1
Nuveen
AMT-Free
Municipal
Value
Fund
Portfolio
of
Investments
July
31,
2023
(Unaudited)
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
LONG-TERM
INVESTMENTS
-
100.0%   
X
–
MUNICIPAL
BONDS
-
99
.5
%
X
270,366,212
Alaska
-
0.3%
$
800
Northern
Tobacco
Securitization
Corporation,
Alaska,
Tobacco
Settlement
Asset-Backed
Bonds,
Senior
Series
2021A
Class
1,
5.000%,
6/01/31
No
Opt.
Call
A  
$
887,312
Total
Alaska
887,312
Arizona
-
1.3%
345
Phoenix
Civic
Improvement
Corporation,
Arizona,
Excise
Tax
Revenue
Bonds,
Subordinate
Lien
Series
2020A,
4.000%,
7/01/45
7/30
at
100.00
AAA  
337,976
3,045
Salt
Verde
Financial
Corporation,
Arizona,
Senior
Gas
Revenue
Bonds,
Citigroup
Energy
Inc
Prepay
Contract
Obligations,
Series
2007,
5.000%,
12/01/37
No
Opt.
Call
A3  
3,185,922
Total
Arizona
3,523,898
California
-
11.1%
1,730
Anaheim
Public
Financing
Authority,
California,
Lease
Revenue
Bonds,
Public
Improvement
Project,
Series
1997C,
0.000%,
9/01/30
-
AGM
Insured
No
Opt.
Call
AA  
1,352,220
45
California
County
Tobacco
Securitization
Agency,
Tobacco
Settlement
Asset-Backed
Bonds,
Los
Angeles
County
Securitization
Corporation,
Series
2020A,
4.000%,
6/01/49
6/30
at
100.00
BBB+  
41,744
340
California
Pollution
Control
Financing
Authority,
Water
Furnishing
Revenue
Bonds,
San
Diego
County
Water
Authoriity
Desalination
Project
Pipeline,
Refunding
Series
2019,
5.000%,
7/01/39,
144A
1/29
at
100.00
BBB  
347,419
Los
Angeles
Department
of
Airports,
California,
Revenue
Bonds,
Los
Angeles
International
Airport,
Private
Activity/Non
AMT
Refunding
Subordinate
Series
2019C:
1,280
5.000%,
5/15/30,
(Pre-refunded
5/15/29)
5/29
at
100.00
N/R  (4)
1,456,832
760
5.000%,
5/15/30
5/29
at
100.00
AA-  
862,539
450
M-S-R
Energy
Authority,
California,
Gas
Revenue
Bonds,
Citigroup
Prepay
Contracts,
Series
2009A,
6.500%,
11/01/39
No
Opt.
Call
A  
549,000
10,200
Palomar
Pomerado
Health,
California,
General
Obligation
Bonds,
Series
2009A,
7.000%,
8/01/38
-
AGC
Insured
8/29
at
100.00
AA  
11,685,630
1,030
Poway
Unified
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
School
Facilities
Improvement
District
2007-1,
Series
2011A,
0.000%,
8/01/35
No
Opt.
Call
Aa2  
671,436
2,470
San
Francisco
Airports
Commission,
California,
Revenue
Bonds,
San
Francisco
International
Airport,
Governmental
Purpose
Second
Series
2017B,
5.000%,
5/01/47
5/27
at
100.00
A+  
2,570,307
12,955
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
1997
Election
Series
2012G,
0.000%,
8/01/35
-
AGM
Insured
No
Opt.
Call
AA  
8,142,347
5,185
San
Ysidro
School
District,
San
Diego
County,
California,
General
Obligation
Bonds,
Refunding
Series
2015,
0.000%,
8/01/44
8/25
at
36.88
AA  
1,745,737
115
Vernon,
California,
Electric
System
Revenue
Bonds,
Series
2021A,
5.000%,
4/01/28
No
Opt.
Call
BBB+  
121,547
700
Victor
Elementary
School
District,
San
Bernardino
County,
California,
General
Obligation
Bonds,
Series
2002A,
0.000%,
8/01/24
-
FGIC
Insured
No
Opt.
Call
Aa3  
675,185
Total
California
30,221,943
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
July
31,
2023
(Unaudited)
2
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Colorado
-
4.1%
Denver
Convention
Center
Hotel
Authority,
Colorado,
Revenue
Bonds,
Convention
Center
Hotel,
Refunding
Senior
Lien
Series
2016:
$
1,000
5.000%,
12/01/30
12/26
at
100.00
Baa2  
$
1,030,070
1,500
5.000%,
12/01/36
12/26
at
100.00
Baa2  
1,517,130
Denver
Health
and
Hospitals
Authority,
Colorado,
Healthcare
Revenue
Bonds,
Series
2019A:
1,750
4.000%,
12/01/38
12/29
at
100.00
BBB  
1,614,375
2,000
4.000%,
12/01/39
12/29
at
100.00
BBB  
1,825,160
5,885
E-470
Public
Highway
Authority,
Colorado,
Toll
Revenue
Bonds,
Series
2004A,
0.000%,
9/01/34
-
NPFG
Insured
No
Opt.
Call
A+  
3,874,507
1,000
Public
Authority
for
Colorado
Energy,
Natural
Gas
Purchase
Revenue
Bonds,  Colorado
Springs
Utilities,
Series
2008,
6.500%,
11/15/38
No
Opt.
Call
AA-  
1,206,210
Total
Colorado
11,067,452
Delaware
-
0.2%
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2014A:
150
4.125%,
1/01/39
1/24
at
100.00
A1  
150,105
200
5.000%,
1/01/44
1/24
at
100.00
A1  
200,766
130
Delaware
River
and
Bay
Authority,
Delaware
and
New
Jersey,
Revenue
Bonds,
Series
2019,
4.000%,
1/01/44
1/29
at
100.00
A1  
128,315
Total
Delaware
479,186
District
of
Columbia
-
1.0%
1,735
Metropolitan
Washington
Airports
Authority,
District
of
Columbia,
Dulles
Toll
Road
Revenue
Bonds,
Dulles
Metrorail
&
Capital
improvement
Projects,
Refunding
&
Subordinate
Lien
Series
2019B,
5.000%,
10/01/47
10/29
at
100.00
A-  
1,812,016
725
Washington
Metropolitan
Area
Transit
Authority,
District
of
Columbia,
Dedicated
Revenue
Bonds,
Series
2020A,
5.000%,
7/15/45
7/30
at
100.00
AA  
781,282
Total
District
of
Columbia
2,593,298
Florida
-
3.7%
1,655
Fort
Myers,
Florida,
Utility
System
Revenue
Bonds,
Refunding
Series
2019A,
4.000%,
10/01/49
10/28
at
100.00
Aa3  
1,597,621
500
Gainesville,
Florida,
Utilities
System
Revenue
Bonds,
Series
2017A,
5.000%,
10/01/36
10/27
at
100.00
Aa3  
534,565
1,000
JEA,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Series
2020A,
5.000%,
10/01/34
4/30
at
100.00
AA+  
1,127,150
1,605
Lakeland,
Florida,
Hospital
System
Revenue
Bonds,
Lakeland
Regional
Health,
Series
2015,
5.000%,
11/15/45
11/24
at
100.00
A2  
1,608,403
535
Miami
Beach
Redevelopment
Agency,
Florida,
Tax
Increment
Revenue
Bonds,
City
Center/Historic
Convention
Village,
Series
2015A,
5.000%,
2/01/44
-
AGM
Insured
2/24
at
100.00
AA  
536,610
3,350
Miami-Dade
County,
Florida,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Series
2017B,
5.000%,
10/01/32
10/25
at
100.00
AA-  
3,447,686
510
Putnam
County
Development
Authority,
Florida,
Pollution
Control
Revenue
Bonds,
Seminole
Electric
Cooperatice,
Inc.
Project,
Refunding
Series
2018B,
5.000%,
3/15/42
5/28
at
100.00
A-  
530,273
805
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-2,
0.000%,
5/01/40
(5)
8/23
at
100.00
N/R  
741,139
880
Tolomato
Community
Development
District,
Florida,
Special
Assessment
Bonds,
Refunding
Series
2015-3,
6.610%,
5/01/40
(6)
8/23
at
100.00
N/R  
9
Total
Florida
10,123,456
3
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Georgia
-
2.6%
$
2,000
Gainesville
and
Hall
County
Hospital
Authority,
Georgia,
Revenue
Anticipation
Certificates,
Northeast
Georgia
Health
Services
Inc.,
Series
2017B,
5.250%,
2/15/45
2/27
at
100.00
AA+  
$
2,089,540
1,470
Municipal
Electric
Authority
of
Georgia,
Plant
Vogtle
Units
3
&
4
Project
J
Bonds,
Series
2019A,
5.000%,
1/01/49
-
BAM
Insured
7/28
at
100.00
AA  
1,517,260
Municipal
Electric
Authority
of
Georgia,
Project
One
Revenue
Bonds,
Subordinate
Lien
Series
2015A:
1,790
0.000%,
1/01/32
No
Opt.
