nuv.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05120

Nuveen Municipal Value Fund, Inc.
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: October 31

Date of reporting period: October 31, 2015

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.


 
 
 


ITEM 1. REPORTS TO STOCKHOLDERS.



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Table of Contents

Chairman's Letter to Shareholders
4
   
Portfolio Managers' Comments
5
   
Fund Leverage
10
   
Share Information
11
   
Risk Considerations
13
   
Performance Overview and Holding Summaries
14
   
Shareholder Meeting Report
22
   
Report of Independent Registered Public Accounting Firm
23
   
Portfolios of Investments
24
   
Statement of Assets and Liabilities
68
   
Statement of Operations
69
   
Statement of Changes in Net Assets
70
   
Financial Highlights
72
   
Notes to Financial Statements
76
   
Additional Fund Information
88
   
Glossary of Terms Used in this Report
89
   
Reinvest Automatically, Easily and Conveniently
91
   
Annual Investment Management Agreement Approval Process
92
   
Board Members & Officers
100
   

Nuveen Investments
  
3

Chairman's Letter to Shareholders
Dear Shareholders,
For better or for worse, the financial markets spent most of the past year waiting for the U.S. Federal Reserve (Fed) to end its accommodative monetary policy. The policy has propped up stock and bond markets since the Great Recession, but the question remains: how will markets behave without its influence? This uncertainty was a considerable source of volatility for stock and bond prices for much of 2015, despite the Fed carefully conveying its intention to raise rates slowly and only when the economy shows evidence of readiness.
As was widely expected, the long-awaited Fed rate hike materialized in mid-December. While the move was interpreted as a vote of confidence on the economy's underlying strength, the Fed emphasized that future rate increases will be gradual and guided by its ongoing assessment of financial conditions. How efficiently the financial markets process the confluence of rising borrowing costs, softer commodity prices, stubbornly low U.S. inflation, and a strong U.S. dollar, against a backdrop of anemic global economic growth, remains to be seen.
Nevertheless, the global recovery continues to be led by the United States. Policy makers in Europe and Japan are deploying their available tools to try to bolster their economies' fragile growth, while Chinese authorities have stepped up efforts to manage China's slowdown. With sentiment regarding China growing increasingly bearish and the Fed now working toward normalizing its interest-rate policy, the actions of the world's central banks remain under intense scrutiny.
In the meantime, asset prices could continue to churn as risks both known and unknown begin to emerge. In times like these, you can look to a professional investment manager with the experience and discipline to maintain the proper perspective on short-term events. And if the daily headlines do concern you, I encourage you to reach out to your financial advisor. Your financial advisor can help you evaluate your investment strategies in light of current events, your time horizon and risk tolerance.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
December 21, 2015

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Portfolio Managers' Comments
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen AMT-Free Municipal Value Fund (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Thomas C. Spalding, CFA, Christopher L. Drahn, CFA, and Steven M. Hlavin discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these four national Funds. Tom has managed NUV since its inception in 1987, adding NUW at its inception in 2009. Chris assumed portfolio management responsibility for NMI in 2011. Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility in 2010.
What factors affected the U.S. economy and the national municipal market during the twelve-month reporting period ended October 31, 2015?
During this reporting period, the U.S. economy continued to expand at a moderate pace. The Federal Reserve (Fed) maintained efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008, a level that remained in place until December 2015 when the Fed increased its benchmark rate to a range of 0.25% to 0.50% (subsequent to the close of this reporting period). At its October 2014 meeting, the Fed announced that it would end its bond-buying stimulus program as of November 1, 2014, after tapering its monthly asset purchases of mortgage-backed and longer-term Treasury securities from the original $85 billion per month to $15 billion per month over the course of seven consecutive meetings (December 2013 through September 2014). In making the announcement, the Fed cited substantial improvement in the labor market as well as sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. The Fed also reiterated that it would continue to look at a wide range of factors, including labor market conditions, indicators of inflationary pressures and readings on financial developments, in determining future actions. Additionally, the Fed stated that it would likely maintain the current target range for the fed funds rate for a considerable time, especially if projected inflation continued to run below the Fed's 2% longer run goal. However, if economic data shows faster progress, the Fed indicated that it could raise the fed funds rate sooner than expected.
The Fed changed its language slightly in December 2014, indicating it would be "patient" in normalizing monetary policy. This shift helped ease investors' worries that the Fed might raise rates too soon. However, as employment data released early in 2015 continued to look strong, anticipation began building that the Fed could raise its main policy rate as soon as June. As widely expected, after its March meeting, the Fed eliminated "patient" from its statement, but also highlighted the policymakers' less optimistic view of the economy's overall health as well as downgraded their inflation projections. The Fed's April meeting seemed to further signal
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's (S&P), Moody's Investors Service, Inc. (Moody's) or Fitch, Inc. (Fitch) Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers' ability to meet their commitments.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.

Nuveen Investments
  
5

Portfolio Managers' Comments (continued)
that a June rate hike was off the table. While the Fed attributed the first quarter's economic weakness to temporary factors, the meeting minutes from April revealed that many Committee members believed the economic data available in June would be insufficient to meet the Fed's criteria for initiating a rate increase. The June meeting bore out that presumption and the Fed decided to keep the target rate near zero. But the Committee also continued to telegraph the likelihood of at least one rate increase in 2015, which many analysts forecasted for September.
During the September 2015 meeting, the Fed decided to keep the federal funds rate near zero despite broad speculation that it would increase rates. The Committee said it will keep the rate near zero until the economy has seen further improvement toward reaching the Fed's goals of maximum employment and inflation approaching 2%. At the Fed's October 2015 meeting, the Committee again held steady, while opening the door for a potential December rate hike. (The Fed did raise rates at its December meeting, subsequent to the close of this reporting period.)
The U.S. economy proved to be fairly resilient compared to other economies around the globe, boosted by an improving job market, declining gas prices and low mortgage rates. According to the government's gross domestic product (GDP) "second" estimate, the U.S. economy increased at a 2.1% annualized rate in the third quarter of 2015, compared with increases of 3.9% in the second quarter, 0.6% in the first quarter of 2015 and 2.2% in the fourth quarter 2014. The deceleration in real GDP in the third quarter primarily reflected a downturn in private inventory investment and decelerations in exports, in nonresidential fixed investment, in state and local government spending and in residential fixed investment that were partly offset by a deceleration in imports. The Consumer Price Index (CPI) increased 0.2% essentially unchanged year-over-year as of October 2015. The core CPI (which excludes food and energy) increased 0.2% during the same period, below the Fed's unofficial longer term inflation objective of 2.0%. As of October 2015, the U.S. unemployment rate was 5.0%, a figure that is also considered "full employment" by some Fed officials. The housing market continued to post consistent gains as of its most recent reading for September 2015. The average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 5.5% for the twelve months ended September 2015 (most recent data available at the time this report was prepared).
The municipal bond market traded sideways, meaning it ended the reporting period nearly where it started, with considerable volatility in between. With the Fed delaying the start of its interest-rate normalization at each successive policy meeting, yet still signaling that a rate hike was likely in 2015, market participants remained highly focused on reassessing the Fed's timing. Complicating the forecasts were global macroeconomic concerns, particularly related to China's slowdown and currency devaluations around the world, as well as an easing of inflation concerns, driven by a stronger U.S. dollar and weakening commodity prices.
The municipal market's supply-demand balance generally remained favorable over this reporting period. Issuance was unusually strong at the beginning of 2015, fueling concerns about potential oversupply conditions. Over the twelve months ended October 31, 2015, municipal bond issuance nationwide totaled $416.9 billion, an increase of 30.4% from the issuance for the twelve-month period ended October 31, 2014. The elevation in gross issuance is due mostly to increased refunding deals as issuers have been actively and aggressively refunding their outstanding debt given the very low interest rate environment. In these transactions the issuers are issuing new bonds and taking the bond proceeds and redeeming (calling) old bonds. These refunding transactions have ranged from 40%-60% of total issuance over the past few years. Thus, the net issuance (all bonds issued less bonds redeemed) is actually much lower than the gross issuance. In fact, the total municipal bonds outstanding has actually declined in each of the past four calendar years. So, the gross is elevated, but the net is not and this has been an overall positive technical factor on municipal bond investment performance.
What key strategies were used to manage these Funds during the twelve-month reporting period ended October 31, 2015?
Despite the volatility during this reporting period, the low interest rate environment continued to attract investors to spread products, including municipal bonds. Credit spreads relative to Treasuries continued to tighten, helping the broad municipal market achieve a small gain during the twelve-month reporting period. We continued to take a bottom-up approach to identifying sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term and helped us keep the Funds fully invested.

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Much of our trading activity was focused on reinvesting the cash from called bonds. The low interest rate environment continued to make refunding deals attractive to bond issuers and we continued to see higher levels of this activity in the municipal market during the reporting period, as bond issuers sought to lower costs through refinancings.
In general, these four Funds maintained their overall positioning strategies, emphasizing intermediate and longer maturities, lower rated credits and sectors offering higher yields. Additionally, we have become more selective at the individual issue level. As investor demand for municipal securities has increased and created a slight supply-demand imbalance, we've started to see underwriters bring new issues to market that are structured with terms more favorable to the issuer and perhaps less advantageous to the investor than in the recent past. In cases where our convictions have been less certain, we've sought compensation for the additional risk or have passed on the opportunity all together.
In NUV and NUW, we added bonds issued for the City of Chicago and New Jersey because the credits were available at attractive prices, particularly given the insured structure of the Chicago bond and the higher credit quality of the New Jersey issue.
NMI continued to emphasize medium to lower rated credits, with overweights to A rated bonds and below and underweights to AAA and AA rated bonds, as compared to the S&P Municipal Bond Index. NMI's allocation to the AAA rated segment did increase slightly during the reporting period, while the weighting in A rated bonds fell. This shift reflected an increase in advance refunding activity (as pre-refunded bonds are escrowed in U.S. Treasury or other government securities), rather than an active trading strategy. The Fund's largest sector overweight was in health care, while state and local general obligation (GO) bonds were its main underweight position. The health care sector has been an attractive source of ideas for us, as the advent of the Affordable Health Care Act has encouraged health care providers to increase the scale of their businesses through affiliations and consolidations.
Trading activity was relatively light in NEV, with minimal call activity. In fact, as of the close of the reporting period, NEV's call exposure for the next one to two years was the lowest among the four Funds. Overall, we remained comfortable with the Fund's positioning in lower rated credits offering relatively higher yields in those sectors we expect to perform well as high yield municipal credit spreads continue to contract. Additions to NEV's portfolio during the reporting period included a bond issued for 3 World Trade Center, an office building currently under construction as part of the redevelopment of Lower Manhattan and a Chicago GO bond, which we believed was priced below what its fundamentals merited. The Chicago GO rallied since that time, as the market recovered from the sell-off and the passage of a property tax increase was seen as a positive development.
Cash for purchases was generated primarily by proceeds from called and matured bonds, which we worked to redeploy to keep the Funds fully invested and support their income streams. As previously mentioned, call activity in all of the Funds except NEV was elevated during the reporting period, providing ample cash and driving much of our trading. In NEV, we eliminated a position in a Puerto Rico bond issued for Ana G. Mendez University Hospital. Although the Ana G. Mendez Hospital bond did not have direct exposure to the government of Puerto Rico, a declining fundamental backdrop led us to sell the position. We also sold some of NEV's San Antonio Convention Center and Brooklyn Arena credits, both of which were trading at high premiums at the time of sale. NMI also sold some holdings during the reporting period. We took advantage of the late spring/early summer municipal bond market sell-off to try to bolster the Fund's distributable income by a series of swaps and transactions designed to take advantage of the higher yield levels then available in the marketplace.
In addition, NUV trimmed some of its holding of American Airlines common stock, which performed well as the company has emerged from bankruptcy. The Fund received American Airlines stock when its holding of bonds issued by Puerto Rico Ports Authority for American Airlines was converted into equity as part of the merger with US Airways, which was completed in December 2013. At the end of the reporting period, the Fund held 0.2% of American Airlines common stock, which over time, we expect to sell these shares and reinvest the proceeds into municipal bonds.
As of October 31, 2015, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement. As part of our duration management strategies, NEV also invested in forward interest rates swaps to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund's benchmark. Since interest rates decreased during the reporting period, the swap contracts had a negative impact on performance.

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7

Portfolio Managers' Comments (continued)
How did the Funds perform during the twelve-month reporting period ended October 31, 2015?
The tables in each Fund's Performance Overview and Holding Summaries section of this report provide the Funds' total returns for the one-year, five-year, ten-year and since inception periods ended October 31, 2015. Each Fund's total returns at net asset value (NAV) are compared with the performance of a corresponding market index and Lipper classification average.
For the twelve months ended October 31, 2015, the total returns at NAV for all four of these Funds exceeded the return for the national S&P Municipal Bond Index. NUV, NUW and NMI outperformed the average return for the Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average, while NEV surpassed the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average return.
Key management factors that influenced the Funds' returns included duration and yield curve positioning, credit exposure and sector allocation. Keeping the Funds fully invested throughout the reporting period also was beneficial for performance. In addition, the use of regulatory leverage was an important positive factor affecting the Funds' performance. Leverage is discussed in more detail later in the Fund Leverage section of this report.
In this reporting period, municipal bonds with intermediate and longer maturities generally outperformed those with shorter maturities. As interest rates remained relatively stable over the reporting period, the higher yields at the longer end of the maturity range provided a boost to their total returns. Consistent with our long term strategy, these Funds tended to have longer durations than the municipal market in general, with overweightings in the longer parts of the yield curve that performed well and underweightings in the underperforming shorter end of the curve. In general, duration and yield curve positioning was a significant driver of relative outperformance versus the benchmark for NUV, NUW and NMI during this reporting period and contributed a small gain to NEV's performance. For NUV and NUW, exposure to zero coupon bonds was especially helpful, as these bonds performed well in this reporting period due to their higher durations. NMI and NEV had much lower weightings in zero coupon bonds than the other two Funds, which resulted in a smaller contribution to performance.
During this reporting period, lower rated bonds generally outperformed higher quality bonds. Investors have been more willing to accept risk, as credit fundamentals have broadly continued to improve and demand for higher-yielding assets remained robust in the low interest-rate environment. For the four Funds, credit exposure had a positive impact on performance. These Funds tended to have overweights in A rated and BBB rated bonds, which outperformed the benchmark, and underweights in the AAA rated and AA rated categories, which lagged the benchmark. Among the four Funds, NMI had the highest weightings in A rated and BBB rated credits, with the lowest weightings in AAA rated and AA rated bonds. Conversely, NUV had the lowest allocation to A rated and BBB rated bonds and the highest allocation to AAA rated and AA rated bonds.
Sector allocation also had a small, but positive effect on relative performance for the four Funds. For this reporting period, tobacco was the best performing sector in the municipal market by a wide margin. Tobacco settlement bonds, which are repaid from the money U.S. tobacco companies owe to states under the 1998 Master Settlement Agreement, rallied strongly during this reporting period on several positive developments. After a decade of falling smoking rates, tobacco shipments were up year-to-date in 2015. Declining commodity prices have provided smokers with more disposable income to buy cigarettes after filling their gas tanks and paying their heating bills. Higher tobacco revenues are bolstering confidence that the tobacco settlement bonds can make timely payments. The sector also benefited from a constructive development on the litigation front. In October 2015, a dispute between the New York Attorney General and tobacco companies was settled, releasing funds from an escrow account to the state and making the money available for bond payments. The municipal market viewed this favorably, as several other states with disputed money held in escrow also may be likely to reach a settlement. The release of these funds would mean an improvement in the sector's fundamentals and possibly these bonds' credit ratings, many of which are rated below investment grade. We would also point out that, as the tobacco sector has been trading at deeply discounted levels, the rally had considerable upside, further boosting performance during this reporting period. Relative to the benchmark, all four Funds held overweight exposures to tobacco bonds, which was beneficial to performance.

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Nuveen Investments

NUV also benefited from its holding of strong performing American Airlines common stock, as described earlier in the key strategies section. American's share price rose, in part, due to a boost in profits from lower fuel prices.
Although NMI's performance was modestly helped by its tobacco exposure, the Fund's most advantageous sector positioning was an underweighting in the GO and tax-backed sectors. Sectors with comparatively lower yields and higher credit quality, such as GOs and pre-refunded bonds, lagged the broad municipal market. For NMI, an overweight allocation to pre-refunded bonds mildly detracted. NEV's sector allocations also had a positive impact on relative performance, led by the tobacco group. Other notable contributors included the education and health care sectors, as well as corporate-backed municipal bonds. Credit selection within these particular sectors added further to relative gains, especially in charter schools, hospitals and airlines. However, NEV's underweight to the public power sector detracted somewhat from performance, as the sector outperformed the broader municipal market when PREPA (Puerto Rico's power authority) bonds rallied.
An Update Involving Puerto Rico
As noted in the Funds' previous shareholder reports, we continue to monitor situations in the broader municipal market for any impact on the Funds' holdings and performance: the ongoing economic problems of Puerto Rico is one such case. Puerto Rico's continued economic weakening, escalating debt service obligations, and long-standing inability to deliver a balanced budget led to multiple downgrades on its debt over the past two years. Puerto Rico has warned investors since 2014 that the island's debt burden may be unsustainable and the Commonwealth has been exploring various strategies to deal with this burden, including Chapter 9 bankruptcy, which is currently not available by law.
In terms of Puerto Rico holdings, shareholders should note that NUV and NEV had limited exposure to Puerto Rico debt, 0.33% and 0.78%, respectively, at the end of the reporting period, while NUW and NMI did not hold any Puerto Rico bonds. The Puerto Rico credits offered higher yields, added diversification and triple exemption (i.e., exemption from most federal, state and local taxes). Puerto Rico general obligation debt is currently rated Caa2/CC/CC (below investment grade) by Moody's, S&P and Fitch, respectively, with negative outlooks.

Nuveen Investments
  
9

Fund Leverage
IMPACT OF THE FUNDS' LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of the Funds relative to its comparative benchmark was the Fund's use of leverage through its investments in inverse floating rate securities, which represent leveraged investments in underlying bonds. This was also a factor, although less significantly, for NUV, NUW and NMI because their use of leverage is more modest. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income, particularly in the recent market environment where short-term market rates are at or near historical lows, meaning that the short-term rates the Fund has been paying on its leveraging instruments have been much lower than the interest the Fund has been earning on its portfolio of long-term bonds that it has bought with the proceeds of that leverage. However, use of leverage also can expose the Fund to additional price volatility. When a Fund uses leverage, the Fund will experience a greater increase in its net asset value if the municipal bonds acquired through the use of leverage increase in value, but it will also experience a correspondingly larger decline in its net asset value if the bonds acquired through leverage decline in value, which will make the Fund's net asset value more volatile, and its total return performance more variable over time. In addition, income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase and increase when short-term interest rates decrease. Leverage made a positive contribution to the performance of the Funds over this reporting period.
As of October 31, 2015, the Funds' percentages of leverage are as shown in the accompanying table.

 
NUV
NUW
NMI
NEV
  
Effective Leverage*
1.66%
7.02%
8.94%
33.42%
  

*
Effective Leverage is a Fund's effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund's portfolio that increase the Fund's investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values.

10
  
Nuveen Investments
Share Information
DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of October 31, 2015. Each Fund's distribution levels may vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current reporting period, each Fund's distributions to shareholders were as shown in the accompanying table.

   
Per Share Amounts
  
Ex-Dividend Date
  
NUV
  
NUW
  
NMI
  
NEV
  
November 2014
  
$
0.0345
  
$
0.0670
  
$
0.0425
  
$
0.0800
  
December
    
0.0345
    
0.0670
    
0.0425
    
0.0800
  
January
    
0.0345
    
0.0650
    
0.0425
    
0.0800
  
February
    
0.0345
    
0.0650
    
0.0425
    
0.0800
  
March
    
0.0345
    
0.0650
    
0.0425
    
0.0800
  
April
    
0.0345
    
0.0650
    
0.0425
    
0.0800
  
May
    
0.0345
    
0.0650
    
0.0425
    
0.0800
  
June
    
0.0325
    
0.0650
    
0.0415
    
0.0800
  
July
    
0.0325
    
0.0650
    
0.0415
    
0.0800
  
August
    
0.0325
    
0.0650
    
0.0415
    
0.0800
  
September
    
0.0325
    
0.0650
    
0.0415
    
0.0800
  
October 2015
    
0.0325
    
0.0650
    
0.0415
    
0.0800
  
                           
Ordinary Income Distribution*
  
$
0.0009
  
$
0.0052
  
$
0.0052
  
$
0.0060
  
                           
Market Yield**
    
3.87
%
  
4.53
%
  
4.51
%
  
6.24
%
Taxable-Equivalent Yield**
    
5.38
%
  
6.29
%
  
6.26
%
  
8.67
%

*
Distribution paid in December 2014.
   
**
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 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
Each Fund in this report seeks to pay regular monthly dividends out of its net investment income at a rate that reflects its past and projected net income performance. To permit each Fund to maintain a more stable monthly dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it will hold the excess in reserve as undistributed net investment income (UNII) as part of the Fund's net asset value. Conversely, if a Fund has cumulatively paid in dividends more than it has earned, the excess will constitute a negative UNII that will likewise be reflected in the Fund's net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders.
As of October 31, 2015, the Funds had positive UNII balances for tax purposes and positive UNII balances for financial reporting purposes.
All monthly dividends paid by each Fund during the current reporting period were paid from net investment income. If a portion of the Fund's monthly distributions was sourced from or comprised of elements other than net investment income, including capital gains and/or a return of capital, shareholders would have received a notice to that effect. For financial reporting purposes, the

Nuveen Investments
  
11

Share Information (continued)
composition and per share amounts of each Fund's dividends for the reporting period are presented in this report's Statement of Changes in Net Assets and Financial Highlights, respectively. For income tax purposes, distribution information for each Fund as of its most recent tax year end is presented in Note 6 — Income Tax Information within the Notes to Financial Statements of this report.
EQUITY SHELF PROGRAMS
During the current reporting period, the following Funds were authorized to issue additional shares through their ongoing equity shelf programs. Under these programs, each Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above the Fund's NAV per share. Under the equity shelf programs, the Funds are authorized to issue the following number of additional shares:

 
NUW
NEV
  
Additional shares authorized
1,200,000
5,200,000
  
During the current reporting period, NUW sold common shares through its equity shelf program at a weighted average premium to its NAV per share as shown in the accompanying table.

 
NUW
  
Shares sold through equity shelf program
122,737
  
Weighted average premium to NAV per share sold
1.36
 %
As of February 28, 2014, NUW's shelf offering registration statements was no longer current. Therefore, the Fund was unable to issue additional shares under its equity shelf programs until a post-effective amendment to the Fund's registration statement was filed with the Securities and Exchange Commission (the "SEC"). On January 27, 2015, a post-effective amendment to NUW's registration statement was filed with the SEC and therefore, NUW may issue additional shares under its equity shelf program.
SHARE REPURCHASES
During August 2015, the Funds' Board of Directors/Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
As of October 31, 2015, and since the inception of the Funds' repurchase programs, the Funds have cumulatively repurchased and retired their outstanding shares as shown in the accompanying table.

 
NUV
NUW
NMI
NEV
  
Shares cumulatively repurchased and retired
0
0
0
0
  
Shares authorized for repurchase
20,565,000
1,335,000
830,000
2,110,000
  
OTHER SHARE INFORMATION
As of October 31, 2015, and during the current reporting period, the Funds' share prices were trading at a premium/(discount) to their NAVs as shown in the accompanying table.

   
NUV
  
NUW
  
NMI
  
NEV
  
NAV
  
$
10.20
  
$
17.17
  
$
11.47
  
$
15.59
  
Share price
  
$
10.07
  
$
17.22
  
$
11.05
  
$
15.38
  
Premium/(Discount) to NAV
    
(1.27
)%
  
0.29
%
  
(3.66
)%
  
(1.35
)%
12-month average premium/(discount) to NAV
    
(4.11
)%
  
(1.20
)%
  
(0.03
)%
  
(2.95
)%

12
  
Nuveen Investments

Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation.
Nuveen Municipal Value Fund, Inc. (NUV).
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NUV.
Nuveen AMT-Free Municipal Value Fund (NUW).
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NUW.
Nuveen Municipal Income Fund, Inc. (NMI).
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NMI.
Nuveen Enhanced Municipal Value Fund (NEV).
Investing in closed-end funds involves risk; principal loss is possible. There is no guarantee the Fund's investment objectives will be achieved. Closed-end fund shares may frequently trade at a discount or premium to their net asset value. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, derivatives risk, liquidity risk, and income risk. As interest rates rise, bond prices fall. Leverage increases return volatility and magnifies the Fund's potential return and its risks; there is no guarantee a fund's leverage strategy will be successful. The Fund uses only inverse floaters for its leverage, increasing its exposure to interest rate risk and credit risk, including counter-party credit risk. These and other risk considerations such as tax risk are described in more detail on the Fund's web page at www.nuveen.com/NEV.

Nuveen Investments
  
13
NUV
  
 
Nuveen Municipal Value Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

 
Average Annual
 
1-Year
5-Year
10-Year
NUV at NAV
3.94%
5.57%
4.99%
NUV at Share Price
8.86%
4.98%
5.56%
S&P Municipal Bond Index
2.87%
4.41%
4.69%
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
3.66%
5.49%
4.88%
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.

14
  
Nuveen Investments

This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
98.8%
Common Stocks
0.2%
Corporate Bonds
0.0%
Other Assets Less Liabilities
1.5%
Net Assets Plus Floating Rate Obligations
100.5%
Floating Rate Obligations
(0.5)%
Net Assets
100%

Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
14.3%
AA
51.3%
A
15.3%
BBB
8.3%
BB or Lower
9.5%
N/R (not rated)
1.1%
N/A (not applicable)
0.2%
Total
100%
 
Portfolio Composition
  
(% of total investments)
  
Tax Obligation/Limited
20.6%
Health Care
17.7%
Transportation
15.8%
Tax Obligation/General
13.2%
U.S. Guaranteed
8.9%
Consumer Staples
6.7%
Utilities
5.2%
Other
11.9%
Total
100%

States and Territories
  
(% of total municipal bonds)
  
Illinois
14.7%
Texas
13.5%
California
12.6%
Florida
6.5%
Colorado
5.5%
Michigan
5.3%
New York
4.6%
Ohio
4.1%
Wisconsin
3.3%
Indiana
2.7%
Nevada
2.7%
New Jersey
2.7%
Virginia
2.5%
Other
19.3%
Total
100%

Nuveen Investments
  
15
NUW
  
 
Nuveen AMT-Free Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

 
Average Annual
     
Since
 
1-Year
5-Year
Inception
NUW at NAV
4.56%
5.58%
8.14%
NUW at Share Price
6.79%
4.86%
7.52%
S&P Municipal Bond Index
2.87%
4.41%
5.71%
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
3.66%
5.49%
6.22%
Since inception returns are from 2/25/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
16
  
Nuveen Investments

This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
101.5%
Other Assets Less Liabilities
1.6%
Net Assets Plus Floating Rate Obligations
103.1%
Floating Rate Obligations
(3.1)%
Net Assets
100%

Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
19.1%
AA
35.1%
A
22.2%
BBB
14.7%
BB or Lower
7.6%
N/R (not rated)
1.3%
Total
100%

Portfolio Composition
  
(% of total investments)
  
Tax Obligation/Limited
17.5%
U.S. Guaranteed
16.8%
Tax Obligation/General
14.7%
Health Care
12.2%
Transportation
11.2%
Utilities
9.3%
Consumer Staples
6.5%
Other
11.8%
Total
100%

States and Territories
  
(% of total municipal bonds)
  
Illinois
12.1%
California
11.5%
Florida
8.1%
Indiana
7.3%
Louisiana
7.2%
Colorado
6.2%
Texas
6.2%
Wisconsin
5.8%
Ohio
5.7%
Michigan
4.1%
Nevada
4.1%
Arizona
3.4%
Other
18.3%
Total
100%

Nuveen Investments
  
17

NMI
  
 
Nuveen Municipal Income Fund, Inc.
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

 
Average Annual
 
1-Year
5-Year
10-Year
NMI at NAV
4.08%
6.30%
5.68%
NMI at Share Price
2.31%
4.81%
5.65%
S&P Municipal Bond Index
2.87%
4.41%
4.69%
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
3.66%
5.49%
4.88%
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
18
  
Nuveen Investments

This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
99.5%
Short-Term Municipal Bonds
1.1%
Other Assets Less Liabilities
2.9%
Net Assets Plus Floating Rate Obligations
103.5%
Floating Rate Obligations
(3.5)%
Net Assets
100%

Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
11.3%
AA
29.8%
A
24.1%
BBB
23.2%
BB or Lower
5.8%
N/R (not rated)
5.8%
Total
100%

Portfolio Composition
  
(% of total investments)
  
Health Care
22.9%
Tax Obligation/Limited
12.6%
Tax Obligation/General
11.7%
Utilities
11.5%
Education and Civic Organizations
10.0%
Transportation
9.2%
U.S. Guaranteed
6.7%
Consumer Staples
4.7%
Other
10.7%
Total
100%

States and Territories
  
(% of total municipal bonds)
  
California
18.3%
Texas
9.6%
Illinois
9.1%
Missouri
8.8%
Colorado
7.9%
Wisconsin
5.7%
Florida
5.5%
Ohio
4.9%
New York
3.9%
Pennsylvania
3.4%
Tennessee
2.5%
Kentucky
2.4%
Other
18.0%
Total
100%

Nuveen Investments
  
19

NEV
  
 
Nuveen Enhanced Municipal Value Fund
 
Performance Overview and Holding Summaries as of October 31, 2015
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Average Annual Total Returns as of October 31, 2015

   Average Annual 
     
Since
 
1-Year
5-Year
Inception
NEV at NAV
5.68%
7.80%
8.01%
NEV at Share Price
9.90%
7.99%
7.11%
S&P Municipal Bond Index
2.87%
4.41%
4.60%
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
4.65%
7.47%
6.53%
Since inception returns are from 9/25/09. Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index and Lipper return information is provided for the Fund's shares at NAV only. Indexes and Lipper averages are not available for direct investment.
 
