nuw.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 811-22253

Nuveen Municipal Value Fund 2
(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, 2010

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.

 

 
 
 
 
 
 
 
NUVEEN INVESTMENTS ANNOUNCES STRATEGIC COMBINATION WITH FAF ADVISORS
 
 
On July 29, 2010, Nuveen Investments announced that U.S. Bancorp will receive a 9.5% stake in Nuveen Investments and cash consideration in exchange for the long-term asset business of U.S. Bancorp’s FAF Advisors. Nuveen Investments is the parent of Nuveen Asset Management (NAM), the investment adviser for the Funds included in this report.
 
 
FAF Advisors, which currently manages about $25 billion of long-term assets and serves as the advisor of the First American Funds, will be combined with NAM, which currently manages about $75 billion in municipal fixed income assets. Upon completion of the transaction, Nuveen Investments, which currently manages about $160 billion of assets across several high-quality affiliates, will manage a combined total of about $185 billion in institutional and retail assets.
 
 
This combination will not affect the investment objectives, strategies or policies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at Hyde Park, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital.
 
 
The transaction is expected to close late in 2010, subject to customary conditions.
 
 
 
 
 
 

 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholder,
 
 
Recent months have revealed the fragility and disparity of the global economic recovery. In the U.S., the rate of economic growth has slowed as various stimulus programs wind down, exposing weakness in the underlying economy. In contrast, many emerging market countries are experiencing a return to comparatively high rates of growth. Confidence in global financial markets has been undermined by concerns about high sovereign debt levels in Europe and the U.S. Until these countries can begin credible programs to reduce their budgetary deficits, market unease and hesitation will remain. On a more encouraging note, while the global recovery is expanding existing trade imbalances, policy makers in the leading economies are making a sustained effort to create a global framework through which various countries can take complimentary actions that should reduce those imbalances over time.
 
 
The U.S. economy is subject to unusually high levels of uncertainty as it struggles to recover from a devastating financial crisis. Unemployment remains stubbornly high, due to what appears to be both cyclical and structural forces. Federal Reserve policy makers are implementing another round of quantitative easing, a novel approach to provide support to the economy. However, the high levels of debt owed both by U.S. consumers and the U.S. government limit the Fed’s ability to engineer a stronger economic recovery.
 
 
The U.S. financial markets reflect the crosscurrents now impacting the U.S. economy. Today’s historically low interest rates reflect the Fed’s intervention in the financial markets and the demand for U.S. government debt by U.S. and overseas investors looking for a safe haven for investment. The continued corporate earnings recovery and recent electoral results are giving a boost to equity markets. Encouragingly, financial institutions are rebuilding their balance sheets and the financial reform legislation enacted last summer has the potential to address many of the most significant contributors to the financial crisis, although the details still have to be worked out.
 
 
In this difficult environment your Nuveen investment team continues to seek sustainable investment opportunities and, at the same time, remains alert for potential risks that may result from a recovery still facing many headwinds. As your representative, the Nuveen Fund Board monitors the activities of each investment team to assure that all maintain their investment disciplines. As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund.
 
 
On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
 
Robert P. Bremner
Chairman of the Board
December 22, 2010
 
 
Nuveen Investments 1
 
 
 
 
 

 
Portfolio Managers’ Comments
 
 
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen Municipal Value Fund 2 (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
 
 
Recently, portfolio managers Tom Spalding and Johnathan Wilhelm discussed U.S. economic and municipal market conditions, key investment strategies and the performance of these four national Funds. With 34 years of investment experience at Nuveen, Tom has managed NUV since its inception in 1987, adding portfolio management responsibility for NUW at its inception in February 2009. Johnathan, who came to Nuveen in 2001 with 20 years of industry experience, served as co-portfolio manager of NMI beginning in 2007 and assumed full portfolio management responsibility for this Fund in March 2009. He added portfolio management responsibility for NEV at its inception in September 2009.
 
Since the close of this reporting period, Johnathan Wilhelm has left Nuveen Asset Management and no longer manages NMI and NEV. Paul Brennan now is the portfolio manager for NMI. Paul has 20 years of investment experience, including 12 years with Nuveen. Steve Hlavin is the new portfolio manager for NEV. Steve’s investment experience began with Nuveen seven years ago. Steve has been involved with the management of NEV since its inception.
 
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.
 
Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s, Moody’s or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below investment grade. Holdings and ratings may change over time.
 
 
What factors affected the U.S. economy and municipal market during the twelve-month reporting period ended October 31, 2010?
 
 
During this period, the U.S. economy remained under considerable stress, and both the Federal Reserve (Fed) and the federal government continued their efforts to improve the overall economic environment. For its part, the Fed held the benchmark fed funds rate in a target range of zero to 0.25% since cutting it to this record low level in December 2008. At its November 2010 meeting (shortly after the end of this reporting period), the central bank renewed its commitment to keeping the fed funds rate at “exceptionally low levels” for an “extended period.” The Fed also announced a second round of quantitative easing, in which it plans to purchase $600 billion in U.S. Treasury bonds by June 30, 2011. The goal of this plan is to lower long-term interest rates and thereby stimulate economic activity and create jobs. The federal government continued to focus on implementing the economic stimulus package passed in early 2009 and aimed at providing job creation, tax relief, fiscal assistance to state and local governments, and expansion of unemployment benefits and other federal social welfare programs.
 
 
These and other measures to ease the economic recession produced some signs of economic improvement. In the third quarter of 2010, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.5%, marking the
 
2 Nuveen Investments
 
 

 
 
 
 
 
first time the economy had strung together five consecutive quarters of growth since 2007-2008. Inflation remained relatively tame, as the Consumer Price Index (CPI) rose just 1.2% year-over-year as of October 2010. The core CPI (which excludes food and energy) rose 0.6% over this period, the smallest twelve-month increase in the 53-year history of this index. Housing prices also continued to recover from their April 2009 lows, although growth rates moderated from previous periods. For the twelve months ended September 2010 (the latest information available at the time this report was prepared), the average home price in the Standard & Poor’s/Case-Shiller Index rose 0.6%. Unemployment remained persistently high, with the jobless rate hovering at or above 9.5% over the past 15 months. As of October 31, 2010, national unemployment stood at 9.6% for the third consecutive month, down from its 26-year high of 10.1% in October 2009.
 
 
Municipal bond prices generally rose during this period, as the combination of strong demand and tight supply of new tax-exempt issuance created favorable conditions. One reason for the decrease in new tax-exempt supply was the heavy issuance of taxable municipal debt under the Build America Bond program. Build America Bonds, which were created as part of the February 2009 economic stimulus package, currently offer municipal issuers a federal subsidy equal to 35% of a bond’s interest payments, providing issuers with an alternative to traditional tax-exempt debt that often proves to be lower in cost. For the twelve months ended October 31, 2010, taxable Build America Bonds issuance totaled $100.3 billion, accounting for 24% of new bonds issued in the municipal market.
 