Call
A2  
1,308,705
2,000
5.000%,
1/01/35
1/25
at
100.00
A2  
2,031,060
Total
Georgia
6,946,565
Illinois
-
10.5%
2,000
Chicago
Board
of
Education,
Illinois,
Dedicated
Capital
Improvement
Tax
Revenue
Bonds,
Series
2016,
6.000%,
4/01/46
4/27
at
100.00
A  
2,108,960
2,000
Cook
County,
Illinois,
Sales
Tax
Revenue
Bonds,
Series
2017,
5.000%,
11/15/38
11/27
at
100.00
AA-  
2,091,940
1,800
Evanston,
Cook
County,
Illinois,
General
Obligation
Bonds,
Corporate
Purpose
Series
2019A,
5.000%,
12/01/43
12/29
at
100.00
AA+  
1,906,650
7,500
Illinois
Finance
Authority,
Revenue
Bonds,
University
of
Chicago,
Series
2023A,
5.250%,
5/15/54
5/33
at
100.00
AA+  
8,245,875
Illinois
Finance
Authority,
State
of
Illinois
Clean
Water
Initiative
Revolving
Fund
Revenue
Bonds,
Series
2017:
375
5.000%,
7/01/37,
(Pre-refunded
1/01/27)
1/27
at
100.00
N/R  (4)
398,850
3,125
5.000%,
7/01/37
1/27
at
100.00
AAA  
3,307,469
1,500
Illinois
State,
General
Obligation
Bonds,
November
Series
2017D,
5.000%,
11/01/27
No
Opt.
Call
A-  
1,596,120
525
Illinois
State,
General
Obligation
Bonds,
October
Series
2016,
5.000%,
2/01/27
No
Opt.
Call
A-  
552,232
495
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
McCormick
Place
Expansion
Project
Bonds,
Refunding
Series
2020A,
4.000%,
6/15/50
12/29
at
100.00
A  
455,588
11,420
Metropolitan
Pier
and
Exposition
Authority,
Illinois,
Revenue
Bonds,
McCormick
Place
Expansion
Project,
Series
2002A,
0.000%,
12/15/37
-
NPFG
Insured
No
Opt.
Call
A  
6,197,520
615
University
of
Illinois,
Health
Services
Facilities
System
Revenue
Bonds,
Series
2013,
6.000%,
10/01/42
10/23
at
100.00
A2  
617,700
Will
County
Community
Unit
School
District
201-U
Crete-Monee,
Illinois,
General
Obligation
Bonds,
Capital
Appreciation
Series
2004:
300
0.000%,
11/01/23
-
NPFG
Insured,
(ETM)
No
Opt.
Call
Baa2  (4)
297,381
330
0.000%,
11/01/23
-
NPFG
Insured
No
Opt.
Call
A  
326,743
340
0.000%,
11/01/23
-
NPFG
Insured,
(ETM)
No
Opt.
Call
Baa2  (4)
337,113
50
0.000%,
11/01/23
-
NPFG
Insured,
(ETM)
No
Opt.
Call
N/R  (4)
49,575
25
0.000%,
11/01/23
-
NPFG
Insured,
(ETM)
No
Opt.
Call
Baa2  (4)
24,782
Total
Illinois
28,514,498
Indiana
-
0.5%
1,500
Indianapolis
Local
Public
Improvement
Bond
Bank,
Indiana,
Series
1999E,
0.000%,
2/01/25
-
AMBAC
Insured
No
Opt.
Call
AA  
1,422,660
Total
Indiana
1,422,660
Kentucky
-
3.4%
1,150
Kenton
County
Airport
Board,
Kentucky,
Airport
Revenue
Bonds,
Cincinnati/Northern
Kentucky
International
Airport,
Refunding
Series
2016,
5.000%,
1/01/29
1/26
at
100.00
A1  
1,204,360
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
July
31,
2023
(Unaudited)
4
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Kentucky
(continued)
$
1,000
Kentucky
Bond
Development
Corporation,
Transient
Room
Tax
Revenue
Bonds,
Lexington
Center
Corporation
Project,
Series
2018A,
5.000%,
9/01/43
9/28
at
100.00
A2  
$
1,035,170
1,185
Kentucky
Economic
Development
Finance
Authority,
Louisville
Arena
Project
Revenue
Bonds,
Louisville
Arena
Authority,
Inc.,
Series
2017A,
5.000%,
12/01/47
-
AGM
Insured
8/23
at
100.00
AA  
1,179,194
1,000
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-1,
5.000%,
8/01/32
8/29
at
100.00
A-  
1,079,560
3,750
Kentucky
Economic
Development
Finance
Authority,
Revenue
Bonds,
Next
Generation
Kentucky
Information
Highway
Project,
Senior
Series
2015A,
5.000%,
1/01/45
7/25
at
100.00
BBB+  
3,769,575
1,080
Kentucky
Public
Transportation
Infrastructure
Authority,
Toll
Revenue
Bonds,
Downtown
Crossing
Project,
Refunding
First
Tier
Series
2021B,
4.000%,
7/01/53
-
AGM
Insured
7/31
at
100.00
AA  
965,002
Total
Kentucky
9,232,861
Maine
-
1.0%
2,425
University
of
Maine,
System
Revenue
Bonds,
Series
2022,
5.000%,
3/01/47
3/32
at
100.00
AA-  
2,618,855
Total
Maine
2,618,855
Maryland
-
3.2%
3,420
Baltimore,
Maryland,
Convention
Center
Hotel
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
9/01/33
9/27
at
100.00
B  
3,441,341
5,000
Maryland
Health
and
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
MedStar
Health
Issue,
Series
2017A,
5.000%,
5/15/45
5/27
at
100.00
A  
5,120,400
Total
Maryland
8,561,741
Michigan
-
0.7%
1,000
Michigan
Finance
Authority,
Distributable
State
Aid
Revenue
Bonds,
Charter
County
of
Wayne
Criminal
Justice
Center
Project,
Senior
Lien
Series
2018,
5.000%,
11/01/43
11/28
at
100.00
Aa3  
1,055,440
850
Michigan
Finance
Authority,
Tobacco
Settlement
Asset-
Backed
Bonds,
2007
Sold
Tobacco
Receipts,
Series
2020B-1-CL2,
5.000%,
6/01/49
12/30
at
100.00
BBB+  
871,964
Total
Michigan
1,927,404
Minnesota
-
1.1%
1,145
Rochester,
Minnesota,
Electric
Utility
Revenue
Bonds,
Refunding
Series
2017A,
5.000%,
12/01/47
12/26
at
100.00
AA  
1,177,255
700
Southern
Minnesota
Municipal
Power
Agency,
Badger
Coulee
Project
Revenue
Bonds,
Series
2019A,
5.000%,
1/01/32
1/30
at
100.00
AA-  
791,266
1,000
University
of
Minnesota,
General
Obligation
Bonds,
Series
2017A,
5.000%,
9/01/36
9/27
at
100.00
Aa1  
1,071,850
Total
Minnesota
3,040,371
Montana
-
0.9%
Montana
Facility
Finance
Authority,
Montana,
Health
Facilities
Reveue
Bonds,
Bozeman
Deaconess
Health
Services
Obligated
Group,
Series
2021A:
500
5.000%,
6/01/31
No
Opt.
Call
A  
548,410
640
4.000%,
6/01/38
6/31
at
100.00
A  
624,205
1,245
4.000%,
6/01/40
6/31
at
100.00
A  
1,183,746
Total
Montana
2,356,361
5
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Nevada
-
5.4%
$
3,000
Clark
County,
Nevada,
General
Obligation
Bonds,
Transportation
Improvement,
Limited
Tax,
Additionally
Secured
by
Pledged
Revenue
Series
2018B,
5.000%,
12/01/33
12/28
at
100.00
AA+  
$
3,304,410
4,000
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Series
2018C,
5.250%,
7/01/43
7/28
at
100.00
AA-  
4,235,040
Las
Vegas
Convention
and
Visitors
Authority,
Nevada,
Revenue
Bonds,
Series
2019B:
3,015
5.000%,
7/01/36
7/29
at
100.00
AA-  
3,270,009
1,665
5.000%,
7/01/37
7/29
at
100.00
AA-  
1,793,571
2,000
Las
Vegas
Valley
Water
District,
Nevada,
General
Obligation
Bonds,
Refunding
Series
2015,
5.000%,
6/01/39
12/24
at
100.00
Aa1  
2,032,080
60
Sparks,
Nevada,
Sales
Tax
Revenue
Bonds,
Tourism
Improvement
District
1
Legends
at
Sparks
Marina,
Refunding
Senior
Series
2019A,
2.750%,
6/15/28,
144A
No
Opt.
