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 AMT-Free Municipal Value Fund
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: October 31, 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
|
11
|
|
Dividend and Price Information
|
13
|
|
Performance Overviews
|
15
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|
Shareholder Meeting Report
|
19
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|
Report of Independent Registered Public Accounting Firm
|
20
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|
Portfolios of Investments
|
21
|
|
Statement of Assets and Liabilities
|
59
|
|
Statement of Operations
|
60
|
|
Statement of Changes in Net Assets
|
61
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Financial Highlights
|
64
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|
Notes to Financial Statements
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68
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Annual Investment Management Agreement Approval Process
|
79
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Board Members and Officers
|
89
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Reinvest Automatically, Easily and Conveniently
|
94
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Glossary of Terms Used in this Report
|
96
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Additional Fund Information
|
99
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Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast 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. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. 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 is running out.
In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.
During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. 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 Fund 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
December 20, 2012
|
4
|
Nuveen Investments
|
Portfolio Managers’ Comments
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen AMT-Free Municipal Value Fund (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
Portfolio managers Tom Spalding, Chris Drahn and Steve Hlavin discuss U.S. economic and municipal market conditions, key investment strategies and the twelve-month performance of these four national Funds. Tom has managed NUV since its inception in 1987, adding NUW at its inception in 2009, Chris assumed portfolio management responsibility for NMI in January 2011 and Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility for this Fund in 2010.
What factors affected the U.S. economy and municipal market during the twelve-month reporting period ended October 31, 2012?
During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by holding the benchmark fed funds rate at the record low level of zero to 0.25% that it established in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at “exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer-term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer-term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability.
In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI)
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, Moody’s Investors Service, Inc., or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
Nuveen Investments
|
5
|
rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012 (subsequent to this reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment from 7.9% in October 2012 was primarily due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of improvement, with the average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rising 3.0% for the twelve months ended September 2012 (most recent data available at the time this report was prepared). This marked the largest annual percentage gain for the index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak. The outlook for the U.S. economy remained clouded by uncertainty about global financial markets as well as the impending “fiscal cliff,” the combination of tax increases and spending cuts scheduled to take effect beginning January 2013 and their potential impact on the economy.
Municipal bond prices generally rallied during this period, as strong demand and tight supply combined to create favorable market conditions for municipal bonds. Although the total volume of tax-exempt supply improved over that of the same period a year earlier, the issuance pattern remained light compared with long-term historical trends and new money issuance was relatively flat. This supply/demand dynamic served as a key driver of performance. Concurrent with rising prices, yields continued to decline across most maturities, especially at the longer end of the municipal yield curve and the curve flattened. In addition to the lingering effects of the Build America Bonds (BAB) program, which expired at the end of 2010 but impacted issuance well into 2012, the low level of municipal issuance reflected the current political distaste for additional borrowing by state and local governments facing fiscal constraints and the prevalent atmosphere of municipal budget austerity. During this period, we saw an increased number of borrowers come to market seeking to take advantage of the low rate environment through refunding activity, with approximately 60% of municipal paper issued by borrowers that were calling existing debt and refinancing at lower rates.
Over the twelve months ended October 31, 2012, municipal bond issuance nationwide totaled $379.6 billion, an increase of 18.6% over the issuance for the twelve-month period ended October 31, 2011. As previously discussed, the majority of this increase was attributable to refunding issues, rather than new money issuance. During this period, demand for municipal bonds remained consistently strong, especially from individual investors (as evidenced in part by flows into mutual funds) and also from banks and crossover buyers such as hedge funds.
|
6
|
Nuveen Investments
|
What key strategies were used to manage these Funds during this twelvemonth reporting period ended October 31, 2012?
In an environment characterized by tight supply, strong demand and lower yields, 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. During this period, NUV and NUW found value in health care and broad-based essential services bonds backed by taxes or other revenues. We also purchased tobacco credits when we found attractive valuation levels, which resulted in an increase in our allocation to these bonds, especially in NUW. NMI also emphasized health care bonds, as we increased our exposure to this sector over this period. In NEV, we added several corporate-backed, or industrial development revenue (IDR), credits, including bonds issued for Georgia-Pacific, Elizabeth River Crossing in Virginia, Anheuser Busch sewage facilities in New Jersey and Salt Verde Financial Corporation in Arizona for Citicorp-backed prepaid gas contracts.