20
  
Nuveen Investments

This data relates to the securities held in the Fund's portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor's Group, Moody's Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.

Fund Allocation
  
(% of net assets)
  
Long-Term Municipal Bonds
102.3%
Common Stocks
1.0%
Other Assets Less Liabilities
2.3%
Net Assets Plus Floating Rate Obligations
105.6%
Floating Rate Obligations
(5.6)%
Net Assets
100%

Credit Quality
  
(% of total investment exposure)
  
AAA/U.S. Guaranteed
10.0%
AA
39.6%
A
19.4%
BBB
12.7%
BB or Lower
10.0%
N/R (not rated)
7.6%
N/A (not applicable)
0.7%
Total
100%

Portfolio Composition
  
(% of total investments)
  
Tax Obligation/Limited
23.0%
Health Care
19.0%
Transportation
10.4%
Education and Civic Organizations
10.4%
Tax Obligation/General
6.9%
Consumer Staples
5.8%
Utilities
4.2%
U.S. Guaranteed
4.1%
Water and Sewer
4.1%
Other
12.1%
Total
100%

States and Territories
  
(% of total municipal bonds)
  
California
16.3%
Illinois
11.1%
Ohio
9.7%
Florida
6.8%
Pennsylvania
6.2%
Wisconsin
6.1%
Georgia
5.2%
Arizona
3.8%
Colorado
3.7%
New York
3.6%
Louisiana
3.1%
Kansas
2.7%
Texas
2.6%
Other
19.1%
Total
100%

Nuveen Investments
  
21

Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 5, 2015 for NUV, NUW, NMI and NEV; at this meeting the shareholders were asked to elect Board Members.

     
NUV
    
NUW
    
NMI
    
NEV
  
     
Common
    
Common
    
Common
    
Common
  
     
shares
    
shares
    
shares
    
shares
  
Approval of the Board Members was reached as follows:
                          
Jack B. Evans
                          
For
    
175,002,439
    
11,786,645
    
7,102,194
    
19,243,710
  
Withhold
    
3,880,104
    
260,513
    
227,979
    
272,235
  
Total
    
178,882,543
    
12,047,158
    
7,330,173
    
19,515,945
  
William J. Schneider
                          
For
    
174,711,049
    
11,778,697
    
7,054,800
    
19,234,601
  
Withhold
    
4,171,494
    
268,461
    
275,373
    
281,344
  
Total
    
178,882,543
    
12,047,158
    
7,330,173
    
19,515,945
  
Thomas S. Schreier, Jr.
                          
For
    
175,035,960
    
11,782,853
    
7,102,613
    
19,245,681
  
Withhold
    
3,846,583
    
264,305
    
227,560
    
270,264
  
Total
    
178,882,543
    
12,047,158
    
7,330,173
    
19,515,945
  

22
  
Nuveen Investments

Report of Independent Registered Public Accounting Firm
To the Board of Directors/Trustees and Shareholders of
Nuveen Municipal Value Fund, Inc.
Nuveen AMT-Free Municipal Value Fund
Nuveen Municipal Income Fund, Inc.
Nuveen Enhanced Municipal Value Fund:
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Municipal Value Fund, Inc., Nuveen AMT-Free Municipal Value Fund, Nuveen Municipal Income Fund, Inc. and Nuveen Enhanced Municipal Value Fund (the "Funds") as of October 31, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the two-year period then ended. The financial highlights for the periods presented through October 31, 2013, were audited by other auditors whose report dated December 27, 2013, expressed an unqualified opinion on those financial highlights. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2015, by correspondence with the custodian and brokers or other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of October 31, 2015, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended and the financial highlights for each of the years in the two-year period then ended, in conformity with U.S. generally accepted accounting principles.
/s/ KPMG LLP
Chicago, Illinois
December 28, 2015

Nuveen Investments
  
23

NUV
 
  
 
Nuveen Municipal Value Fund, Inc.
  
 
Portfolio of Investments
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 99.0%
            
     
MUNICIPAL BONDS – 98.8%
            
     
Alaska – 0.1%
            
$
2,710
  
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
1/16 at 100.00
  
B
$
2,462,062
  
     
Arizona – 0.8%
            
 
2,500
  
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38
7/18 at 100.00
  
AA–
  
2,720,200
  
 
2,575
  
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
12/17 at 102.00
  
B–
  
2,464,764
  
 
5,600
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
  
A–
  
6,257,776
  
 
4,240
  
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering, 5.000%, 9/01/35 – AGC Insured
9/20 at 100.00
  
AA
  
4,675,151
  
 
14,915
  
Total Arizona
        
16,117,891
  
     
Arkansas – 0.3%
            
 
1,150
  
Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding & Improvement Series 2007, 4.750%, 10/01/33 (Pre-refunded 10/01/17) – SYNCORA GTY Insured
10/17 at 100.00
  
A– (4)
  
1,239,896
  
 
5,650
  
Fayetteville, Arkansas, Sales and Use Tax Revenue Bonds, Series 2006A, 4.750%, 11/01/18 – AGM Insured
No Opt. Call
  
AA
  
5,880,294
  
 
6,800
  
Total Arkansas
        
7,120,190
  
     
California – 12.4%
            
 
4,615
  
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/23 – AGM Insured
No Opt. Call
  
AA
  
3,773,639
  
 
5,000
  
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38
4/23 at 100.00
  
AA–
  
5,576,100
  
 
4,985
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Series 2006, 0.000%, 6/01/33
1/16 at 36.77
  
CCC
  
1,411,553
  
 
3,275
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.450%, 6/01/28
12/18 at 100.00
  
B
  
3,281,747
  
     
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2006:
            
 
5,000
  
5.000%, 4/01/37 – BHAC Insured
4/16 at 100.00
  
AA+
  
5,085,700
  
 
6,000
  
5.000%, 4/01/37 (UB) (5)
4/16 at 100.00
  
A+
  
6,076,980
  
 
3,850
  
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33
7/23 at 100.00
  
AA–
  
4,436,548
  
 
2,335
  
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
7/20 at 100.00
  
Baa2
  
2,551,501
  
 
2,130
  
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
6/17 at 100.00
  
A3
  
2,237,629
  
 
5,025
  
California State Public Works Board, Lease Revenue Bonds, Department of Health Services, Series 2005K, 5.000%, 11/01/23 (Pre-refunded 12/01/15)
12/15 at 100.00
  
A+ (4)
  
5,044,849
  
 
1,625
  
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2013I, 5.000%, 11/01/38
11/23 at 100.00
  
A+
  
1,834,966
  
 
4,400
  
California State, General Obligation Bonds, Refunding Series 2007, 4.500%, 8/01/30
2/17 at 100.00
  
AA–
  
4,591,752
  
 
16,000
  
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
6/17 at 100.00
  
AA–
  
16,983,520
  
 
5,000
  
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
10/21 at 100.00
  
AA–
  
5,613,500
  

24
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
California (continued)
            
$
925
  
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
4/16 at 100.00
  
BBB+
$
928,968
  
 
3,125
  
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
8/19 at 100.00
  
Aa2
  
3,680,375
  
 
3,600
  
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
7/18 at 100.00
  
AA–
  
3,983,364
  
 
14,145
  
Chabot-Las Positas Community College District, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/43 – AMBAC Insured
No Opt. Call
  
Aa3
  
3,558,882
  
 
6,120
  
Chino Valley Unified School District, San Bernardino County, California, General Obligation Bonds, Series 2006D, 0.000%, 8/01/30
8/16 at 51.12
  
Aa2
  
3,098,801
  
 
5,000
  
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 (Pre-refunded 8/01/18) – AGM Insured
8/18 at 100.00
  
Aa1 (4)
  
5,580,950
  
 
4,505
  
Covina-Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured
No Opt. Call
  
AA–
  
2,683,944
  
 
16,045
  
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured
8/17 at 42.63
  
AA
  
6,621,290
  
 
2,180
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A, 0.000%, 1/15/42
1/31 at 100.00
  
BBB–
  
1,656,190
  
 
30,000
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
No Opt. Call
  
Aaa
  
27,082,800
  
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
            
 
23,995
  
4.500%, 6/01/27
6/17 at 100.00
  
B+
  
23,548,213
  
 
14,475
  
5.000%, 6/01/33
6/17 at 100.00
  
B
  
12,913,291
  
 
1,500
  
5.125%, 6/01/47
6/17 at 100.00
  
B
  
1,273,995
  
 
4,500
  
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.125%, 8/01/37 (Pre-refunded 8/01/16) – AGC Insured
8/16 at 102.00
  
AA (4)
  
4,755,825
  
     
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–
  
2,027,975
  
 
2,555
  
0.000%, 8/01/24 – FGIC Insured
No Opt. Call
  
AA–
  
1,982,143
  
 
2,365
  
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Election 1998 Series 2004, 0.000%, 8/01/27 – FGIC Insured
No Opt. Call
  
AA–
  
1,533,868
  
     
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
2/28 at 100.00
  
AA
  
2,644,789
  
 
2,315
  
0.000%, 8/01/43
8/35 at 100.00
  
AA
  
1,619,991
  
 
3,550
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
No Opt. Call
  
A
  
4,790,370
  
     
Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C:
            
 
7,200
  
0.000%, 8/01/29 – NPFG Insured
8/17 at 54.45
  
Aa2
  
3,786,984
  
 
11,575
  
0.000%, 8/01/31 – NPFG Insured
8/17 at 49.07
  
Aa2
  
5,486,550
  
 
2,620
  
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
No Opt. Call
  
AA–
  
1,426,695
  
 
2,350
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
  
Ba1
  
2,602,884
  
 
10,150
  
Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/33 – AGM Insured
No Opt. Call
  
AA
  
4,933,712
  
 
2,125
  
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
7/17 at 100.00
  
A3
  
2,171,793
  
 
4,000
  
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2007A, 5.000%, 7/01/47
7/17 at 100.00
  
Baa2
  
4,132,200
  

Nuveen Investments
  
25

NUV
Nuveen Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
California (continued)
            
$
15,505
  
Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 5.000%, 8/01/37 – NPFG Insured
8/17 at 100.00
  
AA–
$
16,138,688
  
     
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
  
AA
  
2,058,944
  
 
2,660
  
0.000%, 8/01/25 – FGIC Insured
No Opt. Call
  
AA
  
2,036,523
  
 
250
  
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41
2/21 at 100.00
  
BBB+
  
300,640
  
 
12,095
  
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/25 – NPFG Insured
No Opt. Call
  
AA–
  
8,334,665
  
 
5,000
  
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
3/17 at 100.00
  
A2
  
5,275,900
  
 
13,220
  
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/28 – NPFG Insured
No Opt. Call
  
AAA
  
8,946,635
  
 
5,000
  
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured
No Opt. Call
  
AA+
  
4,036,100
  
 
5,815
  
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/48
No Opt. Call
  
AA
  
1,079,264
  
 
2,000
  
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27
6/17 at 100.00
  
B+
  
1,946,220
  
 
1,090
  
University of California, General Revenue Bonds, Series 2009O, 5.250%, 5/15/39
5/19 at 100.00
  
AA
  
1,228,648
  
 
210
  
University of California, General Revenue Bonds, Series 2009O, 5.250%, 5/15/39 (Pre-refunded 5/15/19)
5/19 at 100.00
  
N/R (4)
  
241,960
  
 
321,140
  
Total California
        
260,631,013
  
     
Colorado – 5.4%
            
 
5,000
  
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
10/16 at 100.00
  
BBB–
  
5,089,250
  
 
5,200
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
9/16 at 100.00
  
A+
  
5,272,384
  
 
7,105
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
  
A+
  
7,762,213
  
 
1,700
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
9/18 at 102.00
  
AA
  
1,846,591
  
 
15,925
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
  
AA–
  
17,518,137
  
 
750
  
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 5.000%, 12/01/23 – RAAI Insured
12/16 at 100.00
  
AA
  
775,065
  
 
2,000
  
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2012A, 5.000%, 3/01/41
3/22 at 100.00
  
Aa2
  
2,209,720
  
     
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B:
            
 
1,000
  
4.000%, 11/15/15
No Opt. Call
  
A+
  
1,001,640
  
 
2,750
  
5.000%, 11/15/25
No Opt. Call
  
A+
  
3,280,393
  
 
2,200
  
5.000%, 11/15/29
11/22 at 100.00
  
A+
  
2,583,526
  
 
5,160
  
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
11/23 at 100.00
  
A
  
5,709,798
  
     
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
            
 
9,450
  
0.000%, 9/01/29 – NPFG Insured
No Opt. Call
  
AA–
  
5,732,937
  
 
24,200
  
0.000%, 9/01/31 – NPFG Insured
No Opt. Call
  
AA–
  
13,343,153
  
 
17,000
  
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
  
AA–
  
8,953,220
  
 
7,600
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured
9/26 at 52.09
  
AA–
  
2,482,160
  

26
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Colorado (continued)
            
     
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
            
$
7,700
  
0.000%, 9/01/27 – NPFG Insured
9/20 at 67.94
  
AA–
$
4,381,454
  
 
10,075
  
0.000%, 3/01/36 – NPFG Insured
9/20 at 41.72
  
AA–
  
3,425,802
  
 
5,000
  
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 – RAAI Insured
12/17 at 100.00
  
AA
  
5,116,350
  
 
7,000
  
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.700%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured
6/16 at 100.00
  
N/R (4)
  
7,230,440
  
 
5,000
  
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding Series 2011, 6.000%, 11/01/26
11/21 at 100.00
  
Baa1
  
5,791,100
  
 
3,750
  
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
7/20 at 100.00
  
Baa3
  
4,224,563
  
 
145,565
  
Total Colorado
        
113,729,896
  
     
Connecticut – 1.0%
            
 
1,500
  
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2011A, 5.000%, 7/01/41
7/21 at 100.00
  
A
  
1,627,170
  
 
15,000
  
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University, Series 2007Z-1, 5.000%, 7/01/42
7/16 at 100.00
  
AAA
  
15,381,300
  
 
8,355
  
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31 (6)
No Opt. Call
  
N/R
  
551,195
  
 
3,000
  
University of Connecticut, General Obligation Bonds, Refunding Series 2014A, 4.000%, 2/15/16
No Opt. Call
  
AA
  
3,034,080
  
 
27,855
  
Total Connecticut
        
20,593,745
  
     
District of Columbia – 0.5%
            
 
10,000
  
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
10/16 at 100.00
  
A1
  
10,267,000
  
     
Florida – 6.4%
            
 
3,000
  
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
10/21 at 100.00
  
AA
  
3,375,150
  
 
4,000
  
Citizens Property Insurance Corporation, Florida, Personal and Commercial Lines Account Bonds, Senior Secured Series 2012A-1, 5.000%, 6/01/16
No Opt. Call
  
AA–
  
4,110,600
  
 
2,845
  
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding Series 2009C, 5.000%, 10/01/34
No Opt. Call
  
AA–
  
3,184,266
  
 
2,290
  
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, Subordinate Lien Series 2015B, 5.000%, 10/01/40
10/24 at 100.00
  
A+
  
2,536,358
  
 
2,650
  
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41
10/16 at 100.00
  
A
  
2,717,231
  
 
5,000
  
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 (Pre-refunded 10/01/17)
10/17 at 100.00
  
BBB+ (4)
  
5,420,200
  
 
4,090
  
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/40
7/20 at 100.00
  
A
  
4,513,029
  
 
9,500
  
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's Hospital, Series 2010A, 6.000%, 8/01/46
8/21 at 100.00
  
A+
  
10,861,254
  
 
2,000
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding Series 2014B, 5.000%, 10/01/37
10/24 at 100.00
  
A
  
2,250,920
  
 
6,000
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009B, 5.500%, 10/01/36
10/19 at 100.00
  
A
  
6,821,160
  
 
4,000
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/29
10/20 at 100.00
  
A
  
4,409,440
  
 
4,000
  
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/42
7/22 at 100.00
  
AA
  
4,421,560
  

Nuveen Investments
  
27

NUV
Nuveen Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Florida (continued)
            
$
9,590
  
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured
10/20 at 100.00
  
AA
$
10,857,990
  
 
2,900
  
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
10/16 at 100.00
  
AA
  
3,006,430
  
 
10,725
  
Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, 5.000%, 11/01/44
5/24 at 100.00
  
AA+
  
11,857,774
  
 
3,250
  
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/43
11/22 at 100.00
  
BBB+
  
3,437,623
  
 
9,440
  
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
  
AA–
  
9,987,426
  
 
8,175
  
Saint John's County, Florida, Sales Tax Revenue Bonds, Series 2006, 5.000%, 10/01/36 (Pre-refunded 10/01/16) – BHAC Insured
10/16 at 100.00
  
AA+ (4)
  
8,524,400
  
 
2,500
  
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
10/17 at 100.00
  
BBB–
  
2,621,775
  
 
6,865
  
South Broward Hospital District, Florida, Hospital Revenue Bonds, Refunding Series 2015, 4.000%, 5/01/34
5/25 at 100.00
  
AA–
  
6,968,181
  
     
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007:
            
 
3,035
  
5.000%, 8/15/19
8/17 at 100.00
  
AA
  
3,266,085
  
 
14,730
  
5.000%, 8/15/42 (UB)
8/17 at 100.00
  
AA
  
15,352,343
  
 
3,300
  
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
5/22 at 100.00
  
Aa2
  
3,710,718
  
 
123,885
  
Total Florida
        
134,211,913
  
     
Georgia – 0.1%
            
 
2,500
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2015, 5.000%, 11/01/34
5/25 at 100.00
  
AA–
  
2,881,725
  
     
Guam – 0.0%
            
 
330
  
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
10/23 at 100.00
  
BBB
  
385,787
  
     
Hawaii – 0.2%
            
 
3,625
  
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2009A, 5.250%, 4/01/32 (Pre-refunded 4/01/19)
4/19 at 100.00
  
Aa1 (4)
  
4,153,525
  
     
Illinois – 14.5%
            
 
5,125
  
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System Revenue Bonds, Series 2006A, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – NPFG Insured
4/16 at 100.00
  
AA– (4)
  
5,225,860
  
 
17,725
  
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured
No Opt. Call
  
AA–
  
11,267,960
  
 
7,195
  
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured
No Opt. Call
  
AA–
  
2,970,887
  
 
1,500
  
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36
1/22 at 100.00
  
AA+
  
1,562,055
  
     
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
            
 
2,585
  
4.750%, 1/01/30 – AGM Insured
1/16 at 100.00
  
AA
  
2,587,404
  
 
5,000
  
4.625%, 1/01/31 – AGM Insured
1/16 at 100.00
  
AA
  
5,003,300
  
 
3,520
  
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2006A, 5.000%, 1/01/17 – AGM Insured
1/16 at 100.00
  
AA
  
3,543,654
  
 
285
  
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured
1/16 at 100.00
  
AA–
  
285,248
  
 
7,750
  
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
1/16 at 100.00
  
AA
  
7,757,905
  
 
3,500
  
Chicago, Illinois, General Obligation Bonds, Series 2005A, 5.000%, 1/01/17 – AGM Insured
1/16 at 100.00
  
AA
  
3,513,440
  
 
3,320
  
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured
No Opt. Call
  
AA–
  
2,754,305
  
 
3,020
  
Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 – AGM Insured
12/16 at 100.00
  
AA
  
3,136,421
  

28
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Illinois (continued)
            
$
8,875
  
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
  
AA
$
9,220,770
  
 
3,260
  
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
10/20 at 100.00
  
Caa1
  
3,387,107
  
 
5,000
  
Cook County, Illinois, Sales Tax Revenue Bonds, Series 2012, 5.000%, 11/15/37
No Opt. Call
  
AAA
  
5,550,050
  
 
13,070
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured
No Opt. Call
  
Aa3
  
12,211,561
  
 
14,960
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured (ETM)
No Opt. Call
  
Aa3 (4)
  
14,510,451
  
 
1,800
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured
No Opt. Call
  
A2
  
1,685,610
  
 
1,875
  
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
  
AA+
  
2,145,675
  
 
3,000
  
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
11/19 at 100.00
  
AA+
  
3,319,620
  
 
4,845
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
5/20 at 100.00
  
A
  
5,575,432
  
 
4,800
  
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
  
BBB+
  
5,798,832
  
 
2,000
  
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B, 5.000%, 5/15/19 – AGM Insured
5/18 at 100.00
  
AA
  
2,180,620
  
 
4,260
  
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 (Pre-refunded 8/01/17)
8/17 at 100.00
  
N/R (4)
  
4,621,930
  
     
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C:
            
 
560
  
5.000%, 8/15/35
8/25 at 100.00
  
Baa1
  
611,850
  
 
825
  
5.000%, 8/15/44
8/25 at 100.00
  
Baa1
  
886,058
  
 
2,500
  
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
2/21 at 100.00
  
AA–
  
2,782,875
  
 
3,000
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
  
AA+
  
3,203,880
  
 
5,245
  
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 2015-XF0248, 9.282%, 7/01/46 (Pre-refunded 7/01/17) (IF) (5)
7/17 at 100.00
  
AA+ (4)
  
6,020,578
  
 
4,475
  
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
8/18 at 100.00
  
BBB+
  
4,739,562
  
 
1,750
  
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM)
No Opt. Call
  
N/R (4)
  
1,886,308
  
 
3,750
  
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – AMBAC Insured
6/16 at 100.00
  
A
  
3,802,050
  
 
655
  
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
8/22 at 100.00
  
A–
  
700,084
  
 
5,590
  
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
1/23 at 100.00
  
AA–
  
6,132,230
  
 
5,000
  
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured
1/16 at 100.00
  
CC
  
4,241,800
  
 
16,800
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 1996A, 0.000%, 12/15/21 – NPFG Insured
No Opt. Call
  
AA–
  
13,950,551
  
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B:
            
 
3,070
  
5.500%, 6/15/20 – NPFG Insured
6/17 at 101.00
  
AA–
  
3,323,920
  
 
3,950
  
5.550%, 6/15/21 – NPFG Insured
6/17 at 101.00
  
AA–
  
4,274,493
  
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Refunding Series 2002B:
            
 
705
  
5.500%, 6/15/20 (Pre-refunded 6/15/17) – NPFG Insured
6/17 at 101.00
  
AA– (4)
  
768,450
  
 
1,765
  
5.550%, 6/15/21 (Pre-refunded 6/15/17) – NPFG Insured
6/17 at 101.00
  
AA– (4)
  
1,925,280
  

Nuveen Investments
  
29

NUV
Nuveen Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Illinois (continued)
            
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
            
$
9,415
  
0.000%, 6/15/17 – NPFG Insured
No Opt. Call
  
AA–
$
9,198,737
  
 
9,270
  
0.010%, 6/15/18 – FGIC Insured
No Opt. Call
  
BBB+
  
8,831,529
  
 
2,905
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured (ETM)
No Opt. Call
  
AA– (4)
  
2,872,348
  
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B:
            
 
7,250
  
0.000%, 6/15/18 – NPFG Insured
No Opt. Call
  
AA–
  
6,907,075
  
 
3,635
  
0.000%, 6/15/21 – NPFG Insured
No Opt. Call
  
AA–
  
3,079,172
  
 
5,190
  
0.000%, 6/15/28 – NPFG Insured
No Opt. Call
  
AA–
  
3,123,342
  
 
11,670
  
0.000%, 6/15/29 – FGIC Insured
No Opt. Call
  
AA–
  
6,637,313
  
     
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
            
 
10,000
  
0.000%, 6/15/24 – NPFG Insured
6/22 at 101.00
  
AA–
  
10,710,200
  
 
4,950
  
0.000%, 12/15/32 – NPFG Insured
No Opt. Call
  
AA–
  
2,304,324
  
 
21,375
  
0.000%, 6/15/34 – NPFG Insured
No Opt. Call
  
AA–
  
9,154,699
  
 
21,000
  
0.000%, 12/15/35 – NPFG Insured
No Opt. Call
  
AA–
  
8,334,480
  
 
21,970
  
0.000%, 6/15/36 – NPFG Insured
No Opt. Call
  
AA–
  
8,470,314
  
 
10,375
  
0.000%, 12/15/36 – NPFG Insured
No Opt. Call
  
AA–
  
3,908,574
  
 
25,825
  
0.000%, 6/15/39 – NPFG Insured
No Opt. Call
  
AA–
  
8,509,079
  
 
6,095
  
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured
No Opt. Call
  
AA
  
7,889,368
  
 
1,160
  
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, Series 2007, 4.700%, 3/01/33 – AGC Insured
3/17 at 100.00
  
AA
  
1,170,220
  
 
5,020
  
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured
No Opt. Call
  
AA
  
3,887,287
  
 
3,000
  
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
3/17 at 100.00
  
AA–
  
3,161,940
  
 
4,900
  
Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/26 – NPFG Insured
3/16 at 100.00
  
AA–
  
4,963,700
  
 
615
  
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
  
A
  
698,880
  
 
1,575
  
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured
No Opt. Call
  
A3
  
1,493,793
  
 
720
  
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)
No Opt. Call
  
A3 (4)
  
707,868
  
     
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004:
            
 
3,680
  
0.000%, 11/01/16 – FGIC Insured
No Opt. Call
  
AA–
  
3,651,701
  
 
3,330
  
0.000%, 11/01/22 – NPFG Insured
No Opt. Call
  
AA–
  
2,719,744
  
 
2,945
  
Will County School District 86, Joliet, Illinois, General Obligation Bonds, Series 2002, 0.000%, 11/01/15 – AGM Insured
No Opt. Call
  
AA
  
2,944,971
  
 
385,780
  
Total Illinois
        
304,396,724
  
     
Indiana – 2.7%
            
 
300
  
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24
4/17 at 100.00
  
BB+
  
301,047
  
 
5,010
  
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
5/23 at 100.00
  
A
  
5,431,592
  
 
2,250
  
Indiana Finance Authority, Hospital Revenue Bonds, Indiana University Health Obligation Group, Refunding 2015A, 4.000%, 12/01/40
6/25 at 100.00
  
AA–
  
2,251,710
  
 
1,640
  
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
7/23 at 100.00
  
BBB
  
1,735,317
  
 
3,000
  
Indiana Finance Authority, State Revolving Fund Program Bonds, Series 2006A, 5.000%, 2/01/16
No Opt. Call
  
AAA
  
3,037,410
  

30
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Indiana (continued)
            
$
4,000
  
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.000%, 9/01/46 (Alternative Minimum Tax)
9/24 at 100.00
  
BBB
$
4,292,000
  
 
2,250
  
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E, 5.250%,
5/15/41 – AGM Insured
5/18 at 100.00
  
Aa3
  
2,382,345
  
 
970
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
  
A
  
1,010,449
  
 
1,030
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
  
N/R (4)
  
1,099,051
  
 
8,235
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
1/17 at 100.00
  
AA–
  
8,558,883
  
     
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
            
 
12,500
  
0.000%, 2/01/21 – AMBAC Insured
No Opt. Call
  
AA
  
11,352,750
  
 
2,400
  
0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
  
AA
  
1,868,712
  
 
14,595
  
0.000%, 2/01/27 – AMBAC Insured
No Opt. Call
  
AA
  
10,440,386
  
 
2,565
  
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.750%, 1/15/32
7/20 at 100.00
  
N/R
  
2,827,015
  
 
60,745
  
Total Indiana
        
56,588,667
  
     
Iowa – 1.3%
            
 
14,500
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
12/18 at 100.00
  
BB–
  
15,380,150
  
     
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
            
 
175
  
5.375%, 6/01/38
1/16 at 100.00
  
B+
  
165,272
  
 
7,000
  
5.625%, 6/01/46
1/16 at 100.00
  
B+
  
6,774,600
  
 
4,965
  
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34
6/17 at 100.00
  
B+
  
4,926,819
  
 
26,640
  
Total Iowa
        
27,246,841
  
     
Kansas – 0.2%
            
 
4,660
  
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
  
A–
  
3,429,527
  
     
Kentucky – 0.4%
            
 
755
  
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
1/16 at 100.00
  
AA–
  
756,910
  
 
1,750
  
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
6/18 at 100.00
  
AA
  
1,905,908
  
 
1,170
  
Kentucky Municipal Power Agency, Power System Revenue Bonds, Prairie State Project Series 2007A, 5.000%, 9/01/37 – NPFG Insured
9/17 at 100.00
  
AA–
  
1,235,766
  
 
6,000
  
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39
7/31 at 100.00
  
Baa3
  
4,309,680
  
 
9,675
  
Total Kentucky
        
8,208,264
  
     
Louisiana – 1.8%
            
 
12,000
  
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
11/17 at 100.00
  
BBB+
  
13,019,640
  
 
2,310
  
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
8/20 at 100.00
  
BBB+
  
2,719,263
  
 
5,450
  
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
11/20 at 100.00
  
BBB+
  
6,435,469
  
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
            
 
2,640
  
5.250%, 5/15/38
5/17 at 100.00
  
Baa1
  
2,758,906
  
 
1,375
  
5.375%, 5/15/43
5/17 at 100.00
  
Baa1
  
1,437,384
  

Nuveen Investments
  
31

NUV
Nuveen Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Louisiana (continued)
            
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
            
$
1,005
  
5.250%, 5/15/38 (Pre-refunded 5/15/17)
5/17 at 100.00
  
N/R (4)
$
1,077,913
  
 
525
  
5.375%, 5/15/43 (Pre-refunded 5/15/17)
5/17 at 100.00
  
N/R (4)
  