Call
Ba1  
55,984
Total
Nevada
14,691,094
New
Jersey
-
6.9%
Camden
County
Improvement
Authority,
New
Jersey,
Health
Care
Redevelopment
Revenue
Bonds,
Cooper
Health
System
Obligated
Group
Issue,
Refunding
Series
2014A:
105
5.000%,
2/15/25
2/24
at
100.00
A-  
105,394
100
5.000%,
2/15/34
2/24
at
100.00
A-  
100,429
105
Camden
County
Improvement
Authority,
New
Jersey,
Health
Care
Redevelopment
Revenue
Bonds,
Cooper
Health
System
Obligated
Group
Issue,
Series
2013A,
5.750%,
2/15/42
8/23
at
100.00
A-  
105,146
110
Camden
County
Improvement
Authority,
New
Jersey,
Lease
Revenue
Bonds,
Rowan
University
School
of
Osteopathic
Medicine
Project,
Refunding
Series
2013A,
5.000%,
12/01/32
12/23
at
100.00
A  
110,280
80
Cumberland
County
Improvement
Authority,
New
Jersey,
Guaranteed
Lease
Revenue
Bonds,
County
Correctional
Facility
Project,
Series
2018,
4.000%,
10/01/43
-
BAM
Insured
10/28
at
100.00
AA  
79,351
Delaware
River
Port
Authority,
New
Jersey
and
Pennsylvania,
Revenue
Bonds,
Series
2018A:
175
5.000%,
1/01/37
1/29
at
100.00
A+  
190,678
125
5.000%,
1/01/38
1/29
at
100.00
A+  
134,456
245
Garden
State
Preservation
Trust,
New
Jersey,
Open
Space
and
Farmland
Preservation
Bonds,
Series
2005A,
5.750%,
11/01/28
-
AGM
Insured
No
Opt.
Call
AA  
264,556
Harrison,
New
Jersey,
General
Obligation
Bonds,
Parking
Utility
Series
2018:
35
3.125%,
3/01/31
-
BAM
Insured
3/28
at
100.00
AA  
34,652
30
3.250%,
3/01/32
-
BAM
Insured
3/28
at
100.00
AA  
29,918
50
3.500%,
3/01/36
-
BAM
Insured
3/28
at
100.00
AA  
49,462
150
Hudson
County
Improvement
Authority,
New
Jersey,
County
Secured
Lease
Revenue
Bonds,
Hudson
County
Vocational
Technical
Schools
Project,
Series
2016,
5.250%,
5/01/51
5/26
at
100.00
AA  
154,934
100
Jersey
City,
New
Jersey,
General
Obligation
Bonds,
Refunding
General
Improvement
Series
2017A,
5.000%,
11/01/29
11/27
at
100.00
A+  
108,602
100
Middlesex
County
Improvement
Authority,
New
Jersey,
Senior
Revenue
Bonds,
Heldrich
Center
Hotel/Conference
Center
Project,
Series
2005A,
5.000%,
1/01/32
(6)
8/23
at
100.00
Caa3  
66,104
125
Middlesex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Redevelopment
Series
2017,
5.000%,
1/15/27
No
Opt.
Call
AAA  
133,822
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
July
31,
2023
(Unaudited)
6
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
$
20
Montclair
Township,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
Parking
Utility
Series
2014A,
5.000%,
1/01/37
1/24
at
100.00
AAA  
$
20,089
100
Montclair
Township,
Essex
County,
New
Jersey,
General
Obligation
Bonds,
Refunding
School
Series
2017B,
4.000%,
3/01/25
No
Opt.
Call
AAA  
101,350
New
Brunswick
Parking
Authority,
Middlesex
County,
New
Jersey,
Guaranteed
Parking
Revenue
Bonds,
Refunding
Series
2016A:
300
5.000%,
9/01/32
-
BAM
Insured
9/26
at
100.00
AA  
315,195
140
5.000%,
9/01/39
-
BAM
Insured
9/26
at
100.00
AA  
145,138
25
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Foundation
Academy
Charter
School,
Series
2018A,
5.000%,
7/01/38
1/28
at
100.00
BBB-  
25,151
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
North
Star
Academy
Charter
School
of
Newark,
Series
2017:
220
4.000%,
7/15/37
7/27
at
100.00
BBB-  
208,124
25
5.000%,
7/15/47
7/27
at
100.00
BBB-  
25,102
100
New
Jersey
Economic
Development
Authority,
Charter
School
Revenue
Bonds,
Teaneck
Community
Charter
School,
Series
2017A,
5.125%,
9/01/52,
144A
9/27
at
100.00
BB  
90,564
35
New
Jersey
Economic
Development
Authority,
Fixed
Rate
Revenue
Bonds,
Lions
Gate
Project,
Series
2014,
5.250%,
1/01/44
1/24
at
100.00
N/R  
32,752
100
New
Jersey
Economic
Development
Authority,
Lease
Revenue
Bonds,
State
House
Project,
Series
2017B,
4.500%,
6/15/40
12/28
at
100.00
A2  
101,789
215
New
Jersey
Economic
Development
Authority,
Natural
Gas
Facilities
Revenue
Bonds,
New
Jersey
Natural
Gas
Company
Project,
Refunding
Series
2011A,
2.750%,
8/01/39
8/24
at
100.00
A1  
176,906
125
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Motor
Vehicle
Surcharge,
Refunding
Subordinate
Series
2017A,
3.375%,
7/01/30
7/27
at
100.00
Baa3  
121,065
55
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Kean
Properties
LLC
-
Kean
University
Student
Housing
Project,
Series
2017A,
5.000%,
7/01/47
1/27
at
100.00
B  
50,813
100
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
Provident
Group
-
Rowan
Properties
LLC
-
Rowan
University
Student
Housing
Project,
Series
2015A,
5.000%,
1/01/48
1/25
at
100.00
B1  
89,377
115
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2015,
5.000%,
3/01/25
No
Opt.
Call
A  
117,812
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
The
Seeing
Eye
Inc.,
Refunding
Series
2017:
20
3.000%,
6/01/32
12/27
at
100.00
A  
19,111
15
5.000%,
6/01/32
12/27
at
100.00
A  
15,832
40
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
United
Methodist
Homes
of
New
Jersey
Obligated
Group
Issue,
Refunding
Series
2014A,
5.000%,
7/01/29,
(Pre-refunded
7/01/24)
7/24
at
100.00
N/R  (4)
40,601
155
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
West
Campus
Housing
LLC
-
New
Jersey
City
University
Student
Housing
Project,
Series
2015,
5.000%,
7/01/47
7/25
at
100.00
B  
130,264
100
New
Jersey
Economic
Development
Authority,
Revenue
Bonds,
White
Horse
HMT
Urban
Renewal
LLC
Project,
Series
2020,
5.000%,
1/01/40,
144A
1/28
at
102.00
N/R  
71,973
935
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Series
2005N-1,
5.500%,
9/01/27
-
NPFG
Insured
No
Opt.
Call
A2  
1,014,699
15
New
Jersey
Economic
Development
Authority,
School
Facilities
Construction
Bonds,
Social
Series
2021QQQ,
4.000%,
6/15/50
12/30
at
100.00
A2  
14,323
7
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
$
145
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
College
of
New
Jersey,
Refunding
Series
2016F,
3.000%,
7/01/40
7/26
at
100.00
A  
$
117,610
100
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Kean
University,
Refunding
Series
2015H,
4.000%,
7/01/39
-
AGM
Insured
7/25
at
100.00
AA  
99,223
50
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Montclair
State
University,
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
A+  
50,340
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Rider
University,
Series  2017F:
5
3.750%,
7/01/37
7/27
at
100.00
BB  
3,877
100
4.000%,
7/01/42
7/27
at
100.00
BB  
74,692
100
5.000%,
7/01/47
7/27
at
100.00
BB  
84,366
75
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2013D,
5.000%,
7/01/38
8/23
at
100.00
BBB+  
75,045
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Seton
Hall
University,
Series
2016C:
435
3.000%,
7/01/41
7/26
at
100.00
BBB+  
339,291
50
3.000%,
7/01/46
7/26
at
100.00
BBB+  
36,784
25
4.000%,
7/01/46
7/26
at
100.00
BBB+  
22,399
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
Stevens
Institute
of
Technology,
Series
2017A:
200
4.000%,
7/01/47
7/27
at
100.00
BBB+  
178,832
30
5.000%,
7/01/47
7/27
at
100.00
BBB+  
30,376
25
New
Jersey
Educational
Facilities
Authority,
Revenue
Bonds,
The
College
of
Saint
Elizabeth,
Series
2016D,
5.000%,
7/01/46
7/26
at
100.00
BB  
22,364
80
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
AHS
Hospital
Corporation,
Refunding
Series
2016,
4.000%,
7/01/41
1/27
at
100.00
AA-  
78,471
230
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Barnabas
Health,
Refunding
Series
2014A,
5.000%,
7/01/44
7/24
at
100.00
AA-  
231,932
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hackensack
Meridian
Health
Obligated
Group,
Refunding
Series
2017A:
150
5.000%,
7/01/28
7/27
at
100.00
AA-  
160,780
150
5.000%,
7/01/57
7/27
at
100.00
AA-  
154,391
110
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Hunterdon
Medical
Center,
Refunding
Series
2014A,
4.000%,