During this period, each of these Funds took steps to enhance its positioning relative to risk, including credit risk and interest rate risk. In NUV and NUW, this involved purchasing higher credit quality bonds, with the goal of positioning the Funds slightly more defensively. NMI also increased its credit quality by slightly adding to weightings in higher grade bonds when reinvestment needs arose from calls and maturities. Our efforts in this area were based on the attractive values offered in higher quality sectors during this period and our belief that these Funds were already well positioned in the lower quality sectors. In NEV, we worked to reduce the interest rate risk of the Fund by allowing its duration to migrate lower until it was positioned neutrally relative to its benchmark. This was accomplished by taking advantage of opportunities to reinvest the proceeds from sales, bond calls, and matured bonds in segments of the yield curve other than the long end.
In NUV, NUW and NMI, cash for new purchases was generated primarily by the proceeds from an increased number of bond calls resulting from the growth in refinanc-ings. During this period, we worked to redeploy these proceeds as well as those from maturing bonds to keep the Funds as fully invested as possible. As the newest Fund, NEV had fewer maturing bonds and bond calls, especially during the second half of this period and trading activity was relatively light. Overall, selling in all of the Funds was rather limited because the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
As of October 31, 2012, all four of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NEV also invested in forward interest rates swaps to help reduce the duration of the Fund’s portfolio. During this period, interest rates declined
|
Nuveen Investments
|
7
|
and therefore these swaps had a mildly negative impact on performance. These swaps remained in place at period end.
How did the Funds perform during the twelve-month period ended October 31, 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 10/31/12
|
Fund
|
1-Year
|
5-Year
|
10-Year
|
|||||||
|
NUV
|
12.62
|
%
|
5.68
|
%
|
5.63
|
%
|
||||
|
NMI
|
14.05
|
%
|
7.04
|
%
|
6.21
|
%
|
||||
|
S&P Municipal Bond Index**
|
9.56
|
%
|
5.83
|
%
|
5.35
|
%
|
||||
|
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average**
|
12.81
|
%
|
5.48
|
%
|
5.11
|
%
|
||||
|
Fund
|
1-Year
|
Since
Inception*
|
|||||
|
NUW
|
13.23
|
%
|
11.79
|
%
|
|||
|
S&P Municipal Bond Index**
|
9.56
|
%
|
5.19
|
%
|
|||
|
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average**
|
12.81
|
%
|
11.86
|
%
|
|||
|
NEV***
|
20.67
|
%
|
10.00
|
%
|
|||
|
S&P Municipal Bond Index**
|
9.56
|
%
|
6.19
|
%
|
|||
|
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average**
|
18.77
|
%
|
10.05
|
%
|
|||
For the twelve months ended October 31, 2012, the total returns on net asset value (NAV) for NUV, NUW and NMI exceeded the return on the S&P Municipal Bond Index. NUW and NMI also outperformed the average return for the Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average, while NUV trailed this Lipper average by a narrow margin. For the same period, NEV outperformed the S&P Municipal Bond Index and 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, the use of derivatives in NEV, credit exposure and sector allocation. In addition, NEV’s use of leverage was an important positive factor in its performance during this period. Leverage is discussed in more detail later in this report.
In an environment of declining rates and a flattening yield curve, municipal bonds with longer maturities generally outperformed those with shorter maturities during this
|
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 Performance Overview Page for your Fund in this report.
|
|
|
*
|
Since inception returns for NUW and NEV and their comparative index and benchmarks are from 2/25/09 and 9/25/09, respectively.
|
|
**
|
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 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.
|
|
8
|
Nuveen Investments
|
period. 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, duration and yield curve positioning was a major positive contributor to the performance of these Funds. Overall, NEV was the most advantageously positioned in terms of duration and yield curve, with the longest duration among these Funds. All of the Funds tended to be overweight in the longer segments of the yield curve that performed well and underweight at the shorter end of the curve that underperformed. In particular, the Funds benefited from their holdings of long duration bonds, many of which had zero percent coupons, which generally outperformed the market. During this period, NUV, NUW and NMI were overweight in zero coupon bonds.
Although NEV benefited from its longer duration, this Fund used forward interest rate swaps to reduce duration and moderate interest rate risk, as previously described. 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 negative impact on NEV’s total return performance for the period, which was offset by the Fund’s overall duration and yield curve positioning and the strong performance of its municipal bond holdings.
Credit exposure was another important factor in the Funds’ performance during these twelve months, 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, all of these Funds benefited from their holdings of lower rated credits, especially NMI, which held the largest allocation of bonds rated BBB and the fewest combined AAA and AA bonds. Heavier weightings of AAA bonds in NUV and AA bonds in NEV detracted from these Funds’ performance, although this was offset to a large degree in NEV by the Fund’s strong exposure to non-rated and subinvestment grade credits.
