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: April 30, 2012
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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Table of Contents
|
Chairman’s Letter to Shareholders
|
4
|
|
Portfolio Managers’ Comments
|
5
|
|
Fund Leverage and Other Information
|
9
|
|
Dividend and Share Price Information
|
11
|
|
Performance Overviews
|
13
|
|
Portfolios of Investments
|
17
|
|
Statement of Assets and Liabilities
|
54
|
|
Statement of Operations
|
55
|
|
Statement of Changes in Net Assets
|
56
|
|
Financial Highlights
|
58
|
|
Notes to Financial Statements
|
62
|
|
Reinvest Automatically, Easily and Conveniently
|
73
|
|
Glossary of Terms Used in this Report
|
75
|
|
Additional Fund Information
|
79
|
Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area are casting a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. At the same time, member nations appear unwilling to provide adequate financial support or to surrender sufficient sovereignty to strengthen the banks or unify the Euro area financial system. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time will begin to run out.
In the U.S., strong corporate earnings have enabled the equity markets to withstand much of the downward pressures coming from weakening job creation, slower economic growth and political uncertainty. The Fed remains committed to low interest rates but has refrained from predicting another program of quantitative easing unless economic growth were to weaken significantly or the threat of recession appears on the horizon. Pre-election maneuvering has added to the already highly partisan atmosphere in the Congress. The end of the Bush-era tax cuts and implementation of the spending restrictions of the Budget Control Act of 2011, both scheduled to take place at year-end, loom closer.
During the last year, U.S. based investors have experienced a sharp decline and a strong recovery in the equity markets. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen funds on your behalf.
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
June 20, 2012
|
4
|
Nuveen Investments
|
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)
Portfolio managers Tom Spalding, Chris Drahn, and Steve Hlavin review key investment strategies and the six-month performance of these four national Funds. With 35 years of investment experience at Nuveen, Tom has managed NUV since its inception in 1987, adding responsibility for NUW at its inception in 2009. Chris, who has 32 years of financial industry experience, assumed portfolio management responsibility for NMI in January 2011. A nine-year veteran of Nuveen, Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility for the Fund in 2010.
What key strategies were used to manage these Funds during the six-month reporting period ended April 30, 2012?
During this period, municipal bond prices generally rallied, amid strong demand despite yields that continued to be relatively low. The availability of municipal supply improved in recent months from 2011 levels, although the pattern of new issuance remained light compared with long-term historical trends. In addition, approximately half of the new bonds issued during this period came from borrowers that were calling existing debt and refinancing at lower rates.
In this environment, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term. NUV and NUW found value in various areas of the market, including transportation (specifically tollroads and airports), tobacco and zero coupon bonds, and in individual issues such as Detroit water bonds and Michigan Building Authority credits. We also purchased several health care names, including Eisenhower Medical Center in California and Elmhurst Hospital in Illinois. Our focus in NUV during the earlier part of the period was generally on adding lower-rated credits with longer maturities. In November 2011, we purchased sub-investment grade bonds issued by American Airlines, as a Special Facilities Revenue Bond, which improved in price following the airline’s bankruptcy announcement in December 2011 and merger/acquisition reports. During the last half of this period, we shifted our emphasis to higher coupon
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein, are those of the portfolio managers’ as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc., or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
Nuveen Investments
|
5
|
bonds offering intermediate maturities and shorter call dates in order to maintain income without increasing credit risk.
In NMI, our focus was on buying bonds in a diverse range of sectors in the mid-tier credit quality categories, that is, bonds rated AA, A and BBB. Although the pattern of issuance tended to be shorter on the yield curve during this period due to refunding activity, we generally continued to seek longer maturities in order to take advantage of attractive yields at the longer end of the municipal yield curve. In NEV, we continued to work to further enhance the Fund’s exposure to lower-rated credits. We accomplished this by selling, for example, selected higher rated charter school bonds and reinvesting the proceeds into new issues of lower rated charter schools. We also sold A rated bonds issued for Little Company of Mary Hospital and Health Centers and DePaul University in Illinois and replaced them with new sub-investment grade credits issued for two continuing care retirement centers. This selling did not reflect any changes in the credit fundamentals of the original holdings, but rather was part of our relative value strategy for NEV. Other than these sales, trading was relatively light in NEV, as we allowed the Fund to continue to harvest the value that we had positioned it to do with the trading of the prior six months.
In NUV, NUW and NMI, 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. The increased number of refinancings provided a meaningful source of liquidity, which we sometimes reinvested in the new credits issued to replace the refunded bonds as a way of maintaining our exposure to those borrowers. NUW also sold some longer bonds and reinvested the proceeds in bonds with shorter maturities as part of our efforts to reduce this Fund’s interest rate sensitivity, while NEV engaged in the selling described in the previous paragraph .
As of April 30, 2012, all of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management, income enhancement and total return enhancement.
During this period, we trimmed NUW’s positions in inverse floating rate trusts to help shorten its duration, which exceeded our target range. As part of our duration management strategies, NEV also invested in forward interest rate swaps to reduce price volatility risk to movements in U.S. interest rates relative to the Fund’s benchmark. During this period, we found it more advantageous to control NEV’s duration with swaps rather than the sale of longer municipal bonds, due to the relatively greater decline in yields on longer municipal bonds. These derivatives remained in place at period end.
|
6
|
Nuveen Investments
|
How did the Funds perform during the six-month period ended April 30, 2012?
Individual results for these Funds, as well as relevant index and peer group information, are presented in the accompanying table.
Average Annual Total Returns on Net Asset Value*
For periods ended 4/30/12
|
Fund
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
|
NUV
|
7.34%
|
15.50%
|
4.75%
|
5.38%
|
|
NUW
|
6.94%
|
17.59%
|
N/A
|
N/A
|
|
NMI
|
8.03%
|
16.48%
|
5.93%
|
5.84%
|
|
Standard & Poor’s (S&P) Municipal Bond Index**
|
5.70%
|
11.89%
|
5.26%
|
5.42%
|
|
Lipper General & Insured Unleveraged Municipal Debt
|
||||
|
Funds Classification Average**
|
6.82%
|
13.50%
|
4.55%
|
4.88%
|
|
NEV***
|
12.21%
|
24.03%
|
N/A
|
N/A
|
|
Standard & Poor’s (S&P) Municipal Bond Index**
|
5.70%
|
11.89%
|
5.26%
|
5.42%
|
|
Lipper General & Insured Leveraged Municipal Debt
|
||||
|
Funds Classification Average**
|
10.74%
|
23.04%
|
6.00%
|
6.68%
|
For the six months ended April 30, 2012, the cumulative returns on net asset value (NAV) for these four Funds exceeded the return for the Standard & Poor’s (S&P) Municipal Bond Index. For the same period, NUV, NUW and NMI outperformed the average return for the Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average and NEV exceeded the average return for the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average.
