNG | Formerly, Chief Operating Officer and Director, J.P.Morgan Investment | |||
1963 | Management Inc. (financial services) (2010-2016); formerly, President | |||
333 W. Wacker Drive | Board Member | 2017 | and Principal Executive Officer (2013-2016), and Senior Vice President | 142 |
Chicago, IL 6o6o6 | Class II | and Chief Operating Officer (2005-2010), of J.P.Morgan Funds; formerly, | ||
Director and various officer positions for J.P.Morgan Investment | ||||
Management Inc. (formerly, JPMorgan Funds Management, Inc. and | ||||
formerly, One Group Administrative Services) and JPMorgan | ||||
Distribution Services, Inc. (financial services) (formerly, One Group | ||||
Dealer Services, Inc.) (1999-2017). |
Name, | Position(s) Held | Year First | Principal |
Year of Birth | with the Funds | Elected or | Occupation(s) |
& Address | Appointed (2) | During Past 5 Years | |
Officers of the Funds: | |||
■ DAVID J. LAMB | Managing Director of Nuveen Fund Advisors, LLC (since 2019) Senior Managing Director | ||
1963 | Chief | (since 2021), formerly, Managing Director (2020-2021) of Nuveen Securities, LLC; Senior | |
333 W. Wacker Drive | Administrative | 2015 | Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice President of |
Chicago, IL 6o6o6 | Officer | Nuveen (2006-2017), Vice President prior to 2006. | |
■ BRETT E. BLACK | Enterprise Senior Compliance Officer of Nuveen (since 2022); formerly, Vice President (2014-2022), | ||
1972 | Vice President | Chief Compliance Officer (2017-2022), Deputy Chief Compliance Officer (2014-2017) and Senior | |
333 W. Wacker Drive | and Chief | 2022 | Compliance Officer (2012-2014) of BMO Funds, Inc.; formerly Senior Compliance Officer of BMO |
Chicago, IL 6o6o6 | Compliance | Asset Management Corp. (2012-2014). | |
Officer | |||
■ MARK J. CZARNIECKI | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) ; Managing Director | ||
1979 | Vice President | (since 2022), formerly, Vice President (2017-2022) and Assistant Secretary (since 2017) of Nuveen | |
901 Marquette Avenue | and Assistant | 2013 | Fund Advisors, LLC; Managing Director and Associate General Counsel (since January |
Minneapolis, MN 55402 | Secretary | 2022), formerly, Vice President and Associate General Counsel of Nuveen (2013-2021); Managing | |
Director (since 2022), formerly, Vice President (2018-2022), Assistant Secretary and Associate | |||
General Counsel (since 2018) of Nuveen Asset Management LLC. | |||
■ DIANA R. GONZALEZ | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President, | ||
1978 | Vice President | Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since | |
8500 Andrew Carnegie Blvd. | and Assistant | 2017 | 2022); Vice President and Associate General Counsel of Nuveen (since 2017); formerly, Associate |
Charlotte, NC 28262 | Secretary | General Counsel of Jackson National Asset Management (2012-2017). | |
■ NATHANIEL T. JONES | Senior Managing Director (since 2021), formerly, Managing Director (2017-2021), Senior Vice | ||
1979 | President (2016-2017), Vice President (2011-2016) of Nuveen; Managing Director (since 2015) of | ||
333 W. Wacker Drive | Vice President | 2016 | Nuveen Fund Advisors, LLC; Chartered Financial Analyst. |
Chicago, IL 6o6o6 | and Treasurer | ||
■ TINA M. LAZAR | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of | ||
1961 | Nuveen Securities, LLC. | ||
333 W. Wacker Drive | Vice President | 2002 | |
Chicago, IL 6o6o6 | |||
■ BRIAN J. LOCKHART | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Senior Managing Director (since | ||
1974 | 2021), formerly, Managing Director (2017-2021), Vice President (2010-2017) of Nuveen; Head of | ||
333 W. Wacker Drive | Vice President | 2019 | Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); |
Chicago, IL 6o6o6 | Chartered Financial Analyst and Certified Financial Risk Manager. | ||
■ JOHN M. MCCANN | Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2021); Managing | ||
1975 | Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC | ||
8500 Andrew Carnegie Blvd. | Vice President | 2022 | (since 2021); Managing Director (since 2021) and Assistant Secretary (since 2016) of TIAA SMA Strategies |
Charlotte, NC 28262 | and Assistant | LLC; Managing Director (since 2019, formerly, Vice President and Director), Associate General | |
Secretary | Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, | ||
TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director (since 2018), formerly, Vice | |||
President and Director, Associate General Counsel and Assistant Secretary of Teachers Insurance | |||
and Annuity Association of America, Teacher Advisors LLC and TIAA-CREF Investment | |||
Management, LLC; Vice President (since 2017), Associate General Counsel and Assistant Secretary | |||