During this period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ returns included health care (together with hospitals), transportation, education, water and sewer and IDR bonds. All of these Funds benefited from their overweighting in health care, with NUV and NUW having the heaviest weightings. In addition, NUV, NUW and NEV had good weightings in transportation, especially toll roads in NEV. NEV also was helped by its overweighting in higher education and IDRs. Tobacco credits backed by the 1998 master tobacco settlement agreement also performed extremely well, helped in part by their longer effective durations. These bonds also benefited from market developments, including increased demand for higher yielding investments by
|
Nuveen Investments
|
9
|
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 October 31, 2012, all of these Funds, especially NUV and NUW, were overweight in tobacco bonds, which boosted their performance as tobacco credits rallied.
NEV’s performance also benefited from improvement in two distressed holdings: student housing revenue bonds issued by the Illinois Finance Authority for the Fullerton Village project at DePaul University in Chicago and insured sewer revenue bonds issued by Jefferson County, Alabama. Both of these issues recovered meaningfully from the price level at which they had been purchased, which was advantageous for the Fund’s performance.
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperfor-mance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. Although their exposure to pre-refunded bonds declined over this reporting period, NUV held a significantly heavier weighting of pre-refunded bonds than NMI. As newer Funds, NUW and NEV had substantially smaller allocations of pre-refunded bonds. General obligation (GO) bonds and housing and utilities (e.g., resource recovery, public power) credits also lagged the performance of the general municipal market for this period. All four of these Funds had relatively lighter exposures to GOs, which lessened the impact of these holdings.
Fund Policy Changes
On September 20, 2012, NUW’s Board of Trustees approved changes to the Fund’s investment policy regarding its practice of not investing in municipal securities that pay interest taxable under the federal alternative minimum tax applicable to individuals (AMT Bonds). Effective October 15, 2012, the Fund’s investment policy was updated to state that the Fund will invest at least 80% of its managed assets in municipal securities that pay interest exempt from the federal alternative minimum tax applicable to individuals (AMT). Concurrent with the investment policy changes, the Fund changed its name from Nuveen Municipal Value Fund 2 (NUW) to Nuveen AMT-Free Municipal Value Fund (NUW).
|
10
|
Nuveen Investments
|
Fund Leverage and
Other Information
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of NEV, relative to its comparative index was its use of leverage. This was also a factor, although less significantly, for NUW, because its use of leverage is more modest and much less significantly for NUV and NMI, where the use of leverage is close to zero. The Fund’s use 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.
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
|
11
|
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.
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.
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.
|
12
|
Nuveen Investments
|
Dividend and
Price Information
DIVIDEND INFORMATION
During the twelve-month reporting period ended October 31, 2012, the monthly dividends of NMI and NEV remained stable throughout the period, while the dividend of NUV was reduced once, and the dividend of NUW was reduced twice.
Due to normal portfolio activity, shareholders of the following Funds received capital gains and/or net ordinary income distributions in December 2011 as follows:
|
Fund
|
Long-Term Capital Gains
(per share)
|
Short-Term Capital Gains
and/or Ordinary Income
(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 October 31, 2012, all of the Funds in this report had positive UNII balances for both tax and 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.
As of October 31, 2012, and during the twelve-month reporting period, the Funds’ share prices were trading at (+) premiums or (-) discounts to their NAVs as shown in the accompanying table.
|
Fund
|
10/31/12
(+)Premium
|
Twelve-Month Average
(+)Premium/(-)Discount
|
|||||
|
NUV
|
(+)0.58
|
%
|
(+)0.90
|
%
|
|||
|
NUW
|
(+)4.95
|
%
|
(+)2.09
|
%
|
|||
|
NMI
|
(+)8.58
|
%
|
(+)5.23
|
%
|
|||
|
NEV
|
(+)2.15
|
%
|
(+)1.59
|
%
|
|||
|
Nuveen Investments
|
13
|
SHELF EQUITY PROGRAMS
NUV has filed a registration statement with the Securities and Exchange Commission (SEC) authorizing the Fund to issue additional shares through an equity shelf offering program. 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 the Fund’s NAV per share.
As of October 31, 2012, NUV had cumulatively sold 4,978,008 shares.
During the twelve-month reporting period, the Fund sold shares through its shelf equity program at a weighted average premium to NAV per share as shown in the accompanying table.
|
Fund
|
Shares Sold through
Shelf Offering
|
Weighted Average
Premium to NAV
Per Share Sold
|
|||||
|
NUV
|
4,724,522
|
1.60
|
%
|
||||
On August 24, 2012, both NUW and NEV filed a registration statement with the SEC for an equity shelf offering, pursuant to which each Fund may issue additional shares. Each registration statement was declared effective subsequent to the close of this reporting period and each Fund is permitted to sell additional shares.
