|
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.
|
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 | % |
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
|
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%
|
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.
|
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%
|
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.
|
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%
|
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
|
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
|
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 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
|
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 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
|
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 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
|
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
|