564,097
  
 
5,000
  
Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology, Series 2006, 5.250%, 3/01/37 (Pre-refunded 9/01/16) – NPFG Insured
9/16 at 100.00
  
AA– (4)
  
5,205,550
  
 
5,000
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/41 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
  
Aa1 (4)
  
5,118,650
  
 
35,305
  
Total Louisiana
        
38,336,872
  
     
Maine – 0.1%
            
 
1,050
  
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical Center, Series 2011, 6.750%, 7/01/41
7/21 at 100.00
  
BBB–
  
1,190,553
  
     
Maryland – 0.6%
            
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
            
 
1,300
  
5.250%, 9/01/17 – SYNCORA GTY Insured
9/16 at 100.00
  
Ba1
  
1,339,117
  
 
3,240
  
4.600%, 9/01/30 – SYNCORA GTY Insured
9/16 at 100.00
  
Ba1
  
3,289,637
  
 
1,545
  
5.250%, 9/01/39 – SYNCORA GTY Insured
9/16 at 100.00
  
Ba1
  
1,576,904
  
 
2,500
  
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39
9/16 at 100.00
  
BB
  
2,551,375
  
 
1,050
  
Maryland Health and Higher Educational Facilities Authority, Maryland, Hospital Revenue Bonds, Meritus Medical Center, Series 2015, 5.000%, 7/01/40
7/25 at 100.00
  
BBB
  
1,133,024
  
 
1,500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36
1/22 at 100.00
  
Baa2
  
1,699,350
  
 
11,135
  
Total Maryland
        
11,589,407
  
     
Massachusetts – 1.9%
            
 
3,550
  
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34
7/18 at 100.00
  
AAA
  
3,923,105
  
 
1,450
  
Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2008A, 5.250%, 7/01/34 (Pre-refunded 7/01/18)
7/18 at 100.00
  
N/R (4)
  
1,620,274
  
 
2,100
  
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41
11/23 at 100.00
  
A
  
2,367,372
  
 
1,347
  
Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43 (6), (7)
1/16 at 103.00
  
D
  
39,758
  
 
987
  
Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 0.000%, 2/15/43 (6), (7)
1/16 at 17.71
  
D
  
29,126
  
 
1,526
  
Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 0.000%, 2/15/43 (6), (7)
1/16 at 103.00
  
D
  
45,063
  
 
500
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
7/18 at 100.00
  
A–
  
529,150
  
 
2,300
  
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
7/19 at 100.00
  
BBB
  
2,570,342
  
 
11,615
  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
12/18 at 100.00
  
AA–
  
12,173,913
  
 
9,110
  
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/43
5/23 at 100.00
  
AA+
  
10,371,005
  
 
980
  
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior Series 1997A, 0.000%, 1/01/29 – NPFG Insured
No Opt. Call
  
AA–
  
670,300
  
 
320
  
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30
1/16 at 100.00
  
Aaa
  
321,354
  
 
5,005
  
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A, 5.000%, 8/01/41 (Pre-refunded 8/01/16)
8/16 at 100.00
  
AA+ (4)
  
5,179,374
  
 
40,790
  
Total Massachusetts
        
39,840,136
  

32
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Michigan – 5.2%
            
     
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding Series 2013:
            
$
2,065
  
6.000%, 10/01/33
10/23 at 100.00
  
N/R
$
1,695,510
  
 
2,520
  
6.000%, 10/01/43
10/23 at 100.00
  
N/R
  
1,985,735
  
 
8,335
  
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
11/15 at 100.00
  
B–
  
8,110,622
  
 
1,415
  
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
  
BBB+
  
1,533,931
  
 
3,700
  
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
11/20 at 100.00
  
AA
  
3,987,194
  
 
273
  
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/16
1/16 at 100.00
  
A3
  
273,389
  
     
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A:
            
 
11,160
  
5.000%, 7/01/35 – NPFG Insured
1/16 at 100.00
  
AA–
  
11,313,561
  
 
6,755
  
4.500%, 7/01/35 – NPFG Insured
1/16 at 100.00
  
AA–
  
6,775,333
  
 
3,000
  
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 7/01/29 – FGIC Insured
No Opt. Call
  
AA–
  
3,618,180
  
 
3,395
  
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
7/18 at 100.00
  
AA+
  
3,679,195
  
 
7,525
  
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – FGIC Insured
7/18 at 100.00
  
AA+
  
8,147,242
  
 
1,775
  
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2003B, 5.000%, 7/01/34 – NPFG Insured
1/16 at 100.00
  
AA–
  
1,780,929
  
 
2,955
  
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
No Opt. Call
  
AA
  
2,994,952
  
 
670
  
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/34 – NPFG Insured
1/16 at 100.00
  
A3
  
672,238
  
 
2,200
  
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2005B, 4.750%, 7/01/34 – BHAC Insured
No Opt. Call
  
AA+
  
2,304,896
  
     
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D:
            
 
165
  
5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
  
AA
  
167,219
  
 
5,250
  
4.625%, 7/01/32 – AGM Insured
7/16 at 100.00
  
AA
  
5,260,553
  
 
2,000
  
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
5/20 at 100.00
  
A2
  
2,154,900
  
 
1,487
  
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax General Obligation Bonds, Series 2014G-2A, 5.375%, 4/01/16
1/16 at 100.00
  
AA–
  
1,490,412
  
 
1,950
  
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014C-1, 5.000%, 7/01/44
7/22 at 100.00
  
BBB+
  
2,060,721
  
 
4,600
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
12/21 at 100.00
  
AA
  
5,038,472
  
 
5,000
  
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 5.000%, 12/01/35
6/22 at 100.00
  
AA
  
5,593,500
  
 
2,155
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/29
10/20 at 100.00
  
AAA
  
2,474,112
  
 
5,000
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/41
10/21 at 100.00
  
Aa2
  
5,569,850
  
 
10,000
  
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/30
10/25 at 100.00
  
Aa2
  
11,570,700
  
 
2,890
  
Oakland University, Michigan, General Revenue Bonds, Series 2012, 5.000%, 3/01/42
No Opt. Call
  
A1
  
3,139,436
  
 
1,150
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
9/18 at 100.00
  
Aaa
  
1,386,544
  

Nuveen Investments
  
33

NUV
Nuveen Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Michigan (continued)
            
     
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2005:
            
$
1,465
  
4.750%, 12/01/18 (Pre-refunded 12/01/15) – AGC Insured (Alternative Minimum Tax)
12/15 at 100.00
  
AA (4)
$
1,470,772
  
 
2,560
  
5.000%, 12/01/34 (Pre-refunded 12/01/15) – NPFG Insured
12/15 at 100.00
  
N/R (4)
  
2,570,342
  
 
1,100
  
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2015D, 5.000%, 12/01/45
12/25 at 100.00
  
A
  
1,195,282
  
 
104,515
  
Total Michigan
        
110,015,722
  
     
Minnesota – 0.8%
            
 
1,750
  
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
1/16 at 100.00
  
A+
  
1,756,283
  
 
6,375
  
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 (Pre-refunded 11/15/18)
11/18 at 100.00
  
A+ (4)
  
7,457,666
  
 
6,730
  
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 (Pre-refunded 11/15/16)
11/16 at 100.00
  
Aaa
  
7,072,422
  
 
14,855
  
Total Minnesota
        
16,286,371
  
     
Missouri – 1.2%
            
 
3,465
  
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
11/23 at 100.00
  
A2
  
3,777,058
  
 
12,000
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B, 5.000%, 6/01/30
6/20 at 100.00
  
AA–
  
13,226,280
  
 
2,600
  
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 4.500%, 12/15/25 – NPFG Insured
12/16 at 100.00
  
AA–
  
2,702,258
  
 
5,055
  
Springfield Public Utilities Board, Missouri, Certificates of Participation, Series 2012, 5.000%, 12/01/15
No Opt. Call
  
AA
  
5,076,433
  
 
23,120
  
Total Missouri
        
24,782,029
  
     
Nebraska – 0.4%
            
 
1,400
  
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45
11/25 at 100.00
  
A–
  
1,516,284
  
 
2,215
  
Nebraska Public Power District, General Revenue Bonds, Series 2006A, 5.000%, 1/01/19 (Pre-refunded 1/01/16) – NPFG Insured
1/16 at 100.00
  
AA– (4)
  
2,233,407
  
 
5,000
  
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%, 2/01/39 (Pre-refunded 2/01/18)
2/18 at 100.00
  
AA (4)
  
5,534,000
  
 
8,615
  
Total Nebraska
        
9,283,691
  
     
Nevada – 2.7%
            
 
2,000
  
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2007A-1, 5.000%, 7/01/26 – AMBAC Insured (Alternative Minimum Tax)
No Opt. Call
  
A+
  
2,110,720
  
 
5,075
  
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
  
A+
  
5,883,245
  
     
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015:
            
 
5,220
  
5.000%, 6/01/33
12/24 at 100.00
  
AA+
  
6,080,882
  
 
10,000
  
5.000%, 6/01/34
12/24 at 100.00
  
AA+
  
11,597,300
  
 
9,000
  
5.000%, 6/01/39
12/24 at 100.00
  
AA+
  
10,283,580
  
 
275
  
Nevada State, General Obligation Bonds, Municipal Bond Bank Projects R9A-R12, Refunding Series 2005F, 5.000%, 12/01/16 – AGM Insured
1/16 at 100.00
  
AA+
  
276,133
  
 
5,040
  
Nevada State, Unemployment Compensation Fund Special Revenue Bonds, Series 2013, 5.000%, 6/01/16
No Opt. Call
  
AAA
  
5,183,287
  
 
10,000
  
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
5/16 at 100.00
  
AA–
  
9,836,300
  
 
2,500
  
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Trust 2634, 18.924%, 7/01/31 – BHAC Insured (IF) (5)
7/17 at 100.00
  
AA+
  
3,012,100
  
 
1,500
  
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A, 6.750%, 6/15/28
6/18 at 100.00
  
B1
  
1,606,290
  
 
50,610
  
Total Nevada
        
55,869,837
  

34
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
New Hampshire – 0.1%
            
$
1,500
  
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
10/19 at 100.00
  
Baa1
$
1,657,170
  
     
New Jersey – 2.7%
            
 
930
  
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
1/24 at 100.00
  
AA
  
1,010,696
  
 
2,550
  
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A, 5.250%, 7/01/33 – NPFG Insured
1/16 at 100.00
  
AA–
  
2,582,972
  
 
3,300
  
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
7/18 at 100.00
  
BB+
  
3,416,292
  
 
4,740
  
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/34
1/17 at 41.49
  
A–
  
1,871,447
  
 
9,420
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/31
No Opt. Call
  
A–
  
3,992,479
  
     
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
            
 
30,000
  
0.000%, 12/15/30 – FGIC Insured
No Opt. Call
  
AA–
  
14,049,900
  
 
27,000
  
0.000%, 12/15/32 – AGM Insured
No Opt. Call
  
AA
  
11,760,120
  
 
5,820
  
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42
No Opt. Call
  
A–
  
5,925,284
  
 
205
  
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
No Opt. Call
  
AA–
  
207,173
  
     
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
            
 
105
  
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
  
AA– (4)
  
106,139
  
 
105
  
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
  
AA– (4)
  
106,139
  
 
70
  
6.500%, 1/01/16 – NPFG Insured (ETM)
No Opt. Call
  
AA– (4)
  
70,760
  
 
1,135
  
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
5/23 at 100.00
  
Aa3
  
1,265,502
  
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
            
 
4,335
  
4.625%, 6/01/26
6/17 at 100.00
  
B+
  
4,244,615
  
 
6,215
  
4.750%, 6/01/34
6/17 at 100.00
  
B–
  
5,039,495
  
 
95,930
  
Total New Jersey
        
55,649,013
  
     
New Mexico – 0.1%
            
 
1,070
  
University of New Mexico, Revenue Bonds, Refunding Series 1992A, 6.000%, 6/01/21
No Opt. Call
  
AA
  
1,210,930
  
     
New York – 4.5%
            
 
10,000
  
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35 (Pre-refunded 8/15/16)
8/16 at 100.00
  
N/R (4)
  
10,351,100
  
 
9,490
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
  
A
  
9,897,880
  
 
2,000
  
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 (Pre-refunded 6/01/16)
6/16 at 100.00
  
A– (4)
  
2,055,440
  
 
5,160
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2008A, 5.500%, 5/01/33 – BHAC Insured
5/19 at 100.00
  
AA+
  
5,907,478
  
 
12,855
  
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
5/21 at 100.00
  
A–
  
14,000,508
  
 
1,510
  
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006B, 5.000%, 12/01/31
12/16 at 100.00
  
BB
  
1,539,717
  
 
9,850
  
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
9/16 at 100.00
  
AA–
  
10,111,123
  
 
3,525
  
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Series 2009EE-2, 5.250%, 6/15/40
No Opt. Call
  
AA+
  
3,975,248
  
 
1,680
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27
5/17 at 100.00
  
AAA
  
1,778,398
  

Nuveen Investments
  
35

NUV
Nuveen Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
New York (continued)
            
$
3,320
  
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27 (Pre-refunded 5/01/17)
5/17 at 100.00
  
N/R (4)
$
3,528,695
  
 
10,000
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
  
N/R
  
10,137,800
  
 
2,700
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.750%, 11/15/51
No Opt. Call
  
A+
  
3,112,290
  
 
3,250
  
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Forty Eighth Series 2007, 5.000%, 8/15/33 (Pre-refunded 8/15/17) – AGM Insured
8/17 at 100.00
  
AA (4)
  
3,506,718
  
 
9,925
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
  
BBB
  
11,530,368
  
 
3,000
  
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/50
5/25 at 100.00
  
AA–
  
3,350,700
  
 
88,265
  
Total New York
        
94,783,463
  
     
North Carolina – 0.4%
            
 
3,000
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
1/18 at 100.00
  
AA–
  
3,136,140
  
 
1,500
  
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37
1/21 at 100.00
  
AA–
  
1,668,630
  
 
2,010
  
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2010A, 5.000%, 6/01/42
6/20 at 100.00
  
AA
  
2,198,116
  
 
1,255
  
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health Combined Group, Series 2007, 4.500%, 10/01/31
10/17 at 100.00
  
AA–
  
1,278,770
  
 
745
  
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission Health Combined Group, Series 2007, 4.500%, 10/01/31 (Pre-refunded 10/01/17)
10/17 at 100.00
  
N/R (4)
  
801,106
  
 
8,510
  
Total North Carolina
        
9,082,762
  
     
North Dakota – 0.5%
            
 
7,820
  
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
11/21 at 100.00
  
A+
  
9,469,473
  
     
Ohio – 4.0%
            
 
9,405
  
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18)
2/18 at 100.00
  
N/R (4)
  
10,373,808
  
 
595
  
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2008A, 5.250%, 2/15/43
2/18 at 100.00
  
A1
  
640,922
  
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
            
 
6,615
  
5.375%, 6/01/24
6/17 at 100.00
  
B–
  
6,013,035
  
 
6,075
  
5.125%, 6/01/24
6/17 at 100.00
  
B–
  
5,456,444
  
 
12,205
  
5.875%, 6/01/30
6/17 at 100.00
  
B–
  
10,913,466
  
 
17,165
  
5.750%, 6/01/34
6/17 at 100.00
  
B–
  
15,047,181
  
 
4,020
  
6.000%, 6/01/42
6/17 at 100.00
  
B
  
3,520,193
  
 
11,940
  
5.875%, 6/01/47
6/17 at 100.00
  
B
  
10,320,577
  
 
16,415
  
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
6/22 at 100.00
  
B–
  
15,022,680
  
 
1,730
  
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
11/21 at 100.00
  
AA
  
2,067,558
  
 
4,975
  
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48
2/23 at 100.00
  
A+
  
5,405,984
  
 
91,140
  
Total Ohio
        
84,781,848
  

36
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Oklahoma – 0.3%
            
$
1,400
  
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
8/21 at 100.00
  
N/R
$
1,649,718
  
 
2,000
  
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 5.125%, 9/01/37
9/17 at 100.00
  
BBB–
  
2,073,120
  
     
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
  
AA–
  
1,911,689
  
 
1,250
  
5.000%, 8/15/29
8/25 at 100.00
  
AA–
  
1,480,350
  
 
6,240
  
Total Oklahoma
        
7,114,877
  
     
Oregon – 0.1%
            
 
2,860
  
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/32
10/17 at 100.00
  
A
  
3,039,408
  
     
Pennsylvania – 0.6%
            
 
1,250
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue Bonds, Series 2014A, 0.000%, 12/01/37
No Opt. Call
  
AA–
  
989,138
  
 
2,715
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2011B, 5.000%, 12/01/41
12/21 at 100.00
  
AA–
  
2,964,400
  
 
7,500
  
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/43
12/22 at 100.00
  
AA–
  
8,200,425
  
 
11,465
  
Total Pennsylvania
        
12,153,963
  
     
Puerto Rico – 0.3%
            
 
76,485
  
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
  
Caa3
  
5,130,614
  
 
21,000
  
Puerto Rico, The Children's Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
1/16 at 11.66
  
BB–
  
1,808,100
  
 
97,485
  
Total Puerto Rico
        
6,938,714
  
     
Rhode Island – 0.3%
            
 
6,250
  
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – NPFG Insured
11/15 at 100.00
  
AA–
  
6,267,313
  
     
South Carolina – 1.3%
            
     
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
            
 
12,560
  
0.000%, 1/01/28 – AMBAC Insured
No Opt. Call
  
AA
  
8,229,061
  
 
9,535
  
0.000%, 1/01/29 – AMBAC Insured
No Opt. Call
  
AA
  
5,902,546
  
 
8,000
  
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & Improvement Series 2015A, 5.000%, 12/01/55
6/25 at 100.00
  
AA–
  
8,664,640
  
 
3,455
  
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 5.500%, 12/01/54
6/24 at 100.00
  
AA–
  
3,873,677
  
 
33,550
  
Total South Carolina
        
26,669,924
  
     
Tennessee – 0.7%
            
 
2,780
  
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding Series 2008, 5.625%, 4/01/38
4/18 at 100.00
  
A+
  
2,999,676
  
 
7,520
  
Jackson, Tennessee, Hospital Revenue Bonds, Jackson-Madison County General Hospital Project, Refunding Series 2008, 5.625%, 4/01/38 (Pre-refunded 4/01/18)
4/18 at 100.00
  
N/R (4)
  
8,394,426
  
 
3,000
  
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
  
BBB+
  
3,088,980
  
 
13,300
  
Total Tennessee
        
14,483,082
  

Nuveen Investments
  
37

NUV
Nuveen Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Texas – 13.3%
            
$
2,000
  
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/34
1/17 at 100.00
  
BB
$
2,057,520
  
 
5,560
  
Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/38
2/17 at 100.00
  
AAA
  
5,826,769
  
 
5,110
  
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6)
1/16 at 100.00
  
C
  
293,825
  
 
2,420
  
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43
1/23 at 100.00
  
BBB+
  
2,584,197
  
 
7,500
  
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2012D, 5.000%, 11/01/38 (Alternative Minimum Tax)
No Opt. Call
  
A+
  
8,049,750
  
 
240
  
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 5.250%, 9/01/44
9/24 at 100.00
  
BB+
  
252,989
  
 
5,000
  
El Paso County Hospital District, Texas, General Obligation Bonds, Certificates of Obligation, Series 2013, 5.000%, 8/15/39
8/23 at 100.00
  
AA–
  
5,406,350
  
 
6,005
  
Friendswood Independent School District, Galveston County, Texas, General Obligation Bonds, Schoolhouse Series 2008, 5.000%, 2/15/37
No Opt. Call
  
AAA
  
6,464,443
  
 
27,340
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 4/01/53
10/23 at 100.00
  
AA+
  
29,836,141
  
 
2,845
  
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston Methodist Hospital System, Series 2015, 4.000%, 12/01/45
6/25 at 100.00
  
AA
  
2,839,964
  
 
5,000
  
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
2/17 at 100.00
  
AA+
  
5,248,600
  
 
7,295
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding Senior Lien Series 2014A, 0.000%, 11/15/50 – AGM Insured
11/31 at 39.79
  
AA
  
1,385,977
  
 
11,900
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/27 – NPFG Insured
No Opt. Call
  
AA–
  
7,108,465
  
 
1,845
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series 2014C, 5.000%, 11/15/32
11/24 at 100.00
  
A3
  
2,054,869
  
 
14,905
  
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/33 – NPFG Insured
11/24 at 59.10
  
AA–
  
5,802,815
  
     
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
            
 
24,755
  
0.000%, 9/01/29 – AMBAC Insured
No Opt. Call
  
A2
  
14,224,223
  
 
12,940
  
0.000%, 9/01/30 – AMBAC Insured
No Opt. Call
  
A2
  
7,071,063
  
 
10,000
  
0.000%, 9/01/31 – AMBAC Insured
No Opt. Call
  
A2
  
5,189,700
  
 
5,000
  
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2015, 5.375%, 8/15/35
2/16 at 100.00
  
BBB+
  
5,025,700
  
 
5,120
  
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation Bonds, Refunding Series 2015A, 5.000%, 8/15/39
8/25 at 100.00
  
AAA
  
5,898,547
  
 
3,750
  
Lewisville Independent School District, Denton County, Texas, General Obligation Bonds, Refunding Series 1996, 0.000%, 8/15/16
No Opt. Call
  
Aaa
  
3,742,538
  
 
2,000
  
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax)
11/22 at 100.00
  
Baa1
  
2,190,740
  
 
1,750
  
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36
4/21 at 100.00
  
BBB
  
1,932,630
  
 
5,420
  
North Texas Municipal Water District, Water System Revenue Bonds, Refunding & Improvement Series 2012, 5.000%, 9/01/26
3/22 at 100.00
  
AAA
  
6,345,519
  
     
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation Series 2008I:
            
 
30,000
  
6.200%, 1/01/42 – AGC Insured
1/25 at 100.00
  
AA
  
37,139,400
  
 
5,220
  
6.500%, 1/01/43
1/25 at 100.00
  
A1
  
6,503,963
  

38
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Texas (continued)
            
$
6,320
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 5.750%, 1/01/40 – BHAC Insured
1/18 at 100.00
  
AA+
$
6,918,125
  
 
15,450
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 0.000%, 1/01/36 – AGC Insured
No Opt. Call
  
AA
  
6,821,021
  
 
9,020
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40
1/23 at 100.00
  
A1
  
9,852,997
  
 
9,100
  
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/32
1/25 at 100.00
  
A2
  
10,276,630
  
 
2,000
  
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003A, 5.800%, 7/01/22 (6)
1/16 at 100.00
  
C
  
115,000
  
 
11,585
  
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources Trust 1201, 9.301%, 2/15/30 (IF)
2/17 at 100.00
  
AA
  
12,448,083
  
 
4,455
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
8/20 at 100.00
  
AA–
  
5,133,096
  
 
355
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45 (Pre-refunded 8/15/20)
8/20 at 100.00
  
N/R (4)
  
423,089
  
 
3,970
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured
1/19 at 100.00
  
AA
  
4,485,782
  
 
1,030
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured
1/19 at 100.00
  
AA (4)
  
1,205,399
  
 
6,435
  
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas Health Resources, Refunding Series 2007A, 5.000%, 2/15/20
No Opt. Call
  
AA
  
6,807,200
  
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
            
 
2,500
  
5.000%, 12/15/26
No Opt. Call
  
A3
  
2,815,100
  
 
10,400
  
5.000%, 12/15/32
No Opt. Call
  
A3
  
11,403,287
  
     
Texas State University System, Financing Revenue Bonds, Refunding Series 2006:
            
 
1,990
  
5.000%, 3/15/27 (Pre-refunded 3/15/16) – AGM Insured
3/16 at 100.00
  
AA (4)
  
2,026,019
  
 
260
  
5.000%, 3/15/27 (Pre-refunded 3/15/16) – AGM Insured
3/16 at 100.00
  
AA (4)
  
264,719
  
 
7,180
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
8/22 at 100.00
  
A–
  
7,812,055
  
 
3,000
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2015B, 5.000%, 8/15/37
8/24 at 100.00
  
A–
  
3,306,840
  
 
1,750
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/33
8/24 at 100.00
  
BBB+
  
1,935,920
  
 
5,500
  
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A, 0.000%, 8/15/25 – AMBAC Insured
No Opt. Call
  
A–
  
4,061,365
  
 
313,220
  
Total Texas
        
278,588,424
  
     
Virginia – 2.5%
            
 
1,500
  
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
10/17 at 100.00
  
BBB
  
1,555,575
  
 
10,000
  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44
10/28 at 100.00
  
BBB+
  
10,732,600
  
 
14,110
  
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 5.000%, 10/01/53
4/22 at 100.00
  
BBB+
  
14,834,124
  
 
1,270
  
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 – SYNCORA GTY Insured
No Opt. Call
  
N/R
  
1,289,647
  

Nuveen Investments
  
39

NUV
Nuveen Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Virginia (continued)
            
     
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C:
            
$
640
  
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
  
N/R (4)
$
676,506
  
 
845
  
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
  
N/R (4)
  
893,199
  
 
1,415
  
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
  
N/R (4)
  
1,496,080
  
 
2,505
  
5.000%, 2/01/37 (Pre-refunded 2/01/17) – SYNCORA GTY Insured
2/17 at 100.00
  
N/R (4)
  
2,647,885
  
 
4,405
  
Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2006, 5.250%, 6/15/31
6/16 at 100.00
  
Baa1
  
4,454,909
  
 
4,355
  
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
6/17 at 100.00
  
B–
  
3,305,184
  
     
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
            
 
4,180
  
5.250%, 1/01/32 (Alternative Minimum Tax)
7/22 at 100.00
  
BBB–
  
4,580,319
  
 
1,650
  
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
  
BBB–
  
1,875,522
  
 
3,770
  
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
  
BBB–
  
4,114,088
  
 
50,645
  
Total Virginia
        
52,455,638
  
     
Washington – 2.3%
            
 
3,780
  
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
1/21 at 100.00
  
A
  
4,197,199
  
 
2,400
  
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.375%, 12/01/33 (Pre-refunded 12/01/20)
12/20 at 100.00
  
N/R (4)
  
2,880,648
  
 
12,000
  
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/33
10/22 at 100.00
  
AA
  
13,549,320
  
 
2,500
  
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
12/17 at 100.00
  
N/R
  
2,571,025
  
 
5,000
  
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured
10/16 at 100.00
  
AA
  
5,055,550
  
 
2,320
  
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured
8/17 at 100.00
  
AA–
  
2,444,514
  
     
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:
            
 
9,100
  
0.000%, 6/01/29 – NPFG Insured
No Opt. Call
  
AA+
  
6,133,491
  
 
16,195
  
0.000%, 6/01/30 – NPFG Insured
No Opt. Call
  
AA+
  
10,527,235
  
 
53,295
  
Total Washington
        
47,358,982
  
     
West Virginia – 0.3%
            
 
3,000
  
West Virginia Economic Development Authority, Lease Revenue Bonds, Juvenile & Public Safety Facilities, Refunding Series 2011A, 5.000%, 6/01/16
No Opt. Call
  
Aa2
  
3,083,730
  
 
3,000
  
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
  
A
  
3,391,290
  
 
6,000
  
Total West Virginia
        
6,475,020
  
     
Wisconsin – 3.3%
            
 
4,000
  
Milwaukee, Wisconsin, General Obligation Bonds, Series 2011N-3, 5.000%, 5/15/16
No Opt. Call
  
AA
  
4,104,840
  
 
7,115
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior Credit Group, Series 2010E, 5.000%, 11/15/33
11/19 at 100.00
  
AA+
  
8,023,087
  
 
1,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A, 5.000%, 2/15/17
2/16 at 100.00
  
A–
  
1,013,010
  
 
2,375
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40
2/22 at 100.00
  
A–
  
2,576,590
  

40
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Wisconsin (continued)
            
$
4,390
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
6/22 at 100.00
  
A2
$
4,727,372
  
 
2,500
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2009, 6.000%, 12/01/38 (Pre-refunded 12/01/18)
12/18 at 100.00
  
N/R (4)
  
2,890,350
  
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A:
            
 
3,500
  
5.750%, 5/01/35 (Pre-refunded 5/01/21)
5/21 at 100.00
  
N/R (4)
  
4,315,955
  
 
5,000
  
6.000%, 5/01/41 (Pre-refunded 5/01/21)
5/21 at 100.00
  
N/R (4)
  
6,231,750
  
 
6,600
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32
8/22 at 100.00
  
AA
  
7,260,528
  
 
10,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2010A, 5.000%, 6/01/30
6/20 at 100.00
  
AA–
  
11,021,900
  
     
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
            
 
2,490
  
5.750%, 5/01/33
5/19 at 100.00
  
AA–
  
2,855,358
  
 
8,945
  
6.250%, 5/01/37
5/19 at 100.00
  
AA–
  
10,433,090
  
 
2,620
  
Wisconsin State, General Obligation Bonds, Series 2012-1, 5.000%, 5/01/16
No Opt. Call
  
AA
  
2,684,373
  
 
60,535
  
Total Wisconsin
        
68,138,203
  
     
Wyoming – 0.2%
            
 
2,035
  
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
7/19 at 100.00
  
A1
  
2,309,481
  
 
1,850
  
West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40
6/21 at 100.00
  
BBB
  
2,156,989
  
 
3,885
  
Total Wyoming
        
4,466,470
  
$
2,389,785
  
Total Municipal Bonds (cost $1,900,120,111)
        
2,070,404,065
  
                   
 
Shares
  
Description (1)
        
Value
  
     
COMMON STOCKS – 0.2%
            
     
Airlines – 0.2%
            
 
97,183
  
American Airlines Group Inc. (8)
      
$
4,491,798
  
     
Total Common Stocks (cost $2,775,109)
        
4,491,798
  

 
Principal
                    
 
Amount (000)
  
Description (1)
Coupon
  
Maturity
  
Ratings (3)
  
Value
  
     
CORPORATE BONDS – 0.0%
                
     
Transportation – 0.0%
                
$
841
  
Las Vegas Monorail Company, Senior Interest Bonds (7), (9)
5.500%
  
7/15/19
  
N/R
$
42,050
  
 
224
  
Las Vegas Monorail Company, Senior Interest Bonds (7), (9)
3.000%
  
7/15/55
  
N/R
  
8,947
  
$
1,065
  
Total Corporate Bonds (cost $95,463)
            
50,997
  
     
Total Long-Term Investments (cost $1,902,990,683)
            
2,074,946,860
  
     
Floating Rate Obligations – (0.5)%
            
(11,130,000
 )
     
Other Assets Less Liabilities – 1.5%
            
32,690,860
  
     
Net Assets – 100%
          
$
2,096,507,720
  

Nuveen Investments
  
41

NUV
Nuveen Municipal Value Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(6)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(8)
On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(9)
During January 2010, Las Vegas Monorail Company ("Las Vegas Monorail") filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
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.