(since 2011) of Nuveen Alternative Advisors LLC; General Counsel and Assistant Secretary of | |||
Covariance Capital Management, Inc. (2014-2017). |
Name, | Position(s) Held | Year First | Principal |
Year of Birth | with the Funds | Elected or | Occupation(s) |
& Address | Appointed (2) | During Past 5 Years | |
Officers of the Funds (continued): | |||
■ KEVIN J. MCCARTHY | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen | ||
1966 | Vice President | Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and | |
333 W. Wacker Drive | and Assistant | 2007 | Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary |
Chicago, IL 6o6o6 | Secretary | (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and | |
Managing Director (2008- 2016); Senior Managing Director (since 2017), and Secretary (since | |||
2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice | |||
President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior | |||
Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, | |||
formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and | |||
Managing Director and Assistant Secretary (2011- 2016); formerly, Vice President (2007-2021) and | |||
Secretary (2016-2021), of NWQ Investment Management Company, LLC, and Santa Barbara Asset | |||
Management, LLC; Vice President and Secretary of Winslow Capital Management, LLC (since 2010). | |||
Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative | |||
Investments, LLC. | |||
■ JON SCOTT MEISSNER | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); | ||
1973 | Vice President | Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers | |
8500 Andrew Carnegie Blvd. | and Assistant | 2019 | Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since |
Charlotte, NC 28262 | Secretary | 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate | |
Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |||
■ DEANN D. MORGAN | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of | ||
1969 | Product at Nuveen (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC since 2020); | ||
730 Third Avenue | Vice President | 2020 | Managing Member of MDR Collaboratory LLC (since 2018); formerly, Managing Director, (Head of |
New York, NY 10017 | Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group | ||
(2013-2017). | |||
■ WILLIAM A. SIFFERMANN | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President | ||
1975 | (2011-2016) of Nuveen. | ||
333 W. Wacker Drive | Vice President | 2017 | |
Chicago, IL 6o6o6 | |||
■ TREY S. STENERSEN | Senior Managing Director of Teacher Advisors LLC and TIAACREF Investment Management, LLC | ||
1965 | (since 2018); Senior Managing Director (since 2019) and Chief Risk Officer (since 2022), formerly | ||
8500 Andrew Carnegie Blvd. | Vice President | 2022 | Head of Investment Risk Management (2017-2022) of Nuveen; Senior Managing Director (since |
Charlotte, NC 28262 | 2018) of Nuveen Alternative Advisors LLC. | ||
■ E. SCOTT WICKERHAM | Senior Managing Director, Head of Public Investment Finance at Nuveen (since 2019), formerly, | ||
1973 | Vice President | Managing Director; Senior Managing Director (since 2019) of Nuveen Fund Advisers, (LLC; | |
8500 Andrew Carnegie Blvd. | and Controller | 2019 | Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA |
Charlotte, NC 28262 | CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial | ||
Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) to the CREF | |||
Accounts; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various | |||
positions with TIAA since 2006. | |||
■ MARK L. WINGET | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund | ||
1968 | Vice President | Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of | |
333 W. Wacker Drive | and Secretary | 2008 | Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General |
Chicago, IL 60606 | Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of Nuveen. |
Name, | Position(s) Held | Year First | Principal |
Year of Birth | with the Funds | Elected or | Occupation(s) |
& Address | Appointed (2) | During Past 5 Years | |
Officers of the Funds (continued): | |||
■ GIFFORD R. ZIMMERMAN | Managing Director and Assistant Secretary of Nuveen Securities, LLC (since 2022); | ||
1956 | Vice President | Managing Director, Assistant Secretary and General Counsel (since 2022), formerly, | |
333 W. Wacker Drive | and Assistant | 1988 | Co-General Counsel (2011- 2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director |
Chicago, IL 60606 | Secretary | (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; Managing Director, | |
Assistant Secretary and Associate General Counsel (since 2022) of Nuveen Asset Management, | |||