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, credit exposure and sector allocation. The use of leverage also was an important positive factor affecting the performance of NEV. Leverage is discussed in more detail later in this report.
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. For this period, NEV was the most advantageously positioned in terms of duration and yield curve exposure, with the longest duration among these four Funds. NMI also was generally overweight in the longer parts of the yield curve that performed well, and NUV’s heavier holdings of zero coupon bonds with long durations, which outperformed during this period, provided an extra boost to its performance. While NUW benefited from having a duration longer than its target, during this period we worked to rein in the Fund’s duration to bring it more in line with its benchmark. Reducing NUW’s duration had a negative impact on its performance for this period, as the market continued to rally after our duration repositioning.
|
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.
|
|
|
*
|
Six-month returns are cumulative; all other returns are annualized.
|
|
**
|
Refer to Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
|
***
|
NEV is a leveraged Fund through investments in inverse floating rate securities, as discussed in more detail later in this report. The remaining three Funds in this report use inverse floating rate securities primarily for duration management and both income and total return enhancement.
|
|
Nuveen Investments
|
7
|
Although NEV benefited from its longer duration, the Fund used forward interest rate swaps with the primary objective of reducing duration and moderating interest rate risk, as previously mentioned. Because the interest rate swaps were used to hedge against a potential rise in interest rates, the swaps performed poorly as interest rates fell. This had a slightly negative impact on NEV’s total return performance for the period, which was offset by the strong performance of the Fund’s municipal bond holdings.
Credit exposure was another important factor in the Funds’ performance, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, the performance of these Funds was boosted by their exposures to the lower rated credit spectrum. All of these Funds were overweight in bonds rated BBB, with NMI having the heaviest exposure to this credit quality category. NEV also benefited from its significant overweight in non-rated and sub-investment grade credits.
Holdings that generally made positive contributions to the Funds’ returns during this period included health care (including hospitals), transportation and education credits. All of these Funds were overweight in health care bonds, which enhanced their returns, and NUV, NUW and NEV also had good weightings in the transportation sector. In addition, tobacco bonds backed by the 1998 master settlement agreement were one of the top performing market segments during this period, as these bonds benefited from several market developments, including increased demand for higher yielding investments by investors who had become less risk-averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. As of April 30, 2012, all four of these Funds held tobacco bonds in their portfolios.
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. As of April 30, 2012, both NUV and NMI had heavier weightings in pre-refunded bonds, which detracted from their performance, while NUW and NEV had little to no exposure to these credits. General obligation (GO) bonds, utilities and housing credits also lagged the performance of the general municipal market for this period. Overall, these Funds were somewhat underweight in GOs, and NUV, NUW and NMI also had relatively light allocations to housing, which limited the impact of these sectors. Although NEV had reduced its exposure to single-family housing over this period, the Fund’s heavier weighting in this sector was modestly negative for its performance.
|
8
|
Nuveen Investments
|
Fund Leverage and
Other Information
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of NEV, and less significantly NUV, NUW and NMI, relative to the comparative indexes was the use of leverage. NEV 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 the Fund decline, the negative impact of these valuation changes on net asset value and shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance common share returns during periods when the prices of securities held by the Fund generally are rising. Leverage made a positive contribution to the performance of the Funds over this reporting period.
RISK CONSIDERATIONS
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund common shares are subject to a variety of risks, including:
Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Price Risk. Shares of closed-end investment companies like these Funds frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
|
Nuveen Investments
|
9
|
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
Derivatives Risk. The funds may use derivative instruments which involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount investment.
|
10
|
Nuveen Investments
|
Dividend and
Share Price Information
DIVIDEND INFORMATION
The monthly dividends of NUV, NMI and NEV remained stable throughout the six-month reporting period ended April 30, 2012, while the dividend of NUW was reduced effective December 2011 and March 2012.
Due to normal portfolio activity, shareholders of the following Funds received capital gains and/or net ordinary income distributions in December 2011 as follows:
|
Short-Term Capital Gains
|
|||||||
|
Long-Term Capital Gains
|
and/or Ordinary Income
|
||||||
|
Fund
|
(per share
|
)
|
(per share) | ||||
|
NUV
|
$
|
0.0542
|
$
|
0.0111
|
|||
|
NEV
|
—
|
$
|
0.0021
|
||||
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 April 30, 2012, all of the Funds in this report had positive UNII balances, based upon our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
SHARE REPURCHASES AND PRICE INFORMATION
Since the inception of the Funds’ repurchase programs, the Funds’ have not repurchased any of their outstanding shares.
|
Nuveen Investments
|
11
|
As of April 30, 2012, and during the six-month reporting period, the Funds’ share prices were trading at (+)premiums and/or (-)discounts to their NAVs as shown in the accompanying table.
|
4/30/12
|
Six-Month Average
|
|
|
Fund
|
(+)Premium/(-)Discount
|
(+)Premium
|
|
NUV
|
(+)1.29%
|
(+)0.49%
|
|
NUW
|
(-)1.11%
|
(+)1.99%
|
|
NMI
|
(+)3.89%
|
(+)3.87%
|
|
NEV
|
(+)0.92%
|
(+)0.75%
|
SHELF EQUITY PROGRAM
NUV has filed a registration statement with the Securities and Exchange Commission (SEC) authorizing the Fund to issue an additional 19.6 million shares, through a shelf offering. Under this equity shelf program, the Fund, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per share.
During the current reporting period, the Fund sold shares through its shelf equity programs at an average premium to NAV per share as shown in the accompanying table.
|
Weighted Average
|
||
|
Shares Sold through
|
Premium to NAV
|
|
|
Fund
|
Shelf Offering
|
Per Share Sold
|
|
NUV
|
1,482,125
|
.97%
|
As of April 30, 2012, NUV had cumulatively sold 1,735,611 shares.
|
12
|
Nuveen Investments
|
|
NUV
|
Nuveen Municipal
|
|
|
Performance
|
Value Fund, Inc.