See accompanying notes to financial statements.
 
42
  
Nuveen Investments

NUW
    
 
Nuveen AMT-Free Municipal Value Fund
  
 
Portfolio of Investments
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 101.5%
            
     
MUNICIPAL BONDS – 101.5%
            
     
Alaska – 0.4%
            
     
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
            
$
740
  
4.625%, 6/01/23
1/16 at 100.00
  
Ba1
$
740,141
  
 
350
  
5.000%, 6/01/46
1/16 at 100.00
  
B
  
293,958
  
 
1,090
  
Total Alaska
        
1,034,099
  
     
Arizona – 3.5%
            
 
4,000
  
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40
2/19 at 100.00
  
Baa1
  
4,590,800
  
 
3,045
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
No Opt. Call
  
A–
  
3,402,666
  
 
7,045
  
Total Arizona
        
7,993,466
  
     
California – 11.7%
            
 
990
  
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured
No Opt. Call
  
AA
  
548,906
  
 
2,500
  
California State Public Works Board, Lease Revenue Bonds, Department of General Services Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34
4/19 at 100.00
  
A+
  
2,934,850
  
 
500
  
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 20.022%, 3/01/18 – AGM Insured (IF)
No Opt. Call
  
AA
  
806,380
  
 
4,235
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
6/17 at 100.00
  
B
  
3,778,086
  
 
450
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39
No Opt. Call
  
A
  
607,230
  
 
10,200
  
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
8/29 at 100.00
  
AA
  
10,840,964
  
 
12,955
  
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 Election Series 2012G, 0.000%, 8/01/35 – AGM Insured
No Opt. Call
  
AA
  
5,542,279
  
 
5,185
  
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding Series 2015, 0.000%, 8/01/44
No Opt. Call
  
AA
  
1,221,793
  
 
700
  
Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured
No Opt. Call
  
AA–
  
550,123
  
 
37,715
  
Total California
        
26,830,611
  
     
Colorado – 6.3%
            
 
5,000
  
Denver, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 11/15/25 – SYNCORA GTY Insured
11/15 at 100.00
  
A+
  
5,020,050
  
 
5,885
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 – NPFG Insured
No Opt. Call
  
AA–
  
2,835,158
  
 
3,605
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – NPFG Insured
9/20 at 67.94
  
AA–
  
2,051,317
  
 
4,000
  
Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.375%, 12/01/37 – AGC Insured
12/19 at 100.00
  
AA
  
4,590,440
  
 
18,490
  
Total Colorado
        
14,496,965
  
     
Florida – 8.2%
            
 
9,500
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41 (UB) (4)
10/19 at 100.00
  
A
  
10,695,670
  

Nuveen Investments
  
43

NUW
Nuveen AMT-Free Municipal Value Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Florida (continued)
            
     
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1:
            
$
2,500
  
6.000%, 7/01/38
7/18 at 100.00
  
AA
$
2,831,625
  
 
2,000
  
5.625%, 7/01/38
7/18 at 100.00
  
AA
  
2,219,240
  
 
300
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
5/17 at 100.00
  
N/R
  
225,444
  
 
865
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40
5/19 at 100.00
  
N/R
  
518,420
  
 
375
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40
5/22 at 100.00
  
N/R
  
166,549
  
 
525
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.450%, 5/01/23 (5)
5/18 at 100.00
  
N/R
  
5
  
 
45
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1, RMKT, 6.450%, 5/01/23 (5)
5/18 at 100.00
  
N/R
  
45,752
  
 
905
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.450%, 5/01/23
5/17 at 100.00
  
N/R
  
907,996
  
 
1,315
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (5)
5/18 at 100.00
  
N/R
  
812,473
  
 
805
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (5)
5/18 at 100.00
  
N/R
  
420,838
  
 
880
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (5)
5/18 at 100.00
  
N/R
  
9
  
 
20,015
  
Total Florida
        
18,844,021
  
     
Georgia – 0.8%
            
 
445
  
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
1/19 at 100.00
  
A2
  
514,433
  
 
1,000
  
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
6/20 at 100.00
  
BB
  
1,225,840
  
 
1,445
  
Total Georgia
        
1,740,273
  
     
Illinois – 12.3%
            
     
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
            
 
355
  
0.000%, 1/01/33 – FGIC Insured
No Opt. Call
  
AA–
  
138,567
  
 
3,000
  
0.000%, 1/01/37 – FGIC Insured
No Opt. Call
  
AA–
  
908,190
  
 
3,000
  
Chicago, Illinois, General Obligation Bonds, Series 2005A, 5.000%, 1/01/17 – AGM Insured
1/16 at 100.00
  
AA
  
3,011,520
  
     
Cook and DuPage Counties High School District 210 Lemont, Illinois, General Obligation Bonds, Refunding Series 2006:
            
 
465
  
5.000%, 1/01/26 (Pre-refunded 1/01/16) – NPFG Insured
1/16 at 100.00
  
Aa2 (6)
  
468,767
  
 
260
  
5.000%, 1/01/26 (Pre-refunded 1/01/16) – NPFG Insured
1/16 at 100.00
  
Aa2 (6)
  
262,101
  
 
1,885
  
Cook County Township High School District 225 Northfield, Illinois, General Obligation Bonds, Refunding Series 2002B, 0.000%, 12/01/15 – NPFG Insured
No Opt. Call
  
AAA
  
1,884,472
  
 
5,035
  
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 6.000%, 8/15/39
8/19 at 100.00
  
AA+
  
5,802,535
  
 
3,500
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, 11/15/37 (Pre-refunded 5/15/19)
5/19 at 100.00
  
A (6)
  
4,245,955
  
 
5,000
  
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/38 (Pre-refunded 11/01/18)
11/18 at 100.00
  
Aaa
  
5,930,000
  
 
3,940
  
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
5/17 at 100.00
  
BBB+
  
4,026,168
  
 
615
  
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
10/23 at 100.00
  
A
  
698,880
  

44
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Illinois (continued)
            
$
1,045
  
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – FGIC Insured
No Opt. Call
  
AA–
$
811,819
  
 
28,100
  
Total Illinois
        
28,188,974
  
     
Indiana – 7.4%
            
 
5,000
  
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 2009A, 6.750%, 3/01/39 (Pre-refunded 3/01/19)
3/19 at 100.00
  
AA – (6)
  
5,953,500
  
 
3,600
  
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc., Series 2006E, 5.250%,
5/15/41 – AGM Insured
5/18 at 100.00
  
Aa3
  
3,811,752
  
 
1,770
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
3/17 at 100.00
  
A
  
1,843,809
  
 
1,880
  
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
3/17 at 100.00
  
N/R (6)
  
2,006,035
  
 
2,000
  
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%, 1/01/39
1/19 at 100.00
  
A+
  
2,274,180
  
 
1,500
  
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
No Opt. Call
  
AA
  
1,167,945
  
 
15,750
  
Total Indiana
        
17,057,221
  
     
Iowa – 2.0%
            
 
1,545
  
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
12/18 at 100.00
  
BB–
  
1,638,782
  
 
3,075
  
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
1/16 at 100.00
  
B+
  
2,904,061
  
 
4,620
  
Total Iowa
        
4,542,843
  
     
Kansas – 0.1%
            
 
260
  
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
No Opt. Call
  
A–
  
191,347
  
     
Louisiana – 7.3%
            
 
5,000
  
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 6.125%, 6/01/25 – AGC Insured
6/18 at 100.00
  
AA
  
5,629,200
  
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
            
 
5,075
  
5.375%, 5/15/43
5/17 at 100.00
  
Baa1
  
5,305,253
  
 
200
  
5.500%, 5/15/47
5/17 at 100.00
  
Baa1
  
209,554
  
     
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
            
 
1,925
  
5.375%, 5/15/43 (Pre-refunded 5/15/17)
5/17 at 100.00
  
N/R (6)
  
2,068,355
  
 
75
  
5.500%, 5/15/47 (Pre-refunded 5/15/17)
5/17 at 100.00
  
N/R (6)
  
80,729
  
 
3,255
  
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37
6/17 at 100.00
  
Baa1
  
3,353,496
  
 
15,530
  
Total Louisiana
        
16,646,587
  
     
Maine – 1.9%
            
 
3,335
  
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Tender Option Bond Trust 2009-5B, 13.327%, 7/01/39 (IF) (4)
7/19 at 100.00
  
Aa2
  
4,468,200
  
     
Maryland – 0.2%
            
     
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
            
 
180
  
5.250%, 9/01/26 – SYNCORA GTY Insured
9/16 at 100.00
  
Ba1
  
183,793
  
 
275
  
5.250%, 9/01/27 – SYNCORA GTY Insured
9/16 at 100.00
  
Ba1
  
280,794
  
 
455
  
Total Maryland
        
464,587
  

Nuveen Investments
  
45

NUW
Nuveen AMT-Free Municipal Value Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Massachusetts – 0.6%
            
$
1,000
  
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2015 – XF2181, 13.574%, 8/01/38 (IF)
8/19 at 100.00
  
AAA
$
1,384,160
  
     
Michigan – 4.2%
            
 
5,050
  
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
1/16 at 100.00
  
AA–
  
5,119,488
  
 
50
  
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 7/01/33 – NPFG Insured
7/16 at 100.00
  
AA–
  
50,639
  
 
3,100
  
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2006D, 5.000%, 7/01/32 – AGM Insured
7/16 at 100.00
  
AA
  
3,141,695
  
 
2,085
  
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/26 – AGM Insured
10/16 at 61.33
  
AA
  
1,262,071
  
 
10,285
  
Total Michigan
        
9,573,893
  
     
Nevada – 4.2%
            
 
1,000
  
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/34
7/19 at 100.00
  
AAA
  
1,129,000
  
 
5,415
  
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
6/19 at 100.00
  
BBB
  
6,151,061
  
 
2,000
  
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 5.000%, 6/01/39
12/24 at 100.00
  
AA+
  
2,285,240
  
 
8,415
  
Total Nevada
        
9,565,301
  
     
New Jersey – 3.4%
            
 
1,500
  
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2003A, 5.500%, 11/01/15 – AGM Insured
No Opt. Call
  
AAA
  
1,500,225
  
     
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry of New Jersey, Refunding Series 2009B:
            
 
2,135
  
7.125%, 12/01/23 (Pre-refunded 6/01/19)
6/19 at 100.00
  
N/R (6)
  
2,582,987
  
 
3,000
  
7.500%, 12/01/32 (Pre-refunded 6/01/19)
6/19 at 100.00
  
N/R (6)
  
3,668,910
  
 
6,635
  
Total New Jersey
        
7,752,122
  
     
New York – 2.4%
            
 
1,530
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47
2/17 at 100.00
  
A
  
1,595,759
  
 
3,000
  
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue, Series 2007, 5.500%, 10/01/37
No Opt. Call
  
A
  
3,667,620
  
 
130
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
  
BBB
  
151,028
  
 
4,660
  
Total New York
        
5,414,407
  
     
Ohio – 5.8%
            
 
5,000
  
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 2009A, 5.750%, 2/15/39 (Pre-refunded 2/15/19) – AGC Insured
2/19 at 100.00
  
AA (6)
  
5,787,800
  
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
            
 
2,115
  
5.875%, 6/01/30
6/17 at 100.00
  
B–
  
1,891,191
  
 
5,910
  
6.500%, 6/01/47
6/17 at 100.00
  
B
  
5,517,753
  
 
13,025
  
Total Ohio
        
13,196,744
  
     
Oklahoma – 1.0%
            
 
2,150
  
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2007, 5.125%, 9/01/37
9/17 at 100.00
  
BBB–
  
2,228,604
  
     
Rhode Island – 1.5%
            
 
3,000
  
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39
5/19 at 100.00
  
BBB+
  
3,395,460
  

46
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
South Carolina – 1.5%
            
$
5,435
  
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/29 – AMBAC Insured
No Opt. Call
  
AA
$
3,364,482
  
     
Texas – 6.3%
            
 
3,550
  
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/31 (Pre-refunded 8/15/16)
8/16 at 46.64
  
Aaa
  
1,651,212
  
 
1,855
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.500%, 4/01/53
10/23 at 100.00
  
BBB+
  
2,048,977
  
 
915
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/45
1/25 at 100.00
  
A1
  
1,011,231
  
 
5,435
  
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 5.750%, 1/01/38 (Pre-refunded 1/01/18)
1/18 at 100.00
  
A2 (6)
  
6,018,012
  
 
1,500
  
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
No Opt. Call
  
A3
  
1,644,705
  
 
2,000
  
Wichita Falls Independent School District, Wichita County, Texas, General Obligation Bonds, Series 2007, 5.000%, 2/01/23 (Pre-refunded 2/01/17)
2/17 at 100.00
  
AAA
  
2,114,780
  
 
15,255
  
Total Texas
        
14,488,917
  
     
Virgin Islands – 0.5%
            
 
1,000
  
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
10/19 at 100.00
  
Baa3
  
1,127,830
  
     
Virginia – 1.4%
            
 
1,400
  
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%, 7/15/40
7/28 at 100.00
  
BBB
  
1,007,272
  
 
2,000
  
Washington County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38
1/19 at 100.00
  
BBB+
  
2,285,380
  
 
3,400
  
Total Virginia
        
3,292,652
  
     
West Virginia – 0.7%
            
 
1,500
  
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
6/23 at 100.00
  
A
  
1,695,645
  
     
Wisconsin – 5.9%
            
 
1,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/27
2/22 at 100.00
  
A–
  
1,135,790
  
 
1,605
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39 (Pre-refunded 2/15/19)
2/19 at 100.00
  
A+ (6)
  
1,902,198
  
 
9,000
  
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
5/19 at 100.00
  
AA–
  
10,420,560
  
 
11,605
  
Total Wisconsin
        
13,458,548
  
$
241,215
  
Total Long-Term Investments (cost $195,708,164)
        
232,437,959
  
     
Floating Rate Obligations – (3.1)%
        
(7,125,000
 )
     
Other Assets Less Liabilities – 1.6%
        
3,639,432
  
     
Net Assets – 100%
      
$
228,952,391
  

Nuveen Investments
  
47

NUW
Nuveen AMT-Free Municipal Value Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(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. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
See accompanying notes to financial statements.
 
48
  
Nuveen Investments

NMI
    
 
Nuveen Municipal Income Fund, Inc.
  
 
Portfolio of Investments
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 99.5%
            
     
MUNICIPAL BONDS – 99.5%
            
     
Alabama – 0.5%
            
$
500
  
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
1/16 at 100.00
  
AA
$
502,910
  
     
Arizona – 1.3%
            
 
600
  
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, Series 2014A, 5.000%, 12/01/39
12/24 at 100.00
  
A2
  
660,924
  
 
500
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28
No Opt. Call
  
A–
  
589,490
  
 
1,100
  
Total Arizona
        
1,250,414
  
     
California – 17.3%
            
 
5,530
  
Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 1997A, 0.000%, 9/01/22 – NPFG Insured
No Opt. Call
  
AA–
  
4,609,807
  
     
Brea Olinda Unified School District, Orange County, California, General Obligation Bonds, Series 1999A:
            
 
2,000
  
0.000%, 8/01/21 – FGIC Insured
No Opt. Call
  
Aa2
  
1,782,060
  
 
2,070
  
0.000%, 8/01/22 – FGIC Insured
No Opt. Call
  
AA–
  
1,770,553
  
 
2,120
  
0.000%, 8/01/23 – FGIC Insured
No Opt. Call
  
AA–
  
1,738,230
  
 
345
  
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21
12/18 at 100.00
  
BBB–
  
347,964
  
 
250
  
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 4.800%, 8/01/37 (Alternative Minimum Tax)
2/17 at 100.00
  
A
  
250,933
  
 
375
  
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.000%, 10/01/29
10/19 at 100.00
  
BBB+
  
414,469
  
 
1,000
  
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39
1/16 at 100.00
  
CCC
  
895,150
  
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
            
 
540
  
4.500%, 6/01/27
6/17 at 100.00
  
B+
  
529,945
  
 
1,000
  
5.750%, 6/01/47
6/17 at 100.00
  
B
  
922,380
  
 
250
  
Madera County, California, Certificates of Participation, Children's Hospital Central California, Series 2010, 5.375%, 3/15/36
3/20 at 100.00
  
AA–
  
277,850
  
 
300
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34
No Opt. Call
  
A
  
425,010
  
 
250
  
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
6/20 at 100.00
  
A–
  
289,025
  
 
385
  
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24
2/21 at 100.00
  
A–
  
459,251
  
 
500
  
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44
1/25 at 100.00
  
BB+
  
534,205
  
 
1,000
  
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22
12/21 at 100.00
  
A+
  
1,216,860
  
 
17,915
  
Total California
        
16,463,692
  
     
Colorado – 7.9%
            
     
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A:
            
 
150
  
5.125%, 12/01/29
12/23 at 100.00
  
BBB
  
168,212
  
 
250
  
5.375%, 12/01/33
12/23 at 100.00
  
BBB
  
282,100
  

Nuveen Investments
  
49

NMI
Nuveen Municipal Income Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Colorado (continued)
            
$
1,000
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
1/20 at 100.00
  
AA–
$
1,100,040
  
 
1,000
  
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/35
6/16 at 100.00
  
BBB+
  
1,012,030
  
 
750
  
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 5.000%, 11/15/38
11/23 at 100.00
  
AA
  
844,478
  
 
1,000
  
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32
11/22 at 100.00
  
A+
  
1,154,990
  
 
1,000
  
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
12/20 at 100.00
  
AA
  
1,176,010
  
 
815
  
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.125%, 11/15/23
No Opt. Call
  
A
  
1,011,561
  
 
270
  
Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.250%, 12/01/34 – RAAI Insured
12/17 at 100.00
  
AA
  
285,360
  
 
500
  
Tallyn's Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Limited Tax Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33
12/23 at 100.00
  
N/R
  
517,650
  
 
6,735
  
Total Colorado
        
7,552,431
  
     
Florida – 5.5%
            
 
850
  
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33
9/23 at 100.00
  
BBB–
  
876,053
  
 
100
  
Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy Residential Services Inc., Series 1995, 8.000%, 6/01/22
12/15 at 100.00
  
N/R
  
100,020
  
 
500
  
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31
4/21 at 100.00
  
Baa1
  
581,095
  
 
1,025
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured
10/20 at 100.00
  
AA
  
1,153,391
  
 
1,000
  
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 5.000%, 10/01/42
10/22 at 100.00
  
Aa3
  
1,108,940
  
 
515
  
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40
10/20 at 100.00
  
AA
  
579,633
  
 
310
  
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., Series 2012A, 5.000%, 10/01/42
4/22 at 100.00
  
A
  
326,402
  
 
525
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
1/16 at 100.00
  
N/R
  
525,373
  
 
4,825
  
Total Florida
        
5,250,907
  
     
Georgia – 2.3%
            
 
455
  
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/40
7/25 at 100.00
  
Aa3
  
523,041
  
 
715
  
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Trestletree Village Apartments, Series 2013A, 4.000%, 11/01/25
11/23 at 100.00
  
BBB+
  
733,476
  
 
500
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – AGM Insured
11/19 at 100.00
  
AA
  
561,080
  
 
355
  
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
No Opt. Call
  
A
  
405,864
  
 
2,025
  
Total Georgia
        
2,223,461
  
     
Hawaii – 0.3%
            
 
250
  
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific University, Series 2013A, 6.625%, 7/01/33
7/23 at 100.00
  
BB+
  
278,668
  
     
Illinois – 9.2%
            
 
640
  
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, Series 2002, 4.500%, 11/01/36
11/24 at 100.00
  
A
  
636,557
  

50
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Illinois (continued)
            
$
1,000
  
Illinois Finance Authority, Revenue Bonds, Children's Memorial Hospital, Tender Option Bond Trust 1098, 18.266%, 8/15/33 – AGC Insured (IF) (4)
8/18 at 100.00
  
AA
$
1,322,520
  
 
280
  
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
5/20 at 100.00
  
AA–
  
304,959
  
 
80
  
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 5.500%, 7/01/28
7/23 at 100.00
  
A–
  
92,129
  
 
450
  
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29 (Pre-refunded 5/01/19)
5/19 at 100.00
  
Aaa
  
533,601
  
 
200
  
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Refunding Series 2015C, 5.000%, 8/15/44
8/25 at 100.00
  
Baa1
  
214,802
  
 
500
  
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19)
8/19 at 100.00
  
N/R (5)
  
611,450
  
 
250
  
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
3/20 at 100.00
  
AA
  
277,535
  
 
990
  
Illinois State, General Obligation Bonds, Series 2013, 5.250%, 7/01/31
7/23 at 100.00
  
A–
  
1,050,161
  
 
220
  
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36 (6)
1/16 at 100.00
  
D
  
87,956
  
 
1,555
  
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52
6/22 at 100.00
  
BBB+
  
1,589,971
  
 
450
  
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 5.000%, 10/01/27
10/22 at 100.00
  
Baa1
  
486,770
  
 
800
  
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28
6/21 at 100.00
  
A–
  
949,664
  
 
490
  
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/32
10/23 at 100.00
  
A
  
566,920
  
 
7,905
  
Total Illinois
        
8,724,995
  
     
Indiana – 2.0%
            
 
525
  
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
10/19 at 100.00
  
B–
  
508,993
  
 
655
  
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax)
7/23 at 100.00
  
BBB
  
696,743
  
 
100
  
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
9/24 at 100.00
  
BBB
  
111,507
  
 
500
  
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41
9/21 at 100.00
  
N/R
  
597,680
  
 
1,780
  
Total Indiana
        
1,914,923
  
     
Iowa – 0.9%
            
 
835
  
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26
10/21 at 100.00
  
BBB–
  
898,569
  
     
Kansas – 0.4%
            
 
415
  
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
1/17 at 100.00
  
BB+
  
418,814
  
     
Kentucky – 2.4%
            
 
500
  
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
6/20 at 100.00
  
BBB+
  
573,290
  
 
1,500
  
Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint Mary's HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 (Pre-refunded 2/01/18)
2/18 at 100.00
  
Aaa
  
1,680,450
  
 
2,000
  
Total Kentucky
        
2,253,740
  

Nuveen Investments
  
51

NMI
Nuveen Municipal Income Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Louisiana – 0.6%
            
$
500
  
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, City of Shreveport Airport System Project, Series 2008A, 5.750%, 1/01/28 (Pre-refunded 1/01/19) – AGM Insured
1/19 at 100.00
  
AA (5)
$
556,310
  
     
Maryland – 2.0%
            
 
1,000
  
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35
6/20 at 100.00
  
Baa3
  
1,092,190
  
 
210
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40
7/20 at 100.00
  
BBB–
  
219,232
  
 
500
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center Issue, Series 2015, 5.000%, 7/01/45
7/24 at 100.00
  
A
  
546,835
  
 
1,710
  
Total Maryland
        
1,858,257
  
     
Michigan – 1.6%
            
 
355
  
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
7/22 at 100.00
  
BBB+
  
384,838
  
 
1,025
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2011-II-A, 5.375%, 10/15/36
10/21 at 100.00
  
Aa2
  
1,145,344
  
 
1,380
  
Total Michigan
        
1,530,182
  
     
Minnesota – 0.8%
            
 
245
  
City of Minneapolis, Minnesota, Senior Housing and Healthcare Facilities Revenue Bonds, Walker Minneapolis Campus Project, Series 2015, 4.625%, 11/15/31
11/22 at 100.00
  
N/R
  
245,725
  
 
500
  
Saint Paul Housing and Redevelopment Authority, Minnesota, Lease Revenue Bonds, Community of Peace Academy Project, Series 2006A, 5.000%, 12/01/36 (Pre-refunded 12/01/15)
12/15 at 100.00
  
BBB– (5)
  
502,080
  
 
745
  
Total Minnesota
        
747,805
  
     
Mississippi – 0.4%
            
 
360
  
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
4/16 at 100.00
  
BBB
  
367,160
  
     
Missouri – 8.9%
            
 
265
  
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
10/19 at 100.00
  
A–
  
295,433
  
 
4,450
  
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB) (4)
12/16 at 100.00
  
AA+
  
4,516,350
  
 
135
  
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33
5/23 at 100.00
  
BBB+
  
147,767
  
 
1,000
  
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33
10/22 at 100.00
  
BBB–
  
1,053,710
  
 
200
  
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C2, 5.000%, 10/01/34
10/23 at 100.00
  
A
  
225,152
  
 
965
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health System, Series 2012, Reg S, 5.000%, 2/15/26
2/22 at 100.00
  
BBB+
  
1,064,685
  
 
500
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 1999, 6.000%, 10/01/25
10/18 at 103.00
  
BBB–
  
556,415
  
 
500
  
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 5.250%, 10/01/20
10/18 at 103.00
  
BBB–
  
558,780
  
 
8,015
  
Total Missouri
        
8,418,292
  
     
Nebraska – 0.5%
            
 
400
  
Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.050%, 9/01/30
5/21 at 100.00
  
Aa3
  
444,656
  

52
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
New Jersey – 0.7%
            
$
100
  
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax)
No Opt. Call
  
BBB–
$
112,140
  
     
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A:
            
 
180
  
4.625%, 6/01/26
6/17 at 100.00
  
B+
  
176,247
  
 
500
  
4.750%, 6/01/34
6/17 at 100.00
  
B–
  
405,430
  
 
780
  
Total New Jersey
        
693,817
  
     
New York – 3.9%
            
 
630
  
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
1/20 at 100.00
  
BBB–
  
716,090
  
 
60
  
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35
7/25 at 100.00
  
BBB+
  
67,473
  
 
400
  
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
2/21 at 100.00
  
A
  
455,388
  
 
500
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44
11/24 at 100.00
  
N/R
  
506,890
  
 
265
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
  
BBB
  
307,864
  
 
1,615
  
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41
2/16 at 100.00
  
N/R
  
1,645,378
  
 
3,470
  
Total New York
        
3,699,083
  
     
North Dakota – 0.6%
            
 
200
  
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21)
7/21 at 100.00
  
N/R (5)
  
238,572
  
 
300
  
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
11/21 at 100.00
  
A+
  
363,279
  
 
500
  
Total North Dakota
        
601,851
  
     
Ohio – 4.9%
            
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
            
 
300
  
5.375%, 6/01/24
6/17 at 100.00
  
B–
  
272,700
  
 
1,020
  
5.125%, 6/01/24
6/17 at 100.00
  
B–
  
916,144
  
 
1,000
  
Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center Project, Series 2006, 5.250%, 8/15/46
8/16 at 100.00
  
A–
  
1,017,400
  
 
1,750
  
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/36
8/21 at 100.00
  
A2
  
1,900,150
  
 
500
  
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30
4/20 at 100.00
  
BBB–
  
551,375
  
 
4,570
  
Total Ohio
        
4,657,769
  
     
Oregon – 1.4%
            
 
300
  
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding Series 2014A, 5.000%, 5/01/40
5/22 at 100.00
  
BBB
  
320,571
  
 
850
  
Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/29
6/22 at 100.00
  
A1
  
970,615
  
 
1,150
  
Total Oregon
        
1,291,186
  
     
Pennsylvania – 3.5%
            
 
1,000
  
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 5.000%, 11/01/40
5/22 at 100.00
  
AA–
  
1,086,560
  
 
45
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
1/19 at 100.00
  
BBB+
  
51,088
  

Nuveen Investments
  
53

NMI
Nuveen Municipal Income Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Pennsylvania (continued)
            
$
415
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19)
1/19 at 100.00
  
N/R (5)
$
481,537
  
 
560
  
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/36
1/25 at 100.00
  
Baa2
  
604,705
  
 
1,000
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41
7/22 at 100.00
  
BBB+
  
1,054,980
  
 
3,020
  
Total Pennsylvania
        
3,278,870
  
     
South Carolina – 0.6%
            
 
475
  
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 1991, 6.750%, 1/01/19 – FGIC Insured (ETM)
No Opt. Call
  
A3 (5)
  
561,873
  
     
Tennessee – 2.5%
            
 
1,250
  
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
1/23 at 100.00
  
A+
  
1,368,913
  
 
1,000
  
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
9/16 at 100.00
  
BBB+
  
1,029,660
  
 
2,250
  
Total Tennessee
        
2,398,573
  
     
Texas – 9.6%
            
 
335
  
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 2013A, 5.125%, 10/01/43
10/23 at 100.00
  
BBB+
  
362,648
  
 
500
  
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40
5/25 at 100.00
  
A+
  
556,100
  
     
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond Trust 1015:
            
 
150
  
20.346%, 1/01/38 (Pre-refunded 1/01/18) (IF) (4)
1/18 at 100.00
  
A2 (5)
  
237,051
  
 
850
  
20.238%, 1/01/38 (Pre-refunded 1/01/18) (IF) (4)
1/18 at 100.00
  
A2 (5)
  
1,320,441
  
 
200
  
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/43
9/31 at 100.00
  
AA+
  
181,056
  
 
410
  
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 5.000%, 1/01/40
1/23 at 100.00
  
A1
  
447,864
  
 
500
  
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A, 5.000%, 1/01/38
1/25 at 100.00
  
A2
  
553,820
  
 
240
  
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 5.000%, 2/01/34
2/24 at 100.00
  
Baa2
  
252,490
  
 
270
  
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27
No Opt. Call
  
A
  
327,758
  
     
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012:
            
 
1,165
  
5.000%, 12/15/27
No Opt. Call
  
A3
  
1,299,976
  
 
505
  
5.000%, 12/15/28
No Opt. Call
  
A3
  
559,096
  
 
405
  
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39
12/19 at 100.00
  
Baa2
  
472,408
  
 
770
  
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40
6/20 at 100.00
  
Baa3
  
914,221
  
 
500
  
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
8/17 at 100.00
  
BBB (5)
  
539,540
  
 
1,000
  
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier Refunding Series 2015C, 5.000%, 8/15/32
8/24 at 100.00
  
BBB+
  
1,108,630
  
 
45
  
West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998, 0.000%, 8/15/25
1/16 at 59.11
  
AAA
  
26,440
  
 
7,845
  
Total Texas
        
9,159,539
  

54
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Virgin Islands – 0.5%
            
$
420
  
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
10/19 at 100.00
  
Baa3
$
473,689
  
     
Virginia – 0.3%
            
 
250
  
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
  
BBB–
  
284,170
  
     
Washington – 0.5%
            
 
500
  
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
12/17 at 100.00
  
N/R
  
514,205
  
     
Wisconsin – 5.7%
            
 
290
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
4/20 at 100.00
  
A–
  
305,898
  
 
940
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gunderson Lutheran, Series 2011A, 5.250%, 10/15/39
10/21 at 100.00
  
A+
  
1,053,513
  
 
1,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, Series 2012, 4.000%, 10/01/32
10/22 at 100.00
  
A2
  
1,039,830
  
 
1,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.500%, 5/01/31 (Pre-refunded 5/01/21)
5/21 at 100.00
  
N/R (5)
  
1,219,910
  
 
1,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Refunding Series 2015, 5.000%, 8/15/39
8/24 at 100.00
  
A+
  
1,100,300
  
 
500
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial Hospital, Inc., Series 2014B, 5.000%, 7/01/44
7/24 at 100.00
  
BBB+
  
535,730
  
 
200
  
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project. Series 2014, 5.125%, 10/01/34
10/22 at 102.00
  
N/R
  
203,466
  
 
4,930
  
Total Wisconsin
        
5,458,647
  
$
89,555
  
Total Long-Term Investments (cost $85,143,623)
        
94,729,458
  
                   
 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
SHORT-TERM INVESTMENTS – 1.1%
            
     
MUNICIPAL BONDS – 1.1%
            
     
California – 1.1%
            
$
800
  
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014A, 6.000%, 12/15/15 (7)
No Opt. Call
  
N/R
$
802,192
  
 
100
  
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014B, 6.000%, 12/15/15 (7)
No Opt. Call
  
N/R
  
100,274
  
 
120
  
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2014C, 6.000%, 12/15/15 (7)
No Opt. Call
  
N/R
  
120,329
  
$
1,020
  
Total Short-Term Investments (cost $1,020,000)
        
1,022,795
  
     
Total Investments (cost $86,163,623) – 100.6%
        
95,752,253
  
     
Floating Rate Obligations – (3.5)%
        
(3,335,000
 )
     
Other Assets Less Liabilities – 2.9%
        
2,732,133
  
     
Net Assets – 100%
      
$
95,149,386
  

Nuveen Investments
  
55
 
NMI
Nuveen Municipal Income Fund, Inc.
  