LLC; Vice President and Assistant Secretary (since 2022) of Winslow Capital Management, LLC: | |||
formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC | |||
(2002-2020) and Santa Barbara Asset Management, LLC (2006-2020); Chartered Financial | |||
Analyst. | |||
■ RACHAEL ZUFALL | Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2014) | ||
1973 | Vice President | of the CREF Accounts, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; | |
8500 Andrew Carnegie Blvd. | and Assistant | 2022 | Managing Director (since 2017), Associate General Counsel and Assistant Secretary (since 2011) of |
Charlotte, NC 28262 | Secretary | Teacher Advisors LLC and TIAA-CREF Investment Management, LLC; Managing Director of | |
Nuveen, LLC and of TIAA (since 2017). |
(1) | The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex. |
(2) | Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their resignation or removal. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen complex. |
ITEM 2. | CODE OF ETHICS. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.
Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Nuveen Municipal Income Fund, Inc.
The following tables show the amount of fees that KPMG LLP, the Fund’s auditor, billed to the Fund during the Fund’s last two full fiscal years. For engagements with KPMG LLP the Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
Fiscal Year Ended | Audit Fees Billed to Fund 1 | Audit-Related Fees Billed to Fund 2 | Tax Fees Billed to Fund 3 | All Other Fees Billed to Fund 4 | ||||||||||||
October 31, 2022 | $ | 26,220 | $ | 2,500 | $ | 0 | $ | 0 | ||||||||
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Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
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October 31, 2021 | $ | 25,855 | $ | 10,500 | $ | 0 | $ | 0 | ||||||||
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Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
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1 “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.
2 “Audit Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.
3 “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculation performed by the principal accountant.
4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE
ADVISER AND AFFILIATED FUND SERVICE PROVIDERS
The following tables show the amount of fees billed by KPMG LLP to Nuveen Fund Advisors, LLC (formerly Nuveen Fund Advisors, Inc.) (the “Adviser”), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund (“Affiliated Fund Service Provider”), for engagements directly related to the Fund’s operations and financial reporting, during the Fund’s last two full fiscal years.
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to KPMG LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Fund’s audit is completed.
Fiscal Year Ended | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
October 31, 2022 | $ | 0 | $ | 0 | $ | 0 | ||||||
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Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | ||||||
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October 31, 2021 | $ | 0 | $ | 0 | $ | 0 | ||||||
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Percentage approved pursuant to pre-approval exception | 0 | % | 0 | % | 0 | % | ||||||
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NON-AUDIT SERVICES
The following table shows the amount of fees that KPMG LLP billed during the Fund’s last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that KPMG LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund’s operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from KPMG LLP about any non-audit services that KPMG LLP rendered during the Fund’s last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating KPMG LLP’s independence.
Fiscal Year Ended | Total Non-Audit Fees Billed to Fund | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Fund) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
October 31, 2022 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||
October 31, 2021 | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund’s independent accountants and (ii) all audit and non-audit services to be performed by the Fund’s independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a) (58)(A)). As of the end of the period covered by this report the members of the audit committee are Jack B. Evans, William C. Hunter, John K. Nelson, Albin F. Moschner, Judith M. Stockdale and Carole E. Stone, Chair.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
a) | See Portfolio of Investments in Item 1. |
b) | Not applicable. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.