7/01/45
7/24
at
100.00
A+  
104,563
50
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Refunding
Series
2016A,
4.000%,
7/01/41
7/26
at
100.00
AA-  
48,983
360
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Inspira
Health
Obligated
Group
Issue,
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
AA-  
369,637
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Princeton
HealthCare
System,
Series
2016A:
25
5.000%,
7/01/32
7/26
at
100.00
AA  
26,302
40
5.000%,
7/01/33
7/26
at
100.00
AA  
42,016
30
5.000%,
7/01/34
7/26
at
100.00
AA  
31,461
130
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Robert
Wood
Johnson
University
Hospital
Issue,
Series
2014A,
5.000%,
7/01/39
7/24
at
100.00
AA-  
131,422
110
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Robert
Wood
Johnson
University
Hospital,
Series
2013A,
5.500%,
7/01/43
8/23
at
100.00
AA-  
110,070
125
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
RWJ
Barnabas
Health
Obligated
Group,
Refunding
Series
2016A,
5.000%,
7/01/43
7/26
at
100.00
AA-  
128,219
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
July
31,
2023
(Unaudited)
8
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Saint
Joseph's
Healthcare
System
Obligated
Group
Issue,
Refunding
Series
2016:
$
10
3.000%,
7/01/32
7/26
at
100.00
BBB-  
$
8,905
405
4.000%,
7/01/48
7/26
at
100.00
BBB-  
346,222
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
University
Hospital
Issue,
Refunding
Series
2015A:
130
4.125%,
7/01/38
-
AGM
Insured
7/25
at
100.00
AA  
129,276
110
5.000%,
7/01/46
-
AGM
Insured
7/25
at
100.00
AA  
110,934
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Valley
Health
System
Obligated
Group,
Series
2019:
50
4.000%,
7/01/44
7/29
at
100.00
A+  
48,279
205
3.000%,
7/01/49
7/29
at
100.00
A+  
145,968
50
New
Jersey
Health
Care
Facilities
Financing
Authority,
Revenue
Bonds,
Village
Drive
Healthcare
Urban
Renewal
LLC,
Series
2018,
5.750%,
10/01/38,
144A
10/26
at
102.00
N/R  
38,536
120
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2015A,
4.000%,
11/01/45
11/24
at
100.00
AA-  
112,384
270
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2016B,
3.600%,
11/01/40
11/25
at
100.00
AA-  
251,375
435
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2018A,
3.875%,
11/01/38
11/27
at
100.00
AA-  
413,276
100
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Multifamily
Revenue
Bonds,
Series
2019A,
2.900%,
11/01/39
11/28
at
100.00
AA-  
84,203
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2018A:
125
3.600%,
4/01/33
10/27
at
100.00
AA  
120,610
75
3.750%,
10/01/35
10/27
at
100.00
AA  
72,287
665
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2019C,
3.950%,
10/01/44
4/28
at
100.00
AA  
631,963
235
New
Jersey
Housing
and
Mortgage
Finance
Agency,
Single
Family
Housing
Revenue
Bonds,
Series
2020E,
2.250%,
10/01/40
4/29
at
100.00
AA  
172,391
200
New
Jersey
Institute
of
Technology,
New
Jersey,
General
Obligation
Bonds,
Series
2015A,
5.000%,
7/01/45
7/25
at
100.00
A1  
203,078
70
New
Jersey
State,
General
Obligation
Bonds,
Covid-19
Emergency
Series
2020A,
4.000%,
6/01/32
No
Opt.
Call
A1  
74,826
100
New
Jersey
State,
General
Obligation
Bonds,
Various
Purpose
Series
2020,
2.250%,
6/01/35
12/27
at
100.00
A1  
84,148
5,020
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Capital
Appreciation
Series
2010A,
0.000%,
12/15/31
No
Opt.
Call
A2  
3,694,670
2,170
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2009A,
0.000%,
12/15/39
No
Opt.
Call
A2  
1,066,555
255
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2015AA,
5.250%,
6/15/41
6/25
at
100.00
A2  
259,651
50
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019A,
4.000%,
12/15/39
12/29
at
100.00
A2  
49,485
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2019BB:
225
3.500%,
6/15/46
12/28
at
100.00
A2  
193,984
100
4.000%,
6/15/50
12/28
at
100.00
A2  
94,721
9
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
Jersey
(continued)
New
Jersey
Transportation
Trust
Fund
Authority,
Transportation
System
Bonds,
Series
2020AA:
$
40
3.000%,
6/15/50
12/30
at
100.00
A2  
$
30,209
30
4.000%,
6/15/50
12/30
at
100.00
A2  
28,416
70
5.000%,
6/15/50
12/30
at
100.00
A2  
73,768
255
New
Jersey
Turnpike
Authority,
Revenue
Bonds,
Refunding
Series
2015E,
5.000%,
1/01/45
1/25
at
100.00
AA-  
259,297
200
Ocean
City,
New
Jersey,
General
Obligation
Bonds,
General
Improvement
Series
2019,
2.250%,
9/15/33
9/26
at
100.00
AA  
176,092
300
Salem
County
Pollution
Control
Financing
Authority,
New
Jersey,
Revenue
Bonds,
Atlantic
City
Electric
Company
Project,
Refunding
Series
2020,
2.250%,
6/01/29
No
Opt.
Call
A  
272,508
250
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Refunding
Series
2019A,
5.000%,
11/01/31
-
AGM
Insured
11/29
at
100.00
AA  
275,968
30
South
Jersey
Transportation
Authority,
New
Jersey,
Transportation
System
Revenue
Bonds,
Series
2020A,
5.000%,
11/01/45
11/30
at
100.00
BBB+  
31,120
125
Sussex
County,
New
Jersey,
General
Obligation
Bonds,
Series
2019,
3.000%,
6/01/27
6/26
at
100.00
AA+  
124,815
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018A:
215
4.000%,
6/01/37
6/28
at
100.00
A-  
217,249
305
5.250%,
6/01/46
6/28
at
100.00
BBB+  
316,553
450
Tobacco
Settlement
Financing
Corporation,
New
Jersey,
Tobacco
Settlement
Asset-Backed
Bonds,
Series
2018B,
5.000%,
6/01/46
6/28
at
100.00
BBB-  
450,153
535
Union
County
Improvement
Authority,
New
Jersey,
General
Obligation
Lease
Bonds,
Juvenile
Detention
Center
Facility
Project,
Refunding
Series
2015A,
5.500%,
5/01/30
No
Opt.
Call
Aaa  
624,923
170
Union
County
Utilities
Authority,
New
Jersey,
Solid
Waste
System
County
Deficiency
Revenue
Bonds,
Series
2011A,
5.000%,
6/15/41
8/23
at
100.00
Aaa  
170,095
Total
New
Jersey
18,808,153
New
York
-
6.9%
500
Dormitory
Authority
of
the
State
of
New
York,
Revenue
Bonds,
School
Districts
Financing
Program,
Series
2021A,
5.000%,
10/01/32
-
AGM
Insured
10/29
at
100.00
AA  
559,805
3,000
Liberty
Development
Corporation,
New
York,
Goldman
Sachs
Headquarters
Revenue
Bonds
Series
2007,
5.500%,
10/01/37
No
Opt.
Call
A2  
3,439,410
1,500
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2017,
5.000%,
9/01/42
9/27
at
100.00
A  
1,586,040
2,050
Long
Island
Power
Authority,
New
York,
Electric
System
General
Revenue
Bonds,
Series
2018,
5.000%,
9/01/39
9/28
at
100.00
A  
2,211,068
1,390
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Green
Climate
Bond
Certified
Series
2020C-1,
5.000%,
11/15/50
5/30
at
100.00
A3  
1,440,846
750
Metropolitan
Transportation
Authority,
New
York,
Transportation
Revenue
Bonds,
Refunding
Green
Climate
Certified
Series
2020E,
5.000%,
11/15/30
No
Opt.
Call
A3  
823,627
New
York
City
Transitional
Finance
Authority,
New
York,
Future
Tax
Secured
Bonds,
Subordinate
Fiscal
Series
2024A-1:
1,450
4.000%,
5/01/53
5/33
at
100.00
AAA  
1,405,616
1,510
5.000%,
5/01/53
5/33
at
100.00
AAA  
1,632,008
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
July
31,
2023
(Unaudited)
10
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
New
York
(continued)
$
1,230
New
York
City,
New
York,
General
Obligation
Bonds,
Fiscal
2021
Series
C,
5.000%,
8/01/42
8/30
at
100.00
AA  
$
1,336,543
315
Port
Authority
of
New
York
and
New
Jersey,
Consolidated
Revenue
Bonds,
One
Hundred
Seventy
Ninth
Series
2013,
5.000%,
12/01/43
12/23
at
100.00
AA-  
316,147
1,000
Suffolk
Tobacco
Asset
Securitization
Corporation,
New
York,
Tobacco
Settlement
Asset-Backed
Bonds,
Senior
Series
2021A-2,
5.000%,
6/01/31
No
Opt.
Call
A  
1,096,450
3,000
Triborough
Bridge
and
Tunnel
Authority,
New
York,
Payroll
Mobility
Tax
Bonds,
Senior
Lien
Subseries
2021A-1,
2.000%,
5/15/45,
(Mandatory
Put
5/15/26)
No
Opt.