 
Portfolio of Investments (continued)
October 31, 2015

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
On May 7, 2015, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.250% to 2.100%.
(7)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(ETM)
Escrowed to maturity.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
Reg S
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States.

See accompanying notes to financial statements.
 
56
  
Nuveen Investments

NEV
    
 
Nuveen Enhanced Municipal Value Fund
  
 
Portfolio of Investments
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
LONG-TERM INVESTMENTS – 103.3%
            
     
MUNICIPAL BONDS – 102.3%
            
     
Alabama – 0.9%
            
$
2,000
  
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
1/16 at 100.00
  
AA
$
2,011,640
  
 
1,000
  
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013A, 5.250%, 10/01/48 – AGM Insured
10/23 at 102.00
  
AA
  
1,089,430
  
 
3,000
  
Total Alabama
        
3,101,070
  
     
Arizona – 3.9%
            
 
1,585
  
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option Bond Trust 2015-XF2046, 17.691%, 7/01/36 (IF) (4)
1/22 at 100.00
  
AA–
  
2,157,391
  
 
2,000
  
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
  
AA
  
2,241,280
  
 
2,500
  
Festival Ranch Community Facilities District, Town of Buckeye, Arizona, District General Obligation Bonds, Series 2009, 6.500%, 7/15/31 – BAM Insured
7/19 at 100.00
  
AA
  
2,834,850
  
 
1,030
  
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47
7/21 at 100.00
  
BB
  
1,104,273
  
 
320
  
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
12/17 at 102.00
  
B–
  
306,301
  
 
2,000
  
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25
5/22 at 100.00
  
B+
  
2,245,740
  
 
50
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc. Prepay Contract Obligations, Series 2007, 5.000%, 12/01/32
No Opt. Call
  
A–
  
56,946
  
 
1,787
  
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
7/16 at 100.00
  
N/R
  
1,801,886
  
 
11,272
  
Total Arizona
        
12,748,667
  
     
California – 16.7%
            
 
5,000
  
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1, 5.000%, 4/01/34 (Pre-refunded 4/01/19)
4/19 at 100.00
  
AA (5)
  
5,697,900
  
 
920
  
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 2015-XF2188, 12.608%, 10/01/16 (IF)
No Opt. Call
  
Aa1
  
1,336,999
  
 
2,040
  
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF0120, 24.740%, 10/01/33 (IF) (4)
10/19 at 100.00
  
AA
  
3,439,787
  
     
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3248:
            
 
1,700
  
24.508%, 2/15/23 (IF) (4)
8/20 at 100.00
  
AA–
  
3,137,520
  
 
300
  
24.508%, 2/15/23 (IF) (4)
8/20 at 100.00
  
AA–
  
541,710
  
 
1,000
  
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 (Pre-refunded 11/01/19)
11/19 at 100.00
  
A3 (5)
  
1,265,930
  
 
500
  
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 5.750%, 10/01/25
10/19 at 100.00
  
BBB+
  
554,625
  
 
400
  
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36
12/21 at 100.00
  
A+
  
500,576
  
 
275
  
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Series 2006A, 5.000%, 7/01/32 – NPFG Insured
7/16 at 100.00
  
AA+
  
282,376
  
 
490
  
Etiwanda School District, California, Special Tax Bonds, Coyote Canyon Community Facilities District 2004-1 Improvement Area 2, Series 2009, 6.500%, 9/01/32
9/19 at 100.00
  
N/R
  
547,404
  
 
2,000
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47
6/17 at 100.00
  
B
  
1,844,760
  

Nuveen Investments
  
57

NEV
Nuveen Enhanced Municipal Value Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
California (continued)
            
     
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038:
            
$
1,250
  
17.266%, 6/01/40 (IF) (4)
6/25 at 100.00
  
A+
$
1,821,500
  
 
2,445
  
17.252%, 6/01/40 (IF) (4)
6/25 at 100.00
  
A+
  
3,561,900
  
 
2,550
  
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 33.136%, 1/15/19 (IF) (4)
No Opt. Call
  
Aaa
  
6,526,496
  
 
1,710
  
Los Angeles Community College District, California, General Obligation Bonds, Tender Option Bond Trust 3237, 25.091%, 8/01/27 (Pre-refunded 8/01/18) (IF)
8/18 at 100.00
  
AA+ (5)
  
2,813,805
  
 
1,600
  
Los Angeles County, California, Community Development Commission Headquarters Office Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option Bond Trust Series 2011-23B, 22.897%, 9/01/42 (IF) (4)
9/21 at 100.00
  
Aa3
  
2,742,400
  
 
525
  
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/31
5/20 at 100.00
  
AA
  
602,569
  
 
1,080
  
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32
8/21 at 100.00
  
A–
  
1,354,158
  
 
1,165
  
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
9/21 at 100.00
  
BBB+
  
1,408,334
  
 
1,030
  
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25
1/16 at 102.00
  
N/R
  
1,007,762
  
 
265
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
11/19 at 100.00
  
Ba1
  
293,517
  
 
250
  
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
6/20 at 100.00
  
A–
  
289,025
  
     
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C:
            
 
500
  
6.500%, 8/01/27
2/21 at 100.00
  
A–
  
606,425
  
 
700
  
6.750%, 8/01/33
2/21 at 100.00
  
A–
  
845,845
  
 
500
  
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27
2/21 at 100.00
  
BBB+
  
609,510
  
 
360
  
Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31
2/21 at 100.00
  
A
  
439,409
  
 
1,000
  
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38
12/19 at 100.00
  
A+
  
1,124,760
  
 
2,400
  
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Tender Option Bond Trust 2015-XF0117, 21.309%, 6/01/17 (IF) (4)
No Opt. Call
  
A+
  
3,896,496
  
 
3,110
  
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2005 Series 2007, 5.000%, 8/01/31 – AGM Insured
8/17 at 100.00
  
AA
  
3,299,927
  
 
1,045
  
Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, Series 2011A, 6.500%, 12/01/28
6/21 at 100.00
  
A+
  
1,268,170
  
 
1,020
  
Western Placer Unified School District, Placer County, California, Certificates of Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured
8/19 at 100.00
  
AA
  
1,139,738
  
 
39,130
  
Total California
        
54,801,333
  
     
Colorado – 3.8%
            
 
1,941
  
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of Evergreen, Series 2005A, 6.500%, 12/01/35
12/15 at 100.00
  
N/R
  
1,943,174
  
     
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007:
            
 
250
  
6.200%, 4/01/16 (Alternative Minimum Tax)
No Opt. Call
  
N/R
  
250,195
  
 
26
  
5.000%, 9/01/16 (Alternative Minimum Tax) (6)
No Opt. Call
  
N/R
  
24,467
  
 
2,000
  
Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Series 2007, 5.125%, 12/01/37 – RAAI Insured
12/17 at 100.00
  
AA
  
2,018,760
  

58
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Colorado (continued)
            
$
4,000
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured
9/26 at 52.09
  
AA–
$
1,306,400
  
     
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008:
            
 
475
  
6.250%, 11/15/28
No Opt. Call
  
A
  
598,842
  
 
4,030
  
6.500%, 11/15/38
No Opt. Call
  
A
  
5,382,628
  
 
815
  
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
12/20 at 100.00
  
N/R
  
870,958
  
 
13,537
  
Total Colorado
        
12,395,424
  
     
Connecticut – 0.4%
            
 
1,022
  
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22
4/20 at 100.00
  
N/R
  
1,182,199
  
     
Delaware – 0.0%
            
 
140
  
Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16
1/16 at 100.00
  
N/R
  
140,112
  
     
District of Columbia – 0.5%
            
 
1,500
  
District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., Series 2011, 6.375%, 3/01/31
3/21 at 100.00
  
BBB–
  
1,625,340
  
     
Florida – 6.9%
            
 
1,785
  
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38
5/16 at 100.00
  
N/R
  
1,701,408
  
 
2,000
  
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Ave Maria University, Refunding Series 2013A, 5.625%, 6/01/33
6/23 at 100.00
  
BBB–
  
2,153,440
  
 
975
  
Copperstone Community Development District, Manatee County, Florida, Capital Improvement Revenue Bonds, Series 2007, 5.200%, 5/01/38
5/17 at 100.00
  
N/R
  
980,363
  
 
895
  
Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34
1/16 at 100.00
  
N/R
  
895,653
  
 
1,000
  
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33
6/21 at 100.00
  
BB–
  
1,175,950
  
 
600
  
Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Shell Point/Alliance Obligated Group, Shell Point Village/Alliance Community Project, Series 2006, 5.000%, 11/15/32
11/16 at 100.00
  
BBB–
  
617,514
  
 
1,000
  
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children's Hospital, Series 2010A, 6.000%, 8/01/30
8/20 at 100.00
  
A+
  
1,156,850
  
 
1,625
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35
10/20 at 100.00
  
A
  
1,858,366
  
 
3,660
  
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A, 5.125%, 4/01/34 – AGC Insured
4/19 at 100.00
  
AA
  
3,987,093
  
 
1,500
  
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40
10/20 at 100.00
  
AA
  
1,688,250
  
     
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A:
            
 
1,000
  
5.000%, 11/01/33
11/22 at 100.00
  
BBB+
  
1,069,050
  
 
2,000
  
5.000%, 11/01/43
11/22 at 100.00
  
BBB+
  
2,115,460
  
 
425
  
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
  
AA–
  
450,738
  
 
80
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
5/17 at 100.00
  
N/R
  
60,118
  
 
230
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40
5/19 at 100.00
  
N/R
  
137,846
  

Nuveen Investments
  
59

NEV
Nuveen Enhanced Municipal Value Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Florida (continued)
            
$
95
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40
5/22 at 100.00
  
N/R
$
42,192
  
 
135
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (7)
5/18 at 100.00
  
N/R
  
1
  
 
15
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1, RMKT, 6.650%, 5/01/40 (7)
5/18 at 100.00
  
N/R
  
15,305
  
 
245
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40
5/17 at 100.00
  
N/R
  
248,222
  
 
350
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-1, 0.000%, 5/01/40 (7)
5/18 at 100.00
  
N/R
  
216,248
  
 
215
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-2, 0.000%, 5/01/40 (7)
5/18 at 100.00
  
N/R
  
112,398
  
 
235
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2015-3, 6.610%, 5/01/40 (7)
5/18 at 100.00
  
N/R
  
2
  
 
890
  
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
1/16 at 100.00
  
N/R
  
890,632
  
 
1,080
  
Venetian Community Development District, Sarasota County, Florida, Capital Improvement Revenue Bonds, Series 2012-A2, 5.500%, 5/01/34
5/22 at 100.00
  
N/R
  
1,137,229
  
 
22,035
  
Total Florida
        
22,710,328
  
     
Georgia – 5.3%
            
 
12,000
  
Atlanta, Georgia, Airport General Revenue Bonds, Series 2010C, 5.250%, 1/01/30 (UB)
1/21 at 100.00
  
AA
  
13,829,520
  
 
665
  
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
1/19 at 100.00
  
A2
  
768,760
  
 
670
  
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20
1/19 at 100.00
  
A2
  
781,468
  
 
1,250
  
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
6/20 at 100.00
  
BB
  
1,532,300
  
 
90
  
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
No Opt. Call
  
A
  
102,895
  
 
260
  
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26
No Opt. Call
  
A
  
314,018
  
 
14,935
  
Total Georgia
        
17,328,961
  
     
Guam – 1.5%
            
 
1,760
  
Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42
1/22 at 100.00
  
A
  
1,883,077
  
 
1,500
  
Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/44
10/24 at 100.00
  
AA
  
1,693,125
  
 
1,250
  
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
7/23 at 100.00
  
A–
  
1,400,750
  
 
4,510
  
Total Guam
        
4,976,952
  
     
Illinois – 11.4%
            
 
3,055
  
CenterPoint Intermodal Center Program Trust, Illinois, Class A Certificates, Series 2004, 3.840%, 6/15/23
12/16 at 100.00
  
N/R
  
3,054,846
  
 
1,000
  
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 5.500%, 1/01/33
1/25 at 100.00
  
BBB+
  
1,040,820
  
 
2,000
  
Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 2005, 6.000%, 12/01/24 – AGM Insured
12/21 at 100.00
  
AA
  
2,339,820
  
 
645
  
Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 6.125%, 5/15/27
5/20 at 100.00
  
BBB–
  
693,814
  
 
355
  
Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 6.125%, 5/15/27 (Pre-refunded 5/15/20)
5/20 at 100.00
  
N/R (5)
  
431,059
  

60
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Illinois (continued)
            
$
3,000
  
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
10/20 at 100.00
  
Caa1
$
3,103,620
  
     
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 1122:
            
 
1,605
  
20.750%, 9/01/38 (IF) (4)
9/22 at 100.00
  
BBB
  
1,999,172
  
 
1,540
  
16.791%, 9/01/38 (IF) (4)
9/22 at 100.00
  
BBB
  
1,843,180
  
 
1,000
  
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.375%, 2/15/25
1/16 at 100.00
  
BB–
  
1,000,090
  
 
4,000
  
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A, 5.000%, 4/01/36
4/16 at 100.00
  
Baa3
  
3,964,480
  
 
1,000
  
Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 5.500%, 5/15/26
5/17 at 100.00
  
N/R
  
1,013,080
  
     
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option Bond Trust 2015-XF0076:
            
 
690
  
17.850%, 8/15/20 (IF)
No Opt. Call
  
AA+
  
964,454
  
 
150
  
17.850%, 8/15/20 (IF)
No Opt. Call
  
AA+
  
204,330
  
 
1,975
  
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds Trust 11-16B, 27.629%, 8/15/39 (IF) (4)
8/19 at 100.00
  
AA+
  
3,480,345
  
 
1,000
  
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
5/20 at 100.00
  
AA–
  
1,089,140
  
 
500
  
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
3/20 at 100.00
  
AA
  
555,070
  
 
455
  
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 2015-XF0121, 26.548%, 2/15/35 – AGM Insured (IF) (4)
8/21 at 100.00
  
AA
  
855,814
  
 
970
  
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, Series 2009, 6.125%, 5/15/25
5/19 at 100.00
  
BBB+
  
1,084,237
  
 
30
  
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19)
5/19 at 100.00
  
N/R (5)
  
35,318
  
 
2,235
  
Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois IV LLC, Fullerton Village Project, Series 2004A, 5.000%, 6/01/24 (7)
1/16 at 100.00
  
Caa2
  
2,011,254
  
     
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:
            
 
2,685
  
5.250%, 1/01/30 (8)
1/16 at 100.00
  
D
  
1,073,463
  
 
1,515
  
5.250%, 1/01/36 (8)
1/16 at 100.00
  
D
  
605,697
  
 
1,000
  
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28
6/21 at 100.00
  
A–
  
1,187,080
  
 
1,000
  
Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32
3/17 at 102.00
  
N/R
  
1,042,000
  
 
2,500
  
Wauconda, Illinois, Special Service Area 1 Special Tax Bonds, Liberty Lake Project, Refunding Series 2015, 5.000%, 3/01/33 – BAM Insured
3/25 at 100.00
  
AA
  
2,764,874
  
 
35,905
  
Total Illinois
        
37,437,057
  
     
Indiana – 1.6%
            
 
1,395
  
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29
10/19 at 100.00
  
B–
  
1,345,240
  
 
1,500
  
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax)
7/23 at 100.00
  
BBB
  
1,627,020
  
 
2,000
  
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 7.750%, 9/01/31
9/21 at 100.00
  
N/R
  
2,391,960
  
 
4,895
  
Total Indiana
        
5,364,220
  

Nuveen Investments
  
61

NEV
Nuveen Enhanced Municipal Value Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Kansas – 2.7%
            
$
3,000
  
Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding Series 2010S, 5.000%, 5/15/30
5/20 at 100.00
  
A
$
3,198,420
  
 
1,245
  
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
1/17 at 100.00
  
BB+
  
1,256,442
  
 
3,565
  
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32
No Opt. Call
  
N/R
  
3,249,498
  
 
1,130
  
Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35
7/25 at 100.00
  
A1
  
1,271,928
  
 
8,940
  
Total Kansas
        
8,976,288
  
     
Kentucky – 0.3%
            
 
1,000
  
Hardin County, Kentucky, Hospital Revenue Bonds, Hardin Memorial Hospital Project, Series 2013, 5.700%, 8/01/39 – AGM Insured
8/23 at 100.00
  
AA
  
1,150,900
  
     
Louisiana – 3.2%
            
 
2,000
  
Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2010, 5.500%, 11/01/40
5/20 at 100.00
  
A3
  
2,157,960
  
 
3,305
  
Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 4.250%, 12/01/38
5/23 at 100.00
  
A3
  
3,382,006
  
 
2,710
  
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31
12/21 at 100.00
  
N/R
  
3,056,934
  
 
1,165
  
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 11899, 18.329%, 5/01/33 (IF)
5/20 at 100.00
  
AA
  
1,773,841
  
 
9,180
  
Total Louisiana
        
10,370,741
  
     
Massachusetts – 0.7%
            
 
625
  
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010A, 5.500%, 1/01/22
1/20 at 100.00
  
AA
  
707,788
  
 
525
  
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23 (Alternative Minimum Tax)
1/20 at 100.00
  
AA
  
565,593
  
 
3,000
  
Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (7)
1/18 at 100.00
  
N/R
  
7,350
  
 
1,000
  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 (Alternative Minimum Tax)
6/20 at 100.00
  
AA–
  
1,039,150
  
 
5,150
  
Total Massachusetts
        
2,319,881
  
     
Michigan – 2.2%
            
 
1,900
  
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2003A, 5.000%, 7/01/34 – NPFG Insured
1/16 at 100.00
  
A3
  
1,906,346
  
 
2,865
  
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, School Building and Site, Series 2007, 5.000%, 5/01/32 – AGM Insured
5/17 at 100.00
  
Aa1
  
3,013,493
  
 
2,100
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
11/19 at 100.00
  
A–
  
2,385,033
  
 
6,865
  
Total Michigan
        
7,304,872
  
     
Mississippi – 0.1%
            
 
360
  
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
4/16 at 100.00
  
BBB
  
367,160
  
     
Missouri – 0.2%
            
 
640
  
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.375%, 9/01/21
9/17 at 100.00
  
BBB–
  
661,453
  
     
Nebraska – 0.3%
            
 
1,000
  
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43 (Pre-refunded 2/01/17)
2/17 at 100.00
  
AA (5)
  
1,057,040
  

62
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Nevada – 1.6%
            
$
2,000
  
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30
1/20 at 100.00
  
A+
$
2,237,120
  
 
1,670
  
Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 3265, 33.112%, 4/01/17 (IF)
No Opt. Call
  
AA
  
3,150,989
  
 
3,670
  
Total Nevada
        
5,388,109
  
     
New Jersey – 2.0%
            
 
795
  
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Series 2015, 5.250%, 6/15/40 (UB) (4)
6/25 at 100.00
  
A–
  
829,749
  
     
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999:
            
 
1,000
  
5.125%, 9/15/23 (Alternative Minimum Tax)
3/16 at 100.00
  
BB–
  
1,091,520
  
 
1,650
  
5.250%, 9/15/29 (Alternative Minimum Tax)
9/22 at 101.00
  
BB–
  
1,798,748
  
 
1,280
  
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/26
12/19 at 100.00
  
AA
  
1,348,685
  
 
1,500
  
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.625%, 6/01/26
6/17 at 100.00
  
B+
  
1,468,725
  
 
6,225
  
Total New Jersey
        
6,537,427
  
     
New York – 3.7%
            
     
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
            
 
1,100
  
6.000%, 7/15/30
1/20 at 100.00
  
BBB–
  
1,246,014
  
 
1,225
  
6.250%, 7/15/40
1/20 at 100.00
  
BBB–
  
1,392,396
  
 
2,500
  
6.375%, 7/15/43
1/20 at 100.00
  
BBB–
  
2,862,500
  
 
1,000
  
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/34
6/21 at 100.00
  
BBB+
  
1,113,480
  
 
2,500
  
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
8/16 at 101.00
  
N/R
  
2,631,350
  
 
500
  
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014, 5.150%, 11/15/34
11/24 at 100.00
  
N/R
  
520,330
  
 
265
  
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
12/20 at 100.00
  
BBB
  
307,864
  
 
2,000
  
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/26
6/16 at 100.00
  
BB–
  
2,026,140
  
 
11,090
  
Total New York
        
12,100,074
  
     
Ohio – 9.9%
            
     
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
            
 
1,000
  
5.125%, 6/01/24
6/17 at 100.00
  
B–
  
898,180
  
 
6,000
  
5.750%, 6/01/34
6/17 at 100.00
  
B–
  
5,259,720
  
 
6,500
  
5.875%, 6/01/47
6/17 at 100.00
  
B
  
5,618,404
  
 
760
  
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
7/21 at 100.00
  
BBB–
  
820,656
  
 
10,000
  
Franklin County, Ohio, Hospital Facilities Revenue Bonds, OhioHealth Corporation, Series 2015, 5.000%, 5/15/40 (UB)
5/25 at 100.00
  
AA+
  
11,164,700
  
 
3,000
  
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 5.750%, 11/15/31
11/21 at 100.00
  
AA
  
3,582,540
  
 
1,000
  
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30
4/20 at 100.00
  
BBB–
  
1,102,750
  
 
1,670
  
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 3260, 29.169%, 5/01/29 (IF)
5/19 at 100.00
  
A+
  
2,913,499
  

Nuveen Investments
  
63

NEV
Nuveen Enhanced Municipal Value Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Ohio (continued)
            
$
1,200
  
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
No Opt. Call
  
BBB–
$
1,342,716
  
 
31,130
  
Total Ohio
        
32,703,165
  
     
Pennsylvania – 6.4%
            
 
1,387
  
Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated Series 2013, 5.000%, 5/15/26
No Opt. Call
  
N/R
  
1,440,086
  
 
1,390
  
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24
11/19 at 100.00
  
BB–
  
1,429,685
  
 
1,500
  
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27
12/21 at 100.00
  
BB–
  
1,560,795
  
 
1,335
  
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35
1/16 at 100.00
  
Ba3
  
1,334,933
  
 
150
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
1/19 at 100.00
  
BBB+
  
170,292
  
 
1,350
  
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19)
1/19 at 100.00
  
N/R (5)
  
1,566,446
  
 
2,000
  
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27
12/19 at 100.00
  
N/R
  
2,083,120
  
 
1,080
  
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 17.903%, 8/01/38 (Pre-refunded 8/01/20) (IF) (4)
8/20 at 100.00
  
AA (5)
  
1,784,506
  
 
25
  
Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds, NHS Youth Services Inc. Series 2002A, 7.500%, 2/15/29
1/16 at 100.00
  
N/R
  
17,566
  
 
1,000
  
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)
12/15 at 100.00
  
B–
  
1,000,000
  
 
1,000
  
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
1/20 at 100.00
  
BBB
  
1,106,180
  
 
1,200
  
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30
7/20 at 100.00
  
Baa3
  
1,274,004
  
 
1,000
  
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of Philadelphia, Series 2006B, 5.000%, 6/01/27 – AGM Insured
No Opt. Call
  
AA
  
1,154,310
  
     
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E:
            
 
3,480
  
0.000%, 12/01/30
12/27 at 100.00
  
A–
  
3,900,941
  
 
1,000
  
0.000%, 12/01/38
12/27 at 100.00
  
A–
  
1,105,240
  
 
18,897
  
Total Pennsylvania
        
20,928,104
  
     
Puerto Rico – 0.8%
            
 
1,500
  
Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27
12/18 at 100.00
  
A+
  
1,620,165
  
 
1,000
  
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/26 – AMBAC Insured
No Opt. Call
  
CC
  
936,590
  
 
2,500
  
Total Puerto Rico
        
2,556,755
  
     
Rhode Island – 0.4%
            
 
1,110
  
Providence Redevelopment Agency, Rhode Island, Revenue Bonds, Public Safety and Municipal Building Projects, Refunding Series 2015A, 5.000%, 4/01/27
4/25 at 100.00
  
Baa2
  
1,237,184
  
     
Tennessee – 0.1%
            
 
155
  
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24
No Opt. Call
  
A
  
178,731
  
     
Texas – 2.7%
            
 
3,500
  
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) (7)
7/18 at 100.00
  
N/R
  
201,250
  

64
  
Nuveen Investments

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
Texas (continued)
            
$
1,800
  
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 11947, 25.345%, 3/01/19 (IF)
No Opt. Call
  
AA+
$
3,375,720
  
 
1,000
  
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012, 7.250%, 12/15/47
12/21 at 100.00
  
N/R
  
930,980
  
 
455
  
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
No Opt. Call
  
A–
  
553,498
  
 
810
  
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 6.875%, 12/31/39
12/19 at 100.00
  
Baa2
  
944,816
  
 
1,000
  
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34
6/20 at 100.00
  
Baa3
  
1,189,240
  
 
1,500
  
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured
8/17 at 100.00
  
BBB (5)
  
1,618,620
  
 
10,065
  
Total Texas
        
8,814,124
  
     
Utah – 0.3%
            
 
1,000
  
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.250%, 7/15/30
7/20 at 100.00
  
BB–
  
1,028,740
  
     
Vermont – 0.9%
            
     
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A:
            
 
1,000
  
6.125%, 1/01/28
1/21 at 100.00
  
Ba1
  
1,057,810
  
 
1,760
  
6.250%, 1/01/33
1/21 at 100.00
  
Ba1
  
1,851,168
  
 
2,760
  
Total Vermont
        
2,908,978
  
     
Virgin Islands – 0.4%
            
 
1,000
  
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C, 5.000%, 10/01/39
10/24 at 100.00
  
BBB+
  
1,063,560
  
 
250
  
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2009A, 6.000%, 10/01/39
10/19 at 100.00
  
Baa3
  
273,560
  
 
1,250
  
Total Virgin Islands
        
1,337,120
  
     
Virginia – 0.8%
            
 
2,000
  
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
6/17 at 100.00
  
B–
  
1,517,880
  
 
1,010
  
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
  
BBB–
  
1,102,183
  
 
3,010
  
Total Virginia
        
2,620,063
  
     
Washington – 2.4%
            
 
250
  
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43
4/16 at 100.00
  
N/R
  
249,828
  
 
2,000
  
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31
1/21 at 100.00
  
A
  
2,206,160
  
 
2,000
  
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19)
7/19 at 100.00
  
A (5)
  