ITEM 8. | PORTFOLIO MANAGER OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:
ITEM 8(a)(1). | PORTFOLIO MANAGER BIOGRAPHY |
As of the date of filing this report, the following individual at the Sub-Adviser (the “Portfolio Manager”) has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
Christopher L. Drahn, CFA, Managing Director at Nuveen Asset Management, manages tax-exempt fixed income portfolios as well as mutual funds and closed-end funds. He began working in the investment industry when he joined the firm in 1980. Chris became a portfolio manager in 1988. He received a B.A. from Wartburg College and an M.B.A. in finance from the University of Minnesota. Chris holds the Chartered Financial Analyst designation and is a member of the CFA Institute, the Minnesota Society of Municipal Analysts and the CFA Society of Minnesota.
ITEM 8(a)(2). | OTHER ACCOUNTS MANAGED BY PORTFOLIO MANAGER |
Other Accounts Managed. In addition to managing the registrant, the Portfolio Manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
Portfolio Manager | Type of Account | Number of Accounts | Assets* | |||||||
Christopher L. Drahn | Registered Investment Company | 12 | $ | 21.65 billion | ||||||
Other Pooled Investment Vehicles | 0 | $ | 0 | |||||||
Other Accounts | 7 | $ | 805 million |
* Assets are as of October 31, 2022. None of the assets in these accounts are subject to an advisory fee based on performance.
POTENTIAL MATERIAL CONFLICTS OF INTEREST
Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.
The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.
If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.
With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.
Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by the portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.
Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.
Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.
The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.
ITEM 8(a)(3). | FUND MANAGER COMPENSATION |
As of the most recently completed fiscal year end, the primary Portfolio Manager’s compensation is as follows:
Portfolio managers are compensated through a combination of base salary and variable components consisting of (i) a cash bonus; (ii) a long-term performance award; and (iii) participation in a profits interest plan.
Base salary. A portfolio manager’s base salary is determined based upon an analysis of the portfolio manager’s general performance, experience and market levels of base pay for such position.
Cash bonus. A portfolio manager is eligible to receive an annual cash bonus that is based on three variables: risk-adjusted investment performance relative to benchmark generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), ranking versus Morningstar peer funds generally measured over the most recent one, three and five year periods (unless the portfolio manager’s tenure is shorter), and management and peer reviews.
Long-term performance award. A portfolio manager is eligible to receive a long-term performance award that vests after three years. The amount of the award when granted is based on the same factors used in determining the cash bonus. The value of the award at the completion of the three-year vesting period is adjusted based on the risk-adjusted investment performance of Fund(s) managed by the portfolio manager during the vesting period and the performance of the TIAA organization as a whole.
Profits interest plan. Portfolio managers are eligible to receive profits interests in Nuveen Asset Management and its affiliate, Teachers Advisors, LLC, which vest over time and entitle their holders to a percentage of the firms’ annual profits. Profits interests are allocated to each portfolio manager based on such person’s overall contribution to the firms.
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.
ITEM 8(a)(4). BENEFICIAL OWNERSHIP OF NMI SECURITIES
As of October 31, 2022, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Fund and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.
Name of Portfolio Manager | Fund | Dollar range of equity securities beneficially owned in Fund | Dollar range of equity securities beneficially owned in the remainder of Nuveen funds managed by Nuveen Asset Management’s municipal investment team | |||||||
Christopher L. Drahn | Nuveen Municipal Income Fund, Inc. | $ | 0 | Over $ | 1,000,000 |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
(a)(4) Change in the registrant’s independent public accountant. Not applicable.
(c)(4) Consent of Independent Registered Public Accounting Firm. EX99.IND PUB ACCT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Municipal Income Fund, Inc.
By (Signature and Title) | /s/ Mark L. Winget | |
Mark L. Winget | ||
Vice President and Secretary |
Date: January 9, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ David J. Lamb | |
David J. Lamb | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: January 9, 2023
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: January 9, 2023