Call
AA+  
2,789,760
Total
New
York
18,637,320
North
Carolina
-
1.1%
1,000
North
Carolina
Capital
Facilities
Finance
Agency,
Revenue
Bonds,
Duke
University
Project,
Refunding
Series
2016B,
5.000%,
7/01/42
10/26
at
100.00
AA+  
1,050,740
North
Carolina
Turnpike
Authority,
Triangle
Expressway
System
Revenue
Bonds,
Refunding
Senior
Lien
Series
2017:
1,095
5.000%,
1/01/31
-
AGM
Insured
1/27
at
100.00
AA  
1,163,558
700
5.000%,
1/01/32
1/27
at
100.00
BBB  
736,554
Total
North
Carolina
2,950,852
Ohio
-
3.1%
570
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020A-2
Class
1,
4.000%,
6/01/48
6/30
at
100.00
BBB+  
525,369
8,580
Buckeye
Tobacco
Settlement
Financing
Authority,
Ohio,
Tobacco
Settlement
Asset-Backed
Revenue
Bonds,
Refunding
Senior
Lien
Series
2020B-2
Class
2,
5.000%,
6/01/55
6/30
at
100.00
N/R  
7,986,607
Total
Ohio
8,511,976
Oklahoma
-
0.2%
500
Oklahoma
Development
Finance
Authority,
Health
System
Revenue
Bonds,
OU
Medicine
Project,
Series
2018B,
5.500%,
8/15/57
8/28
at
100.00
BB-  
492,390
Total
Oklahoma
492,390
Pennsylvania
-
4.4%
160
Adams
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2017B,
2.500%,
11/15/29
11/25
at
100.00
Aa2  
152,082
50
Allegheny
County
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Robert
Morris
University,
Series
2017,
5.000%,
10/15/37
10/27
at
100.00
Baa3  
50,021
465
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Allegheny
Health
Network
Obligated
Group
Issue,
Series
2018A,
4.000%,
4/01/44
4/28
at
100.00
A  
419,397
115
Allegheny
County
Hospital
Development
Authority,
Pennsylvania,
Revenue
Bonds,
University
of
Pittsburgh
Medical
Center,
Series
2019A,
4.000%,
7/15/35
7/29
at
100.00
A  
116,375
220
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2013C-72,
5.250%,
12/01/32,
(Pre-refunded
12/01/23)
12/23
at
100.00
AA-  (4)
221,423
230
Allentown
Neighborhood
Improvement
Zone
Development
Authority,
Pennsylvania,
Tax
Revenue
Bonds,
City
Center
Refunding
Project,
Series
2017,
5.000%,
5/01/42,
144A
5/27
at
100.00
Ba3  
230,271
105
Avon
Grove
School
District,
Chester
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
11/15/37
5/29
at
100.00
AA  
106,941
11
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
140
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2005A,
4.000%,
1/01/35
(6)
No
Opt.
Call
N/R  
$
1
10
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2008A,
2.700%,
4/01/35
(6)
No
Opt.
Call
N/R  
0
250
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006B,
3.500%,
12/01/35
(6)
No
Opt.
Call
N/R  
2
380
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Tower
Health
Project,
Series
2017,
5.000%,
11/01/50
11/27
at
100.00
B  
246,529
155
Berks
County
Industrial
Development
Authority,
Pennsylvania,
Healthcare
Facilities
Revenue
Bonds,
Highlands
at
Wyomissing,
Series
2017A,
5.000%,
5/15/42
5/27
at
100.00
BBB  
144,604
15
Berks
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,  Alvernia
University
Project,
Series
2020,
5.000%,
10/01/39
10/29
at
100.00
BB+  
14,311
125
Bethel
Park
School
District,
Allegheny
County,
Pennsylvania,
General
Obligation
Bonds,
Refunding
Series
2016,
4.000%,
8/01/33
8/26
at
100.00
Aa2  
128,070
45
Boyertown
Area
School
District,
Berks
and
Montgomery
Counties,
Pennsylvania,
General
Obligation
Bonds,
Series
2015,
5.000%,
10/01/38
4/24
at
100.00
AA-  
45,426
155
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Saint
Luke's
University
Health
Network
Project,
Series
2021,
3.000%,
8/15/53
8/30
at
100.00
A-  
102,732
70
Bucks
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
School
Lane
Charter
School
Project,
Series
2016,
5.125%,
3/15/36
3/27
at
100.00
BBB-  
71,357
20
Bucks
County
Water
and
Sewer
Authority,
Pennsylvania,
Water
System
Revenue
Bonds,
Series
2020,
2.125%,
12/01/45
12/28
at
100.00
AA  
13,065
115
Canon-McMillan
School
District,
Washington
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2014D,
5.000%,
12/15/39
12/24
at
100.00
AA  
116,354
100
Centre
County
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Mount
Nittany
Medical
Center
Project,
Series
2016A,
5.000%,
11/15/46,
(Pre-refunded
11/15/25)
11/25
at
100.00
A+  (4)
104,155
75
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Main
Line
Health
System,
Series
2017A,
4.000%,
10/01/37
10/27
at
100.00
AA-  
74,966
190
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Main
Line
Health
System,
Series
2020A,
4.000%,
9/01/50
9/30
at
100.00
AA-  
175,093
35
Chester
County
Health
and
Education
Facilities
Authority,
Pennsylvania,
Revenue
Bonds,
Simpson
Senior
Services
Project,
Series
2019,
5.000%,
12/01/51
12/25
at
103.00
N/R  
28,509
20
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Avon
Grove
Charter
School
Revenue
Bonds,
Series
2017A,
5.000%,
12/15/47
12/27
at
100.00
BBB-  
19,518
15
Chester
County
Industrial
Development
Authority,
Pennsylvania,
Student
Housing
Revenue
Bonds,
University
Student
Housing,
LLC
Project
at
West
Chester
University
Series
2013A,
5.000%,
8/01/45
8/23
at
100.00
Ba2  
14,159
35
Clarion
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Clarion
University
Foundation
Inc.
Student
Housing
Project
at
Clarion
University,
Series
2014A,
5.000%,
7/01/45
7/24
at
100.00
A1  
35,234
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
July
31,
2023
(Unaudited)
12
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
100
Colonial
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020,
5.000%,
2/15/44
2/27
at
100.00
Aaa  
$
105,526
Commonwealth
Financing
Authority,
Pennsylvania,
State
Appropriation
Lease
Bonds,
Master
Settlement,
Series
2018:
40
5.000%,
6/01/33
6/28
at
100.00
A1  
42,931
355
4.000%,
6/01/39
-
AGM
Insured
6/28
at
100.00
AA  
350,208
70
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Asbury
Pennsylvania
Obligated
Group,  Refunding
Series
2019,
5.000%,
1/01/45
1/25
at
104.00
N/R  
59,964
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2015:
20
4.000%,
1/01/33,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R  (4)
20,200
60
4.000%,
1/01/33,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R  (4)
60,601
45
4.000%,
1/01/33
1/25
at
100.00
BBB+  
42,460
65
5.000%,
1/01/38
1/25
at
100.00
BBB+  
65,084
15
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R  (4)
15,356
55
5.000%,
1/01/38,
(Pre-refunded
1/01/25)
1/25
at
100.00
N/R  (4)
56,304
100
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2016,
5.000%,
1/01/29
1/26
at
100.00
BBB+  
101,127
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Diakon
Lutheran
Social
Ministries
Project,
Series
2019A:
25
4.125%,
1/01/38
1/29
at
100.00
BBB+  
22,771
5
5.000%,
1/01/39,
(Pre-refunded
1/01/29)
1/29
at
100.00
N/R  (4)
5,537
5
5.000%,
1/01/39
1/29
at
100.00
BBB+  
4,957
20
5.000%,
1/01/39,
(Pre-refunded
1/01/29)
1/29
at
100.00
N/R  (4)
22,148
100
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Dickinson
College
Project,
Second
Series
2017A,
5.000%,
11/01/39
11/27
at
100.00
A+  
105,557
200
Cumberland
County
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Penn
State
Health,
Series
2019,
4.000%,
11/01/44
11/29
at
100.00
A  
189,024
30
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University
Project,
Series
2019,
5.000%,
5/01/48
5/29
at
100.00
Baa3  
27,914
30
Dallas
Area
Municipal
Authority,
Pennsylvania,
Revenue
Bonds,
Misericordia
University,
Series
2014,
5.000%,
5/01/37
5/24
at
100.00
Baa3  
29,649
55
Dauphin
County
General
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Pinnacle
Health
System
Project,
Refunding
Series
2016A,
5.000%,
6/01/35
6/26
at
100.00
A  
56,919
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2017:
245
5.000%,
7/01/42
7/27
at
100.00
A+  
255,599
540
5.000%,
7/01/47
7/27
at
100.00
A+  
560,460
295
Delaware
River
Joint
Toll
Bridge
Commission,
New
Jersey
and
Pennsylvania,
Bridge
System
Revenue
Bonds,
Series
2019A,
5.000%,
7/01/28
No
Opt.