(Refer to Notes to Financial Statements, Footnote 1 — General Information and Significant Accounting Policies for further details on the Funds’ Shelf Equity Programs.)
|
14
|
Nuveen Investments
|
|
NUV
|
Nuveen Municipal
|
|
|
Performance
OVERVIEW
|
Value Fund, Inc.
|
|
|
as of October 31, 2012
|
|
Fund Snapshot
|
||||
|
Share Price
|
$
|
10.37
|
||
|
Net Asset Value (NAV)
|
$
|
10.31
|
||
|
Premium/(Discount) to NAV
|
0.58
|
%
|
||
|
Market Yield
|
4.28
|
%
|
||
|
Taxable-Equivalent Yield1
|
5.94
|
%
|
||
|
Net Assets ($000)
|
$
|
2,105,323
|
||
|
Leverage
|
||||
|
Effective Leverage
|
1.81
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 6/17/87)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
1-Year
|
13.15
|
%
|
12.62
|
%
|
|||
|
5-Year
|
7.20
|
%
|
5.68
|
%
|
|||
|
10-Year
|
6.60
|
%
|
5.63
|
%
|
|||
|
States3
|
||||
|
(as a % of total investments)
|
||||
|
California
|
14.4
|
%
|
||
|
Illinois
|
13.3
|
%
|
||
|
Texas
|
8.1
|
%
|
||
|
New York
|
5.9
|
%
|
||
|
Colorado
|
4.7
|
%
|
||
|
Washington
|
4.7
|
%
|
||
|
Florida
|
4.7
|
%
|
||
|
Michigan
|
4.2
|
%
|
||
|
Missouri
|
3.3
|
%
|
||
|
Ohio
|
3.2
|
%
|
||
|
Wisconsin
|
3.1
|
%
|
||
|
New Jersey
|
3.0
|
%
|
||
|
Louisiana
|
2.8
|
%
|
||
|
Puerto Rico
|
2.7
|
%
|
||
|
Indiana
|
2.3
|
%
|
||
|
South Carolina
|
2.1
|
%
|
||
|
Pennsylvania
|
1.6
|
%
|
||
|
Rhode Island
|
1.2
|
%
|
||
|
Other
|
14.7
|
%
|
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Health Care
|
22.5
|
%
|
||
|
Tax Obligation/Limited
|
20.7
|
%
|
||
|
U.S. Guaranteed
|
12.3
|
%
|
||
|
Transportation
|
10.2
|
%
|
||
|
Tax Obligation/General
|
10.1
|
%
|
||
|
Consumer Staples
|
7.4
|
%
|
||
|
Utilities
|
5.9
|
%
|
||
|
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, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
|
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
|
15
|
|
NUW
|
Nuveen AMT-Free
|
|
|
Performance
OVERVIEW
|
Municipal Value Fund
|
|
|
as of October 31, 2012
|
|
Fund Snapshot
|
||||
|
Share Price
|
$
|
18.66
|
||
|
Net Asset Value (NAV)
|
$
|
17.78
|
||
|
Premium/(Discount) to NAV
|
4.95
|
%
|
||
|
Market Yield
|
4.31
|
%
|
||
|
Taxable-Equivalent Yield1
|
5.99
|
%
|
||
|
Net Assets ($000)
|
$
|
231,140
|
||
|
Leverage
|
||||
|
Effective Leverage
|
7.10
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 2/25/09)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
1-Year
|
14.73
|
%
|
13.23
|
%
|
|||
|
Since Inception
|
11.90
|
%
|
11.79
|
%
|
|||
|
States3
|
||||
|
(as a % of total investments)
|
||||
|
Illinois
|
10.6
|
%
|
||
|
Florida
|
9.2
|
%
|
||
|
California
|
8.8
|
%
|
||
|
Wisconsin
|
7.9
|
%
|
||
|
Louisiana
|
7.5
|
%
|
||
|
Ohio
|
6.8
|
%
|
||
|
Texas
|
5.9
|
%
|
||
|
Colorado
|
5.7
|
%
|
||
|
Indiana
|
5.4
|
%
|
||
|
Puerto Rico
|
4.8
|
%
|
||
|
Arizona
|
4.4
|
%
|
||
|
Michigan
|
4.1
|
%
|
||
|
Rhode Island
|
3.0
|
%
|
||
|
New Jersey
|
2.9
|
%
|
||
|
Other
|
13.0
|
%
|
||
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Health Care
|
22.8
|
%
|
||
|
Tax Obligation/Limited
|
19.6
|
%
|
||
|
Transportation
|
11.2
|
%
|
||
|
Tax Obligation/General
|
10.2
|
%
|
||
|
Utilities
|
8.9
|
%
|
||
|
Consumer Staples
|
8.4
|
%
|
||
|
Water and Sewer
|
6.3
|
%
|
||
|
Other
|
12.6
|
%
|
|
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, 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 these national rating agencies.