2,356,600
  
 
1,000
  
Washington State Health Care Facilities Authority, Revenue Bonds, Group Health Cooperative of Puget Sound, Series 2006, 5.000%, 12/01/36 – RAAI Insured
12/16 at 100.00
  
AA
  
1,033,590
  
 
2,000
  
Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.625%, 10/01/40
10/19 at 100.00
  
Baa1
  
2,136,940
  
 
7,250
  
Total Washington
        
7,983,118
  

Nuveen Investments
  
65
 
 
NEV
Nuveen Enhanced Municipal Value Fund
  
 
Portfolio of Investments (continued)
October 31, 2015

 
Principal
    
Optional Call
          
 
Amount (000)
  
Description (1)
Provisions (2)
  
Ratings (3)
  
Value
  
     
West Virginia – 0.2%
            
$
750
  
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38
10/18 at 100.00
  
N/R
$
780,998
  
     
Wisconsin – 6.3%
            
 
3,500
  
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2011-144A, 6.500%, 2/01/31
2/19 at 102.00
  
AA–
  
4,031,544
  
 
2,905
  
Public Finance Authority of Wisconsin, Student Housing Revenue Bonds, Collegiate Housing Foundation – Cullowhee LLC – Western California University Project, Series 2015A, 5.000%, 7/01/35
7/25 at 100.00
  
BBB–
  
3,015,390
  
 
1,000
  
Wisconsin Center District, Senior Dedicated Tax Revenue Refunding Bonds, Series 2003A, 0.000%, 12/15/31
No Opt. Call
  
AA
  
580,170
  
 
1,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30
6/20 at 100.00
  
Baa2
  
1,113,560
  
 
500
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
4/20 at 100.00
  
A–
  
527,410
  
     
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 2015-XF0118:
            
 
1,000
  
22.277%, 4/01/29 (IF) (4)
4/19 at 100.00
  
AA–
  
1,381,600
  
 
1,290
  
17.279%, 10/01/20 (IF) (4)
No Opt. Call
  
AA–
  
1,367,529
  
 
1,090
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43
8/23 at 100.00
  
A–
  
1,147,737
  
 
2,000
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/21
8/16 at 100.00
  
A–
  
2,067,420
  
 
500
  
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30
8/16 at 100.00
  
A–
  
509,970
  
 
2,500
  
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 11B, 33.230%, 5/01/36 (IF) (4)
5/19 at 100.00
  
AA–
  
4,867,600
  
 
17,285
  
Total Wisconsin
        
20,609,930
  
     
Wyoming – 0.8%
            
     
Wyoming Community Development Authority, Student Housing Revenue Bonds, CHF-Wyoming, L.L.C. – University of Wyoming Project, Series 2011:
            
 
710
  
6.250%, 7/01/31
7/21 at 100.00
  
BBB
  
796,123
  
 
1,600
  
6.500%, 7/01/43
7/21 at 100.00
  
BBB
  
1,808,192
  
 
2,310
  
Total Wyoming
        
2,604,315
  
$
305,473
  
Total Municipal Bonds (cost $291,497,752)
        
336,336,933
  

66
  
Nuveen Investments

Shares
  
Description (1)
  
Value
  
   
COMMON STOCKS – 1.0%
      
   
Airlines – 1.0%
      
75,333
  
American Airlines Group Inc. (9)
$
3,481,891
  
   
Total Common Stocks (cost $2,340,765)
  
3,481,891
  
   
Total Long-Term Investments (cost $293,838,517)
  
339,818,824
  
   
Floating Rate Obligations – (5.6)%
  
(18,595,000
 )
   
Other Assets Less Liabilities – 2.3%
  
7,632,601
  
   
Net Assets – 100%
$
328,856,425
  

(1)
All percentages shown in the Portfolio of Investments are based on net assets.
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor's Group ("Standard & Poor's"), Moody's Investors Service, Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor's, Baa by Moody's or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
(4)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(5)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
(6)
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information.
(7)
As of, or subsequent to, the end of the reporting period this security is non-income producing. Non-income producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has ceased accruing additional income on the Fund's records.
(8)
On May 7, 2015, the Fund's Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security's interest rate of accrual from 5.250% to 2.100%.
(9)
On November 28, 2011, AMR Corp. ("AMR"), the parent company of American Airlines Group, Inc. ("AAL") filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR's unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period.
(IF)
Inverse floating rate investment.
(UB)
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities for more information.
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.

See accompanying notes to financial statements.
 
Nuveen Investments
  
67

Statement of
    
 
Assets and Liabilities
October 31, 2015

           
AMT-Free
          
Enhanced
  
     
Municipal Value
    
Municipal Value
    
Municipal Income
    
Municipal Value
  
     
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Assets
                          
Long-term investments, at value (cost $1,902,990,683, $195,708,164, $85,143,623 and $293,838,517, respectively)
  
$
2,074,946,860
  
$
232,437,959
  
$
94,729,458
  
$
339,818,824
  
Short-term investments, at value (cost $—, $—, $1,020,000 and $—, respectively)
    
—
    
—
    
1,022,795
    
—
  
Cash
    
11,650,577
    
892,704
    
525,639
    
2,544,717
  
Receivable for:
                          
Interest
    
25,695,629
    
3,680,919
    
1,341,440
    
6,932,463
  
Investments sold
    
2,370,919
    
20,434
    
1,405,480
    
106,204
  
Other assets
    
291,420
    
7,333
    
2,321
    
15,162
  
Total assets
    
2,114,955,405
    
237,039,349
    
99,027,133
    
349,417,370
  
Liabilities
                          
Floating rate obligations
    
11,130,000
    
7,125,000
    
3,335,000
    
18,595,000
  
Payable for:
                          
Dividends
    
5,899,227
    
798,059
    
313,065
    
1,641,345
  
Investments purchased
    
—
    
—
    
141,418
    
—
  
Accrued expenses:
                          
Management fees
    
811,646
    
116,600
    
49,564
    
250,874
  
Directors/Trustees fees
    
291,137
    
1,773
    
736
    
14,337
  
Other
    
315,675
    
45,526
    
37,964
    
59,389
  
Total liabilities
    
18,447,685
    
8,086,958
    
3,877,747
    
20,560,945
  
Net assets
  
$
2,096,507,720
  
$
228,952,391
  
$
95,149,386
  
$
328,856,425
  
Shares outstanding
    
205,627,646
    
13,335,907
    
8,297,072
    
21,097,018
  
Net asset value ("NAV") per share outstanding
  
$
10.20
  
$
17.17
  
$
11.47
  
$
15.59
  
Net assets consist of:
                          
Shares, $0.01 par value per share
  
$
2,056,276
  
$
133,359
  
$
82,971
  
$
210,970
  
Paid-in surplus
    
1,943,202,313
    
192,355,084
    
85,503,113
    
304,388,683
  
Undistributed (Over-distribution of) net investment income
    
9,191,144
    
1,058,569
    
333,417
    
3,048,734
  
Accumulated net realized gain (loss)
    
(29,898,190
)
  
(1,324,416
)
  
(358,745
)
  
(24,772,269
)
Net unrealized appreciation (depreciation)
    
171,956,177
    
36,729,795
    
9,588,630
    
45,980,307
  
Net assets
  
$
2,096,507,720
  
$
228,952,391
  
$
95,149,386
  
$
328,856,425
  
Authorized shares
    
350,000,000
    
Unlimited
    
200,000,000
    
Unlimited
  

See accompanying notes to financial statements.

68
  
Nuveen Investments
Statement of
    
 
Operations
Year Ended October 31, 2015

           
AMT-Free
          
Enhanced
  
     
Municipal Value
    
Municipal Value
    
Municipal Income
    
Municipal Value
  
     
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Investment Income
  
$
96,379,243
  
$
12,384,726
  
$
4,910,192
  
$
23,016,918
  
Expenses
                          
Management fees
    
9,682,254
    
1,367,016
    
583,757
    
2,935,231
  
Interest expense
    
79,539
    
39,639
    
7,926
    
231,568
  
Custodian fees
    
247,172
    
35,717
    
25,801
    
56,281
  
Directors/Trustees fees
    
56,081
    
6,083
    
2,545
    
8,811
  
Professional fees
    
140,499
    
93,649
    
24,057
    
72,209
  
Shareholder reporting expenses
    
266,804
    
50,968
    
16,558
    
37,136
  
Shareholder servicing agent fees
    
256,376
    
372
    
13,457
    
307
  
Shelf offering expenses
    
—
    
—
    
—
    
168,658
  
Stock exchange listing fees
    
66,130
    
8,094
    
8,131
    
8,094
  
Investor relations expenses
    
125,142
    
11,710
    
7,154
    
18,600
  
Other
    
77,459
    
16,361
    
11,163
    
16,915
  
Total expenses before expense reimbursement
    
10,997,456
    
1,629,609
    
700,549
    
3,553,810
  
Expense reimbursement
    
—
    
—
    
—
    
(84,329
)
Net expenses
    
10,997,456
    
1,629,609
    
700,549
    
3,469,481
  
Net investment income (loss)
    
85,381,787
    
10,755,117
    
4,209,643
    
19,547,437
  
Realized and Unrealized Gain (Loss)
                          
Net realized gain (loss) from:
                          
Investments
    
11,068,291
    
1,465,514
    
494,625
    
2,839,424
  
Swaps
    
—
    
—
    
—
    
(1,040,000
)
Change in net unrealized appreciation (depreciation) of:
                          
Investments
    
(15,782,237
)
  
(2,129,189
)
  
(903,386
)
  
(3,616,419
)
Swaps
    
—
    
—
    
—
    
588,900
  
Net realized and unrealized gain (loss)
    
(4,713,946
)
  
(663,675
)
  
(408,761
)
  
(1,228,095
)
Net increase (decrease) in net assets from operations
  
$
80,667,841
  
$
10,091,442
  
$
3,800,882
  
$
18,319,342
  
See accompanying notes to financial statements.
 
Nuveen Investments
  
69

Statement of
 
 
Changes in Net Assets
 
       
AMT-Free
  
   
Municipal Value (NUV)
  
Municipal Value (NUW)
  
     
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
     
10/31/15
    
10/31/14
    
10/31/15
    
10/31/14
  
Operations
                          
Net investment income (loss)
  
$
85,381,787
  
$
88,465,526
  
$
10,755,117
  
$
10,814,536
  
Net realized gain (loss) from:
                          
Investments
    
11,068,291
    
(23,760,811
)
  
1,465,514
    
(777,431
)
Swaps
    
—
    
—
    
—
    
—
  
Change in net unrealized appreciation (depreciation) of:
                          
Investments
    
(15,782,237
)
  
149,211,079
    
(2,129,189
)
  
12,876,821
  
Swaps
    
—
    
—
    
—
    
—
  
Net increase (decrease) in net assets from operations
    
80,667,841
    
213,915,794
    
10,091,442
    
22,913,926
  
Distributions to Shareholders
                          
From net investment income
    
(83,258,650
)
  
(90,044,352
)
  
(10,453,742
)
  
(10,652,977
)
From accumulated net realized gains
    
—
    
—
    
—
    
(1,170,323
)
Decrease in net assets from distributions to shareholders
    
(83,258,650
)
  
(90,044,352
)
  
(10,453,742
)
  
(11,823,300
)
Capital Share Transactions
                          
Proceeds from shelf offering, net of offering costs
    
—
    
—
    
2,131,586
    
—
  
Net proceeds from shares issued to shareholders due to reinvestment of distributions
    
—
    
—
    
328,495
    
—
  
Net increase (decrease) in net assets from capital share transactions
    
—
    
—
    
2,460,081
    
—
  
Net increase (decrease) in net assets
    
(2,590,809
)
  
123,871,442
    
2,097,781
    
11,090,626
  
Net assets at the beginning of period
    
2,099,098,529
    
1,975,227,087
    
226,854,610
    
215,763,984
  
Net assets at the end of period
  
$
2,096,507,720
  
$
2,099,098,529
  
$
228,952,391
  
$
226,854,610
  
Undistributed (Over-distribution of) net investment income at the end of period
  
$
9,191,144
  
$
7,355,486
  
$
1,058,569
  
$
924,860
  

See accompanying notes to financial statements.

70
  
Nuveen Investments

       
Enhanced Municipal
  
   
Municipal Income (NMI)
  
Value (NEV)
  
     
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
     
10/31/15
    
10/31/14
    
10/31/15
    
10/31/14
  
Operations
                          
Net investment income (loss)
  
$
4,209,643
  
$
4,182,791
  
$
19,547,437
  
$
20,288,705
  
Net realized gain (loss) from:
                          
Investments
    
494,625
    
(48,482
)
  
2,839,424
    
(1,145,517
)
Swaps
    
—
    
—
    
(1,040,000
)
  
67,000
  
Change in net unrealized appreciation (depreciation) of:
                          
Investments
    
(903,386
)
  
6,388,820
    
(3,616,419
)
  
35,327,232
  
Swaps
    
—
    
—
    
588,900
    
(800,705
)
Net increase (decrease) in net assets from operations
    
3,800,882
    
10,523,129
    
18,319,342
    
53,736,715
  
Distributions to Shareholders
                          
From net investment income
    
(4,231,229
)
  
(4,556,295
)
  
(20,379,002
)
  
(20,271,431
)
From accumulated net realized gains
    
—
    
—
    
—
    
—
  
Decrease in net assets from distributions to shareholders
    
(4,231,229
)
  
(4,556,295
)
  
(20,379,002
)
  
(20,271,431
)
Capital Share Transactions
                          
Proceeds from shelf offering, net of offering costs
    
—
    
—
    
—
    
—
  
Net proceeds from shares issued to shareholders due to reinvestment of distributions
    
116,109
    
112,466
    
46,885
    
—
  
Net increase (decrease) in net assets from capital share transactions
    
116,109
    
112,466
    
46,885
    
—
  
Net increase (decrease) in net assets
    
(314,238
)
  
6,079,300
    
(2,012,775
)
  
33,465,284
  
Net assets at the beginning of period
    
95,463,624
    
89,384,324
    
330,869,200
    
297,403,916
  
Net assets at the end of period
  
$
95,149,386
  
$
95,463,624
  
$
328,856,425
  
$
330,869,200
  
Undistributed (Over-distribution of) net investment income at the end of period
  
$
333,417
  
$
356,378
  
$
3,048,734
  
$
3,728,518
  
See accompanying notes to financial statements.
 
Nuveen Investments
  
71

Financial
 
 
Highlights
Selected data for a share outstanding throughout each period:

         
Investment Operations
  
Less Distributions
                          
   
Beginning
NAV
  
Net
Investment
Income
(Loss
 )
Net
Realized/
Unrealized
Gain (Loss
 ) 
Total
  
From
Net
Investment
Income
  
From
Accumu-
lated Net
Realized
Gains
  
Total
  
Offering
Costs
  
Premium
from
Shares
Sold
through
Shelf
Offering
  
Ending
NAV
  
Ending
Share
Price
  
Municipal Value (NUV)      
                                                        
Year Ended 10/31:    
                                                            
2015
  
$
10.21
  
$
0.42
  
$
(0.03
)
$
0.39
  
$
(0.40
)
$
—
  
$
(0.40
)
$
—
  
$
—
  
$
10.20
  
$
10.07
  
2014
    
9.61
    
0.43
    
0.61
    
1.04
    
(0.44
)
  
—
    
(0.44
)
  
—
    
—
    
10.21
    
9.64
  
2013
    
10.31
    
0.44
    
(0.70
)
  
(0.26
)
  
(0.45
)
  
—
    
(0.45
)
  
—
    
0.01
    
9.61
    
9.05
  
2012
    
9.65
    
0.46
    
0.71
    
1.17
    
(0.47
)
  
(0.06
)
  
(0.53
)
  
—
*
  
0.02
    
10.31
    
10.37
  
2011
    
9.82
    
0.48
    
(0.16
)
  
0.32
    
(0.47
)
  
(0.02
)
  
(0.49
)
  
—
    
—
*
  
9.65
    
9.66
  
                                                                     
AMT-Free Municipal Value (NUW)      
                                                        
Year Ended 10/31:
                                                                    
2015
    
17.19
    
0.80
    
(0.04
)
  
0.76
    
(0.79
)
  
—
    
(0.79
)
  
—
    
0.01
    
17.17
    
17.22
  
2014
    
16.35
    
0.82
    
0.92
    
1.74
    
(0.81
)
  
(0.09
)
  
(0.90
)
  
—
    
—
    
17.19
    
16.89
  
2013
    
17.78
    
0.85
    
(1.48
)
  
(0.63
)
  
(0.80
)
  
(0.01
)
  
(0.81
)
  
—
*
  
0.01
    
16.35
    
15.23
  
2012
    
16.47
    
0.84
    
1.29
    
2.13
    
(0.82
)
  
—
    
(0.82
)
  
—
    
—
    
17.78
    
18.66
  
2011
    
16.85
    
0.93
    
(0.39
)
  
0.54
    
(0.90
)
  
(0.02
)
  
(0.92
)
  
—
    
—
    
16.47
    
17.06
  

(a)
Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.


72
  
Nuveen Investments

             
Ratios/Supplemental Data
  
                                     
 
Total Returns
        
Ratios to Average Net Assets
        
                         
 
Based
on
NAV
(a)
Based
on
Share
Price
(a)
Ending
Net
Assets
(000
)
Expenses
(b)
Net
Investment
Income (Loss
)
Portfolio
Turnover
Rate
(c)
                                     
                                     
   
3.94
%
  
8.86
%
$
2,096,508
    
0.53
%
  
4.08
%
  
16
%
   
11.04
    
11.54
    
2,099,099
    
0.56
    
4.36
    
17
  
   
(2.55
)
  
(8.67
)
  
1,975,227
    
0.55
    
4.34
    
19
  
   
12.62
    
13.15
    
2,105,323
    
0.60
    
4.63
    
14
  
   
3.53
    
1.61
    
1,915,231
    
0.65
    
5.15
    
10
  
                                     
                                     
   
4.56
    
6.79
    
228,952
    
0.72
    
4.72
    
6
  
   
10.95
    
17.27
    
226,855
    
0.75
    
4.92
    
10
  
   
(3.59
)
  
(14.31
)
  
215,764
    
0.72
    
4.93
    
7
  
   
13.23
    
14.73
    
231,140
    
0.68
    
4.90
    
10
  
   
3.61
    
2.93
    
212,873
    
0.71
    
5.92
    
1
  

(b)
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities), where applicable, as follows:


Municipal Value (NUV)
    
Year Ended 10/31:
    
2015
—
%**
2014
0.01
  
2013
—
**
2012
0.02
  
2011
0.01
  

AMT-Free Municipal Value (NUW)
    
Year Ended 10/31:
    
2015
0.02
%
2014
0.02
  
2013
—
**
2012
—
  
2011
—
  

(c)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
*
Rounds to less than $0.01 per share.
**
Rounds to less than 0.01%.

See accompanying notes to financial statements.
 
Nuveen Investments
  
73

Financial Highlights (continued)
Selected data for a share outstanding throughout each period:

         
Investment Operations
  
Less Distributions
                          
   
Beginning
NAV
  
Net
Investment
Income
(Loss
)
Net
Realized/
Unrealized
Gain (Loss
)
Total
  
From
Net
Investment
Income
  
From
Accumu-
lated Net
Realized
Gains
  
Total
  
Offering
Costs
  
Premium
from
Shares
Sold
through
Shelf
Offering
  
Ending
NAV
  
Ending
Share
Price
  
Municipal Income (NMI)      
                                                        
Year Ended 10/31:    
                                                            
2015
  
$
11.52
  
$
0.51
  
$
(0.05
)
$
0.46
  
$
(0.51
)
$
—
  
$
(0.51
)
$
—
  
$
—
  
$
11.47
  
$
11.05
  
2014
    
10.80
    
0.50
    
0.77
    
1.27
    
(0.55
)
  
—
    
(0.55
)
  
—
    
—
    
11.52
    
11.30
  
2013
    
11.66
    
0.54
    
(0.83
)
  
(0.29
)
  
(0.57
)
  
—
    
(0.57
)
  
—
    
—
    
10.80
    
10.11
  
2012
    
10.75
    
0.57
    
0.91
    
1.48
    
(0.57
)
  
—
    
(0.57
)
  
—
    
—
    
11.66
    
12.66
  
2011
    
10.84
    
0.58
    
(0.10
)
  
0.48
    
(0.57
)
  
—
    
(0.57
)
  
—
    
—
    
10.75
    
11.13
  
                                                                     
Enhanced Municipal Value (NEV)       
                                                      
Year Ended 10/31:   
                                                              
2015
    
15.69
    
0.93
    
(0.06
)
  
0.87
    
(0.97
)
  
—
    
(0.97
)
  
—
    
—
    
15.59
    
15.38
  
2014
    
14.10
    
0.96
    
1.59
    
2.55
    
(0.96
)
  
—
    
(0.96
)
  
—
    
—
    
15.69
    
14.91
  
2013
    
15.82
    
0.96
    
(1.80
)
  
(0.84
)
  
(0.96
)
  
—
    
(0.96
)
  
(0.01
)
  
0.09
    
14.10
    
13.92
  
2012
    
13.97
    
1.01
    
1.80
    
2.81
    
(0.96
)
  
—
    
(0.96
)
  
—
    
—
    
15.82
    
16.16
  
2011
    
14.78
    
1.01
    
(0.89
)
  
0.12
    
(0.93
)
  
—
    
(0.93
)
  
—
    
—
    
13.97
    
13.70
  

(a)
Total Return Based on NAV is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual reinvest price for the last dividend declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different from the price used in the calculation. Total returns are not annualized.
   
 
Total Return Based on Share Price is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.

74
  
Nuveen Investments
 
             
Ratios/Supplemental Data
  
                                     
 
Total Returns
        
Ratios to Average Net Assets
        
 
Based
on
NAV
(a)
Based
on
Share
Price
(a)
Ending
Net
Assets
(000
)
Expenses
(b)
Net
Investment
Income (Loss
)
Portfolio
Turnover
Rate
(d)
                                     
                                     
   
4.08
%
  
2.31
%
$
95,149
    
0.74
%
  
4.43
%
  
10
%
   
12.06
    
17.55
    
95,464
    
0.76
    
4.55
    
15
  
   
(2.58
)
  
(15.91
)
  
89,384
    
0.73
    
4.73
    
18
  
   
14.05
    
19.51
    
96,298
    
0.78
    
5.09
    
15
  
   
4.73
    
4.62
    
88,488
    
0.77
    
5.61
    
16
  
                                     
                                     
   
5.68
    
9.90
    
328,856
    
1.05
(c)
  
5.93
(c)
  
12
  
   
18.67
    
14.58
    
330,869
    
1.08
    
6.49
    
5
  
   
(5.02
)*
  
(8.12
)
  
297,404
    
1.08
    
6.44
    
12
  
   
20.67
    
25.68
    
305,341
    
1.12
    
6.73
    
11
  
   
1.28
    
1.02
    
269,050
    
1.17
    
7.47
    
33
  

(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 and/or the effect of the interest expense and fees paid on borrowings, where applicable, (each as described in Note 3 – Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities and Note 8 – Borrowing Arrangements), respectively, as follows:


Municipal Income (NMI)
    
Year Ended 10/31:
    
2015
0.01
%
2014
0.01
  
2013
0.01
  
2012
0.01
  
2011
0.01
  

Enhanced Municipal Value (NEV)
    
Year Ended 10/31:
    
2015
0.07
%
2014
0.09
  
2013
0.08
  
2012
0.09
  
2011
0.08
  

(c)
During the period ended October 31, 2015, the Adviser voluntarily reimbursed the Fund for certain expenses incurred in connection with a equity shelf program. As a result, the Expenses and Net Investment Income (Loss) Ratios to Average Net Assets reflect this voluntary expense reimbursement from Adviser. The Expenses and Net Investment Income (Loss) Ratios to Average Net Assets excluding this expense reimbursement from Adviser are as follows:


Ratios to Average Net Assets
  
     
Net Investment
  
Enhanced Municipal Value (NEV)
Expenses
  
Income (Loss
 )
Year Ended 10/31:
        
2015
1.08%
  
5.91%
  

(d)
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period.
   
*
During the fiscal year ended October 31, 2013, Enhanced Municipal Value (NEV) received payments from the Adviser of $168,146 to offset losses realized on the disposal of investments purchased in violation of the Fund's investment restrictions. This reimbursement did not have an impact on the Fund's Total Return on NAV.

See accompanying notes to financial statements.
 
Nuveen Investments
  
75

Notes to Financial Statements
1. General Information and Significant Accounting Policies
General Information
Fund Information
The funds covered in this report and their corresponding New York Stock Exchange ("NYSE") symbols are as follows (each a "Fund" and collectively, the "Funds"):
 
•
Nuveen Municipal Value Fund, Inc. (NUV) ("Municipal Value (NUV)")
 
•
Nuveen AMT-Free Municipal Value Fund (NUW) ("AMT-Free Municipal Value (NUW)")
 
•
Nuveen Municipal Income Fund, Inc. (NMI) ("Municipal Income (NMI)")
 
•
Nuveen Enhanced Municipal Value Fund (NEV) ("Enhanced Municipal Value (NEV)")

The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end management investment companies. Municipal Value (NUV) and Municipal Income (NMI) were incorporated under the state laws of Minnesota on April 8, 1987 and February 26, 1988, respectively. AMT-Free Municipal Value (NUW) and Enhanced Municipal Value (NEV) were organized as Massachusetts business trusts on November 19, 2008 and July 27, 2009, respectively.
The end of the reporting period for the Funds is October 31, 2015, and the period covered by these Notes to Financial Statements is the fiscal year ended October 31, 2015 (the "current fiscal period").
Investment Adviser
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a wholly-owned subsidiary of Nuveen Investments, Inc. ("Nuveen"). The Adviser is responsible for each Fund's overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Each Fund's primary investment objective is to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 "Financial Services-Investment Companies." The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles ("U.S. GAAP").
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds did not have any outstanding when-issued/delayed delivery purchase commitments.
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue

76
  
Nuveen Investments

other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as "Legal fee refund" on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Funds' organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. ("ISDA") master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –  
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
   
Level 2 –  
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
   
Level 3 –  
Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of investments).

Prices of fixed income securities are provided by a pricing service approved by the Funds' Board of Directors/Trustees (the "Board"). The pricing service establishes a security's fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Prices of swap contracts are also provided by a pricing service approved by the Board using the same methods as described above, and are generally classified as Level 2.
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market ("NASDAQ") are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ

Nuveen Investments
  
77

Notes to Financial Statements (continued)
for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund's net asset value ("NAV") (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security's fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund's fair value measurements as of the end of the reporting period:

Municipal Value (NUV)
    
Level 1
    
Level 2
    
Level 3
    
Total
  
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
2,070,290,118
  
$
113,947
 ** 
$
2,070,404,065
  
Common Stocks
    
4,491,798
    
—
    
—
    
4,491,798
  
Corporate Bonds
    
—
    
—
    
50,997
 **   
50,997
  
Total
  
$
4,491,798
  
$
2,070,290,118
  
$
164,944
  
$
2,074,946,860
  
                           
AMT-Free Municipal Value (NUW)
                          
                           
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
232,437,959
  
$
—
  
$
232,437,959
  
                           
Municipal Income (NMI)
                          
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
94,729,458
  
$
—
  
$
94,729,458
  
Short-Term Investments*:
                          
Municipal Bonds
    
—
    
—
    
1,022,795
 **   
1,022,795
  
Total
  
$
—
  
$
94,729,458
  
$
1,022,795
  
$
95,752,253
  
                           
Enhanced Municipal Value (NEV)
                          
Long-Term Investments*:
                          
Municipal Bonds
  
$
—
  
$
336,312,466
  
$
24,467
 ** 
$
336,336,933
  
Common Stocks
    
3,481,891
    
—
    
—
    
3,481,891
  
Total
  
$
3,481,891
  
$
336,312,466
  
$
24,467
  
$
339,818,824
  

*
Refer to the Fund's Portfolio of Investments for industry/state classifications, where applicable.
**
Refer to the Fund's Portfolio of Investments for securities classified as Level 3.

78
  
Nuveen Investments

The following is a reconciliation of Municipal Income's (NMI) Level 3 investments held at the beginning and end of the measurement period:

     
Municipal
  
     
Income (NMI
)
     
Level 3 Short-Term
  
     
Municipal Bonds
  
Balance at the beginning of period
  
$
1,036,932
  
Gain (losses):
        
Net realized gains (losses)
    
—
  
Change in net unrealized appreciation (depreciation)
    
(14,137
)
Purchases at cost
    
—
  
Sales at proceeds
    
—
  
Net discounts (premiums)
    
—
  
Transfers in to
    
—
  
Transfers (out of)
    
—
  
Balance at the end of period
  
$
1,022,795
  
Change in net unrealized appreciation (depreciation) during the period of Level 3 securities held as of the end of the reporting period
  
$
(14,137
)
The valuation techniques and significant unobservable inputs used in recurring Level 3 fair value measurements of assets as of the end of the reporting period, was as follows:

     
Market Value
  
Techniques
  
Unobservable Inputs
  
Range
  
Municipal Income (NMI)
                    
Short-Term Municipal Bonds
  
$
1,022,795
  
Discounted Cash Flow
  
Municipal BBB Benchmark
  
1% - 4%
  
             
B - Rated Hospital Sector
      
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser's Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds' pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser's dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:

 
(i)
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
     
 
(ii)
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.