 
Over the twelve months ended October 31, 2010, municipal bond issuance nationwide—both tax-exempt and taxable—totaled $418.0 billion, an increase of 9% compared with the twelve-month period ended October 31, 2009. However, if taxable Build America Bond issuance were removed from the equation, the supply of tax-exempt bonds alone actually fell 15%. Since interest payments from Build America Bonds represent taxable income, we do not view these bonds as good investment opportunities for the tax-exempt Nuveen municipal closed-end funds.
 
 
What key strategies were used to manage these Funds during this reporting period?
 
 
As previously discussed, the supply of tax-exempt municipal bonds declined nationally during this period, due in part to the issuance of taxable municipal bonds under the Build America Bond program. In this environment of constrained issuance of tax-exempt municipal bonds, we continued to take a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. In NUV, we found value in several areas of the market, including health care and other revenue bonds offering longer maturities. In NMI, our focus during this period was largely on purchasing lower-rated bonds, specifically those rated BBB, to take advantage of the values we saw among these securities. In general, NUW and NEV saw less investment activity than NUV and NMI because these Funds just recently went through their initial investment processes. We did carry out some trading activity in NEV aimed at finalizing long-term allocations in terms of ratings and sectors.
 
 
Some of our investment activity resulted from opportunities created by the provisions of the Build America Bond program. For example, tax-exempt supply was more plentiful in the health care sector because, as 501(c)(3) (nonprofit) organizations, hospitals generally do not qualify for the Build America Bond program and must continue to issue bonds in
 
 
Nuveen Investments 3
 
 
 
 
 
 

 
 
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.
 
 
 
For additional information, see the individual Performance Overview for your Fund in this report.
 
 
1
An inverse floating rate security, also known as an inverse floater, is a financial instrument designed to pay long-term interest at a rate that varies inversely with a short-term interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, previously referred to as the Bond Market Association Index or BMA. Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report.
 
 
2
Each Fund may invest in derivative instruments such as forwards, futures, options and swap transactions. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, see the Portfolio of Investments, Financial Statements, and Notes to Financial Statements sections of this report.
 
 
3
The Standard & Poor’s (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
 
 
4
The Lipper General and Insured Unleveraged Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 1-year, 8 funds; 5-year, 7 funds; and 10-year, 7 funds. The Lipper General Leveraged Municipal Debt Funds Average is calculated using the returns of all leveraged closed-end funds in this category for each period as follows: 1-year, 46 funds; 5-year, 44 funds; and 10-year, 30 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper averages are not available for direct investment.
 
 
5
NEV is a leveraged Fund through investments in inverse floating rate securities, as discussed in more detail on page six. The remaining three Funds in this report are unleveraged and use inverse floating rate securities for duration management and both income and total return enhancement.
 
the tax-exempt municipal market. Supply in the health care sector was also boosted in the early part of the period by hospitals issuing fixed rate bonds in order to refinance and retire outstanding debt that had initially been issued as variable rate debt. Bonds with proceeds earmarked for refundings, working capital, and private activities also are not covered by the Build America Bond program, and this resulted in attractive opportunities in various other sectors of the market.
 
 
The impact of the Build America Bond program was also evident in the area of longer-term issuance, as municipal issuers sought to take full advantage of the attractive financing terms offered by these bonds. Approximately 70% of Build America Bonds were issued with maturities of at least 30 years. Even though this significantly reduced the availability of tax-exempt credits with longer maturities and made locating appropriate longer bonds more challenging, we continued to find good opportunities to purchase attractive longer-term bonds for these Funds.
 
 
Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds, which we worked to redeploy to keep the Funds fully invested. NUV, in particular, had good cash flows from a number of bond calls. In NMI, we also sold some pre-refunded bonds in order to reduce our position and have the cash to take advantage of opportunities to purchase higher-yielding bonds at attractive prices.
 
 
As of October 31, 2010, all four of these Funds continued to use inverse floating rate securities.1 We employ inverse floaters for a variety of reasons, including leverage, duration management and both income and total return enhancement. During this period, NEV also invested in additional types of derivative instruments2 designed to help shorten its duration. These derivatives remained in place at period end.
 
 
How did the Funds perform?
 
 
Individual results for these Funds, as well as relevant index, average and peer group information, are presented in the accompanying table.
 
                   
Average Annual Total Returns on Net Asset Value 
                  
For periods ended 10/31/10 
                  
Fund 
  
1-Year
    
5-Year
    
10-Year
  
NUV 
     8.44 %      4.42 %      5.34 % 
NUW 
     9.91 %      N/A       N/A  
NMI 
     10.12 %      5.07 %      5.21 % 
Standard & Poor’s (S&P) National Municipal Bond Index3 
     8.06 %      4.98 %      5.58 % 
Lipper General and Insured Unleveraged Municipal Debt Funds Average4 
     6.11 %      3.96 %      4.65 % 
NEV5 
     14.73 %      N/A       N/A  
Standard & Poor’s (S&P) National Municipal Bond Index3 
     8.06 %      4.98 %      5.58 % 
Lipper General Leveraged Municipal Debt Funds Average4 
     13.81 %      4.87 %      6.36 % 
 
4 Nuveen Investments
 

 
 
 
 
 
For the twelve months ended October 31, 2010, the total returns on net asset value (NAV) for NUV, NUW and NMI exceeded the return on the Standard & Poor’s (S&P) National Municipal Bond Index as well as the average return for the Lipper General and Insured Unleveraged Municipal Debt Funds Average. For this same period, NEV outperformed both the Standard & Poor’s (S&P) National Municipal Bond Index and the Lipper General Leveraged Municipal Debt Funds Average.
 
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, the use of derivatives, credit exposure and sector allocation. In addition, NEV’s use of leverage was an important positive factor in its performance and the chief reason behind NEV’s outperformance of the other Funds in this report for the twelve-month period. The impact of leverage is discussed in more detail on page six.
 
 
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities, with credits at the longest end of the municipal yield curve posting the strongest returns. The outperformance of longer term bonds was due in part to the decline in interest rates, particularly in the intermediate and longer segments of the curve. The scarcity of tax-exempt bonds with longer maturities also drove up the prices of these bonds. In general, the greater a Fund’s exposure to the outperforming longer part of the yield curve, the greater the positive impact on the Fund’s return. Both NUW and NEV had the longer durations typically associated with newer Funds that have been recently invested, which benefited their returns. On the other hand, NUV and NMI had more exposure to bonds at the underperforming short end of the yield curve, including pre-refunded bonds with short call dates, which detracted from their relative performance during this period.
 
 
As mentioned earlier, our duration strategies in NEV included using derivative positions to synthetically reduce the duration of this Fund and moderate its interest rate risk. During this period, these derivatives performed poorly and had a negative impact on NEV’s total return performance.
 
 
Credit exposure also played a role in performance. The demand for municipal bonds increased during this period driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations and a growing appetite for higher yields and additional risk. At the same time, the supply of new tax-exempt municipal paper declined, due largely to Build America Bond issuance. As investors bid up municipal bond prices, bonds rated BBB or below generally outperformed those rated AAA. All of these Funds, especially NMI and NEV, benefited from their allocations to lower-rated bonds. However, this positive impact was offset to some degree in NUV by the relatively heavier weighting in bonds rated AAA.
 