|
|
|
OVERVIEW
|
||
|
as of April 30, 2012
|
|
Fund Snapshot
|
||||
|
Share Price
|
$
|
10.18
|
||
|
Net Asset Value (NAV)
|
$
|
10.05
|
||
|
Premium/(Discount) to NAV
|
1.29
|
%
|
||
|
Market Yield
|
4.60
|
%
|
||
|
Taxable-Equivalent Yield1
|
6.39
|
%
|
||
|
Net Assets ($000)
|
$
|
2,015,292
|
||
|
Leverage
|
||||
|
Effective Leverage
|
1.89
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 6/17/87)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
8.61
|
%
|
7.34
|
%
|
|||
|
1-Year
|
18.70
|
%
|
15.50
|
%
|
|||
|
5-Year
|
5.30
|
%
|
4.75
|
%
|
|||
|
10-Year
|
6.40
|
%
|
5.38
|
%
|
|||
|
States3
|
||||
|
(as a % of total investments)
|
||||
|
Illinois
|
13.4
|
%
|
||
|
California
|
13.2
|
%
|
||
|
Texas
|
7.5
|
%
|
||
|
Florida
|
5.6
|
%
|
||
|
New Jersey
|
5.4
|
%
|
||
|
New York
|
5.4
|
%
|
||
|
Washington
|
4.6
|
%
|
||
|
Colorado
|
4.5
|
%
|
||
|
Missouri
|
3.5
|
%
|
||
|
Michigan
|
3.4
|
%
|
||
|
Louisiana
|
3.1
|
%
|
||
|
Ohio
|
3.0
|
%
|
||
|
Wisconsin
|
2.8
|
%
|
||
|
Puerto Rico
|
2.7
|
%
|
||
|
Indiana
|
2.1
|
%
|
||
|
South Carolina
|
2.1
|
%
|
||
|
Pennsylvania
|
1.8
|
%
|
||
|
Massachusetts
|
1.4
|
%
|
||
|
Other
|
14.5
|
%
|
||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Health Care
|
22.1
|
%
|
||
|
Tax Obligation/Limited
|
19.4
|
%
|
||
|
U.S. Guaranteed
|
13.9
|
%
|
||
|
Transportation
|
12.2
|
%
|
||
|
Tax Obligation/General
|
9.3
|
%
|
||
|
Consumer Staples
|
7.1
|
%
|
||
|
Utilities
|
5.7
|
%
|
||
|
Other
|
10.3
|
%
|
|
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 this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
4
|
The Fund paid shareholders capital gains and net ordinary income distributions in December 2011 of $0.0653 per share.
|
|
Nuveen Investments
|
13
|
|
NUW
|
Nuveen Municipal
|
|
|
Performance
|
Value Fund 2
|
|
|
OVERVIEW
|
||
|
as of April 30, 2012
|
|
Fund Snapshot
|
||||
|
Share Price
|
$
|
16.99
|
||
|
Net Asset Value (NAV)
|
$
|
17.18
|
||
|
Premium/(Discount) to NAV
|
-1.11
|
%
|
||
|
Market Yield
|
4.73
|
%
|
||
|
Taxable-Equivalent Yield1
|
6.57
|
%
|
||
|
Net Assets ($000)
|
$
|
222,823
|
||
|
Leverage
|
||||
|
Effective Leverage
|
7.35
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 2/25/09)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
2.11
|
%
|
6.94
|
%
|
|||
|
1-Year
|
19.56
|
%
|
17.59
|
%
|
|||
|
Since Inception
|
9.81
|
%
|
11.75
|
%
|
|||
|
States3
|
||||
|
(as a % of total investments)
|
||||
|
Illinois
|
9.7
|
%
|
||
|
California
|
9.5
|
%
|
||
|
Florida
|
9.5
|
%
|
||
|
Wisconsin
|
8.2
|
%
|
||
|
Louisiana
|
7.6
|
%
|
||
|
Indiana
|
6.3
|
%
|
||
|
Texas
|
6.2
|
%
|
||
|
Colorado
|
5.9
|
%
|
||
|
Ohio
|
5.9
|
%
|
||
|
Puerto Rico
|
5.1
|
%
|
||
|
Michigan
|
3.7
|
%
|
||
|
Arizona
|
3.6
|
%
|
||
|
Rhode Island
|
3.1
|
%
|
||
|
Nevada
|
2.9
|
%
|
||
|
Other
|
12.8
|
%
|
||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Health Care
|
24.5
|
%
|
||
|
Tax Obligation/Limited
|
18.8
|
%
|
||
|
Transportation
|
11.5
|
%
|
||
|
Tax Obligation/General
|
9.3
|
%
|
||
|
Utilities
|
8.9
|
%
|
||
|
Water and Sewer
|
8.8
|
%
|
||
|
Consumer Staples
|
7.3
|
%
|
||
|
Other
|
10.9
|
%
|
|
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 this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are given an regarded as having rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
14
|
Nuveen Investments
|
|
NMI
|
Nuveen Municipal
|
|
|
Performance
|
Income Fund, Inc.
|
|
|
OVERVIEW
|
||
|
as of April 30, 2012
|
|
Fund Snapshot
|
||||
|
Share Price
|
$
|
11.76
|
||
|
Net Asset Value (NAV)
|
$
|
11.32
|
||
|
Premium/(Discount) to NAV
|
3.89
|
%
|
||
|
Market Yield
|
4.85
|
%
|
||
|
Taxable-Equivalent Yield1
|
6.74
|
%
|
||
|
Net Assets ($000)
|
$
|
93,351
|
||
|
Leverage
|
||||
|
Effective Leverage
|
9.10
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 4/20/88)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
8.38
|
%
|
8.03
|
%
|
|||
|
1-Year
|
25.67
|
%
|
16.48
|
%
|
|||
|
5-Year
|
7.00
|
%
|
5.93
|
%
|
|||
|
10-Year
|
6.81
|
%
|
5.84
|
%
|
|||
|
States3
|
||||
|
(as a % of total investments)
|
||||
|
California
|
19.4
|
%
|
||
|
Texas
|
10.7
|
%
|
||
|
Illinois
|
9.2
|
%
|
||
|
Missouri
|
6.3
|
%
|
||
|
New York
|
5.1
|
%
|
||
|
Colorado
|
4.9
|
%
|
||
|
Florida
|
4.5
|
%
|
||
|
Ohio
|
4.0
|
%
|
||
|
Indiana
|
3.4
|
%
|
||
|
Wisconsin
|
3.3
|
%
|
||
|
Kentucky
|
3.1
|
%
|
||
|
Maryland
|
2.4
|
%
|
||
|
Alabama
|
2.3
|
%
|
||
|
Tennessee
|
2.2
|
%
|
||
|
Virginia
|
1.9
|
%
|
||
|
South Carolina
|
1.8
|
%
|
||
|
Pennsylvania
|
1.6
|
%
|
||
|
Other
|
13.9
|
%
|
||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Health Care
|
17.3
|
%
|
||
|
Tax Obligation/Limited
|
13.4
|
%
|
||
|
Education and Civic Organizations
|
11.1
|
%
|
||
|
U.S. Guaranteed
|
10.5
|
%
|
||
|
Utilities
|
10.5
|
%
|
||
|
Tax Obligation/General
|
9.7
|
%
|
||
|
Water and Sewer
|
5.9
|
%
|
||
|
Transportation
|
4.8
|
%
|
||
|
Consumer Staples
|
4.7
|
%
|
||
|
Other
|
12.1
|
%
|
|
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 this Fund to investments that generate qualified dividend income, this Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are given an regarded as having rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change.