Call
A+  
322,783
225
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2016A,
5.000%,
7/01/41
7/26
at
100.00
B3  
202,318
25
Doylestown
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Series
2019A,
4.000%,
7/01/45
7/29
at
100.00
B3  
18,748
150
Dubois
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Penn
Highlands
Healthcare,
Series
2018,
5.000%,
7/15/48
1/28
at
100.00
A-  
153,128
30
East
Hempfield
Township
Industrial
Development
Authority,
Pennsylvania,
Student
Services
Inc
-
Student
Housing
Project
at
Millersville
University,
Series
2014,
5.000%,
7/01/46,
(Pre-refunded
7/01/24)
7/24
at
100.00
N/R  (4)
30,437
13
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
100
East
Hempfield
Township
Industrial
Development
Authority,
Pennsylvania,
Student
Services
Inc
-
Student
Housing
Project
at
Millersville
University,
Series
2015,
5.000%,
7/01/47,
(Pre-refunded
7/01/25)
7/25
at
100.00
N/R  (4)
$
103,307
25
Easton
Area
School
District,
Northampton
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020B,
5.000%,
2/01/31
2/28
at
100.00
Aa2  
27,350
60
Erie
Higher
Education
Building
Authority,
Pennsylvania,
Revenue
Bonds,
Gannon
University,
Series
2016,
4.000%,
5/01/46
11/26
at
100.00
BBB+  
48,398
75
General
Authority
of
Southcentral
Pennsylvania,
Revenue
Bonds,
AICUP
Financing
Program-York
College
of
Pennsylvania,
Series
2017
PP4,
3.375%,
11/01/37
10/27
at
100.00
A-  
66,440
Huntingdon
County
General
Authority,
Pennsylvania,
Revenue
Bonds,
Juniata
College,
Series
2016OO2:
15
3.250%,
5/01/36
5/26
at
100.00
BBB  
12,899
35
3.500%,
5/01/41
5/26
at
100.00
BBB  
28,396
20
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Masonic
Villages
Project,
Series
2015,
5.000%,
11/01/35
5/25
at
100.00
A  
20,271
40
Lancaster
County
Hospital
Authority,
Pennsylvania,
Health
Center
Revenue
Bonds,
Saint
Anne's
Retirement
Community,
Inc.,
Series
2020,
5.000%,
3/01/50
3/27
at
102.00
BB+  
31,734
100
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Refunding
Series
2016B,
5.000%,
8/15/46
8/26
at
100.00
AA  
101,886
155
Lancaster
County
Hospital
Authority,
Revenue
Bonds,
University
of
Pennsylvania
Health
System,
Series
2016A,
5.000%,
8/15/42
8/26
at
100.00
AA  
159,168
25
Lancaster
School
District,
Lancaster
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2020,
4.000%,
6/01/35
-
AGM
Insured
12/28
at
100.00
AA  
25,933
Lehigh
County
Authority,
Pennsylvania,
Water
and
Sewer
Revenue
Bonds,
Allentown
Concession,
Series
2013A:
105
5.125%,
12/01/47,
(Pre-refunded
12/01/23)
12/23
at
100.00
N/R  (4)
105,636
95
5.125%,
12/01/47
12/23
at
100.00
A  
95,243
100
Lehigh
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Good
Shepherd
Group,
Refunding
Series
2016,
4.000%,
11/01/41
5/26
at
100.00
A-  
91,556
195
Lehighton
Area
School
District,
Carbon
County,
Pennsylvania,
General
Obligation
Bonds,
Limited
Tax
Series
2015A,
5.000%,
11/15/43
-
BAM
Insured
11/23
at
100.00
AA  
195,889
100
Monroe
County
Industrial
Development
Authority,
Pennsylvania,
Special
Obligation
Revenue
Bonds,
Tobyhanna
Township
Project,
Series
2014,
6.875%,
7/01/33,
144A
7/24
at
100.00
N/R  
99,115
50
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2018A,
5.000%,
9/01/48
9/28
at
100.00
A  
51,150
Montgomery
County
Higher
Education
and
Health
Authority,
Pennsylvania,
Revenue
Bonds,
Thomas
Jefferson
University,
Series
2019:
50
4.000%,
9/01/44
9/29
at
100.00
A  
47,600
25
4.000%,
9/01/49
9/29
at
100.00
A  
23,358
200
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Health
System
Revenue
Bonds,
Albert
Einstein
Healthcare
Network
Issue,
Series
2015A,
5.250%,
1/15/45,
(Pre-refunded
1/15/25)
1/25
at
100.00
N/R  (4)
205,720
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
July
31,
2023
(Unaudited)
14
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
200
Montgomery
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
ACTS
Retirement-Life
Communities,
Inc.
Obligated
Group,
Series
2016,
5.000%,
11/15/36
11/26
at
100.00
A-  
$
200,104
90
Northampton
County
General
Purpose
Authority,
Pennsylvania,
Revenue
Bonds,
Lafayette
College,
Refunding
Series
2018,
4.000%,
11/01/38
11/28
at
100.00
Aa3  
89,125
55
Northampton
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Morningstar
Senior
Living,
Inc.,
Series
2019,
5.000%,
11/01/44
11/26
at
103.00
BB  
47,433
55
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shippingport
Project,
First
Energy
Guarantor.,
Series
2006A,
2.550%,
11/01/41
(6)
No
Opt.
Call
N/R  
1
140
Pennsylvania
Economic
Development
Financing
Authority,
Parking
System
Revenue
Bonds,
Capitol
Region
Parking
System,
Series
2013A,
5.250%,
1/01/44
-
AGM
Insured
1/24
at
100.00
AA  
140,581
250
Pennsylvania
Economic
Development
Financing
Authority,
Revenue
Bonds,
Pennsylvania-American
Water
Company,
Refunding
Series
2019,
3.000%,
4/01/39
10/29
at
100.00
A+  
208,797
35
Pennsylvania
Higher
Educational
Facilites
Authority,  Revenue
Bonds,
Holy
Family
University,
Series
2013A,
6.500%,
9/01/38
9/23
at
100.00
N/R  
35,082
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
of
the
Sciences
in
Philadelphia,
Series
2012:
35
4.000%,
11/01/39
8/23
at
100.00
N/R  
31,112
60
5.000%,
11/01/42
8/23
at
100.00
N/R  
58,696
300
Pennsylvania
Higher
Educational
Facilities
Authority,
Revenue
Bonds,
University
Properties
Inc.
Student
Housing
Project
at
East
Stroudsburg
University
of
Pennsylvania,
Series
2016A,
5.000%,
7/01/35
7/26
at
100.00
Baa3  
292,368
45
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-119,
3.500%,
10/01/36
4/25
at
100.00
AA+  
43,690
350
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-120,
3.200%,
4/01/40
10/25
at
100.00
AA+  
308,140
450
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2016-121,
3.200%,
10/01/41
10/25
at
100.00
AA+  
378,347
65
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-123B,
3.450%,
10/01/32
10/26
at
100.00
AA+  
63,677
45
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2017-125B,
3.700%,
10/01/47
4/27
at
100.00
AA+  
42,939
250
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-129,
3.350%,
10/01/45
10/28
at
100.00
AA+  
207,090
125
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2019-130A,
3.000%,
10/01/46
10/28
at
100.00
AA+  
94,183
45
Pennsylvania
Housing
Finance
Agency,
Single
Family
Mortgage
Revenue
Bonds,
Series
2020-133,
2.500%,
10/01/45
10/29
at
100.00
AA+  
32,295
100
Pennsylvania
Turnpike
Commission,
Motor
License
Fund-Enhanced
Turnpike
Special
Revenue
Bonds,
Subordinate
Series
2014A,
4.750%,
12/01/37
12/26
at
100.00
AA-  
103,332
100
Pennsylvania
Turnpike
Commission,
Oil
Franchise
Tax
Revenue
Bonds,
Subordinate
Series
2018B,
5.000%,
12/01/48
12/28
at
100.00
A2  
104,178
585
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Series
2015B,
5.000%,
12/01/45
12/25
at
100.00
AA-  
599,145
50
Pennsylvania
Turnpike
Commission,
Turnpike
Revenue
Bonds,
Subordinate
Series
2019A,
4.000%,
12/01/49
12/29
at
100.00
A  
48,238
15
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
$
25
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Charter
School
Revenue
Bonds,
Philadelphia
Performing
Arts:
A
String
Theory
Charter
School,
Series
2020,
5.000%,
6/15/50,
144A
6/28
at
100.00
BB+  
$
23,827
70
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
La
Salle
University,
Series
2017,
3.625%,
5/01/35
11/27
at
100.00
BB+  
55,062
Philadelphia
Authority
for
Industrial
Development,
Pennsylvania,
Revenue
Bonds,
University
of
the
Arts,
Series
2017:
5
5.000%,
3/15/45,
(Pre-refunded
3/15/28),
144A
3/28
at
100.00
N/R  (4)
5,429
45
5.000%,
3/15/45,
144A
3/28
at
100.00
BB-  
38,328
150
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Fifteenth
Series
2017,
5.000%,
8/01/47
8/27
at
100.00
A  
153,792
105
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
1998
General
Ordinance,
Sixteenth
Series
2020A,
5.000%,
8/01/50
-
AGM
Insured
8/30
at
100.00
AA  
110,931
125
Philadelphia
Gas
Works,
Pennsylvania,
Revenue
Bonds,