 
Holdings that generally contributed positively to the Funds’ returns during this period included industrial development revenue and health care bonds. In general, all of these Funds had strong weightings in health care, which added to their performances. Revenue bonds as a whole performed well, with transportation, housing, leasing and special tax credits among the other sectors that outperformed the general municipal market. Zero coupon bonds and credits backed by the 1998 master tobacco settlement agreement also were among the strongest performers. As of October 31, 2010, these Funds held approximately 4% to 6% of their portfolios in lower-rated tobacco bonds.
 
 
Nuveen Investments 5
 
 
 
 
 

 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities continued to perform poorly during this period. While these securities continued to provide attractive tax-free income, the underperformance of these bonds can be attributed primarily to the price declines associated with their shorter effective maturities and higher credit quality. Although allocations of pre-refunded bonds fell in both NUV and NMI over the period due to bond calls and sales, NUV continued to hold a heavier weighting of pre-refunded bonds than NMI. (As relatively new Funds, NUW held less than 0.1% of its portfolio in pre-refunded bonds, while NEV did not hold any of these bonds at period end.) Among the revenue sectors, resource recovery trailed the overall municipal market by the widest margin, and water and sewer bonds turned in a relatively weaker performance. General obligation and other tax-supported bonds also struggled to keep pace with the overall municipal market return during these twelve months.
 
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
 
One important factor impacting the return of NEV relative to the comparative indexes was the Fund’s use of financial leverage through investments in inverse floating rate securities. This Fund uses leverage because its managers believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, use of leverage also can expose shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on net asset value and total return is magnified by the use of leverage. Conversely, leverage may enhance returns during periods when the prices of securities held by a Fund generally are rising.
 
 
Leverage made a positive contribution to the performance of NEV over this reporting period.
 
 
6 Nuveen Investments
 
 
 
 
 

 
Dividend and
Share Price Information
 
 
During the twelve-month reporting period ended October 31, 2010, NMI had one monthly dividend increase, while the dividends of NUV, NUW and NEV remained stable throughout the period.
 
 
Due to normal portfolio activity, shareholders of the following Funds received capital gains and/or net ordinary income distributions at the end of December 2009 as follows:
 
     
   
Short-Term Capital Gains 
 
Long-Term Capital Gains 
and/or Ordinary Income 
Fund 
(per share) 
(per share) 
NUV 
$0.0051 
$0.0019 
NUW 
— 
$0.0097 
NEV 
— 
$0.0009 
 
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of October 31, 2010, NUV, NMI and NEV had positive UNII balances for both financial reporting and tax purposes, while NUW had a positive UNII balance for tax purposes and a negative UNII balance for financial reporting purposes.
 
 
SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
 
Since the inception of the Funds’ repurchase program, the Funds have not repurchased any of their outstanding shares.
 
 
Shelf Equity Program
 
 
On December 8, 2010, a registration statement filed by NUV with the Securities and Exchange Commission became effective authorizing the Fund to issue 19,600,000 shares through a shelf offering. Under this equity shelf program, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offer methods at a net price at or above the Fund’s NAV per share.
 
 
As of October 31, 2010, the Funds’ share prices were trading at (+) premiums or (-) discounts to their NAVs as shown in the accompanying table.
 
       
 
10/31/10 
12-Month Average 
Fund 
(+)Premium/(-)Discount 
(+)Premium/(-)Discount 
NUV 
+2.04% 
+2.37% 
NUW 
+4.27% 
+1.30% 
NMI 
+3.69% 
+5.13% 
NEV 
-1.49% 
-0.47% 
 
Nuveen Investments   7
 
 
 
 
 
     
 
NUV 
Nuveen Municipal 
   
Value Fund, Inc. 
 
Performance 
  
 
OVERVIEW 
  
   
as of October 31, 2010 
 
 

     
Fund Snapshot 
    
Share Price 
  
$10.02 
Net Asset Value (NAV) 
  
$9.82 
Premium/(Discount) to NAV 
  
2.04% 
Market Yield 
  
4.67% 
Taxable-Equivalent Yield1 
  
6.49% 
Net Assets ($000) 
  
$1,944,094 
Average Effective Maturity 
    
on Securities (Years) 
  
17.85 
Modified Duration 
  
6.47 
 
Average Annual Total Return 
    
(Inception 6/17/87) 
    
 
On Share Price 
On NAV 
1-Year 
6.18% 
8.44% 
5-Year 
6.14% 
4.42% 
10-Year 
7.21% 
5.34% 
 
States4 
    
(as a % of total investments) 
    
California 
  
13.2% 
Illinois 
  
13.0% 
Texas 
  
7.9% 
New York 
  
7.0% 
New Jersey 
  
5.1% 
Michigan 
  
4.4% 
Florida 
  
4.4% 
Washington 
  
4.1% 
Colorado 
  
4.0% 
Missouri 
  
3.5% 
South Carolina 
  
2.9% 
Louisiana 
  
2.8% 
Puerto Rico 
  
2.6% 
Ohio 
  
2.5% 
Wisconsin 
  
2.3% 
Indiana 
  
2.0% 
Other 
  
18.3% 
 
Portfolio Composition4 
    
(as a % of total investments) 
    
Health Care 
  
19.1% 
Tax Obligation/Limited 
  
18.7% 
U.S. Guaranteed 
  
17.8% 
Transportation 
  
11.8% 
Tax Obligation/General 
  
8.6% 
Utilities 
  
6.8% 
Consumer Staples 
  
6.1% 
Other 
  
11.1% 
 
 
 

   
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
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%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
The Fund paid shareholders capital gains and net ordinary income distributions in December 2009 of $0.0070 per share.
3     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4     
Holdings are subject to change.
 
8 Nuveen Investments
 
 
 
 
 

   
NUW
Nuveen Municipal Value Fund 2
Performance
  
OVERVIEW 
  
 
as of October 31, 2010 
 
 
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
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%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
The Fund paid shareholders a net ordinary income distribution in December 2009 of $0.0097 per share.
3     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4     
Holdings are subject to change.

     
Fund Snapshot 
    
Share Price 
  
$17.57 
Net Asset Value (NAV) 
  
$16.85 
Premium/(Discount) to NAV 
  
4.27% 
Market Yield 
  
5.12% 
Taxable-Equivalent Yield1 
  
7.11% 
Net Assets ($000) 
  
$216,146 
Average Effective Maturity 
    
on Securities (Years) 
  
26.12 
Modified Duration 
  
9.44 
 
Average Annual Total Return 
    
(Inception 2/25/09) 
    
 
On Share Price 
On NAV 
1-Year 
17.22% 
9.91% 
Since Inception 
15.85% 
16.08% 
 
States4 
    
(as a % of total investments) 
    
Illinois 
  
11.9% 
California 
  
10.6% 
Florida 
  
8.7% 
Wisconsin 
  
8.1% 
Louisiana 
  
7.6% 
Texas 
  
6.2% 
Ohio 
  
5.9% 
Indiana 
  
5.4% 
Colorado 
  
5.2% 
Puerto Rico 
  
5.2% 
Nevada 
  
4.4% 
Arizona 
  
3.5% 
Other 
  
17.3% 
 
Portfolio Composition4 
    
(as a % of total investments) 
    
Health Care 
  
24.1% 
Tax Obligation/Limited 
  
22.5% 
Transportation 
  
12.2% 
Tax Obligation/General 
  
10.9% 
Utilities 
  
8.9% 
Consumer Staples 
  
6.6% 
Water and Sewer 
  
5.1% 
Other 
  
9.7% 
 
 
Nuveen Investments 9
 
 
 
 
 
 

     
 
NMI 
Nuveen Municipal 
   
Income Fund, Inc. 
 