The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument's current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond (referred to as an "Underlying Bond"), typically with a fixed interest rate, into a special purpose tender option bond ("TOB") trust (referred to as the "TOB Trust") created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating rate certificates (referred to as "Floaters") in face amounts equal to some fraction of the Underlying Bond's par amount or market value, and (b) an inverse floating rate certificate (referred to as an "Inverse Floater") that represents all remaining or residual interest in the TOB Trust. Floaters typically pay short-term tax-exempt interest rates to third

Nuveen Investments
  
79

Notes to Financial Statements (continued)
parties who are also provided a right to tender their certificate and receive its par value, which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider ("Liquidity Provider"), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more of the Funds. The income received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse Floater holder bears substantially all of the Underlying Bond's downside investment risk and also benefits disproportionately from any potential appreciation of the Underlying Bond's value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in "Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component of "Interest expense" on the Statement of Operations.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the Fund's Portfolio of Investments as "(IF) – Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the reporting period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

           
AMT-Free
          
Enhanced
  
     
Municipal
    
Municipal
    
Municipal
    
Municipal
  
     
Value
    
Value
    
Income
    
Value
  
Floating Rate Obligations Outstanding
    
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Floating rate obligations: self-deposited Inverse Floaters
  
$
11,130,000
  
$
7,125,000
  
$
3,335,000
  
$
18,595,000
  
Floating rate obligations: externally-deposited Inverse Floaters
    
24,335,000
    
10,165,000
    
6,005,000
    
146,485,000
  
Total
  
$
35,465,000
  
$
17,290,000
  
$
9,340,000
  
$
165,080,000
  
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and average annual interest rate and fees related to self-deposited Inverse Floaters, were as follows:

           
AMT-Free
          
Enhanced
  
     
Municipal
    
Municipal
    
Municipal
    
Municipal
  
     
Value
    
Value
    
Income
    
Value
  
Self-Deposited Inverse Floaters
    
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Average floating rate obligations outstanding
  
$
11,308,384
  
$
7,125,000
  
$
3,335,000
  
$
15,663,301
  
Average annual interest rate and fees
    
0.60
%
  
0.54
%
  
0.22
%
  
0.55
%
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of Floaters

80
  
Nuveen Investments

by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust's outstanding Floaters plus any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of "Floating rate obligations" on the Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the reporting period, Enhanced Municipal Value (NEV) had outstanding borrowings under such liquidity facilities in the amount of $594,520, which are recognized as a component of "Floating rate obligations". There were no loans outstanding under such facilities for any of the other Funds as of the end of the reporting period.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a "recourse arrangement" or "credit recovery swap") (TOB Trusts involving such agreements are referred to herein as "Recourse Trusts"), under which a Fund agrees to reimburse the Liquidity Provider for the Trust's Floaters, in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus any shortfalls in interest cash flows. Under these agreements, a Fund's potential exposure to losses related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as "Unrealized depreciation on Recourse Trusts" on the Statement of Assets and Liabilities.
As of the end of the reporting period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse Floaters and externally-deposited Inverse Floaters was as follows:

           
AMT-Free
          
Enhanced
  
     
Municipal
    
Municipal
    
Municipal
    
Municipal
  
     
Value
    
Value
    
Income
    
Value
  
Floating Rate Obligations - Recourse Trusts
    
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters
  
$
4,500,000
  
$
7,125,000
  
$
—
  
$
10,595,000
  
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters
    
12,750,000
    
10,165,000
    
6,005,000
    
143,975,000
  
Total
  
$
17,250,000
  
$
17,290,000
  
$
6,005,000
  
$
154,570,000
  
Zero Coupon Securities
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
In addition to the inverse floating rate securities in which each Fund may invest, which are considered portfolio securities for financial reporting purposes, each Fund is authorized to invest in certain derivative instruments such as futures, options and swap contracts. Each Fund limits its investments in futures, options on futures and swap contracts to the extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Interest Rate Swap Contracts
Interest rate swap contracts involve a Fund's agreement with the counterparty to pay or receive a fixed rate payment in exchange for the counterparty receiving or paying a variable rate payment. Forward interest rate swap contracts involve a Fund's agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the "effective date"). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap contract. Swap contracts do not involve the delivery of securities or other underlying assets or principal. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the net amount of interest payments that the Fund is to receive.
Interest rate swap contracts are valued daily. Upon entering into an interest rate swap contract (and beginning on the effective date for a forward interest rate swap contract), a Fund accrues the fixed rate payment expected to be paid or received and the variable rate payment expected to be

Nuveen Investments
  
81

Notes to Financial Statements (continued)
received or paid on the interest rate swap contracts on a daily basis, and recognizes the daily change in the fair value of the Fund's contractual rights and obligations under the contracts. For over-the-counter ("OTC") swaps, the net amount recorded on these transactions, for each counterparty, is recognized on the Statement of Assets and Liabilities as a component of "Unrealized appreciation or depreciation on interest rate swaps (, net)."
Upon the execution of an exchanged-cleared swap contract, in certain instances a Fund is obligated to deposit cash or eligible securities, also known as "initial margin," into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open swap contracts, if any, is recognized as a component of "Cash collateral at brokers" on the Statement of Assets and Liabilities. Investments in exchange-cleared interest rate swap contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior day's "mark-to-market" of the swap contract. If a Fund has unrealized appreciation, the clearing broker will credit the Fund's account with an amount equal to the appreciation. Conversely, if the Fund has unrealized depreciation, the clearing broker will debit the Fund's account with an amount equal to the depreciation. These daily cash settlements are also known as "variation margin." Variation margin is recognized as a receivable and/or payable for "Variation margin on swap contracts" on the Statement of Assets and Liabilities.
The net amount of periodic payments settled in cash are recognized as a component of "Net realized gain (loss) from swaps" on the Statement of Operations, in addition to the net realized gain or loss recorded upon the termination of the swap contract. For tax purposes, payments expected to be received or paid on the swap contacts are treated as ordinary income or expense, respectively.
Changes in the value of the swap contracts during the fiscal period are recognized as a component of "Change in net unrealized appreciation (depreciation) of swaps." In certain instances, payments are made or received upon entering into the swap contract to compensate for differences between the stated terms of the swap agreements and prevailing market conditions (credit spreads, currency exchange rates, interest rates, and other relevant factors). Payments received or made at the beginning of the measurement period, if any, are recognized as "Interest rate swaps premiums paid and/or received" on the Statement of Assets and Liabilities.
During the current fiscal period, as part of its duration management strategies, Enhanced Municipal Value (NEV) invested in forward interest rate swap contracts to help reduce price volatility risk to movements in U.S. interest rates relative to the Fund's benchmark.
The average notional amount of interest rate swap contracts outstanding during the current fiscal period was as follows:

     
Enhanced
  
     
Municipal
  
     
Value
  
     
(NEV
)
Average notional amount of interest rate swap contracts outstanding*
  
$
3,840,000
  

*
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period.

The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on swap contracts on the Statement of Operations during the current fiscal period and the primary underlying risk exposure.

                 
Net Realized
    
Change in Net Unrealized
  
     
Underlying
    
Derivative
    
Gain (Loss from
)
  
Appreciation (Depreciation of
)
Fund
    
Risk Exposure
    
Instrument
    
Swaps
    
Swaps
  
Enhanced Municipal Value (NEV)
    
Interest rate
    
Swaps
  
$
(1,040,000
)
$
588,900
  
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.

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Nuveen Investments

4. Fund Shares
Equity Shelf Programs and Offering Costs
The following Funds have each filed registration statements with the Securities and Exchange Commission ("SEC") authorizing the Funds to issue additional shares through an equity shelf programs ("Shelf Offering"), which became effective with the SEC during prior fiscal periods.
Under these Shelf Offerings, the Funds, subject to market conditions, may raise additional equity capital by issuing additional shares from time to time in varying amounts and by different offering methods at a net price at or above the Fund's NAV per share. In the event a Fund's Shelf Offering registration statement is no longer current, the Fund may not issue additional shares until a post-effective amendment to the registration statement has been filed with the SEC.
Authorized shares, shares issued and offering proceeds, net of offering costs under each Fund's shelf offering during the Fund's current and prior fiscal periods, were as follows:

       
AMT-Free
    
Enhanced
  
   
Municipal Value (NUV)*
  
Municipal Value (NUW)**
    
Municipal Value (NEV)***
  
     
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
     
10/31/15
    
10/31/14
    
10/31/15
    
10/31/14
    
10/31/15
    
10/31/14
  
Authorized shares
    
—
    
19,600,000
    
1,200,000
    
1,200,000
    
5,200,000
    
5,200,000
  
Shares issued
    
—
    
—
    
122,737
    
—
    
—
    
—
  
Offering proceeds, net of offering costs
  
$
—
  
$
—
  
$
2,131,586
  
$
—
  
$
—
  
$
—
  

*
Represents authorized shares for the period November 1, 2013 through February 28, 2014.
**
Represents authorized shares for the period January 27, 2015 through October 31, 2015, and the period November 1, 2013 through February 28, 2014.
***
Represents authorized shares for the fiscal years ended October 31, 2015 and October 31, 2014.

Costs incurred by the Funds in connection with their Shelf Offerings are recorded as a deferred charge and recognized as a component of "Deferred offering costs" on the Statement of Assets and Liabilities. The deferred assets are reduced during the one-year period that additional shares are sold by reducing the proceeds from such sales and is recognized as a component of "Proceeds from shelf offering, net of offering costs" on the Statement of Changes in Net Assets. Any remaining deferred charges at the end of the one-year life of the Shelf Offering period will be expensed accordingly, as well as any additional Shelf Offering costs the Funds may incur. As Shelf Offering costs are expensed they are recognized as a component of "Other expenses" on the Statement of Operations.
During Enhanced Municipal Value's (NEV) current and prior fiscal period the Fund did not issue additional shares. As a result, during the current fiscal period, the Adviser reimbursed Enhanced Municipal Value (NEV) for half of the costs incurred in connection with the Shelf Offering, which is recognized as "Expense reimbursement" on the Statement of Operations.
Share Transactions
Transactions in shares during the Funds' current and prior fiscal period were as follows:

       
AMT-Free
  
   
Municipal Value (NUV)
  
Municipal Value (NUW)
  
                           
     
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
     
10/31/15
    
10/31/14
    
10/31/15
    
10/31/14
  
Shares sold through shelf offering
    
—
    
—
    
122,737
    
—
  
Shares issued to shareholders due to reinvestment of distributions
    
—
    
—
    
18,995
    
—
  
Weighted average premium to
                          
NAV per shelf offering share sold
    
—
%
  
—
%
  
1.36
%
  
—
%

       
Enhanced Municipal
  
   
Municipal Income (NMI)
  
Value (NEV)
  
                           
     
Year Ended
    
Year Ended
    
Year Ended
    
Year Ended
  
     
10/31/15
    
10/31/14
    
10/31/15
    
10/31/14
  
Shares issued to shareholders due to reinvestment of distributions
    
10,033
    
10,131
    
2,917
    
—
  

Nuveen Investments
  
83

Notes to Financial Statements (continued)
5. Investment Transactions
Long-term purchases and sales (including maturities but excluding derivative transactions, where applicable) during the current fiscal period were as follows:

           
AMT-Free
          
Enhanced
  
     
Municipal
    
Municipal
    
Municipal
    
Municipal
  
     
Value
    
Value
    
Income
    
Value
  
     
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Purchases
  
$
333,852,383
  
$
15,392,964
  
$
10,131,286
  
$
40,813,286
  
Sales and maturities
    
350,641,119
    
14,055,835
    
12,066,415
    
40,966,028
  
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, and in the case of AMT-Free Municipal Value (NUW) the alternative minimum tax applicable to individuals, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of October 31, 2015, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:

           
AMT-Free
          
Enhanced
  
     
Municipal
    
Municipal
    
Municipal
    
Municipal
  
     
Value
    
Value
    
Income
    
Value
  
     
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Cost of investments
  
$
1,885,616,316
  
$
187,314,115
  
$
82,627,841
  
$
274,381,218
  
Gross unrealized:
                          
Appreciation
  
$
203,998,637
  
$
38,232,549
  
$
10,172,429
  
$
50,514,864
  
Depreciation
    
(25,798,194
)
  
(233,705
)
  
(382,891
)
  
(3,672,135
)
Net unrealized appreciation (depreciation) of investments
  
$
178,200,443
  
$
37,998,844
  
$
9,789,538
  
$
46,842,729
  
Permanent differences, primarily due to taxable market discount, paydowns and non deductible offering costs resulted in reclassifications among the Funds' components of net assets as of October 31, 2015, the Funds' tax year end, as follows:

           
AMT-Free
          
Enhanced
  
     
Municipal
    
Municipal
    
Municipal
    
Municipal
  
     
Value
    
Value
    
Income
    
Value
  
     
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Paid-in-surplus
  
$
(4
)
$
3
  
$
(2
)
$
(168,660
)
Undistributed (Over-distribution of) net investment income
    
(287,479
)
  
(167,666
)
  
(1,375
)
  
151,781
  
Accumulated net realized gain (loss)
    
287,483
    
167,663
    
1,377
    
16,879
  

84
  
Nuveen Investments

The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2015, the Funds' tax year end, were as follows:

           
AMT-Free
          
Enhanced
  
     
Municipal
    
Municipal
    
Municipal
    
Municipal
  
     
Value
    
Value
    
Income
    
Value
  
     
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Undistributed net tax-exempt income1
  
$
5,574,303
  
$
655,809
  
$
395,590
  
$
3,767,334
  
Undistributed net ordinary income2
    
391,620
    
202,880
    
81,248
    
106,740
  
Undistributed net long-term capital gains
    
—
    
—
    
—
    
—
  

1
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2015 and paid on November 2, 2015.
2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
The tax character of distributions paid during the Funds' tax year ended October 31, 2015 and October 31, 2014 was designated for purposes of the dividends paid deduction as follows:

           
AMT-Free
          
Enhanced
  
     
Municipal
    
Municipal
    
Municipal
    
Municipal
  
     
Value
    
Value
    
Income
    
Value
  
2015
    
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Distributions from net tax-exempt income3
  
$
83,476,720
  
$
10,401,699
  
$
4,196,006
  
$
20,251,258
  
Distributions from net ordinary income2
    
193,185
    
69,219
    
43,093
    
127,511
  
Distributions from net long-term capital gains
    
—
    
—
    
—
    
—
  

           
AMT-Free
          
Enhanced
  
     
Municipal
    
Municipal
    
Municipal
    
Municipal
  
     
Value
    
Value
    
Income
    
Value
  
2014
    
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Distributions from net tax-exempt income
  
$
89,550,845
  
$
10,608,117
  
$
4,555,037
  
$
20,250,337
  
Distributions from net ordinary income2
    
1,007,575
    
45,032
    
42,212
    
21,094
  
Distributions from net long-term capital gains
    
—
    
1,170,151
    
—
    
—
  

2
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
3
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2015, as Exempt Interest Dividends.

As of October 31, 2015, the Funds' tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.

           
AMT-Free
          
Enhanced
  
     
Municipal
    
Municipal
    
Municipal
    
Municipal
  
     
Value
    
Value
    
Income
    
Value
  
     
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Expiration:
                          
October 31, 2016
  
$
—
  
$
—
  
$
68,923
  
$
—
  
October 31, 2017
    
—
    
—
    
289,822
    
—
  
October 31, 2018
    
—
    
—
    
—
    
2,946,811
  
October 31, 2019
    
—
    
—
    
—
    
16,146,849
  
Not subject to expiration
    
26,234,335
    
1,526,751
    
—
    
5,678,609
  
Total
  
$
26,234,335
  
$
1,526,751
  
$
358,745
  
$
24,772,269
  
During the Funds' tax year ended October 31, 2015, the Funds utilized capital loss carryforwards as follows:

           
AMT-Free
          
Enhanced
  
     
Municipal
    
Municipal
    
Municipal
    
Municipal
  
     
Value
    
Value
    
Income
    
Value
  
     
(NUV
)
  
(NUW
)
  
(NMI
)
  
(NEV
)
Utilized capital loss carryforwards
  
$
11,011,739
  
$
1,633,178
  
$
496,000
  
$
939,312
  

Nuveen Investments
  
85

Notes to Financial Statements (continued)
7. Management Fees and Other Transactions with Affiliates
Each Fund's management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser and for Municipal Value (NUV) a gross interest income component. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual Fund-level fee, payable monthly, for Municipal Value (NUV) is calculated according to the following schedule:

 
Municipal Value (NUV)
Average Daily Net Assets
Fund-Level Fee
For the first $500 million
0.1500
%
For the next $500 million
0.1250
  
For net assets over $1 billion
0.1000
  
In addition, Municipal Value (NUV) pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a "self-deposited inverse floater" trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:

 
Municipal Value (NUV)
Gross Interest Income
Gross Income Fee
For the first $50 million
4.125
%
For the next $50 million
4.000
  
For gross income over $100 million
3.875
  
The annual Fund-level fee, payable monthly, for AMT-Free Municipal Value (NUW), Municipal Income (NMI) and Enhanced Municipal Value (NEV) is calculated according to the following schedules:

 
AMT-Free Municipal Value (NUW)
Average Daily Managed Assets*
Fund-Level Fee
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 managed assets over $2 billion
0.3375
  
     
 
Municipal Income (NMI) 
Average Daily Net Assets
Fund-Level Fee 
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
0.3875
  
For net assets over $5 billion
0.3750
  
     
 
Enhanced Municipal Value (NEV) 
Average Daily Managed Assets*
Fund-Level Fee 
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 managed assets over $2 billion
0.3875
  

86
  
Nuveen Investments
 
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Complex-Level Managed Asset Breakpoint Level*
Effective Rate at Breakpoint Level 
$55 billion
0.2000
%
$56 billion
0.1996
  
$57 billion
0.1989
  
$60 billion
0.1961
  
$63 billion
0.1931
  
$66 billion
0.1900
  
$71 billion
0.1851
  
$76 billion
0.1806
  
$80 billion
0.1773
  
$91 billion
0.1691
  
$125 billion
0.1599
  
$200 billion
0.1505
  
$250 billion
0.1469
  
$300 billion
0.1445
  

*
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the funds' use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute "eligible assets." Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser's assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2015, the complex-level fee rate for each Fund was 0.1639%.
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
8. Borrowing Arrangements
As part of its investment strategy, Enhanced Municipal Value (NEV) may use borrowings as a means of financial leverage. The Fund entered into a $100 million (maximum commitment amount) committed, unsecured, 364-day line of credit ("Borrowings") with its custodian bank. Interest charged on the used portion of the Borrowings was calculated at a rate per annum equal to the higher of (i) the overnight Federal Funds rate plus 1.25% or (ii) the overnight London Inter-bank Offered Rate ("LIBOR") plus 1.25%. In addition, the Fund accrued a commitment fee of 0.125% per annum on the unused portion of the Borrowings.
On June 13, 2014, Enhanced Municipal Value (NEV) renewed its Borrowings, at which time the termination date was extended through June 12, 2015. The Fund also paid a one-time closing fee of 0.10% on the maximum commitment amount of the Borrowings, which was fully expensed. All the terms of the Borrowings remained unchanged.
Borrowings outstanding were recognized as "Borrowings" on the Statement of Assets and Liabilities. Interest expense incurred on the borrowed amount and undrawn balance is recognized as a component of "Interest expense" on the Statement of Operations.
During the current fiscal period the Fund did not utilize its Borrowings. On June 12, 2015, Enhanced Municipal Value (NEV) did not renew its borrowing arrangement and the Borrowings were therefore terminated.
During July 2015, the Funds, along with certain other funds managed by the Adviser ("Participating Funds"), established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. This credit agreement replaces the Borrowings for Enhanced Municipal Value (NEV) described above. A large portion of this facility's capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility's annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, along with a number of Nuveen closed-end funds, including all of the Funds covered by this shareholder report. The credit facility expires in July 2016 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "other expenses" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.

Nuveen Investments
  
87

Additional Fund Information (Unaudited)
 
Board of Directors/Trustees
        
William Adams IV*
Jack B. Evans
William C. Hunter
David J. Kundert
John K. Nelson
William J. Schneider
Thomas S. Schreier, Jr.*
Judith M. Stockdale
Carole E. Stone
Virginia L. Stringer**
Terence J. Toth
  
 
*
Interested Board Member.
**
Will retire from the Funds' Board of Directors/Trustees effective December 31, 2015.

Fund Manager
  
Custodian
  
Legal Counsel
  
Independent Registered
  
Transfer Agent and
Nuveen Fund Advisors, LLC
  
State Street Bank
  
Chapman and Cutler LLP
  
Public Accounting Firm
  
Shareholder Services
333 West Wacker Drive
  
& Trust Company
  
Chicago, IL 60603
  
KPMG LLP
  
State Street Bank
Chicago, IL 60606
  
Boston, MA 02111
      
Chicago, IL 60601
  
& Trust Company
               
Nuveen Funds
               
P.O. Box 43071
               
Providence, RI 02940-3071
               
(800) 257-8787
                 
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC's Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds' Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund's Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual. Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program, shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future repurchases will be reported to shareholders in the next annual or semi-annual report.

 
NUV
  
NUW
  
NMI
  
NEV
  
Shares repurchased
—
  
—
  
—
  
—
  
FINRA BrokerCheck
The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.

88
  
Nuveen Investments

Glossary of Terms Used in this Report (Unaudited)

■
Average Annual Total Return: This is a commonly used method to express an investment's performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
   
■
Duration: Duration is a measure of the expected period over which a bond's principal and interest will be paid, and consequently is a measure of the sensitivity of a bond's or bond fund's value to changes when market interest rates change. Generally, the longer a bond's or fund's duration, the more the price of the bond or fund will change as interest rates change.
   
■
Effective Leverage: Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
   
■
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
   
■
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
   
■
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond's par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an "inverse floater") to an investor (such as a fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates' holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond's downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond's value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
   
■
Leverage: Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital.
   
■
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
■
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
   
■
Net Asset Value (NAV) Per Share: A fund's Net Assets is equal to its total assets (securities, cash, accrued earnings and receivables) less its total liabilities. NAV per share is equal to the fund's Net Assets divided by its number of shares outstanding.

Nuveen Investments
  
89

Glossary of Terms Used in this Report (Unaudited) (continued)

■
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond's credit rating and thus its value.
   
■
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of a fund's capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
   
■
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
   
■
Total Investment Exposure: Total investment exposure is a fund's assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a fund's use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust's issuance of floating rate securities.
   
■
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.


90
  
Nuveen Investments

Reinvest Automatically, Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you'll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you'll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net as -set value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund's shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares' net asset value or 95% of the shares' market value on the last business day imme -diately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.

Nuveen Investments
  
91

Annual Investment Management Agreement Approval Process (Unaudited)
The Board of Directors or Trustees (as the case may be) of each Fund (each, a "Board" and each Director or Trustee, a "Board Member"), including the Board Members who are not parties to the Funds' advisory or sub-advisory agreements or "interested persons" of any such parties (the "Independent Board Members"), is responsible for overseeing the performance of the investment adviser and sub-adviser to the respective Fund and determining whether to continue such Fund's advisory agreement (the "Investment Management Agreement") between the Fund and Nuveen Fund Advisors, LLC (the "Adviser") and the sub-advisory agreement (the "Sub-Advisory Agreement" and, together with the Investment Management Agreement, the "Advisory Agreements") between the Adviser and Nuveen Asset Management, LLC (the "Sub-Adviser"). Following an initial term with respect to each Fund upon its commencement of operations, the Board is required to consider the continuation of the Advisory Agreements on an annual basis pursuant to the requirements of the Investment Company Act of 1940, as amended (the "1940 Act"). Accordingly, at an in person meeting held on May 11-13, 2015 (the "May Meeting"), the Board, including a majority of the Independent Board Members, considered and approved the existing Advisory Agreements for the Funds.
In preparation for its considerations at the May Meeting, the Board received in advance of the meeting extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, including, among other things, the nature, extent and quality of services provided by the Adviser and Sub-Adviser (the Adviser and Sub-Adviser are collectively, the "Fund Advisers" and each, a "Fund Adviser"); Fund performance including performance assessments against peers and the appropriate benchmark(s); fee and expense information of the Funds compared to peers; a description and assessment of shareholder service levels for the Funds; a summary of the performance of certain service providers; a review of product initiatives and shareholder communications; and profitability information of the Fund Advisers as described in further detail below. As part of its annual review, the Board also held a separate meeting on April 14-15, 2015 to review the Funds' investment performance and consider an analysis by the Adviser of the Sub-Adviser which generally evaluated the Sub-Adviser's investment team, investment mandate, organizational structure and history, investment philosophy and process, and the performance of the Funds, and any significant changes to the foregoing. During the review, the Independent Board Members asked questions of and requested additional information from management.
The Board considered that the evaluation process with respect to the Fund Advisers is an ongoing process that encompassed the information and knowledge gained throughout the year. The Board, acting directly or through its committees, met regularly during the course of the year and received information and considered factors at each meeting that would be relevant to its annual consideration of the Advisory Agreements, including information relating to Fund performance; Fund expenses; investment team evaluations; and valuation, compliance, regulatory and risk matters. In addition to regular reports, the Adviser provided special reports to the Board to enhance the Board's understanding on topics that impact some or all of the Nuveen funds and the Adviser (such as presentations on risk and stress testing; the new governance, risk and compliance system; cybersecurity developments; Nuveen fund accounting and reporting matters; regulatory developments impacting the investment company industry and the business plans or other matters impacting the Adviser). The Board also met with key investment personnel managing certain Nuveen fund portfolios during the year.
The Board had created several standing committees including the Open-End Funds Committee and the Closed-End Funds Committee to assist the full Board in monitoring and gaining a deeper insight into the distinctive business practices of closed-end and open-end funds. These Committees met prior to each quarterly Board meeting, and the Adviser provided presentations to these Committees permitting them to delve further into specific matters or initiatives impacting the respective product line.
The Board also continued its program of seeking to have the Board Members or a subset thereof visit each sub-adviser to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. In this regard, the Independent Board Members made site visits to multiple equity and fixed-income investment teams of the Sub-Adviser in June 2014.

92
  
Nuveen Investments

The Board considered the information provided and knowledge gained at these meetings and visits during the year when performing its annual review of the Advisory Agreements. The Independent Board Members also were assisted throughout the process by independent legal counsel. During the course of the year and during their deliberations regarding the review of advisory contracts, the Independent Board Members met with independent legal counsel in executive sessions without management present. The Independent Board Members also received a memorandum from independent legal counsel outlining the legal standards for their consideration of the proposed continuation of the Advisory Agreements. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and Fund management and that the Board Members' conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board took into account all factors it believed relevant with respect to each Fund, including, among other things: (a) the nature, extent and quality of the services provided by the Fund Advisers; (b) the investment performance of the Funds and Fund Advisers; (c) the advisory fees and costs of the services to be provided to the Funds and the profitability of the Fund Advisers; (d) the extent of any economies of scale; (e) any benefits derived by the Fund Advisers from the relationship with the Funds; and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreements of each Fund. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members' considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.

A.
Nature, Extent and Quality of Services
 
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund. The Board reviewed information regarding, among other things, each Fund Adviser's organization and business, the types of services that each Fund Adviser or its affiliates provided to the Funds, the performance record of the Funds (as described in further detail below), and any initiatives that had been undertaken on behalf of the closed-end product line. The Board recognized the high quality of services the Adviser had provided to the Funds over the years and the conscientiousness with which the Adviser provided these services. The Board also considered the improved capital structure of Nuveen Investments, Inc. ("Nuveen") (the parent of the Adviser) following the acquisition of Nuveen by TIAA-CREF in 2014 (the "TIAA-CREF Transaction").
   
 
With respect to the services, the Board noted the Funds were registered investment companies that operated in a regulated industry and considered the myriad of investment management, administrative, compliance, oversight and other services the Adviser provided to manage and operate the Funds. Such services included, among other things: (a) product management (such as analyzing ways to better position a Nuveen fund in the marketplace, setting dividends; maintaining relationships to gain access to distribution platforms; and providing shareholder communications); (b) fund administration (such as preparing tax returns and other tax compliance services, preparing regulatory filings and shareholder reports; managing fund budgets and expenses; overseeing a fund's various service providers and supporting and analyzing new and existing funds); (c) Board administration (such as supporting the Board and its committees, in relevant part, by organizing and administering the Board and committee meetings and preparing the necessary reports to assist the Board in its duties); (d) compliance (such as monitoring adherence to a fund's investment policies and procedures and applicable law; reviewing the compliance program periodically and developing new policies or updating existing compliance policies and procedures as considered necessary or appropriate; responding to regulatory requests; and overseeing compliance testing of the funds' sub-advisers); (e) legal support (such as preparing or reviewing fund registration statements, proxy statements and other necessary materials; interpreting regulatory requirements and compliance thereof; and maintaining applicable registrations); and (f) investment services (such as overseeing and reviewing the funds' sub-advisers and their investment teams; analyzing performance of the funds; overseeing investment and risk management; evaluating brokerage transactions and securities lending, overseeing the daily valuation process for portfolio securities and developing and recommending valuation policies and methodologies and changes thereto; reporting to the Board on various matters including performance, risk and valuation; and participating in fund development, leverage management, and the developing or interpreting of investment policies and parameters). With respect


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to closed-end funds, the Adviser also monitored asset coverage levels on leveraged funds, managed leverage, negotiated the terms of leverage, evaluated alternative forms and types of leverage, promoted an orderly secondary market for common shares and maintained an asset maintenance system for compliance with certain rating agency criteria.
   