Refunding
Thirteenth
Series
2015,
5.000%,
8/01/30
8/25
at
100.00
A  
128,362
100
Philadelphia
Hospitals
and
Higher
Education
Facilities
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Temple
University
Health
System
Obligated
Group,
Series
of
2017,
5.000%,
7/01/30
7/27
at
100.00
BBB  
103,299
100
Pittsburgh
and
Allegheny
County
Sports
and
Exhibition
Authority,
Pennsylvania,
Parking
Revenue
Bonds,
Series
2017,
5.000%,
12/15/34
12/27
at
100.00
A  
107,353
20
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
First
Lien
Series
2020B,
4.000%,
9/01/45
-
AGM
Insured
9/30
at
100.00
AA  
20,104
25
Pittsburgh
Water
and
Sewer
Authority,
Pennsylvania,
Water
and
Sewer
System
Revenue
Bonds,
Refunding
Subordinate
Series
2019B,
4.000%,
9/01/34
-
AGM
Insured
9/29
at
100.00
AA  
25,843
200
Pottsville
Hospital
Authority,
Pennsylvania,
Hospital
Revenue
Bonds,
Lehigh
Valley
Health
Network,
Series
2016B,
5.000%,
7/01/45
1/27
at
100.00
A+  
202,102
35
Rostraver
Township,
Westmoreland
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2018,
3.500%,
9/01/34
-
AGM
Insured
9/25
at
100.00
AA  
34,936
80
Scranton,
Lackawanna
County,
Pennsylvania,
General
Obligation
Notes,
Series
2016,
5.000%,
11/15/32
5/24
at
100.00
BBB-  
79,822
100
Scranton-Lackawanna
Health
and
Welfare
Authority,
Pennsylvania,
University
Revenue
Bonds,
Marywood
University,
Series
2016,
5.000%,
6/01/46
6/26
at
100.00
BB+  
88,782
210
Southcentral
Pennsylvania
General
Authority,
Revenue
Bonds,
Wellspan
Health
Obligated
Group,
Series
2019A,
5.000%,
6/01/49
6/29
at
100.00
Aa3  
217,860
10
The
Redevelopment
Authority
of
the
City
of
Scranton,
Lackawanna
county,
Pennsylvania,
Guaranteed
Lease
Revenue
Bonds,
Series
2016A,
5.000%,
11/15/28
5/24
at
100.00
BBB-  
9,871
40
Upper
Allegheny
Joint
Sanitary
Authority,
Allegheny
County,
Pennsylvania,
Sewer
Revenue
Bonds,
Refunding
Series
2019A,
3.000%,
9/01/44
-
AGM
Insured
9/29
at
100.00
AA  
31,981
100
Upper
Dublin
School
District,
Montgomery
County,
Pennsylvania,
General
Obligation
Bonds,
Series
2021A,
4.000%,
9/15/38
3/29
at
100.00
Aa3  
101,528
145
Washington
County
Industrial
Development
Authority,
Pennsylvania,
College
Revenue
Bonds,
AICUP
Financing
Program-Washington
and
Jefferson
College
Project,
Series
2017-PP5,
3.375%,
11/01/36
11/27
at
100.00
BBB+  
128,144
15
Washington
County
Redevelopment
Authority,
Pennsylvania,
Tanger
Outlet
Victory
Center
Tax
Increment
Bonds,
Series
2018,
5.000%,
7/01/35
1/28
at
100.00
BB  
14,788
15
Westmoreland
County
Industrial
Development
Authority,
Pennsylvania,
Revenue
Bonds,
Excela
Health
Project,
Series
2020A,
4.000%,
7/01/37
1/31
at
100.00
Baa2  
13,762
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
July
31,
2023
(Unaudited)
16
NUW
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Pennsylvania
(continued)
Williamsport
Sanitary
Authority,
Lycoming
County,
Pennsylvania,
Sewer
Revenue
Bonds,
Series
2021.:
$
100
5.000%,
1/01/25
-
BAM
Insured
No
Opt.
Call
AA  
$
102,344
25
5.000%,
1/01/28
-
BAM
Insured
No
Opt.
Call
AA  
27,223
Total
Pennsylvania
12,053,380
Puerto
Rico
-
3.0%
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1:
2,479
4.500%,
7/01/34
7/25
at
100.00
N/R  
2,464,126
3,812
5.000%,
7/01/58
7/28
at
100.00
N/R  
3,719,597
710
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
Cofina
Project
Series
2019A-2A,
4.550%,
7/01/40
7/28
at
100.00
N/R  
688,125
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2:
1,360
4.329%,
7/01/40
7/28
at
100.00
N/R  
1,283,609
10
4.329%,
7/01/40
7/28
at
100.00
N/R  
9,438
49
4.784%,
7/01/58
7/28
at
100.00
N/R  
46,257
Total
Puerto
Rico
8,211,152
South
Carolina
-
1.6%
5,435
Piedmont
Municipal
Power
Agency,
South
Carolina,
Electric
Revenue
Bonds,
Series
2004A-2,
0.000%,
1/01/29
-
AGC
Insured
No
Opt.
Call
AA  
4,450,504
Total
South
Carolina
4,450,504
Tennessee
-
4.4%
3,090
Chattanooga
Health,
Educational
and
Housing
Facility
Board,
Tennessee,
Revenue
Bonds,
CommonSpirit
Health,
Series
2019A-2,
5.000%,
8/01/44
8/29
at
100.00
A-  
3,186,809
2,000
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Belmont
University,
Refunding
&
Improvement
Series
2021,
4.000%,
5/01/46
5/31
at
100.00
A  
1,896,780
135
Metropolitan
Government
of
Nashville-Davidson
County
Health
and
Educational
Facilities
Board,
Tennessee,
Revenue
Bonds,
Vanderbilt
University
Medical
Center,
Series
2016A,
5.000%,
7/01/46
7/26
at
100.00
A  
137,299
605
Metropolitan
Government
of
Nashville-Davidson
County,
Tennessee,
Water
and
Sewerage
Revenue
Bonds,
Green
Series
2017A,
5.000%,
7/01/42
7/27
at
100.00
AA  
635,214
4,000
The
Tennessee
Energy
Acquisition
Corporation,
Gas
Revenue
Bonds,
Series
2006B,
5.625%,
9/01/26
No
Opt.
Call
BBB  
4,101,640
2,160
West
Wilson
Utility
District,
Wilson
County,
Tennessee,
Water
Revenue
Bonds,
Improvement
Series
2022,
4.000%,
6/01/47
6/32
at
100.00
AA  
2,103,300
Total
Tennessee
12,061,042
Texas
-
10.4%
1,000
Austin
Community
College
District
Public
Facility
Corporation,
Texas,
Lease
Revenue
Bonds,
Highland
Campus
-
Building
3000
Project,
Series
2018A,
5.000%,
8/01/42
8/27
at
100.00
AA  
1,050,960
1,000
Austin,
Texas,
Electric
Utility
System
Revenue
Bonds,
Refunding
Series
2017,
5.000%,
11/15/35
11/26
at
100.00
AA-  
1,052,490
500
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2020,
5.000%,
2/15/45
2/29
at
100.00
Aa1  
525,055
1,000
Bexar
County
Hospital
District,
Texas,
Certificates
of
Obligation,
Series
2023,
5.000%,
2/15/48
,
(WI/DD)
8/32
at
100.00
Aa1  
1,078,230
17
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
Texas
(continued)
$
745
Central
Texas
Regional
Mobility
Authority,
Revenue
Bonds,
Senior
Lien
Series
2020A,
5.000%,
1/01/40
1/30
at
100.00
A  
$
786,571
1,855
Grand
Parkway
Transportation
Corporation,
Texas,
System
Toll
Revenue
Bonds,
First
Tier
Series
2013A,
5.500%,
4/01/53,
(Pre-refunded
10/01/23)
10/23
at
100.00
N/R  (4)
1,861,418
Houston,
Texas,
Hotel
Occupancy
Tax
and
Special
Revenue
Bonds,
Convention
and
Entertainment
Project,
Series
2001B:
3,000
0.000%,
9/01/32
-
AMBAC
Insured
No
Opt.
Call
A  
2,111,070
7,935
0.000%,
9/01/33
-
AMBAC
Insured
No
Opt.
Call
A  
5,339,541
1,430
Lower
Colorado
River
Authority,
Texas,
Transmission
Contract
Revenue
Bonds,
LCRA
Transmission
Services
Corporation
Project,
Refunding
Series
2021A,
5.000%,
5/15/51
5/31
at
100.00
A+  
1,513,784
915
North
Texas
Tollway
Authority,
System
Revenue
Bonds,
Refunding
First
Tier,
Series
2015B,
5.000%,
1/01/45
1/25
at
100.00
AA-  
924,132
250
Tarrant
County
Cultural
Education
Facilities
Finance
Corporation,
Texas,
Revenue
Bonds,
Texas
Health
Resources
System,
Series
2016A,
5.000%,
2/15/41
8/26
at
100.00
AA  
257,350
1,600
Texas
Private
Activity
Bond
Surface
Transporation
Corporation,
Revenue
Bonds,
NTE
Mobility
Partners
LLC
North
Tarrant
Express
Managed
Lanes
Project,
Refunding
Senior
Lien
Series
2019A,
5.000%,
12/31/35
12/29
at
100.00
Baa1  
1,717,040
7,635
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2016,
4.000%,
10/15/41
10/26
at
100.00
AAA  
7,640,497
2,500
Texas
Water
Development
Board,
State
Water
Implementation
Revenue
Fund
Bonds,
Master
Trust
Series
2017A,
4.000%,
10/15/42,
(UB)
(7)
10/27
at
100.00
AAA  
2,490,500
Total
Texas
28,348,638
Utah
-
0.6%
1,500
Salt
Lake
City,
Utah,
Airport
Revenue
Bonds,
International
Airport
Series
2017B,
5.000%,
7/01/47
7/27
at
100.00
A+  
1,544,760
Total
Utah
1,544,760
Virginia
-
1.0%
1,160
Chesapeake
Bay
Bridge
and
Tunnel
District,
Virginia,
General
Resolution
Revenue
Bonds,
First
Tier
Series
2016,
5.000%,
7/01/51
7/26
at
100.00
BBB  
1,172,412
1,400
Chesapeake,
Virginia,
Transportation
System
Senior
Toll
Road
Revenue
Bonds,
Capital
Appreciation
Series
2012B,
4.875%,
7/15/40
7/28
at
100.00
A-  
1,440,306
Total
Virginia
2,612,718
Washington
-
3.5%
3,330
Chelan
County
Public
Utility
District
1,
Washington,
Columbia
River-
Rock
Island
Hydro-Electric
System
Revenue
Refunding
Bonds,
Series
1997A,
0.000%,
6/01/29
-
NPFG
Insured
No
Opt.