Performance 
  
 
OVERVIEW 
  
   
as of October 31, 2010 
 
     
Fund Snapshot 
    
Share Price 
  
$11.24 
Net Asset Value (NAV) 
  
$10.84 
Premium/(Discount) to NAV 
  
3.69% 
Market Yield 
  
5.07% 
Taxable-Equivalent Yield1 
  
7.04% 
Net Assets ($000) 
  
$89,008 
Average Effective Maturity 
    
on Securities (Years) 
  
15.40 
Modified Duration 
  
5.80 
     
Average Annual Total Return 
    
(Inception 4/20/88) 
    
 
On Share Price 
On NAV 
1-Year 
11.14% 
10.12% 
5-Year 
6.49% 
5.07% 
10-Year 
5.42% 
5.21% 
 
States3 
    
(as a % of total investments) 
    
California 
  
18.2% 
Texas 
  
10.4% 
Illinois 
  
9.6% 
Colorado 
  
6.1% 
New York 
  
5.8% 
Missouri 
  
5.0% 
Indiana 
  
4.3% 
South Carolina 
  
4.2% 
Florida 
  
3.5% 
Michigan 
  
3.0% 
Kentucky 
  
2.9% 
Virginia 
  
2.8% 
Maryland 
  
2.5% 
Tennessee 
  
2.4% 
Alabama 
  
2.4% 
Other 
  
16.9% 
 
Portfolio Composition3 
    
(as a % of total investments) 
    
Health Care 
  
19.6% 
U.S. Guaranteed 
  
12.9% 
Utilities 
  
12.6% 
Tax Obligation/Limited 
  
11.5% 
Tax Obligation/General 
  
9.3% 
Education and Civic Organizations 
  
6.7% 
Transportation 
  
5.9% 
Materials 
  
5.4% 
Water and Sewer 
  
5.3% 
Other 
  
10.8% 
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
 
1     
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%. When comparing the Fund to invest- ments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3     
Holdings are subject to change.
 
10 Nuveen Investments
 
 
 
 

   
NEV
Nuveen Enhanced
Municipal Value Fund
Performance
  
OVERVIEW 
  
 
    as of October 31, 2010 
 
 
 
   
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
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%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
The Fund paid shareholders a net ordinary income distribution in December 2009 of $0.0009 per share.
3     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4     
Holdings are subject to change
5     
Excluding investments in derivatives.

     
Fund Snapshot 
    
Share Price 
  
$14.56 
Net Asset Value (NAV) 
  
$14.78 
Premium/(Discount) to NAV 
  
-1.49% 
Market Yield 
  
6.26% 
Taxable-Equivalent Yield1 
  
8.69% 
Net Assets ($000) 
  
$284,682 
Average Effective Maturity 
    
on Securities (Years) 
  
22.97 
Modified Duration 
  
9.52 
     
Average Annual Total Return 
    
(Inception 9/25/09) 
    
 
On Share Price 
On NAV 
1-Year 
3.52% 
14.73% 
Since Inception 
3.19% 
9.01% 
 
States4,5 
    
(as a % of total investments) 
    
California 
  
15.5% 
Florida 
  
9.0% 
Illinois 
  
7.6% 
Michigan 
  
7.0% 
Ohio 
  
6.5% 
Pennsylvania 
  
6.4% 
Colorado 
  
5.0% 
Arizona 
  
4.8% 
Massachusetts 
  
4.1% 
Texas 
  
3.9% 
Wisconsin 
  
3.5% 
Indiana 
  
3.4% 
Georgia 
  
2.7% 
New York 
  
2.6% 
Other 
  
18.0% 
 
Portfolio Composition4,5 
    
(as a % of total investments) 
    
Health Care 
  
22.5% 
Tax Obligation/Limited 
  
17.8% 
Education and Civic Organizations 
  
10.9% 
Tax Obligation/General 
  
8.6% 
Transportation 
  
8.3% 
Utilities 
  
8.1% 
Consumer Staples 
  
5.0% 
Housing/Single Family 
  
4.9% 
Other 
  
13.9% 
 
 
Nuveen Investments 11
 
 
 
 
 
 

   
NUV 
Shareholder Meeting Report 
NUW 
The annual meeting of shareholders was held on July 27, 2010, in the Lobby Conference Room, 333 
NMI 
West Wacker Drive, Chicago, IL  60606; at this meeting the shareholders were asked to vote on the 
NEV
election of Board Members. 
   
 
         
 
NUV      
NUW       
NMI        
NEV      
 
Common Shares 
Common Shares 
Common Shares 
Common Shares 
Approval of the Board Members was reached 
        
as follows: 
        
William C. Hunter 
        
For 
159,112,192 
11,654,135 
6,784,150 
14,458,251 
Withhold 
2,729,181 
304,673 
126,731 
161,550 
Total 
161,841,373 
11,958,808 
6,910,881 
14,619,801 
Judith M. Stockdale 
        
For 
158,971,814 
11,641,448 
6,785,487 
14,439,555 
Withhold 
2,869,559 
317,360 
125,394 
180,246 
Total 
161,841,373 
11,958,808 
6,910,881 
14,619,801 
Carole E. Stone 
        
For 
159,057,543 
11,644,207 
6,788,053 
14,448,341 
Withhold 
2,783,830 
314,601 
122,828 
171,460 
Total 
161,841,373 
11,958,808 
6,910,881 
14,619,801 
 
12     
Nuveen Investments
 
 
 
 
 

 
Report of Independent
Registered Public Accounting Firm
 
 
The Board of Directors/Trustees and Shareholders
Nuveen Municipal Value Fund, Inc.
Nuveen Municipal Value Fund 2
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 Municipal Value Fund 2, Nuveen Municipal Income Fund, Inc. and Nuveen Enhanced Municipal Value Fund (the “Funds”) as of October 31, 2010, and the related statements of operations, changes in net assets and the financial highlights for each of the periods indicated therein. 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 audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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 positions of Nuveen Municipal Value Fund, Inc., Nuveen Municipal Value Fund 2, Nuveen Municipal Income Fund, Inc. and Nuveen Enhanced Municipal Value Fund at October 31, 2010, the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles.
 
 
Chicago, Illinois
December 28, 2010
 
 
Nuveen Investments 13
 
 
 
 
 
 
 
   
Nuveen Municipal Value Fund, Inc. 
      