 
In its review, the Board considered information highlighting the various initiatives that the Adviser had implemented or continued during the last year to enhance its services to the Nuveen funds. The Board recognized that some of these initiatives are a result of a multi-year process. In reviewing the activities of 2014, the Board recognized the Adviser's continued focus on fund rationalization for closed-end funds through mergers, fund closures or repositioning the funds in seeking to enhance shareholder value, reduce costs, improve performance, eliminate fund overlap and better meet shareholder needs. The Board noted the Adviser's investment in additional staffing to strengthen and improve its services to the Nuveen funds, including with respect to risk management and valuation. The Board recognized that expanding the depth and range of its risk oversight activities had been a major priority for the Adviser in recent years, and the Adviser continued to add to the risk management team, develop additional risk management programs and create committees or other teams designated to oversee or evaluate certain risks, such as liquidity risk, enterprise risk, investment risk and cybersecurity risk. The Adviser had also continued to add to the valuation team, launched its centralized securities valuation system which is intended to provide for uniform pricing and reporting across the complex as the system continues to develop, continued to refine its valuation analysis and updated related policies and procedures and evaluated and assessed pricing services. The Board considered the Adviser's ongoing investment in information technology and operations and the various projects of the information technology team to support the continued growth and complexity of the Nuveen funds and increase efficiencies in their operations. The Board also recognized the Adviser's strong commitment to compliance and reviewed information reflecting the compliance group's ongoing activities to enhance its compliance system and refine its compliance procedures as well as the Chief Compliance Officer's report regarding the compliance team, the initiatives the team had undertaken in 2014 and proposed for 2015, the compliance functions and reporting process, the record of compliance with the policies and procedures and its supervision activities of other service providers.
   
 
With respect to the closed-end funds, the Board recognized the extensive resources, expertise and efforts required to oversee and manage the various forms of leverage utilized by various funds, including the development of new forms of leverage to achieve cost savings and/or broaden the array of leverage structures available to the closed-end funds, the development of enhanced reports analyzing the impact of leverage on performance, and the development of new forms of tender option bond structures to address new regulatory requirements. The Board also noted the Adviser's continued capital management services conducting share repurchases and/or share issuances throughout the year and monitoring market conditions to capitalize on opportunities for the closed-end funds. The Board further recognized the Adviser's use of data systems to more effectively solicit shareholder participation when seeking shareholder approvals and to monitor flow trends in various closed end funds. The Board considered Nuveen's continued commitment to supporting the closed-end fund product line by providing an extensive investor relations program that encompassed, among other things, maintaining and enhancing the closed-end fund website; participating in conferences and education seminars; enhancing the ability for investors to access information; preparing educational materials; and implementing campaigns to educate financial advisers and investors on topics related to closed-end funds and their strategies.
   
 
As noted, the Adviser also oversees the Sub-Adviser who primarily provides the portfolio advisory services to the Funds. The Board recognized the skill and competency of the Adviser in monitoring and analyzing the performance of the Sub-Adviser and managing the sub-advisory relationship. In considering the Sub-Advisory Agreements and supplementing its prior knowledge, the Board considered a current report provided by the Adviser analyzing, among other things, the Sub-Adviser's investment team and changes thereto, investment approach, organization and history, and assets under management, and the investment performance of each Fund.
   
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the Funds under each respective Advisory Agreement were satisfactory.

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B.
The Investment Performance of the Funds and Fund Advisers
 
The Board, including the Independent Board Members, considered the performance history of each Fund over various time periods. The Board reviewed reports, including an analysis of the Funds' performance and the applicable investment team. The Board reviewed, among other things, each Fund's investment performance both on an absolute basis and in comparison to peer funds (the "Performance Peer Group") and to recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks) for the quarter, one-, three- and five-year periods ending December 31, 2014, as well as performance information reflecting the first quarter of 2015. The Independent Board Members also recognized the importance of the secondary market trading levels for the closed-end fund shares and therefore devoted significant time and focus evaluating the premium and discount levels of the closed-end funds at each of the quarterly meetings throughout the year. At these prior meetings as well as the May Meeting, the Board reviewed, among other things, the respective closed-end fund's premium or discount to net asset value as of a specified date and over various periods as well as in comparison to the premium/discount average in its Lipper peer category. At the May Meeting and/or prior meetings, the Board also reviewed information regarding the key economic, market and competitive trends affecting the closed-end fund market and considered any actions periodically proposed by the Adviser to address the trading discounts of certain funds. The Independent Board Members considered the evaluation of the premium and discount levels of the closed-end funds (either at the Board level or through the Closed-End Funds Committee) to be a continuing priority in their oversight of the closed-end funds. In its review, the Board noted that it also reviewed Fund performance results at each of its quarterly meetings.
   
 
In evaluating performance, the Board recognized several factors that may impact the performance data as well as the consideration given to particular performance data.

 
• The performance data reflected a snapshot in time, in this case as of the end of the most recent calendar year or quarter. A different performance period, however, could generate significantly different results.
   
 
• Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme had the ability to disproportionately affect long-term performance.
   
 
• The investment experience of a particular shareholder in a fund would vary depending on when such shareholder invested in the fund, the class held (if multiple classes are offered in the fund) and the performance of the fund (or respective class) during that shareholder's investment period.
   
 
• The Board recognized that the funds in the Performance Peer Group may differ somewhat from the Nuveen fund with which it is being compared and due to these differences, performance comparisons between certain of the Nuveen funds and their Performance Peer Groups may be inexact and the relevancy limited. The Board considered that management had classified the Performance Peer Group as low, medium and high in relevancy. The Board took the analysis of the relevancy of the Performance Peer Group into account when considering the comparative performance data. The Board also considered comparative performance of an applicable benchmark. While the Board was cognizant of the relative performance of a Fund's peer set and/or benchmark(s), the Board evaluated Fund performance in light of the respective Fund's investment objectives, investment parameters and guidelines and considered that the variations between the objectives and investment parameters or guidelines of the Fund with its peers and/or benchmarks result in differences in performance results. Further, for funds that utilized leverage, the Board understood that leverage during different periods could provide both benefits and risks to a portfolio as compared to an unlevered benchmark.
   
 
With respect to any Nuveen funds for which the Board has identified performance concerns, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers those steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board is aware, however, that shareholders chose to invest or remain invested in a fund knowing that the Adviser manages the fund and knowing the fund's fee structure.
 
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Annual Investment Management Agreement Approval Process (Unaudited) (continued)

 
In considering the performance data, the Independent Board Members noted the following with respect to the Funds:
   
 
For Nuveen Municipal Value Fund, Inc., the Board noted that the Fund ranked in its Performance Peer Group in the fourth quartile for the one-, three- and five- year periods; however, the Fund outperformed its benchmark in each of such periods. The Board noted that, although the Fund appeared to lag its peers, the Fund is unlevered but placed in a peer group with generally levered funds, limiting the usefulness of the peer comparison. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods.
   
 
For Nuveen AMT-Free Municipal Value Fund, the Board noted that the Fund ranked in its Performance Peer Group in the third quartile in the one- and three-year periods but the first quartile in the longer five-year period. The Fund also outperformed its benchmark in the one-, three- and five-year periods.
   
 
For Nuveen Municipal Income Fund, Inc., the Board noted that, although the Fund ranked in its Performance Peer Group in the fourth quartile in the one-, three- and five-year periods, the Fund outperformed its benchmark in each of such periods. The Board noted that, although the Fund appeared to lag its peers, the Fund is unlevered but placed in a peer group with generally levered funds, limiting the usefulness of the peer comparison. The Board also recognized the Fund's positive absolute performance for the one-, three- and five-year periods.
   
 
For Nuveen Enhanced Municipal Value Fund, the Board noted that the Fund ranked in its Performance Peer Group in the second quartile in the one- and five-year periods and the first quartile in the three-year period and outperformed its benchmark in the one-, three- and five-year periods.
   
 
Based on their review, the Independent Board Members determined that each Fund's investment performance had been satisfactory.
   
C.
Fees, Expenses and Profitability
   
 
1.Fees and Expenses
 
The Board evaluated the management fees and other fees and expenses of each Fund (expressed as a percentage of average net assets) in absolute terms and in comparison to the fee and expense levels of a comparable universe of funds (the "Peer Universe") selected by an independent third-party fund data provider. The Independent Board Members reviewed the methodology regarding the construction of the Peer Universe for each Fund. The Board reviewed, among other things, such Fund's gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the average and median fee and expense levels of the Peer Universe. The Board noted that the net total expense ratios paid by investors in the Funds were the most representative of an investor's net experience.
   
 
In reviewing the comparative fee and expense information, the Independent Board Members recognized that various factors such as the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; the differences in the type and use of leverage (with respect to closed-end funds); and differences in services provided can impact the comparative data limiting the usefulness of the data to help make a conclusive assessment of the Funds' fees and expenses.
   
 
In reviewing the fee schedule for a fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses (excluding leverage costs and leveraged assets for the closed-end funds), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the majority of the Nuveen funds had a net expense ratio near or below their peer average.
 
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The Board noted that each of the Funds had a net management fee that was below or in line with its peer average and a net expense ratio that was below its peer average.
   
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
   
 
2.Comparisons with the Fees of Other Clients
 
The Board considered information regarding the fees a Fund Adviser assessed to the Nuveen funds compared to that of other clients as described in further detail below. With respect to municipal funds, such other clients of a Fund Adviser may include municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Sub-Adviser.
   
 
The Board recognized that each Fund had an affiliated sub-adviser and therefore the overall Fund management fee can be divided into two components, the fee retained by the Adviser and the fee paid to the Sub-Adviser. In reviewing the nature of the services provided by the Adviser, including through its affiliated sub-advisers, the Board considered the range of advisory fee rates for retail and institutional managed accounts advised by Nuveen-affiliated sub-advisers. The Board also reviewed, among other things, the average fee the affiliated sub-advisers assessed such clients as well as the range of fee rates assessed to the different types of clients (such as retail, institutional and wrap accounts as well as non-Nuveen funds) applicable to such sub-advisers.
   
 
In reviewing the comparative information, the Board also reviewed information regarding the differences between the Funds and the other clients, including differences in services provided, investment policies, investor profiles, compliance and regulatory requirements and account sizes. The Board recognized the breadth of services necessary to operate a registered investment company (as described above) and that, in general terms, the Adviser provided the administrative and other support services to the Funds and, although the Sub-Adviser may provide some of these services, the Sub-Adviser essentially provided the portfolio management services. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. The Independent Board Members considered the differences in structure and operations of separately managed accounts and hedge funds from registered funds and noted that the range of day-to-day services was not generally of the breadth required for the registered funds. Many of the additional administrative services provided by the Adviser were not required for institutional clients or funds sub-advised by a Nuveen-affiliated sub-adviser that were offered by other fund groups. The Independent Board Members also recognized that the management fee rates of the foreign funds advised by the Adviser may vary due to, among other things, differences in the client base, governing bodies, operational complexities and services covered by the management fee. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believed such facts justify the different levels of fees.
   
 
3.Profitability of Fund Advisers
 
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed, among other things, the adjusted operating margins for Nuveen for the last two calendar years, the revenues, expenses, net income (pre-tax and after-tax) and net revenue margins (pre-tax and after-tax) of Nuveen's managed fund advisory activities for the last two calendar years, the allocation methodology used by Nuveen in preparing the profitability data and a history of the adjustments to the methodology due to changes in the business over time. The Independent Board Members also reviewed the revenues, expenses, net income (pre-tax and after-tax) and revenue margin (pre-tax and post-tax) of the Adviser and, as described in further detail below, each affiliated sub-adviser for the 2014 calendar year. In reviewing the profitability data, the Independent Board Members noted the subjective nature of cost allocation methodologies used to determine profitability as other reasonable methods could also have

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been employed but yield different results. The Independent Board Members reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2014. The Independent Board Members recognized that Nuveen's net revenue margin from advisory activities for 2014 was consistent with 2013. The Independent Board Members also considered the profitability of Nuveen in comparison to the adjusted operating margins of other investment advisers with publicly available data and with comparable assets under management (based on asset size and asset composition) to Nuveen. The Independent Board Members noted that Nuveen's adjusted operating margins appeared to be reasonable in relation to such other advisers. The Independent Board Members, however, recognized the difficulty of making comparisons of profitability from fund investment advisory contracts as the information is not generally publicly available, the information for the investment advisers that was publicly available may not be representative of the industry and various other factors would impact the profitability data such as differences in services offered, business mix, expense methodology and allocations, capital structure and costs, complex size, and types of funds and other accounts managed.
   
 
The Independent Board Members noted this information supplemented the profitability information requested and received during the year and noted that two Independent Board Members served as point persons to review the profitability analysis and methodologies employed, and any changes thereto, and to keep the Board apprised of such changes during the year.
   
 
The Independent Board Members determined that Nuveen appeared to be sufficiently profitable to operate as a viable investment management firm and to honor its obligations as a sponsor of the Nuveen funds. The Independent Board Members noted the Adviser's continued expenditures to upgrade its investment technology and increase personnel and recognized the Adviser's continued commitment to its business to enhance the Adviser's capacity and capabilities in providing the services necessary to meet the needs of the Nuveen funds as they grow or change over time. The Independent Board Members also noted that the sub-advisory fees for the Nuveen funds are paid by the Adviser, however, the Board recognized that many of the sub-advisers, including the Sub-Adviser, are affiliated with Nuveen. The Independent Board Members also noted the increased resources and support available to Nuveen as well as an improved capital structure as a result of the TIAA-CREF Transaction.
   
 
With respect to the Sub-Adviser, the Independent Board Members reviewed the Sub-Adviser's revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2014. The Independent Board Members also reviewed profitability analysis reflecting the revenues, expenses and the revenue margin (pre- and post-tax) by asset type for the Sub-Adviser for the calendar year ended December 31, 2014.
   
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
   
 
Based on their review, the Independent Board Members determined that the Adviser's and the Sub-Adviser's level of profitability was reasonable in light of the respective services provided.
   
D.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
 
The Independent Board Members recognized that, as the assets of a particular fund or the Nuveen complex in the aggregate increase over time, economies of scale may be realized, and the Independent Board Members considered the extent to which the funds benefit from such economies of scale. Although the Independent Board Members recognized that economies of scale are difficult to measure, the Board recognized that one method to help ensure the shareholders share in these benefits is to include breakpoints in the management fee schedule reducing fee rates as asset levels grow. The Independent Board Members noted that, subject to certain exceptions, the management fees of the funds in the Nuveen complex are generally comprised of a fund-level component and complex-level component. Each component of the management fee for each Fund included breakpoints to reduce management fee rates of the Fund as the Fund grows and, as described below, as the Nuveen complex grows.


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The Independent Board Members noted that, in the case of closed-end funds, however, such funds may from time-to-time make additional share offerings, but the growth of their assets would occur primarily through the appreciation of such funds' investment portfolios. In addition to fund-specific breakpoint schedules which reduce the fee rates of a particular fund as its assets increase, the Independent Board Members recognized that the Adviser also passed on the benefits of economies of scale through the complex-wide fee arrangement which reduced management fee rates as assets in the fund complex reached certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflected the notion that some of Nuveen's costs were attributable to services provided to all its funds in the complex, and therefore all funds benefit if these costs were spread over a larger asset base. The Independent Board Members reviewed the breakpoint and complex-wide schedules and the fee reductions achieved as a result of such structures for the 2014 calendar year.
   
 
The Independent Board Members further considered that as part of the TIAA-CREF Transaction, Nuveen agreed, for a period of two years from the date of the closing of the TIAA-CREF Transaction, not to increase contractual management fees for any Nuveen fund. The commitment would not limit or otherwise affect mergers or liquidations of any funds in the ordinary course.
   
 
Based on their review, the Independent Board Members concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
   
E.
Indirect Benefits
 
The Independent Board Members received and considered information regarding potential "fall out" or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with the Funds. With respect to closed-end funds, the Independent Board Members noted any revenues received by affiliates of the Adviser for serving as co-manager in initial public offerings of new closed-end funds.
   
 
In addition to the above, the Independent Board Members considered whether the Fund Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Fund and other clients. The Funds' portfolio transactions are allocated by the Sub-Adviser. Accordingly, the Independent Board Members considered that the Sub-Adviser may benefit from research provided by broker-dealers executing portfolio transactions on behalf of the Funds. With respect to any fixed income securities, however, the Board recognized that such securities generally trade on a principal basis that does not generate soft dollar credits. Similarly, the Board recognized that any research received pursuant to soft dollar arrangements by the Sub-Adviser may also benefit the Funds and shareholders to the extent the research enhanced the ability of the Sub-Adviser to manage the Funds. The Independent Board Members noted that the Sub-Adviser's profitability may be somewhat lower if it had to acquire any such research services directly.
   
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
   
F.
Other Considerations
 
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.

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Board Members & Officers
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at eleven. None of the trustees who are not "interested" persons of the Funds (referred to herein as "independent trustees") has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.

 
Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
      
Appointed
  
Including other
  
in Fund Complex
         
and Term(1)
  
Directorships
  
Overseen by
             
During Past 5 Years
  
Board Member
Independent Board Members:
                
                   
■
WILLIAM J. SCHNEIDER
1944
333 W. Wacker Drive
Chicago, IL 60606
  
 
Chairman and
Board Member
  
 
 
1996
Class III
  
Chairman of Miller-Valentine Partners, a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; an owner in several other Miller Valentine entities; Board Member of Med-America Health System, and WDPR Public Radio station; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council.
  
 
 
196
                   
■
JACK B. EVANS
1948
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
1999
Class III
  
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
  
 
 
196
                   
■
WILLIAM C. HUNTER
1948
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2004
Class I
  
Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); 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.
  
 
 
196
                   
■
DAVID J. KUNDERT
1942
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2005
Class II
  
Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013), retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible.
  
 
 
196

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Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
      
Appointed(1)
  
During Past 5 Years
  
in Fund Complex
                 
Overseen by
                 
Board Member
                   
Independent Board Members (continued):  
            
                   
■
JOHN K. NELSON
1962
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2013
Class II
  
Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President's Council, Fordham University (since 2010); formerly, senior external advisor to the financial services practice of Deloitte Consulting LLP (2012- 2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011-2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006- 2007), CEO of Wholesale Banking North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading- North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City.
  
 
 
196
                   
■
JUDITH M. STOCKDALE
1947
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
1997
Class I
  
Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
  
 
 
196
                   
■
CAROLE E. STONE
1947
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2007
Class I
  
Director, Chicago Board Options Exchange, Inc. (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010).
  
 
 
196
                   
■
VIRGINIA L. STRINGER
1944
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2011
Class I
  
Board Member, Mutual Fund Directors Forum; non-profit board member; former governance consultant; former owner, and President Strategic Management Resources, Inc., a management consulting firm; former Member, Governing Board, Investment Company Institute's Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
  
 
 
196
                   
■
TERENCE J. TOTH
1959
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2008
Class II
  
Managing Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010), Quality Control Corporation (since 2012) and LogicMark LLC (since 2012); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; 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).
  
 
 
196

Nuveen Investments
  
101

Board Members & Officers (continued)

 
Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
      
Appointed(1)
  
Including other Directorships
  
in Fund Complex
             
During Past 5 Years
  
Overseen by
                 
Board Member
                   
Interested Board Members:
                
                   
■
WILLIAM ADAMS IV(2)
1955
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2013
Class II
  
Senior Executive Vice President, Global Structured Products (since 2010); formerly, Executive Vice President, U.S. Structured Products, of Nuveen Investments, Inc. (1999-2010); Co-President of Nuveen Fund Advisors, LLC (since 2011); Executive Vice President of Nuveen Securities, LLC; President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC; Board Member of the Chicago Symphony Orchestra and of Gilda's Club Chicago.
  
 
 
196
                   
■
THOMAS S. SCHREIER, JR.(2)
1962
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Board Member
  
 
 
2013
Class III
  
Vice Chairman, Wealth Management of Nuveen Investments, Inc. (since 2011); Co-President of Nuveen Fund Advisors, LLC; Chairman of Nuveen Asset Management, LLC (since 2011); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2011); Member of Board of Governors and Chairman's Council of the Investment Company Institute; Director of Allina Health and a member of its Finance, Audit and Investment Committees: formerly, Chief Executive Officer (2000-2010) and Chief Investment Officer (2007-2010) of FAF Advisors, Inc.; formerly, President of First American Funds (2001-2010).
  
 
 
196
                   
 
Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
      
Appointed(3)
  
During Past 5 Years
  
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds:
                
                   
■
GIFFORD R. ZIMMERMAN
1956
333 W. Wacker Drive
Chicago, IL 60606
  
 
Chief
Administrative
Officer
  
 
 
1988
  
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Vice President and Assistant Secretary (since 2013), formerly, Chief Administrative Officer and Chief Compliance Officer (2006-2013) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
  
 
 
197
                   
■
CEDRIC H. ANTOSIEWICZ
1962
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Vice President
  
 
 
2007
  
Managing Director of Nuveen Securities, LLC. (since 2004); Managing Director of Nuveen Fund Advisors, LLC (since 2014).
  
 
 
89
                   
■
MARGO L. COOK
1964
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Vice President
  
 
 
2009
  
Senior Executive Vice President of Nuveen Investments, Inc.; Executive Vice President, Investment Services of Nuveen Fund Advisors, LLC (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since 2011); Co-Chief Executive Officer (since 2015); previously, Executive Vice President (2013-2015) of Nuveen Securities, LLC; Chartered Financial Analyst.
  
 
 
197

102
  
Nuveen Investments

 
Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
      
Appointed(3)
  
During Past 5 Years
  
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):  
            
                   
■
LORNA C. FERGUSON
1945
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Vice President
  
 
 
1998
  
Managing Director (since 2004) of Nuveen Investments Holdings, Inc.
  
 
 
197
                   
■
STEPHEN D. FOY
1954
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Vice President
and Controller
  
 
 
1998
  
Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.
  
 
 
197
                   
■
SHERRI A. HLAVACEK
1962
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Vice President
and Treasurer
  
 
 
2015
  
Executive Vice President (since May 2015, formerly, Managing Director) and Controller of Nuveen Fund Advisors, LLC; Managing Director and Controller of Nuveen Commodities Asset Management, LLC; Executive Vice President (since May 2015, formerly, Managing Director), Treasurer and Controller of Nuveen Asset Management, LLC; Executive Vice President, Principal Financial Officer (since July 2015, formerly, Managing Director), Treasurer and Corporate Controller of Nuveen Investments, Inc.; Executive Vice President (since May 2015, formerly, Managing Director), Treasurer and Corporate Controller of Nuveen Investments Advisers Inc. and Nuveen Investments Holdings, Inc.; Managing Director, Chief Financial Officer and Corporate Controller of Nuveen Securities, LLC; Vice President, Controller and Treasurer of NWQ Investment Management Company, LLC; Vice President and Controller of Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC; Certified Public Accountant.
  
 
 
197
                   
■
WALTER M. KELLY
1970
333 W. Wacker Drive
Chicago, IL 60606
  
 
Chief Compliance
Officer and
Vice President
  
 
 
2003
  
Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.
  
 
 
197
                   
■
TINA M. LAZAR
1961
333 W. Wacker Drive
Chicago, IL 60606
  
 
 
Vice President
  
 
 
2002
  
Senior Vice President of Nuveen Investments Holdings, Inc. and Nuveen Securities, LLC.
  
 
 
197
                   
■
KEVIN J. MCCARTHY
1966
333 W. Wacker Drive
Chicago, IL 60606
  
 
Vice President
and Secretary
  
 
 
2007
  
Managing Director and Assistant Secretary (since 2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary, Nuveen Investments, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC.
  
 
 
197
                   
■
KATHLEEN L. PRUDHOMME
1953
901 Marquette Avenue
Minneapolis, MN 55402
  
 
Vice President and
Assistant Secretary
  
 
 
2011
  
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
  
 
 
197

Nuveen Investments
  
103

Board Members & Officers (continued)

 
Name,
  
Position(s) Held
  
Year First
  
Principal
  
Number
 
Year of Birth
  
with the Funds
  
Elected or
  
Occupation(s)
  
of Portfolios
 
& Address
      
Appointed(3)
  
During Past 5 Years
  
in Fund Complex
                 
Overseen
                 
by Officer
                   
Officers of the Funds (continued):  
            
                   
■
JOEL T. SLAGER
1978
333 W. Wacker Drive
Chicago, IL 60606
  
 
Vice President and
Assistant Secretary
  
 
 
2013
  
Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013).
  
197

(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 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. Ms. Stringer will retire from the Board as of December 31, 2015. 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)
"Interested person" as defined in the 1940 Act, by reason of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(3)
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.

104
  
Nuveen Investments

Notes

Nuveen Investments
  
105

Notes

106
  
Nuveen Investments
Notes

Nuveen Investments
  
107

Nuveen Investments:
 
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed more than $220 billion as of September 30, 2015.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef

Distributed by Nuveen Investments, LLC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com
EAN-A-1015D 12539-INV-Y-12/16
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Shareholder/FundGovernance.aspx. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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 and Jack B. Evans, 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. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of 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 has 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.
 
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Municipal Value Fund, Inc.

The following tables show the amount of fees that KPMG LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that KPMG LLP provided to the Funds, 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 preapproval exception for services provided directly to the Funds 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 Funds during the fiscal year in which the services are provided; (B) the Funds 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 Chairman (or, in his absence, any other member of the Audit Committee).
  
SERVICES THAT THE FUND’S AUDITOR BILLED TO THE FUND
 
 
Audit Fees Billed
    
Audit-Related Fees
    
Tax Fees
    
All Other Fees
  
Fiscal Year Ended
to Fund 1
    
Billed to Fund 2
    
Billed to Fund 3
    
Billed to Fund 4
  
October 31, 2015
 $ 20,500     $ 0     $ 0     $ 458  
                               
Percentage approved
   0 %     0 %     0 %     0 %
pursuant to
                              
pre-approval
                              
exception
                              
                               
October 31, 2014
 $ 20,500     $ 0     $ 0     $ 0  
                               
Percentage approved
   0 %     0 %     0 %     0 %
pursuant to
                              
pre-approval
                              
exception
                              
                               
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 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.
 
 
Audit-Related Fees
Tax Fees Billed to
All Other Fees
 
Billed to Adviser and
Adviser and
Billed to Adviser
 
Affiliated Fund
Affiliated Fund
and Affiliated Fund
Fiscal Year Ended
Service Providers
Service Providers
Service Providers
October 31, 2015
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
      
pre-approval
      
exception
      
October 31, 2014
 $                               0
 $                                     0
 $                                   0
       
Percentage approved
0%
0%
0%
pursuant to
      
pre-approval
      
exception
      

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.

   
Total Non-Audit Fees
    
   
billed to Adviser and
    
   
Affiliated Fund Service
Total Non-Audit Fees
  
   
Providers (engagements
billed to Adviser and
  
   
related directly to the
Affiliated Fund Service
  
 
Total Non-Audit Fees
operations and financial
Providers (all other
  
Fiscal Year Ended
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2015
 $                           458
 $                                     0
 $                                   0
 $                       458
October 31, 2014
 $                               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 chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 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)). The members of the audit committee are Jack B. Evans, David J. Kundert, John K. Nelson, Carole E. Stone and Terence J. Toth.
 
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 (also referred to 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 MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, LLC is the registrant's investment adviser (also referred to as the “Adviser”).  The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

Item 8(a)(1). PORTFOLIO MANAGER BIOGRAPHY

Thomas Spalding, CFA, is Senior Vice President and Senior Investment Officer of Nuveen Investments. He has direct investment responsibility for the National Long Term funds. He joined Nuveen in 1976 as assistant portfolio manager and has been the portfolio manager of the Nuveen Municipal Value Fund, Nuveen's first closed-end exchange traded fund, since its inception in 1987.  Currently, he manages investments for 16 Nuveen-sponsored investment companies.

Item 8(a)(2). OTHER ACCOUNTS MANAGED BY THE 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
Managed
Number of
Accounts
Assets*
Thomas Spalding
Registered Investment Company
15
$  9.36 billion
 
Other Pooled Investment Vehicles
0
$0
 
Other Accounts
5
$22.8 million
*
Assets are as of October 31, 2015.  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.
 
Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Item 8(a)(3). FUND MANAGER COMPENSATION

Portfolio manager compensation consists primarily of base pay, an annual cash bonus and long term incentive payments.

Base pay. Base pay is determined based upon an analysis of the portfolio manager’s general performance, experience, and market levels of base pay for such position.

Annual cash bonus.  The Fund’s portfolio managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation and financial performance of Nuveen Asset Management.

A portion of each portfolio manager’s annual cash bonus is based on the Fund’s investment performance, generally measured over the past one- and three or five-year periods unless the portfolio manager’s tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund’s performance relative to its benchmark(s) and/or Lipper industry peer group.

A portion of the cash bonus is based on a qualitative evaluation made by each portfolio manager’s supervisor taking into consideration a number of factors, including the portfolio manager’s team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with Nuveen Asset Management’s policies and procedures.
 
The final factor influencing a portfolio manager’s cash bonus is the financial performance of Nuveen Asset Management based on its operating earnings.

Long-term incentive compensation. Certain key employees of Nuveen Investments and its affiliates, including certain portfolio managers, participate in a Long-Term Performance Plan designed to provide compensation opportunities that links a portion of each participant’s compensation to Nuveen Investments’ financial and operational performance. In addition, certain key employees of Nuveen Asset Management, including certain portfolio managers, have received profits interests in Nuveen Asset Management which entitle their holders to participate in the firm’s growth over time.
 
There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

Item 8(a)(4). OWNERSHIP OF NUV SECURITIES AS OF OCTOBER 31, 2015

Name of Portfolio Manager
None
$1 - $10,000
$10,001-$50,000
$50,001-$100,000
$100,001-$500,000
$500,001-$1,000,000
Over $1,000,000
Thomas Spalding
        
X
    
 
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 second fiscal quarter of 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. 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/CEF/Shareholder/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(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.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT 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 Value Fund, Inc.

By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary

Date: January 7, 2016

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/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

Date: January 7, 2016
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 7, 2016