|
|
3
|
Holdings are subject to change.
|
|
16
|
Nuveen Investments
|
|
NMI
|
Nuveen Municipal
|
|
|
Performance
OVERVIEW
|
Income Fund, Inc.
|
|
|
as of October 31, 2012
|
|
Fund Snapshot
|
||||
|
Share Price
|
$
|
12.66
|
||
|
Net Asset Value (NAV)
|
$
|
11.66
|
||
|
Premium/(Discount) to NAV
|
8.58
|
%
|
||
|
Market Yield
|
4.50
|
%
|
||
|
Taxable-Equivalent Yield1
|
6.25
|
%
|
||
|
Net Assets ($000)
|
$
|
96,298
|
||
|
Leverage
|
||||
|
Effective Leverage
|
8.84
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 4/20/88)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
1-Year
|
19.51
|
%
|
14.05
|
%
|
|||
|
5-Year
|
9.38
|
%
|
7.04
|
%
|
|||
|
10-Year
|
7.93
|
%
|
6.21
|
%
|
|||
|
States3
|
||||
|
(as a % of total investments)
|
||||
|
California
|
19.2
|
%
|
||
|
Illinois
|
11.4
|
%
|
||
|
Colorado
|
8.0
|
%
|
||
|
Texas
|
7.7
|
%
|
||
|
Missouri
|
7.3
|
%
|
||
|
Florida
|
5.2
|
%
|
||
|
New York
|
4.9
|
%
|
||
|
Ohio
|
4.1
|
%
|
||
|
Wisconsin
|
3.9
|
%
|
||
|
Kentucky
|
3.0
|
%
|
||
|
Pennsylvania
|
2.8
|
%
|
||
|
Maryland
|
2.4
|
%
|
||
|
South Carolina
|
1.8
|
%
|
||
|
Michigan
|
1.6
|
%
|
||
|
Alabama
|
1.6
|
%
|
||
|
Montana
|
1.2
|
%
|
||
|
Other
|
13.9
|
%
|
|
Portfolio Composition3
|
||||
|
(as a % of total investments)
|
||||
|
Health Care
|
19.6
|
%
|
||
|
Tax Obligation/Limited
|
17.7
|
%
|
||
|
Education and Civic Organizations
|
11.6
|
%
|
||
|
Tax Obligation/General
|
10.1
|
%
|
||
|
Utilities
|
9.0
|
%
|
||
|
U.S. Guaranteed
|
7.0
|
%
|
||
|
Water and Sewer
|
6.3
|
%
|
||
|
Transportation
|
5.9
|
%
|
||
|
Other
|
12.8
|
%
|
|
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 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, 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 these national rating agencies.
|
|
3
|
Holdings are subject to change.
|
|
Nuveen Investments
|
17
|
|
NEV
|
Nuveen Enhanced
|
|
|
Performance
OVERVIEW
|
Municipal Value Fund
|
|
|
as of October 31, 2012
|
|
Fund Snapshot
|
||||
|
Share Price
|
$
|
16.16
|
||
|
Net Asset Value (NAV)
|
$
|
15.82
|
||
|
Premium/(Discount) to NAV
|
2.15
|
%
|
||
|
Market Yield
|
5.94
|
%
|
||
|
Taxable-Equivalent Yield1
|
8.25
|
%
|
||
|
Net Assets ($000)
|
$
|
305,341
|
||
|
Leverage
|
||||
|
Effective Leverage
|
34.07
|
%
|
|
Average Annual Total Returns
|
|||||||
|
(Inception 9/25/09)
|
|||||||
|
On Share Price
|
On NAV
|
||||||
|
1-Year
|
25.68
|
%
|
20.67
|
%
|
|||
|
Since Inception
|
9.21
|
%
|
10.00
|
%
|
|||
|
States3
|
||||
|
(as a % of total municipal bonds)
|
||||
|
California
|
19.0
|
%
|
||
|
Illinois
|
10.7
|
%
|
||
|
Michigan
|
6.5
|
%
|
||
|
Georgia
|
6.5
|
%
|
||
|
Florida
|
6.2
|
%
|
||
|
Ohio
|
5.7
|
%
|
||
|
Pennsylvania
|
5.2
|
%
|
||
|
Wisconsin
|
5.0
|
%
|
||
|
Colorado
|
4.2
|
%
|
||
|
Arizona
|
4.0
|
%
|
||
|
Texas
|
3.8
|
%
|
||
|
New York
|
2.9
|
%
|
||
|
Washington
|
2.1
|
%
|
||
|
Massachusetts
|
1.9
|
%
|
||
|
Nevada
|
1.8
|
%
|
||
|
Other
|
14.5
|
%
|
|
Portfolio Composition3,4
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
21.8
|
%
|
||
|
Health Care
|
15.1
|
%
|
||
|
Transportation
|
15.0
|
%
|
||
|
Education and Civic Organizations
|
11.3
|
%
|
||
|
Tax Obligation/General
|
10.4
|
%
|
||
|
Consumer Staples
|
5.3
|
%
|
||
|
Long-Term Care
|
4.8
|
%
|
||
|
Utilities
|
4.1
|
%
|
||
|
Other
|
12.2
|
%
|
|
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, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
|
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.