NUV 
  
Portfolio of Investments 
    
     
October 31, 2010 
  
         
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 0.1% 
      
$ 1,750 
  
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%, 6/01/31 
6/11 at 101.00 
A1 (4) 
$ 1,824,270 
   
(Pre-refunded 6/01/11) 
      
   
Alaska – 0.6% 
      
3,335 
  
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 
12/14 at 100.00 
AA 
3,448,090 
   
12/01/30 – FGIC Insured 
      
5,000 
  
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%, 
6/15 at 100.00 
AA 
5,170,450 
   
12/01/30 – NPFG Insured 
      
3,000 
  
Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded 
9/13 at 100.00 
AA (4) 
3,365,370 
   
9/01/13) – FGIC Insured 
      
11,335 
  
Total Alaska 
    
11,983,910 
   
Arizona – 0.7% 
      
1,400 
  
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s 
2/12 at 101.00 
N/R (4) 
1,520,512 
   
Hospital, Series 2002A, 6.250%, 2/15/21 (Pre-refunded 2/15/12) 
      
2,500 
  
Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series 
7/18 at 100.00 
AA– 
2,575,275 
   
2008A, 5.000%, 7/01/38 
      
2,575 
  
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 
12/17 at 102.00 
N/R 
2,485,184 
   
2008, 7.000%, 12/01/27 
      
5,600 
  
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A
5,290,488 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
      
1,000 
  
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale 
9/13 at 100.00 
A– 
1,017,050 
   
Healthcare, Series 2008A, 5.250%, 9/01/30 
      
13,075 
  
Total Arizona 
    
12,888,509 
   
Arkansas – 0.1% 
      
2,000 
  
University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%, 
12/12 at 100.00 
Aa2 
2,044,860 
   
12/01/32 – FGIC Insured 
      
   
California – 13.3% 
      
   
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: 
      
10,000 
  
5.125%, 5/01/19 (Pre-refunded 5/01/12) 
5/12 at 101.00 
Aaa 
10,806,700 
10,000 
  
5.250%, 5/01/20 (Pre-refunded 5/01/12) 
5/12 at 101.00 
Aaa 
10,825,400 
   
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, 
      
   
Series 2006: 
      
5,000 
  
5.000%, 4/01/37 – BHAC Insured 
4/16 at 100.00 
AA+ 
5,132,250 
6,000 
  
5.000%, 4/01/37 
4/16 at 100.00 
A+ 
5,956,260 
6,830 
  
California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone 
10/11 at 101.00 
A– 
6,783,693 
   
Institutes, Series 2001, 5.250%, 10/01/34 
      
2,335 
  
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 
7/20 at 100.00 
Baa1 
2,372,874 
   
2010A, 5.750%, 7/01/40 
      
1,500 
  
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric 
6/17 at 100.00 
A3 
1,503,135 
   
Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax) 
      
10,390 
  
California Statewide Community Development Authority, Certificates of Participation, Internext 
4/11 at 100.00 
BBB 
10,452,132 
   
Group, Series 1999, 5.375%, 4/01/17 
      
3,500 
  
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
Aa2 
4,053,420 
   
Project, Series 2009, 6.750%, 2/01/38 
      
3,600 
  
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, 
7/18 at 100.00 
AA– 
3,759,768 
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured 
      
   
California, General Obligation Bonds, Series 2003: 
      
14,600 
  
5.250%, 2/01/28 
8/13 at 100.00 
A1 
14,994,784 
11,250 
  
5.000%, 2/01/33 
8/13 at 100.00 
A1 
11,296,463 
16,000 
  
California, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37 
6/17 at 100.00 
A1 
16,057,120 
5,000 
  
Coast Community College District, Orange County, California, General Obligation Bonds, Series 
8/18 at 100.00 
AA+ 
4,349,450 
   
2006C, 0.000%, 8/01/32 – AGM Insured 
      
 
 
14 Nuveen Investments
 
 
 
 
 

           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
California (continued) 
      
$  16,045 
  
Desert Community College District, Riverside County, California, General Obligation Bonds, 
8/17 at 42.63 
AA+ 
$   3,954,932 
   
Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured 
      
30,000 
  
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
AAA 
21,345,000 
   
1995A, 0.000%, 1/01/22 (ETM) 
      
21,150 
  
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/13 at 100.00 
AAA 
23,484,326 
   
Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured 
      
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
      
   
Asset-Backed Revenue Bonds, Series 2005A: 
      
5,280 
  
5.000%, 6/01/38 – FGIC Insured 
6/15 at 100.00 
A2 
5,066,213 
10,000 
  
5.000%, 6/01/45 
6/15 at 100.00 
A2 
9,495,900 
3,540 
  
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
AAA 
4,089,373 
   
Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
      
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
      
   
Bonds, Series 2007A-1: 
      
7,550 
  
5.000%, 6/01/33 
6/17 at 100.00 
BBB 
6,249,060 
1,500 
  
5.125%, 6/01/47 
6/17 at 100.00 
BBB 
1,081,065 
4,500 
  
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 
8/16 at 102.00 
AA+ 
4,671,630 
   
2008B, 5.125%, 8/01/37 – AGC Insured 
      
9,000 
  
Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds, 
7/11 at 100.00 
AA 
9,077,760 
   
Series 2001A, 5.125%, 7/01/41 
      
4,000 
  
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los 
12/12 at 102.00 
B– 
4,072,520 
   
Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 
      
   
7.500%, 12/01/24 (Alternative Minimum Tax) 
      
   
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– 
1,244,050 
2,555 
  
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
AA– 
1,193,619 
2,365 
  
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
A+ 
854,356 
   
Series 2004, 0.000%, 8/01/27 – FGIC Insured 
      
3,550 
  
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 
No Opt. Call 
A
4,165,677 
   
6.500%, 11/01/39 
      
4,900 
  
Ontario, California, Certificates of Participation, Water System Improvement Project, 
7/14 at 100.00 
AA– 
5,010,887 
   
Refunding Series 2004, 5.000%, 7/01/29 – NPFG Insured 
      
2,350 
  
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Baa3 
2,595,058 
   
6.750%, 11/01/39 
      
8,000 
  
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/14 at 100.00 
Baa1 (4) 
9,367,040 
   
Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14) 
      
15,505 
  
Riverside Public Financing Authority, California, University Corridor Tax Allocation Bonds, 
8/17 at 100.00 
A
13,590,443 
   
Series 2007C, 5.000%, 8/01/37 – NPFG Insured 
      
   
San Bruno Park School District, San Mateo County, California, General Obligation Bonds, 
      
   
Series 2000B: 
      
2,575 
  
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
AA 
1,260,694 
2,660 
  
0.000%, 8/01/25 – FGIC Insured 
No Opt. Call 
AA 
1,224,026 
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
      
   
Refunding Bonds, Series 1997A: 
      
10,000 
  
0.000%, 1/15/25 – NPFG Insured 
No Opt. Call 
A
3,469,200 
14,605 
  
0.000%, 1/15/35 – NPFG Insured 
No Opt. Call 
A
2,285,244 
5,000 
  
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured 
3/17 at 100.00 
A
5,276,450 
   