|
|
Nuveen Investments
|
15
|
|
NEV
|
Nuveen Enhanced
|
|
|
Performance
|
Municipal Value Fund
|
|
|
OVERVIEW
|
||
|
as of April 30, 2012
|
|
Fund Snapshot
|
||||
|
Share Price
|
$
|
15.31
|
||
|
Net Asset Value (NAV)
|
$
|
15.17
|
||
|
Premium/(Discount) to NAV
|
0.92
|
%
|
||
|
Market Yield
|
6.27
|
%
|
||
|
Taxable-Equivalent Yield1
|
8.71
|
%
|
||
|
Net Assets ($000)
|
$
|
292,350
|
||
|
Leverage
|
||||
|
Effective Leverage
|
37.50
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 9/25/09)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
6-Month (Cumulative)
|
15.47
|
%
|
12.21
|
%
|
|||
|
1-Year
|
30.66
|
%
|
24.03
|
%
|
|||
|
Since Inception
|
7.53
|
%
|
8.96
|
%
|
|||
|
States3
|
||||
|
(as a % of total municipal bonds)
|
||||
|
California
|
18.9
|
%
|
||
|
Illinois
|
9.9
|
%
|
||
|
Michigan
|
7.6
|
%
|
||
|
Georgia
|
6.5
|
%
|
||
|
Florida
|
5.8
|
%
|
||
|
Ohio
|
5.6
|
%
|
||
|
Wisconsin
|
5.3
|
%
|
||
|
Pennsylvania
|
5.2
|
%
|
||
|
Colorado
|
4.2
|
%
|
||
|
Arizona
|
4.0
|
%
|
||
|
Texas
|
3.8
|
%
|
||
|
New York
|
2.9
|
%
|
||
|
Washington
|
2.1
|
%
|
||
|
Nevada
|
1.7
|
%
|
||
|
Massachusetts
|
1.6
|
%
|
||
|
Louisiana
|
1.5
|
%
|
||
|
Other
|
13.4
|
%
|
||
|
Portfolio Composition3,4
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
21.8
|
%
|
||
|
Health Care
|
16.1
|
%
|
||
|
Transportation
|
14.8
|
%
|
||
|
Education and Civic Organizations
|
10.8
|
%
|
||
|
Tax Obligation/General
|
10.2
|
%
|
||
|
Consumer Staples
|
5.1
|
%
|
||
|
Long-Term Care
|
4.9
|
%
|
||
|
Utilities
|
4.0
|
%
|
||
|
Other
|
12.3
|
%
|
|
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 this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by a national rating agency.
|
|
3
|
Holdings are subject to change
|
|
4
|
Excluding investments in derivatives.
|
|
5
|
The Fund paid shareholders a net ordinary income distribution in December 2011 of $0.0021 per share.
|
|
16
|
Nuveen Investments
|
|
Nuveen Municipal Value Fund, Inc.
|
||
|
NUV
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Alaska – 0.7%
|
|||||||||
|
$
|
3,335
|
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 12/01/30 – FGIC Insured
|
12/14 at 100.00
|
AA+
|
$
|
3,442,554
|
|||
|
5,000
|
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%, 12/01/30 – NPFG Insured
|
6/15 at 100.00
|
AA+
|
5,191,350
|
|||||
|
3,000
|
Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded 9/01/13) – FGIC Insured
|
9/13 at 100.00
|
AA+ (4)
|
3,189,630
|
|||||
|
2,500
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
|
6/14 at 100.00
|
BB–
|
2,147,675
|
|||||
|
13,835
|
Total Alaska
|
13,971,209
|
|||||||
|
Arizona – 0.6%
|
|||||||||
|
2,500
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38
|
7/18 at 100.00
|
AA–
|
2,667,025
|
|||||
|
2,575
|
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
|
12/17 at 102.00
|
N/R
|
2,300,016
|
|||||
|
5,600
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A–
|
5,689,320
|
|||||
|
1,000
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.250%, 9/01/30
|
9/13 at 100.00
|
A–
|
1,012,860
|
|||||
|
11,675
|
Total Arizona
|
11,669,221
|
|||||||
|
Arkansas – 0.1%
|
|||||||||
|
2,000
|
University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%, 12/01/32 (Pre-refunded 12/01/12) – FGIC Insured
|
12/12 at 100.00
|
Aa2 (4)
|
2,056,220
|
|||||
|
California – 13.0%
|
|||||||||
|
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+
|
5,306,950
|
|||||
|
6,000
|
5.000%, 4/01/37
|
4/16 at 100.00
|
A+
|
6,196,800
|
|||||
|
2,335
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
2,443,928
|
|||||
|
2,130
|
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
|
6/17 at 100.00
|
A3
|
2,290,922
|
|||||
|
2,500
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, 5.500%, 6/01/22 (Pre-refunded 12/01/13)
|
12/13 at 100.00
|
A2 (4)
|
2,703,675
|
|||||
|
California State, General Obligation Bonds, Series 2003:
|
|||||||||
|
14,600
|
5.250%, 2/01/28
|
8/13 at 100.00
|
A1
|
15,301,822
|
|||||
|
11,250
|
5.000%, 2/01/33
|
8/13 at 100.00
|
A1
|
11,658,488
|
|||||
|
5,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
5,334,450
|
|||||
|
16,000
|
California State, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37
|
6/17 at 100.00
|
A1
|
16,868,480
|
|||||
|
7,625
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
10/12 at 100.00
|
BBB
|
7,638,191
|
|||||
|
3,500
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
4,206,685
|
|||||
|
3,600
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
|
7/18 at 100.00
|
AA–
|
3,871,512
|
|||||
|
2,500
|
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 2002B, 5.625%, 8/15/42
|
8/12 at 100.00
|
AA–
|
2,535,575
|
|||||
|
5,000
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/32 – AGM Insured
|
8/18 at 100.00
|
Aa1
|
4,766,000
|
|
Nuveen Investments
|
17
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
4,505
|
Covina-Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured
|
No Opt. Call
|
A+
|
$
|
1,964,991
|
|||
|
16,045
|
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured
|
8/17 at 42.63
|
Aa2
|
5,174,352
|
|||||
|
30,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
|
No Opt. Call
|
AAA
|
24,360,900
|
|||||
|
21,150
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured
|
6/13 at 100.00
|
Aaa
|
22,207,500
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
|||||||||
|
7,435
|
5.000%, 6/01/29 – AMBAC Insured
|
6/12 at 100.00
|
A2
|
7,439,833
|
|||||
|
5,280
|
5.000%, 6/01/38 – FGIC Insured
|
6/15 at 100.00
|
A2
|
5,345,208
|
|||||
|
10,000
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A2
|
10,114,900
|
|||||
|
3,540
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
3,786,101
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
3,060
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BB–
|
2,619,329
|
|||||
|
7,870
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
6,213,444
|
|||||
|
1,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
1,115,715
|
|||||
|
4,500
|
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.125%, 8/01/37 – AGC Insured
|
8/16 at 102.00
|
AA–
|
4,798,440
|
|||||
|
4,000
|
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
|
12/12 at 102.00
|
N/R
|
4,003,400
|
|||||
|
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–
|
1,562,975
|
|||||
|
2,555
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,476,841
|
|||||
|
2,365
|