|
|
18
|
Nuveen Investments
|
|
NUV
NUW
NMI
NEV
|
Shareholder Meeting Report
|
|
|
The annual meeting of shareholders was held on July 31, 2012 in the Lobby Conference Room, 333 West Wacker Drive, Chicago, IL 60606; at this meeting the shareholders were asked to vote on the 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:
|
|||||||||||||
|
Robert P. Bremner
|
|||||||||||||
|
For
|
175,260,805
|
12,140,730
|
7,206,118
|
18,463,992
|
|||||||||
|
Withhold
|
3,916,156
|
228,157
|
208,954
|
267,867
|
|||||||||
|
Total
|
179,176,961
|
12,368,887
|
7,415,072
|
18,731,859
|
|||||||||
|
Jack B. Evans
|
|||||||||||||
|
For
|
175,390,107
|
12,137,208
|
7,204,602
|
18,477,804
|
|||||||||
|
Withhold
|
3,786,854
|
231,679
|
210,470
|
254,055
|
|||||||||
|
Total
|
179,176,961
|
12,368,887
|
7,415,072
|
18,731,859
|
|||||||||
|
William J. Schneider
|
|||||||||||||
|
For
|
175,517,124
|
12,138,343
|
7,207,127
|
18,477,921
|
|||||||||
|
Withhold
|
3,659,837
|
230,544
|
207,945
|
253,938
|
|||||||||
|
Total
|
179,176,961
|
12,368,887
|
7,415,072
|
18,731,859
|
|
Nuveen Investments
|
19
|
Report of Independent
Registered Public Accounting Firm
The Board of Directors/Trustees and Shareholders
Nuveen Municipal Value Fund, Inc.
Nuveen AMT-Free Municipal Value Fund (formerly known as Nuveen Municipal Value Fund 2)
Nuveen Municipal Income Fund, Inc.
Nuveen Enhanced Municipal Value Fund
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Municipal Value Fund, Inc., Nuveen AMT-Free Municipal Value Fund, Nuveen Municipal Income Fund, Inc., and Nuveen Enhanced Municipal Value Fund (the “Funds”) as of October 31, 2012, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2012, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Municipal Value Fund, Inc., Nuveen AMT-Free Municipal Value Fund, Nuveen Municipal Income Fund, Inc., and Nuveen Enhanced Municipal Value Fund at October 31, 2012, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.
Chicago, Illinois
December 27, 2012
|
20
|
Nuveen Investments
|
|
Nuveen Municipal Value Fund, Inc.
|
||
|
NUV
|
Portfolio of Investments
|
|
|
October 31, 2012
|
|
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+
|
$
|
3,461,130
|
||||
|
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+
|
5,235,600
|
||||||
|
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)
|
3,119,790
|
||||||
|
2,500
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
|
6/14 at 100.00
|
B+
|
2,224,675
|
||||||
|
13,835
|
Total Alaska
|
14,041,195
|
||||||||
|
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–
|
2,755,250
|
||||||
|
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
|
CCC
|
2,304,934
|
||||||
|
5,600
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A–
|
6,490,064
|
||||||
|
1,000
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.250%, 9/01/30
|
9/13 at 100.00
|
A2
|
1,012,680
|
||||||
|
11,675
|
Total Arizona
|
12,562,928
|
||||||||
|
Arkansas – 0.2%
|
||||||||||
|
1,150
|
Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding & Improvement Series 2007, 4.750%, 10/01/33 – SYNCORA GTY Insured
|
10/17 at 100.00
|
A–
|
1,235,077
|
||||||
|
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)
|
2,008,040
|
||||||
|
3,150
|
Total Arkansas
|
3,243,117
|
||||||||
|
California – 14.3%
|
||||||||||
|
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+
|
5,536,250
|
||||||
|
6,000
|
5.000%, 4/01/37
|
4/16 at 100.00
|
A+
|
6,333,840
|
||||||
|
2,335
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
2,548,419
|
||||||
|
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
|
2,328,559
|
||||||
|
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
|
AAA
|
2,642,600
|
||||||
|
California State, General Obligation Bonds, Series 2003:
|
||||||||||
|
14,600
|
5.250%, 2/01/28
|
8/13 at 100.00
|
A1
|
15,050,848
|
||||||
|
11,250
|
5.000%, 2/01/33
|
8/13 at 100.00
|
A1
|
11,551,950
|
||||||
|
16,000
|
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
|
6/17 at 100.00
|
A1
|
17,371,040
|
||||||
|
5,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
5,535,750
|
||||||
|
7,625
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
4/13 at 100.00
|
BBB
|
7,654,051
|
||||||
|
3,295
|
California Statewide Community Development Authority, Health Facility Revenue Refunding Bonds, Memorial Health Services, Series 2003A, 5.500%, 10/01/33 (Pre-refunded 4/01/13)
|
4/13 at 100.00
|
AA– (4)
|
3,368,050
|
||||||
|
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
|
4,283,230
|
||||||
|
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–
|
4,065,768
|
|
Nuveen Investments
|
21
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
|
California (continued)
|
||||||||||
|
$
|
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
|
$
|
5,091,250
|
||||
|
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+
|
2,107,484
|
||||||
|
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