(Alternative Minimum Tax) 
      
13,220 
  
San Mateo County Community College District, California, General Obligation Bonds, Series 
No Opt. Call 
Aaa 
5,336,914 
   
2006A, 0.000%, 9/01/28 – NPFG Insured 
      
709 
  
Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and 
3/11 at 100.00 
Baa1 
694,714 
   
Electric Company, Series 1966A, 4.000%, 3/01/16 
      
309,064 
  
Total California 
    
258,499,600 
   
Colorado – 4.0% 
      
5,000 
  
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – 
10/16 at 100.00 
BBB 
4,849,400 
   
SYNCORA GTY Insured 
      
 
 
Nuveen Investments 15
 

 
 
 
 
   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Colorado (continued) 
      
$ 1,800 
  
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/11 at 100.00 
AAA 
$ 1,904,166 
   
Peak-to-Peak Charter School, Series 2001, 7.625%, 8/15/31 (Pre-refunded 8/15/11) 
      
5,000 
  
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
9/16 at 100.00 
AA 
4,860,450 
   
Series 2006A, 4.500%, 9/01/38 
      
11,825 
  
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of 
No Opt. Call 
AA 
12,086,096 
   
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
      
2,100 
  
Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 
3/12 at 100.00 
Aa2 (4) 
2,231,103 
   
2002A, 5.500%, 3/01/32 (Pre-refunded 3/02/12) 
      
750 
  
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 
12/16 at 100.00 
Baa2 
715,905 
   
5.000%, 12/01/23 – RAAI Insured 
      
1,700 
  
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series 
9/18 at 102.00 
AA+ 
1,754,196 
   
2005C, 5.250%, 3/01/40 – AGM Insured 
      
500 
  
Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001, 
1/12 at 100.00 
BBB+ 
505,360 
   
5.750%, 1/15/22 
      
18,915 
  
Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 – 
11/13 at 100.00 
A+ 
19,073,697 
   
SYNCORA GTY Insured 
      
   
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
      
24,200 
  
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
A
6,203,670 
17,000 
  
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
A
4,047,870 
7,600 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 
9/26 at 52.09 
A
960,108 
   
9/01/39 – NPFG Insured 
      
10,000 
  
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 – 
9/20 at 41.72 
A
1,695,700 
   
NPFG Insured 
      
5,000 
  
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 
12/17 at 100.00 
N/R 
3,953,450 
   
5.350%, 12/01/37 – RAAI Insured 
      
1,450 
  
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A, 
6/11 at 102.00 
N/R (4) 
1,521,877 
   
5.500%, 6/15/19 (Pre-refunded 6/15/11) – AMBAC Insured 
      
7,000 
  
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 
6/16 at 100.00 
N/R (4) 
8,088,220 
   
0.000%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured 
      
3,750 
  
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
7/20 at 100.00 
Baa3 
3,967,350 
   
Activity Bonds, Series 2010, 6.000%, 1/15/41 
      
123,590 
  
Total Colorado 
    
78,418,618 
   
Connecticut – 0.2% 
      
8,670 
  
Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 
11/17 at 100.00 
N/R 
3,993,142 
   
2007A, 5.750%, 9/01/34 
      
   
District of Columbia – 0.5% 
      
10,000 
  
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax 
10/16 at 100.00 
A1 
10,000,700 
   
Revenue Bonds, Series 2007A, 4.500%, 10/01/30 – AMBAC Insured 
      
   
Florida – 4.4% 
      
4,000 
  
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit 
11/12 at 101.00 
Aa1 
4,153,720 
   
Group, Series 2002C, 5.750%, 11/15/32 
      
10,000 
  
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 
6/15 at 101.00 
AAA 
10,031,500 
   
6/01/35 (UB) 
      
1,750 
  
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa 
10/16 at 100.00 
A3 
1,751,680 
   
General Hospital, Series 2006, 5.250%, 10/01/41 
      
10,690 
  
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%, 
10/11 at 100.00 
Aa2 
10,778,299 
   
10/01/30 – AMBAC Insured 
      
3,000 
  
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured 
4/15 at 100.00 
AA+ 
3,070,920 
4,880 
  
Lee County, Florida, Airport Revenue Bonds, Series 2000A, 6.000%, 10/01/32 – AGM Insured 
4/11 at 101.00 
AA+ 
4,934,022 
   
(Alternative Minimum Tax) 
      
5,000 
  
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, 
10/17 at 100.00 
A3 
4,877,150 
   
Series 2007, 5.000%, 10/01/34 
      
4,000 
  
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 
7/20 at 100.00 
A
4,079,680 
   
5.000%, 7/01/40 
      
 
 
16 Nuveen Investments
 

 
 
 
 
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Florida (continued) 
      
$ 4,000 
  
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
A2 
$    4,118,120 
   
5.000%, 10/01/29 
      
8,250 
  
Orange County School Board, Florida, Certificates of Participation, Series 2002A, 5.000%, 
8/12 at 100.00 
AA– 
8,360,055 
   
8/01/27 – NPFG Insured 
      
2,900 
  
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – 
10/16 at 100.00 
A+ 
2,955,680 
   
SYNCORA GTY Insured 
      
9,250 
  
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, 
7/17 at 100.00 
A
8,977,958 
   
Series 2007, 5.000%, 7/01/40 – NPFG Insured 
      
2,500 
  
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 5.250%, 10/01/27 
10/17 at 100.00 
BBB 
2,424,925 
14,730 
  
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA 
14,906,613 
   
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 
      
84,950 
  
Total Florida 
    
85,420,322 
   
Georgia – 1.0% 
      
10,240 
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 – 
5/11 at 100.00 
A1 
10,247,782 
   
FGIC Insured 
      
2,500 
  
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – 
5/12 at 100.00 
A1 
2,542,025 
   
NPFG Insured 
      
4,000 
  
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – 
10/14 at 100.00 
AA+ 
4,181,920 
   
AGM Insured 
      
2,250 
  
Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare 
1/11 at 101.00 
N/R 
2,116,890 
   
System Inc., Series 1999, 6.500%, 7/01/27 
      
18,990 
  
Total Georgia 
    
19,088,617 
   
Hawaii – 1.1% 
      
7,140 
  
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric 
10/12 at 101.00 
A
7,341,562 
   
Company Inc., Series 1997A, 5.650%, 10/01/27 – NPFG Insured 
      
12,325 
  
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 – 
3/13 at 100.00 
Aa1 
13,190,215 
   
NPFG Insured 
      
19,465 
  
Total Hawaii 
    
20,531,777 
   
Illinois – 13.1% 
      
2,060 
  
Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20 
1/11 at 100.00 
A+ 
2,064,882 
17,205 
  
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
Aa2 
8,509,421 
   
Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured 
      
400 
  
Chicago Greater Metropolitan Sanitary District, Illinois, General Obligation Capital 
No Opt. Call 
Aaa 
404,248 
   