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2004, 0.000%, 8/01/27 – FGIC Insured
|
No Opt. Call
|
A+
|
1,089,745
|
|||||
|
3,550
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
4,346,869
|
|||||
|
4,900
|
Ontario, California, Certificates of Participation, Water System Improvement Project, Refunding Series 2004, 5.000%, 7/01/29 – NPFG Insured
|
7/14 at 100.00
|
AA
|
5,043,227
|
|||||
|
2,350
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
2,567,046
|
|||||
|
2,780
|
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
|
7/15 at 102.00
|
Baa2
|
2,826,148
|
|||||
|
8,000
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Baa2 (4)
|
8,919,520
|
|||||
|
15,505
|
Riverside Public Financing Authority, California, University Corridor Tax Allocation Bonds, Series 2007C, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
BBB+
|
14,552,683
|
|||||
|
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
|
1,604,534
|
|||||
|
2,660
|
0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
AA
|
1,569,240
|
|||||
|
250
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
279,803
|
|||||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
|
11,555
|
0.000%, 1/15/25 – NPFG Insured
|
No Opt. Call
|
BBB
|
5,138,046
|
|||||
|
14,605
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
BBB
|
3,255,747
|
|||||
|
5,000
|
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
|
3/17 at 100.00
|
A2
|
5,336,900
|
|
18
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
13,220
|
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/28 – NPFG Insured
|
No Opt. Call
|
Aaa
|
$
|
6,446,469
|
|||
|
5,000
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured
|
No Opt. Call
|
Aa1
|
3,126,700
|
|||||
|
2,000
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27
|
6/17 at 100.00
|
B+
|
1,772,760
|
|||||
|
1,300
|
University of California, General Revenue Bonds, Refunding Series 2009O, 5.250%, 5/15/39
|
5/19 at 100.00
|
Aa1
|
1,448,174
|
|||||
|
109
|
Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and Electric Company, Series 1966A, 4.000%, 3/01/16
|
9/12 at 100.00
|
Baa1
|
107,604
|
|||||
|
308,704
|
Total California
|
262,738,622
|
|||||||
|
Colorado – 4.4%
|
|||||||||
|
5,000
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
|
10/16 at 100.00
|
BBB–
|
4,945,150
|
|||||
|
5,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
|
9/16 at 100.00
|
AA
|
5,073,500
|
|||||
|
11,925
|
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
AA
|
12,556,310
|
|||||
|
750
|
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 5.000%, 12/01/23 – RAAI Insured
|
12/16 at 100.00
|
Baa2
|
769,695
|
|||||
|
1,700
|
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
|
9/18 at 102.00
|
AA–
|
1,825,613
|
|||||
|
530
|
Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001, 5.750%, 1/15/22
|
7/12 at 100.00
|
A–
|
530,943
|
|||||
|
2,000
|
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2012A, 5.000%, 3/01/41
|
3/22 at 100.00
|
Aa2
|
2,223,980
|
|||||
|
18,915
|
Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 – SYNCORA GTY Insured
|
11/13 at 100.00
|
A+
|
19,249,985
|
|||||
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
|||||||||
|
24,200
|
0.000%, 9/01/31 – NPFG Insured
|
No Opt. Call
|
BBB
|
8,139,912
|
|||||
|
17,000
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
BBB
|
5,320,150
|
|||||
|
7,600
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured
|
9/26 at 52.09
|
BBB
|
1,354,776
|
|||||
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
|
|||||||||
|
7,500
|
0.000%, 9/01/27 – NPFG Insured
|
9/20 at 67.94
|
BBB
|
3,261,150
|
|||||
|
10,075
|
0.000%, 3/01/36 – NPFG Insured
|
9/20 at 41.72
|
BBB
|
2,278,361
|
|||||
|
5,000
|
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 – RAAI Insured
|
12/17 at 100.00
|
N/R
|
3,905,950
|
|||||
|
7,000
|
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.700%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured
|
6/16 at 100.00
|
N/R (4)
|
8,397,480
|
|||||
|
5,000
|
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding Series 2011, 6.000%, 11/01/26
|
11/21 at 100.00
|
Baa1
|
5,648,200
|
|||||
|
3,750
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
4,114,650
|
|||||
|
132,945
|
Total Colorado
|
89,595,805
|
|||||||
|
Connecticut – 0.2%
|
|||||||||
|
1,500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41
|
7/21 at 100.00
|
A
|
1,582,860
|
|||||
|
8,670
|
Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 2007A, 5.750%, 9/01/34 (5)
|
11/17 at 100.00
|
N/R
|
3,398,727
|
|||||
|
10,170
|
Total Connecticut
|
4,981,587
|
|
Nuveen Investments
|
19
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
District of Columbia – 0.5%
|
|||||||||
|
$
|
10,000
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
|
10/16 at 100.00
|
A1
|
$
|
9,981,000
|
|||
|
Florida – 5.5%
|
|||||||||
|
3,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA–
|
3,241,980
|
|||||
|
4,285
|
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 2002C, 5.750%, 11/15/32
|
11/12 at 101.00
|
AA+
|
4,382,569
|
|||||
|
10,000
|
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 6/01/35 (UB)
|
6/15 at 101.00
|
AAA
|
10,287,100
|
|||||
|
2,650
|
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41
|
10/16 at 100.00
|
A3
|
2,736,788
|
|||||
|
10,690
|
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%, 10/01/30 – AMBAC Insured
|
10/12 at 100.00
|
A1
|
10,692,886
|
|||||
|
3,000
|
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured
|
4/15 at 100.00
|
Aa2
|
3,149,640
|
|||||
|
5,000
|
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34
|
10/17 at 100.00
|
A3
|
5,103,200
|
|||||
|
4,090
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/40
|
7/20 at 100.00
|
A
|
4,341,658
|
|||||
|
9,500
|
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 6.000%, 8/01/46
|
8/21 at 100.00
|
A
|
10,944,000
|
|||||
|
4,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/29
|
10/20 at 100.00
|
A2
|
4,329,480
|
|||||
|
9,340
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured
|
10/20 at 100.00
|
Aa2
|
10,130,351
|
|||||
|
8,250
|
Orange County School Board, Florida, Certificates of Participation, Series 2002A, 5.000%, 8/01/27 – NPFG Insured
|
8/12 at 100.00
|
AA
|
8,326,890
|
|||||
|
2,900
|
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
|
10/16 at 100.00
|
AA–
|
3,026,469
|
|||||
|
9,250
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 – NPFG Insured