|
5,396,254
|
||||||
|
30,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
|
No Opt. Call
|
Aaa
|
25,031,400
|
||||||
|
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
|
21,740,931
|
||||||
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
||||||||||
|
7,435
|
5.000%, 6/01/29 – AMBAC Insured
|
11/12 at 100.00
|
A2
|
7,442,435
|
||||||
|
11,470
|
5.000%, 6/01/38 – FGIC Insured
|
6/15 at 100.00
|
A2
|
11,687,815
|
||||||
|
15,000
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A2
|
15,270,150
|
||||||
|
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
|
3,674,343
|
||||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
|
8,060
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BB–
|
7,213,619
|
||||||
|
7,870
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
6,747,187
|
||||||
|
1,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
1,215,600
|
||||||
|
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–
|
4,985,685
|
||||||
|
6,280
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2003A, 5.000%, 7/01/17 (Pre-refunded 7/01/13) – AGM Insured
|
7/13 at 100.00
|
AAA
|
6,478,762
|
||||||
|
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
|
3,952,520
|
||||||
|
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–
|
1,637,325
|
||||||
|
2,555
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,562,740
|
||||||
|
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+
|
1,163,911
|
||||||
|
3,550
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
4,975,822
|
||||||
|
7,200
|
Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C, 0.000%, 8/01/29 – NPFG Insured
|
8/17 at 54.45
|
Aa2
|
3,181,680
|
||||||
|
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
|
5,192,432
|
||||||
|
2,350
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
2,659,237
|
||||||
|
10,150
|
Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/33 – AGM Insured
|
No Opt. Call
|
AA
|
3,781,789
|
||||||
|
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
|
2,865,151
|
||||||
|
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)
|
8,705,520
|
||||||
|
15,505
|
Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
BBB+
|
15,555,856
|
|
22
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
|
California (continued)
|
||||||||||
|
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
|
$
|
1,647,331
|
||||
|
2,660
|
0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
AA
|
1,621,110
|
||||||
|
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
|
288,000
|
||||||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
||||||||||
|
11,605
|
0.000%, 1/15/25 – NPFG Insured
|
No Opt. Call
|
BBB
|
6,291,071
|
||||||
|
14,740
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
BBB
|
4,427,896
|
||||||
|
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
|
5,460,200
|
||||||
|
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
|
7,133,115
|
||||||
|
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
|
3,250,650
|
||||||
|
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+
|
1,833,380
|
||||||
|
1,300
|
University of California, General Revenue Bonds, Refunding Series 2009O, 5.250%, 5/15/39
|
5/19 at 100.00
|
Aa1
|
1,515,696
|
||||||
|
349,395
|
Total California
|
301,055,702
|
||||||||
|
Colorado – 4.7%
|
||||||||||
|
5,000
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
|
10/16 at 100.00
|
BBB–
|
5,089,100
|
||||||
|
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–
|
5,224,300
|
||||||
|
1,700
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
|
9/18 at 102.00
|
AA–
|
1,866,549
|
||||||
|
15,925
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
AA
|
17,358,250
|
||||||
|
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
|
777,375
|
||||||
|
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
|
2,294,500
|
||||||
|
18,915
|
Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 (Pre-refunded 11/15/13) – SYNCORA GTY Insured
|
11/13 at 100.00
|
A+ (4)
|
19,835,404
|
||||||
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
||||||||||
|
24,200
|
0.000%, 9/01/31 – NPFG Insured
|
No Opt. Call
|
BBB
|
9,262,308
|
||||||
|
17,000
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
BBB
|
6,111,840
|
||||||
|
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
|
1,686,896
|
||||||
|
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
|
3,467,175
|
||||||
|
10,075
|
0.000%, 3/01/36 – NPFG Insured
|
9/20 at 41.72
|
BBB
|
2,726,094
|
||||||
|
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
|
4,610,150
|
||||||
|
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)
|
8,281,910
|
||||||
|
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
|
6,002,850
|
||||||
|
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
|
4,354,800
|
||||||
|
136,415
|
Total Colorado
|
98,949,501
|
|
Nuveen Investments
|
23