Improvement Bonds, Series 1991, 7.000%, 1/01/11 (ETM) 
      
5,000 
  
Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%, 
7/12 at 100.00 
Aaa 
5,414,550 
   
7/01/18 (Pre-refunded 7/01/12) 
      
285 
  
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured 
7/12 at 100.00 
AA– 
300,424 
9,715 
  
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 (Pre-refunded 
7/12 at 100.00 
AA– (4) 
10,555,833 
   
7/01/12) – AMBAC Insured 
      
2,575 
  
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International 
1/11 at 101.00 
A2 
2,583,678 
   
Airport, Series 2001C, 5.100%, 1/01/26 – AMBAC Insured (Alternative Minimum Tax) 
      
2,825 
  
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, 
1/14 at 100.00 
AA+ 
2,874,692 
   
Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax) 
      
3,020 
  
Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, 
12/16 at 100.00 
AA+ 
3,397,953 
   
Series 2004, 5.000%, 12/01/19 – AGM Insured 
      
8,875 
  
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 
11/20 at 100.00 
AA 
9,511,781 
3,260 
  
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
BB– 
3,394,671 
   
Corporation Project, Series 2010, 6.500%, 10/15/40 
      
385 
  
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, 
11/13 at 100.00 
Aa2 
424,405 
   
Series 2003B, 5.250%, 11/01/20 – AGM Insured 
      
1,615 
  
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, 
11/13 at 100.00 
Aa2 (4) 
1,830,118 
   
Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured 
      
 
 
Nuveen Investments 17
 
 
 
 
 

   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
      
$ 5,000 
  
Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke 
11/13 at 101.00 
A1 
$ 5,133,450 
   
Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) – AMBAC Insured (Alternative 
      
   
Minimum Tax) 
      
28,030 
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and 
No Opt. Call 
Aa3 
20,789,851 
   
DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured 
      
1,800 
  
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and 
No Opt. Call 
Aa3 
1,320,372 
   
Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured 
      
3,180 
  
Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation, 
12/12 at 100.00 
N/R (4) 
3,534,824 
   
Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12) 
      
1,450 
  
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 
9/11 at 100.00 
BBB+ 
1,430,846 
   
2001, 5.125%, 9/01/35 – AMBAC Insured 
      
6,550 
  
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 
9/11 at 100.00 
BBB+ (4) 
6,796,935 
   
2001, 5.125%, 9/01/35 (Pre-refunded 9/01/11) – AMBAC Insured 
      
1,875 
  
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 
11/19 at 100.00 
AA 
1,996,856 
   
5.500%, 11/01/39 
      
5,245 
  
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond 
No Opt. Call 
Aa1 
5,607,325 
   
Trust 1137, 9.032%, 7/01/15 (IF) 
      
5,000 
  
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 
8/14 at 100.00 
N/R (4) 
5,818,350 
   
5.500%, 8/15/43 (Pre-refunded 8/15/14) 
      
5,030 
  
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
A
5,325,714 
   
6.000%, 5/15/39 
      
4,800 
  
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
BBB+ 
5,624,976 
3,975 
  
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 
8/17 at 100.00 
BBB 
3,839,691 
   
5.500%, 8/01/37 
      
15,000 
  
Illinois Health Facilities Authority, Revenue Bonds, Edward Hospital Obligated Group, Series 
2/11 at 101.00 
AA+ (4) 
15,370,200 
   
2001B, 5.250%, 2/15/34 (Pre-refunded 2/15/11) – AGM Insured 
      
8,180 
  
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 
2/11 at 100.00 
BBB 
8,179,509 
   
5.250%, 8/01/22 – AMBAC Insured 
      
3,985 
  
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 
No Opt. Call 
N/R (4) 
4,785,945 
   
7.000%, 2/15/18 (ETM) 
      
5,000 
  
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – 
6/15 at 101.00 
A
5,303,100 
   
AMBAC Insured 
      
5,000 
  
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel 
1/16 at 100.00 
B– 
3,342,550 
   
Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured 
      
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
      
   
Project, Series 1992A: 
      
18,955 
  
0.000%, 6/15/17 – FGIC Insured 
No Opt. Call 
A
14,751,350 
12,830 
  
0.000%, 6/15/18 – FGIC Insured 
No Opt. Call 
A
9,390,277 
   
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 
AAA 
5,306,275 
3,385 
  
0.000%, 6/15/21 – NPFG Insured 
No Opt. Call 
AAA 
2,022,538 
5,190 
  
0.000%, 6/15/28 – NPFG Insured 
No Opt. Call 
AAA 
1,950,350 
11,610 
  
0.000%, 6/15/29 – FGIC Insured 
No Opt. Call 
AAA 
4,067,912 
   
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 
AAA 
7,822,300 
21,375 
  
0.000%, 6/15/34 – NPFG Insured 
No Opt. Call 
AAA 
5,251,624 
21,000 
  
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
AAA 
4,673,760 
21,070 
  
0.000%, 6/15/36 – NPFG Insured 
No Opt. Call 
AAA 
4,528,575 
10,375 
  
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
AAA 
2,164,018 
25,825 
  
0.000%, 6/15/39 – NPFG Insured 
No Opt. Call 
AAA 
4,610,537 
8,460 
  
5.250%, 6/15/42 – NPFG Insured 
6/12 at 101.00 
AAA 
8,545,192 
16,700 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
No Opt. Call 
A
9,685,499 
   
Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured 
      
1,650 
  
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
11/10 at 100.00 
A2 (4) 
1,654,340 
   
Expansion Project, Series 1996A, 5.250%, 6/15/27 (Pre-refunded 11/18/10) – AMBAC Insured 
      
 
 
18 Nuveen Investments
 

 
 
 
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
      
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
      
   
Expansion Project, Series 2002B: 
      
$    3,775 
  
0.000%, 6/15/20 – NPFG Insured 
6/17 at 101.00 
AAA 
$   3,784,626 
5,715 
  
0.000%, 6/15/21 – NPFG Insured 
6/17 at 101.00 
AAA 
5,644,934 
1,000 
  
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, 
3/17 at 100.00 
AA+ 
1,007,520 
   
Series 2007, 4.700%, 3/01/33 – AGC Insured 
      
1,050 
  
Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding 
No Opt. Call 
N/R 
915,957 
   
Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax) 
      
1,575 
  
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School 
No Opt. Call 
N/R 
1,134,252 
   
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured 
      
720 
  
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School 
No Opt. Call 
N/R (4) 
603,763 
   
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM) 
      
375,830 
  
Total Illinois 
    
254,982,749 
   
Indiana – 2.0% 
      
300 
  
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 
4/14 at 100.00 
N/R 
299,094 
   
5.000%, 10/01/24 
      
8,010 
  
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19 
2/13 at 101.00 
N/R (4) 
8,910,885 
   
(Pre-refunded 2/01/13) (Alternative Minimum Tax) 
      
1,990 
  
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19 
2/13 at 101.00 
AAA 
2,172,583 
3,000 
  
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., 
3/14 at 100.00 
A
3,026,640 
   