|
7/17 at 100.00
|
BBB
|
9,371,175
|
|||||
|
2,500
|
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
|
10/17 at 100.00
|
BBB–
|
2,501,625
|
|||||
|
14,730
|
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
|
8/17 at 100.00
|
AA
|
15,329,069
|
|||||
|
3,300
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 (WI/DD, Settling 5/03/12)
|
5/22 at 100.00
|
AA
|
3,626,535
|
|||||
|
106,485
|
Total Florida
|
111,521,415
|
|||||||
|
Georgia – 0.8%
|
|||||||||
|
10,240
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 – FGIC Insured
|
7/12 at 100.00
|
A1
|
10,253,619
|
|||||
|
2,500
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – NPFG Insured
|
7/12 at 100.00
|
A1
|
2,503,800
|
|||||
|
4,000
|
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
|
10/14 at 100.00
|
AA–
|
4,328,880
|
|||||
|
16,740
|
Total Georgia
|
17,086,299
|
|||||||
|
Hawaii – 1.0%
|
|||||||||
|
7,140
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company Inc., Series 1997A, 5.650%, 10/01/27 – NPFG Insured
|
10/12 at 101.00
|
BBB
|
7,268,377
|
|
20
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Hawaii (continued)
|
|||||||||
|
$
|
1,735
|
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 – NPFG Insured
|
3/13 at 100.00
|
Aa1
|
$
|
1,787,414
|
|||
|
10,590
|
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 (Pre-refunded 3/01/13) – NPFG Insured
|
3/13 at 100.00
|
Aa1 (4)
|
11,035,415
|
|||||
|
19,465
|
Total Hawaii
|
20,091,206
|
|||||||
|
Illinois – 13.3%
|
|||||||||
|
2,060
|
Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20
|
7/12 at 100.00
|
A+
|
2,066,798
|
|||||
|
17,205
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured
|
No Opt. Call
|
AA–
|
10,219,254
|
|||||
|
5,000
|
Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%, 7/01/18 (Pre-refunded 7/01/12)
|
7/12 at 100.00
|
Aaa
|
5,043,950
|
|||||
|
1,500
|
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36
|
1/22 at 100.00
|
AAA
|
1,641,270
|
|||||
|
285
|
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured
|
7/12 at 100.00
|
Aa3
|
286,815
|
|||||
|
9,715
|
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 (Pre-refunded 7/01/12) – AMBAC Insured
|
7/12 at 100.00
|
Aa3 (4)
|
9,804,767
|
|||||
|
2,575
|
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International Airport, Series 2001C, 5.100%, 1/01/26 – AMBAC Insured (Alternative Minimum Tax)
|
7/12 at 100.00
|
AA
|
2,578,708
|
|||||
|
2,825
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax)
|
1/14 at 100.00
|
AA–
|
2,867,375
|
|||||
|
3,320
|
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured
|
No Opt. Call
|
BBB
|
2,199,367
|
|||||
|
3,020
|
Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 – AGM Insured
|
12/16 at 100.00
|
AA–
|
3,298,988
|
|||||
|
8,875
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA
|
9,707,830
|
|||||
|
3,260
|
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
|
10/20 at 100.00
|
BB
|
3,536,513
|
|||||
|
385
|
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 – AGM Insured
|
11/13 at 100.00
|
Aa3
|
408,142
|
|||||
|
1,615
|
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured
|
11/13 at 100.00
|
Aa3 (4)
|
1,734,219
|
|||||
|
5,000
|
Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) – AMBAC Insured (Alternative Minimum Tax)
|
11/13 at 101.00
|
A1
|
5,182,300
|
|||||
|
28,030
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured
|
No Opt. Call
|
Aa3
|
22,718,595
|
|||||
|
1,800
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured
|
No Opt. Call
|
Aa3
|
1,453,932
|
|||||
|
3,180
|
Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation, Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12)
|
12/12 at 100.00
|
N/R (4)
|
3,290,918
|
|||||
|
1,450
|
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 2001, 5.125%, 9/01/35 – AMBAC Insured
|
7/12 at 100.00
|
A–
|
1,450,160
|
|||||
|
1,875
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA
|
2,055,113
|
|||||
|
3,000
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
3,231,930
|
|||||
|
5,245
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.124%, 7/01/15 (IF)
|
No Opt. Call
|
AA+
|
5,824,730
|
|||||
|
5,000
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded 8/15/14)
|
8/14 at 100.00
|
N/R (4)
|
5,581,700
|
|
Nuveen Investments
|
21
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois (continued)
|
|||||||||
|
$
|
4,910
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
|
5/20 at 100.00
|
A
|
$
|
5,520,264
|
|||
|
4,800
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
6,083,040
|
|||||
|
4,035
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
4,148,424
|
|||||
|
2,500
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
|
2/21 at 100.00
|
AA–
|
2,760,875
|
|||||
|
3,000
|
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
|
8/18 at 100.00
|
BBB+
|
3,045,900
|
|||||
|
8,385
|
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/22 – AMBAC Insured
|
8/12 at 100.00
|
BBB
|
8,396,655
|
|||||
|
3,180
|
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM)
|
No Opt. Call
|
N/R (4)
|
3,791,037
|
|||||
|
5,000
|
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – AMBAC Insured
|
6/15 at 101.00
|
A
|
5,484,000
|
|||||
|
5,000
|
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured
|
1/16 at 100.00
|
CCC
|
3,312,450
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
|
|||||||||
|
19,330
|
0.000%, 6/15/17 – FGIC Insured
|
No Opt. Call
|
A3
|
16,867,165
|
|||||
|
13,070
|
0.000%, 6/15/18 – FGIC Insured
|
No Opt. Call
|
A3
|
10,905,477
|
|||||
|
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
|
6,049,328
|
|||||
|
3,385
|
0.000%, 6/15/21 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,403,079
|
|||||
|
5,190
|
0.000%, 6/15/28 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,459,593
|
|||||
|
11,670
|
0.000%, 6/15/29 – FGIC Insured
|
No Opt. Call
|
AAA
|
5,201,319
|
|||||
|
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
|
9,031,100
|
|||||
|
21,375
|
0.000%, 6/15/34 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,946,875
|
|||||
|
21,000
|
0.000%, 12/15/35 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,208,860
|
|||||
|
21,070
|
0.000%, 6/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
5,985,776
|
|||||
|
10,375
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,871,593
|
|||||
|
25,825
|