Call
AA+  
2,756,074
690
Washington
Health
Care
Facilities
Authority,
Revenue
Bonds,
Virginia
Mason
Medical
Center,
Series
2017,
5.000%,
8/15/30
8/27
at
100.00
BBB+  
722,382
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Refunding
Series2021B.
Exchange
Purchase:
2,165
4.000%,
7/01/37
7/31
at
100.00
Baa3  
2,092,906
2,140
4.000%,
7/01/43
7/31
at
100.00
Baa1  
1,986,155
2,000
Washington
State
Convention
Center
Public
Facilities
District,
Lodging
Tax
Revenue
Bonds,
Series
2018,
5.000%,
7/01/58
7/28
at
100.00
Baa1  
2,028,560
Total
Washington
9,586,077
Nuveen
AMT-Free
Municipal
Value
Fund
(continued)
Portfolio
of
Investments
July
31,
2023
(Unaudited)
18
NUW
Part
F
of
Form
N-PORT
was
prepared
in
accordance
with
U.S.
generally
accepted
accounting
principles
(“U.S.
GAAP”)
and
in
conformity
with
the
applicable
rules
and
regulations
of
the
U.S.
Securities
and
Exchange
Commission
(“SEC”)
related
to
interim
filings.
Part
F
of
Form
N-PORT
does
not
include
all
information
and
footnotes
required
by
U.S.
GAAP
for
complete
financial
statements.
Certain
footnote
disclosures
normally
included
in
financial
statements
prepared
in
accordance
with
U.S.
GAAP
have
been
condensed
or
omitted
from
this
report
pursuant
to
the
rules
of
the
SEC.
For
a
full
set
of
the
Fund’s
notes
to
financial
statements,
please
refer
to
the
Fund’s
most
recently
filed
annual
or
semi-annual
report.
Fair
Value
Measurements
The
Fund’s
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board
of
Directors/
Trustees.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
Principal
Amount
(000)
Description
(1)
Optional
Call
Provisions
(2)
Ratings
(3)
Value
West
Virginia
-
1.4%
$
530
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Cabell
Huntington
Hospital,
Inc.
Project,
Refunding
&
Improvement
Series
2018A,
5.000%,
1/01/34
1/29
at
100.00
BBB+  
$
545,847
1,800
West
Virginia
Hospital
Finance
Authority,
Hospital
Revenue
Bonds,
Charleston
Area
Medical
Center,
Refunding
&
Improvement
Series
2019A,
5.000%,
9/01/38
9/29
at
100.00
Baa1  
1,832,454
1,430
West
Virginia
Parkways
Authority,
Turnpike
Toll
Revenue
Bonds,
Senior
Lien
Series
2018,
5.000%,
6/01/43
6/28
at
100.00
AA-  
1,509,994
Total
West
Virginia
3,888,295
Total
Municipal
Bonds
(cost
$266,568,582)
270,366,212
Shares
Description
(1)
Value
X
–
COMMON
STOCKS
-
0
.5
%
X
1,233,675
Electric
Utilities
-
0.1%
513
Talen
Energy
Corp
(8)
$
26,714
1,448
Talen
Energy
Supply
LLC
(8)
75,405
Total
Electric
Utilities
102,119
Independent
Power
and
Renewable
Electricity
Producers
-
0.4%
14,686
Energy
Harbor
Corp
(8),(9)
1,131,556
Total
Independent
Power
and
Renewable
Electricity
Producers
1,131,556
Total
Common
Stocks
(cost
$459,566)
1,233,675
Total
Long-Term
Investments
(cost
$267,028,148)
271,599,887
Floating
Rate
Obligations
-
(0.7)%
(
2,000,000
)
Other
Assets
&
Liabilities,
Net
-  0.7%(10)
2,135,335
Net
Assets
Applicable
to
Common
Shares
-
100%
$
271,735,222
Futures
Contracts
-
Short
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
U.S.
Treasury
10-Year
Note
(166)
9/23
$
(
18,866,602
)
$
(
18,493,438
)
$
373,164
19
investments).
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
270,366,212
$
–
$
270,366,212
Common
Stocks
–
1,233,675
–
1,233,675
Investments
in
Derivatives:
Futures
Contracts*
373,164
–
–
373,164
Total
$
373,164
$
271,599,887
$
–
$
271,973,051
*
Represents
net
unrealized
appreciation
(depreciation).
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets
applicable
to
common
shares
unless
otherwise
noted.
(2)
Optional
Call
Provisions:
Dates
(month
and
year)
and
prices
of
the
earliest
optional
call
or
redemption.
There
may
be
other
call
provisions
at
varying
prices
at
later
dates.
Certain
mortgage-backed
securities
may
be
subject
to
periodic
principal
paydowns.
(3)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
(4)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(5)
Step-up
coupon
bond,
a
bond
with
a
coupon
that
increases
("steps
up"),
usually
at
regular
intervals,
while
the
bond
is
outstanding.
The
rate
shown
is
the
coupon
as
of
the
end
of
the
reporting
period.
(6)
Defaulted
security.
A
security
whose
issuer
has
failed
to
fully
pay
principal
and/or
interest
when
due,
or
is
under
the
protection
of
bankruptcy.
(7)
Investment,
or
portion
of
investment,
has
been
pledged
to
collateralize
the
net
payment
obligations
for
investments
in
inverse
floating
rate
transactions.
(8)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(9)
Energy
Harbor
Corp
(ENGH)
common
stock
received
as
part
of
the
bankruptcy
settlements
during
February
2020
for
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Refunding
Series
2005A,
4.000%,
1/01/35;
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006A,
4.375%,
1/01/35;
Beaver
County
Industrial
Development
Authority,
Pennsylvania,
Pollution
Control
Revenue
Refunding
Bonds,
FirstEnergy
Nuclear
Generation
Project,
Series
2006B,
3.500%,
12/01/35;
and
Pennsylvania
Economic
Development
Financing
Authority,
Exempt
Facilities
Revenue
Bonds,
Shippingport
Project,
First
Energy
Guarantor,
Series
2006A,
2.550%,
11/01/41.
Various
funds
and
accounts
managed
by
Nuveen,
including
the
Fund,
collectively
are
a
substantial
minority
holder
of
ENGH’s
outstanding
shares
of
common
stock,
and
possess
certain
other
rights
with
respect
to
the
corporate
governance
of
ENGH.
Due
to
these
facts,
under
the
federal
securities
laws,
the
securities
of
ENGH
held
by
Nuveen
funds
and
accounts,
including
the
Fund,
cannot
be
sold
except
under
limited
conditions
(which
are
not  currently
satisfied).
The
Fund
is
therefore
unable
to
sell
such
shares
in
ordinary
secondary
market
transactions
at
this
time.
On
March
6,
2023
Vistra
Corp.
(“Vistra”)
announced
that
it
has
executed
a
definitive
agreement
with
Energy
Harbor
Corp.,
pursuant
to
which
Energy
Harbor
will
merge
with
and
into
a
newly-formed
subsidiary
of
Vistra.  The
companies
anticipate
closing
the
transaction
in
the
second
half
of
2023.  In
connection
with
the
transaction,
Nuveen
funds
and
accounts
expect
to
receive
a
combination
of
cash
and
shares
in
a
newly
formed
entity.
Nuveen
expects
these
shares
to
be
issued
in
a
private
transaction
and
may
have
reduced
secondary
market
liquidity.  The
transaction
is
subject
to
certain
regulatory
approvals
and
there
can
be
no
assurance
that
the
transaction
will
close.
(10)
Other
assets
less
liabilities
includes
the
unrealized
appreciation
(depreciation)
of
certain
over-the-counter
("OTC")
derivatives
as
well
as
the
OTC
cleared
and
exchange-traded
derivatives,
when
applicable.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
ETM
Escrowed
to
maturity
UB
Underlying
bond
of
an
inverse
floating
rate
trust
reflected
as
a
financing
transaction.
WI/DD
Purchased
on
a
when-issued
or
delayed
delivery
basis.
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