Series 2004A, 5.375%, 3/01/34 – AMBAC Insured 
      
4,450 
  
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – 
1/17 at 100.00 
A+ 
4,542,026 
   
NPFG Insured 
      
   
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
      
12,500 
  
0.000%, 2/01/21 – AMBAC Insured 
No Opt. Call 
AA 
8,664,250 
14,595 
  
0.000%, 2/01/27 – AMBAC Insured 
No Opt. Call 
AA 
7,426,228 
4,425 
  
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development 
7/20 at 100.00 
N/R 
4,512,748 
   
Project, Series 2010, 6.750%, 1/15/32 
      
49,270 
  
Total Indiana 
    
39,554,454 
   
Iowa – 1.0% 
      
4,115 
  
Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, 4.800%, 1/01/37 
7/16 at 100.00 
AAA 
4,128,909 
   
(Alternative Minimum Tax) 
      
3,500 
  
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg 
10/12 at 100.00 
N/R (4) 
3,829,735 
   
College, Series 2002, 5.500%, 10/01/33 (Pre-refunded 10/01/12) – ACA Insured 
      
7,000 
  
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
6/15 at 100.00 
BBB 
5,475,330 
   
5.625%, 6/01/46 
      
6,160 
  
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 
6/11 at 101.00 
AAA 
6,411,082 
   
2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11) 
      
20,775 
  
Total Iowa 
    
19,845,056 
   
Kansas – 0.6% 
      
10,000 
  
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22 
3/14 at 100.00 
AAA 
11,083,700 
   
Kentucky – 0.1% 
      
1,035 
  
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue 
1/11 at 100.00 
A
1,036,449 
   
Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured 
      
1,000 
  
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
6/18 at 100.00 
AA+ 
1,081,800 
   
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured 
      
2,035 
  
Total Kentucky 
    
2,118,249 
   
Louisiana – 2.8% 
      
1,000 
  
East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation 
1/11 at 100.00 
Ba3 
1,000,340 
   
Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax) 
      
2,310 
  
Louisiana Local Government Environment Facilities and Community Development Authority, Revenue 
No Opt. Call 
BBB- 
2,457,771 
   
Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 (Mandatory 
      
   
put 8/01/20) 
      
 
 
 
Nuveen Investments 19
 
 
 
 
 

   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Louisiana (continued) 
      
$ 12,000 
  
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue 
11/17 at 100.00 
BB+ 
$ 12,767,040 
   
Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 
      
5,150 
  
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
8/15 at 100.00 
A+ 
5,175,544 
   
Lady Health System, Series 2005A, 5.250%, 8/15/32 
      
4,515 
  
Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist 
5/10 at 100.00 
AAA 
4,781,791 
   
Hospital, Series 1986, 8.000%, 5/15/12 (ETM) 
      
27,890 
  
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
5/11 at 101.00 
BBB 
28,156,907 
   
Series 2001B, 5.875%, 5/15/39 
      
52,865 
  
Total Louisiana 
    
54,339,393 
   
Maryland – 0.4% 
      
3,500 
  
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 
1/11 at 100.00 
N/R 
3,502,030 
   
7.400%, 9/01/19 (Alternative Minimum Tax) 
      
4,600 
  
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, 
8/14 at 100.00 
A2 
4,721,348 
   
Series 2004, 5.500%, 8/15/33 
      
8,100 
  
Total Maryland 
    
8,223,378 
   
Massachusetts – 2.0% 
      
10,000 
  
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2002A, 
7/12 at 100.00 
AAA 
10,766,700 
   
5.000%, 7/01/32 (Pre-refunded 7/01/12) 
      
1,720 
  
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill 
12/10 at 100.00 
BBB 
1,722,236 
   
Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax) 
      
4,340 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care 
11/11 at 101.00 
BBB 
4,163,796 
   
Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured 
      
500 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., 
7/18 at 100.00 
A3 
498,860 
   
Series 2008E-1 &2, 5.125%, 7/01/38 
      
2,000 
  
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire 
7/14 at 100.00 
CCC 
1,036,200 
   
Community Services Inc., Series 2004A, 6.375%, 7/01/34 
      
   
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire 
      
   
Community Services Inc., Series 2004B: 
      
1,340 
  
6.250%, 7/01/24 
7/14 at 100.00 
CCC 
694,254 
1,000 
  
6.375%, 7/01/34 
7/14 at 100.00 
CCC 
518,100 
2,300 
  
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
2,439,104 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
      
12,650 
  
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 
12/18 at 100.00 
AA– 
13,079,594 
4,250 
  
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 
8/11 at 100.00 
AAA 
4,307,630 
   
5.500%, 8/01/30 
      
40,100 
  
Total Massachusetts 
    
39,226,474 
   
Michigan – 4.5% 
      
12,300 
  
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 
11/10 at 100.00 
B– 
6,936,339 
   
5.500%, 5/01/21 
      
5,000 
  
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006D, 
7/16 at 100.00 
AA+ 
4,935,650 
   
4.625%, 7/01/32 – AGM Insured 
      
8,000 
  
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A1 
7,898,880 
   
7/01/35 – NPFG Insured 
      
5,240 
  
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding Bonds, Series 
10/12 at 100.00 
AAA 
5,637,035 
   
2002, 5.250%, 10/01/19 
      
   
Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of 
      
   
Arts and Sciences Charter School, Series 2001A: 
      
600 
  
7.500%, 10/01/12 
10/11 at 100.00 
B1 
604,386 
5,000 
  
7.900%, 10/01/21 
4/11 at 102.00 
B1 
5,006,950 
3,500 
  
8.000%, 10/01/31 
4/11 at 102.00 
B1 
3,492,580 
8,460 
  
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 
10/15 at 100.00 
Aa3 
8,859,650 
   
10/15/22 – AMBAC Insured 
      
22,235 
  
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center 
2/11 at 100.00 
BB– 
20,795,506 
   
Obligated Group, Series 1998A, 5.250%, 8/15/28 
      
 
 
20 Nuveen Investments
 
 
 
 
 

           
Principal 
    
Optional Call 
    
Amount (000) 
  
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Michigan (continued) 
      
$ 350 
  
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Detroit Medical 
1/11 at 100.00 
BB– 
$ 334,912 
   
Center Obligated Group, Series 1997A, 5.250%, 8/15/27 – AMBAC Insured 
      
   
Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center 
      
   
Obligated Group, Series 1993A: 
      
895 
  
6.250%, 8/15/13 
2/11 at 100.00 
BB– 
895,331 
12,925 
  
6.500%, 8/15/18 
2/11 at 100.00 
BB– 
12,924,612 
7,200 
  
Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit 
12/12 at 100.00 
Baa1 
7,249,176 
   
Edison Company, Series 2002D, 5.250%, 12/15/32 – SYNCORA GTY Insured 
      
1,150 
  
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
1,386,498 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
      
92,855 
  
Total Michigan 
    
86,957,505 
   
Minnesota – 0.6% 
      
1,750 
  
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
5/14 at 100.00 
AA 
1,804,968 
   
5.000%, 5/01/30 
      
6,375