0.000%, 6/15/39 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,142,735
|
|||||
|
8,460
|
5.250%, 6/15/42 – NPFG Insured
|
6/12 at 101.00
|
AAA
|
8,582,839
|
|||||
|
16,800
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured
|
No Opt. Call
|
AA–
|
11,648,616
|
|||||
|
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
|
4,149,103
|
|||||
|
5,715
|
0.000%, 6/15/21 – NPFG Insured
|
6/17 at 101.00
|
AAA
|
6,249,067
|
|||||
|
1,160
|
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, Series 2007, 4.700%, 3/01/33 – AGC Insured
|
3/17 at 100.00
|
AA–
|
1,197,955
|
|||||
|
805
|
Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax)
|
No Opt. Call
|
BBB
|
726,134
|
|||||
|
1,575
|
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured
|
No Opt. Call
|
N/R
|
1,271,246
|
|||||
|
720
|
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)
|
No Opt. Call
|
N/R (4)
|
662,818
|
|||||
|
3,680
|
Will County Community Unit School District 201U, Crete-Monee, Will County, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/16 – FGIC Insured
|
No Opt. Call
|
A+
|
3,325,101
|
|||||
|
369,260
|
Total Illinois
|
267,611,798
|
|
22
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Indiana – 2.1%
|
|||||||||
|
$
|
300
|
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24
|
4/14 at 100.00
|
BB+
|
$
|
259,725
|
|||
|
8,010
|
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19 (Pre-refunded 2/01/13) (Alternative Minimum Tax)
|
2/13 at 101.00
|
N/R (4)
|
8,392,317
|
|||||
|
1,990
|
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19
|
2/13 at 101.00
|
AAA
|
2,073,739
|
|||||
|
3,000
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
|
3/14 at 100.00
|
A+
|
3,051,120
|
|||||
|
2,000
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
|
3/17 at 100.00
|
A–
|
2,061,820
|
|||||
|
4,450
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
4,736,046
|
|||||
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
|
|||||||||
|
12,500
|
0.000%, 2/01/21 – AMBAC Insured
|
No Opt. Call
|
AA
|
9,465,750
|
|||||
|
14,595
|
0.000%, 2/01/27 – AMBAC Insured
|
No Opt. Call
|
AA
|
8,048,997
|
|||||
|
4,425
|
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.750%, 1/15/32
|
7/20 at 100.00
|
N/R
|
4,660,543
|
|||||
|
51,270
|
Total Indiana
|
42,750,057
|
|||||||
|
Iowa – 0.5%
|
|||||||||
|
1,640
|
Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, 4.800%, 1/01/37 (Alternative Minimum Tax)
|
7/16 at 100.00
|
Aaa
|
1,663,714
|
|||||
|
3,500
|
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg College, Series 2002, 5.500%, 10/01/33 (Pre-refunded 10/01/12) – ACA Insured
|
10/12 at 100.00
|
N/R (4)
|
3,577,350
|
|||||
|
7,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
|
6/15 at 100.00
|
B+
|
5,710,390
|
|||||
|
12,140
|
Total Iowa
|
10,951,454
|
|||||||
|
Kansas – 0.5%
|
|||||||||
|
10,000
|
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22
|
3/14 at 100.00
|
AAA
|
10,753,400
|
|||||
|
Kentucky – 0.1%
|
|||||||||
|
960
|
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
|
7/12 at 100.00
|
BBB
|
961,862
|
|||||
|
1,750
|
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
|
6/18 at 100.00
|
AA–
|
1,917,055
|
|||||
|
2,710
|
Total Kentucky
|
2,878,917
|
|||||||
|
Louisiana – 3.1%
|
|||||||||
|
2,310
|
Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
|
8/20 at 100.00
|
BBB–
|
2,634,763
|
|||||
|
5,450
|
Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
|
11/20 at 100.00
|
BBB–
|
6,133,158
|
|||||
|
12,000
|
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
|
11/17 at 100.00
|
BBB–
|
13,236,240
|
|||||
|
5,150
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/32
|
8/15 at 100.00
|
A+
|
5,275,300
|
|||||
|
2,340
|
Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist Hospital, Series 1986, 8.000%, 5/15/12 (ETM)
|
No Opt. Call
|
N/R (4)
|
2,347,254
|
|||||
|
3,620
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38
|
5/17 at 100.00
|
Baa1
|
3,681,576
|
|||||
|
28,595
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
5/12 at 100.00
|
A–
|
28,709,952
|
|||||
|
59,465
|
Total Louisiana
|
62,018,243
|
|
Nuveen Investments
|
23
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Maine – 0.1%
|
|||||||||
|
$
|
1,050
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41
|
7/21 at 100.00
|
Baa3
|
$
|
1,175,538
|
|||
|
Maryland – 0.5%
|
|||||||||
|
3,500
|
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
|
7/12 at 100.00
|
N/R
|
3,521,700
|
|||||
|
1,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36
|
1/22 at 100.00
|
Baa2
|
1,671,855
|
|||||
|
4,600
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33
|
8/14 at 100.00
|
A2
|
4,801,158
|
|||||
|
9,600
|
Total Maryland
|
9,994,713
|
|||||||
|
Massachusetts – 1.4%
|
|||||||||
|
1,720
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)
|
6/12 at 100.00
|
A–
|
1,722,425
|
|||||
|
4,495
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured
|
5/12 at 101.00
|
BBB+
|
4,535,590
|
|||||
|
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
|
7/18 at 100.00
|
A–
|
517,050
|
|||||
|
2,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004A, 6.375%, 7/01/34 (5), (6)
|
7/14 at 100.00
|
D
|
720,000
|
|||||
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2004B:
|
|||||||||
|
1,340
|
6.250%, 7/01/24 (5), (6)
|
7/14 at 100.00
|
D
|
482,400
|
|||||
|
1,000
|
6.375%, 7/01/34 (5), (6)
|
7/14 at 100.00
|
D
|
360,000
|
|||||
|
2,300
|
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
BBB
|
2,501,526
|
|||||
|
12,320
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
|
12/18 at 100.00
|
AA–
|
12,978,258
|
|||||
|
4,250
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30
|
7/12 at 100.00
|
AAA
|
4,265,513
|
|||||
|
29,925
|
Total Massachusetts
|
28,082,762
|
|||||||
|
Michigan – 3.4%
|
|||||||||
|
10,740
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
|
11/12 at 100.00
|
B–
|
9,152,091
|
|||||
|
5,000
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D, 4.625%, 7/01/32 – AGM Insured
|
7/16 at 100.00
|
AA–
|
5,011,900
|
|||||
|
8,000
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
8,035,520
|
|||||
|
7,140
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – FGIC Insured
|
7/18 at 100.00
|
AA+
|
7,854,643
|
|||||
|
2,000
|
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
|
5/20 at 100.00
|
Aa3
|
2,165,420
|
|||||
|
4,500
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
|
12/21 at 100.00
|
AA
|
4,849,650
|
|||||
|
5,240
|
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/19
|
10/12 at 100.00
|
AAA
|
5,341,237
|
|||||
|
Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of Arts and Sciences Charter School, Series 2001A:
|
|||||||||
|
80
|
7.500%, 10/01/12
|
7/12 at 100.00
|
Caa2
|
77,836
|
|||||
|
5,000
|
7.900%, 10/01/21
|
10/12 at 100.00
|
Caa2
|
4,669,950
|
|||||
|
3,500
|
8.000%, 10/01/31
|
10/12 at 100.00
|
Caa2
|
3,181,080
|
|
24
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Michigan (continued)
|
|||||||||
|
$
|
8,460
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 10/15/22 – AMBAC Insured
|
10/15 at 100.00
|
Aa3
|
$
|
9,382,648
|
|||
|
7,200
|
Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit Edison Company, Series 2002D, 5.250%,
|
12/12 at 100.00
|
BBB+
|
7,251,264
|
|||||
| 12/15/32 – SYNCORA GTY Insured | |||||||||
|
1,150
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
9/18 at 100.00
|
A1
|
1,465,066
|
|||||
|
68,010
|
Total Michigan
|
68,438,305
|
|||||||
|
Minnesota – 0.9%
|
|||||||||
|
1,750
|
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
|
5/14 at 100.00
|
AA
|
1,804,968
|
|||||
|
6,375
|
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28
|
11/18 at 100.00
|
A
|
7,443,450
|
|||||
|
2,300
|
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/31 – FGIC Insured
|
1/15 at 100.00
|
A
|
2,376,107
|
|||||
|
6,730
|
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36
|
11/16 at 100.00
|
A3
|
6,905,922
|
|||||
|
17,155
|
Total Minnesota
|
18,530,447
|
|||||||
|
Missouri – 3.4%
|
|||||||||
|
6,000
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 – AGM Insured
|
10/13 at 100.00
|
AA–
|
6,257,460
|
|||||
|
40,000
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003, 5.250%, 5/15/32
|
5/13 at 100.00
|
AA
|
41,546,400
|
|||||
|
12,000
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B, 5.000%, 6/01/30
|
6/20 at 100.00
|
AA–
|
13,226,760
|
|||||
|
4,000
|
Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)
|
6/13 at 101.00
|
BB+
|
3,805,960
|
|||||
|
West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, Ozark Medical Center, Series 1997:
|
|||||||||
|
390
|
5.500%, 11/15/12
|
7/12 at 100.00
|
BB–
|
390,449
|
|||||
|
1,100
|
5.600%, 11/15/17
|
5/12 at 100.00
|
BB–
|
1,100,473
|
|||||
|
3,180
|
West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, Ozark Medical Center, Series 1999, 6.750%, 11/15/24
|
5/12 at 100.00
|
BB–
|
3,182,385
|
|||||
|
66,670
|
Total Missouri
|
69,509,887
|
|||||||
|
Montana – 0.3%
|
|||||||||
|
3,750
|
Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound Energy, Series 2003A, 5.000%, 3/01/31 – AMBAC Insured
|
3/13 at 101.00
|
A–
|
3,829,238
|
|||||
|
1,540
|
Montana Higher Education Student Assistance Corporation, Student Loan Revenue Bonds, Subordinate Series 1998B, 5.500%, 12/01/31 (Alternative Minimum Tax)
|
6/12 at 100.00
|
A2
|
1,458,673
|
|||||
|
5,290
|
Total Montana
|
5,287,911
|
|||||||
|
Nebraska – 0.3%
|
|||||||||
|
5,000
|
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%, 2/01/39
|
2/18 at 100.00
|
Aa1
|
5,587,100
|
|||||
|
Nevada – 0.7%
|
|||||||||
|
2,500
|
Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%, 9/01/29 – RAAI Insured
|
9/13 at 100.00
|
BBB+
|
2,508,150
|
|
Nuveen Investments
|
25
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
April 30, 2012 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Nevada (continued)
|
|||||||||
|
$
|
5,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
Aa3
|
$
|
5,591,950
|
|||
|
2,500
|
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 17.962%, 7/01/31 – BHAC Insured (IF)
|
7/17 at 100.00
|
AA+
|
3,716,100
|
|||||
|
1,500
|
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A, 6.750%, 6/15/28
|
6/18 at 100.00
|
B2
|
1,454,085
|
|||||
|
11,500
|
Total Nevada
|
13,270,285
|
|||||||
|
New Hampshire – 0.1%
|
|||||||||
|
1,500
|
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
|
10/19 at 100.00
|
Baa1
|
1,580,850
|
|||||
|
New Jersey – 5.4%
|
|||||||||
|
23,625
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax)
|
9/12 at 100.00
|
B
|
23,682,409
|
|||||
|
9,000
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
|
5/12 at 100.00
|
B
|
9,034,020
|
|||||
|
3,300
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
|
7/18 at 100.00
|
BBB–
|
3,469,950
|
|||||
|
4,740
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/34
|
1/17 at 41.49
|
BBB
|
1,417,450
|
|||||
|
7,500
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/24 (Pre-refunded 6/15/13)
|
6/13 at 100.00
|
Aaa
|
7,941,375
|
|||||
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
|
|||||||||
|
30,000
|
0.000%, 12/15/30 – FGIC Insured
|
No Opt. Call
|
A+
|
11,800,500
|
|||||
|
27,000
|
0.000%, 12/15/32 – AGM Insured
|
No Opt. Call
|
AA–
|
9,884,430
|
|||||
|
310
|
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%,
|
No Opt. Call
|
A+
|
367,756
|
|||||
| 1/01/16 – NPFG Insured | |||||||||
|
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
|
|||||||||
|
105
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
127,556
|
|||||
|
1,150
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
1,279,076
|
|||||
|
27,185
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%, 6/01/42 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
Aaa
|
27,323,372
|
|||||
|
7,165
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.250%, 6/01/43 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
7,624,277
|
|||||
|
5,000
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
3,903,150
|
|||||
|
146,080
|
Total New Jersey
|
107,855,321
|
|||||||
|
New Mexico – 0.6%
|
|||||||||
|
1,500
|
University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21
|
No Opt. Call
|
AA
|
1,812,255
|
|||||
|
9,600
|
University of New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds, Series 2002A, 5.000%, 6/01/32 (Pre-refunded 6/01/12)
|
6/12 at 100.00
|
AA (4)
|
9,639,840
|
|||||
|
11,100
|
Total New Mexico
|
11,452,095
|
|||||||
|
New York – 5.4%
|
|||||||||
|
10,000
|
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35
|
8/16 at 100.00
|
AAA
|
10,268,600
|
|||||
|
8,500
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida Health, Series 2004, 5.050%, 2/15/25
|
2/14 at 100.00
|
AAA
|
8,822,490
|
|||||
|
2,000
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35
|
6/16 at 100.00
|
A
|
2,086,520
|
|||||
|
1,510
|