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
|
Connecticut – 0.3%
|
||||||||||
|
$
|
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
|
$
|
1,625,445
|
||||
|
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
|
3,746,047
|
||||||
|
10,170
|
Total Connecticut
|
5,371,492
|
||||||||
|
District of Columbia – 0.5%
|
||||||||||
|
10,000
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
|
10/16 at 100.00
|
A1
|
10,188,400
|
||||||
|
Florida – 4.6%
|
||||||||||
|
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–
|
3,387,390
|
||||||
|
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+
|
4,342,376
|
||||||
|
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
|
10,820,200
|
||||||
|
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
|
2,778,207
|
||||||
|
2,250
|
Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/20 – FGIC Insured
|
11/12 at 100.00
|
AA+
|
2,259,405
|
||||||
|
3,000
|
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured
|
4/15 at 100.00
|
Aa2
|
3,224,130
|
||||||
|
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
|
5,206,300
|
||||||
|
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–
|
4,480,513
|
||||||
|
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
|
AA–
|
11,334,640
|
||||||
|
4,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/29
|
10/20 at 100.00
|
A
|
4,534,320
|
||||||
|
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
|
10,476,024
|
||||||
|
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–
|
3,069,273
|
||||||
|
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
|
9,568,015
|
||||||
|
2,500
|
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
|
10/17 at 100.00
|
BBB–
|
2,654,750
|
||||||
|
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
|
15,897,205
|
||||||
|
3,300
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
|
5/22 at 100.00
|
Aa2
|
3,768,897
|
||||||
|
89,795
|
Total Florida
|
97,801,645
|
||||||||
|
Georgia – 0.8%
|
||||||||||
|
10,240
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 – FGIC Insured
|
11/12 at 100.00
|
A1
|
10,269,389
|
||||||
|
2,500
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – NPFG Insured
|
11/12 at 100.00
|
A1
|
2,507,175
|
||||||
|
4,000
|
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
|
10/14 at 100.00
|
AA–
|
4,293,360
|
||||||
|
16,740
|
Total Georgia
|
17,069,924
|
|
24
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
|
Hawaii – 0.9%
|
||||||||||
|
$
|
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
|
10/13 at 100.00
|
BBB
|
$
|
7,225,823
|
||||
|
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
|
1,760,799
|
||||||
|
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)
|
10,768,653
|
||||||
|
19,465
|
Total Hawaii
|
19,755,275
|
||||||||
|
Illinois – 13.2%
|
||||||||||
|
2,060
|
Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20
|
1/13 at 100.00
|
A+
|
2,067,334
|
||||||
|
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
|
A+
|
10,608,603
|
||||||
|
1,500
|
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36
|
1/22 at 100.00
|
AAA
|
1,714,890
|
||||||
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
|
||||||||||
|
2,585
|
4.750%, 1/01/30 – AGM Insured
|
1/16 at 100.00
|
AA–
|
2,772,697
|
||||||
|
5,000
|
4.625%, 1/01/31 – AGM Insured
|
1/16 at 100.00
|
AA–
|
5,317,800
|
||||||
|
285
|
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured
|
11/12 at 100.00
|
Aa3
|
286,049
|
||||||
|
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–
|
2,886,924
|
||||||
|
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
|
2,301,590
|
||||||
|
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–
|
3,307,957
|
||||||
|
8,875
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA
|
10,098,241
|
||||||
|
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
|
B2
|
3,392,519
|
||||||
|
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B:
|
||||||||||
|
1,615
|
5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured
|
11/13 at 100.00
|
Aa2 (4)
|
1,695,508
|
||||||
|
385
|
5.250%, 11/01/20 (Pre-refunded 1/01/14) – AGM Insured
|
1/14 at 100.00
|
AA (4)
|
407,388
|
||||||
|
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
|
5,167,350
|
||||||
|
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
|
23,548,564
|
||||||
|
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
|
1,507,554
|
||||||
|
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)
|
3,195,868
|
||||||
|
1,875
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA
|
2,116,594
|
||||||
|
3,000
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
3,332,310
|
||||||
|
5,245
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.102%, 7/01/15 (IF)
|
No Opt. Call
|
Aa1
|
6,329,351
|
||||||
|
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)
|
5,460,200
|
||||||
|
4,910
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
|
5/20 at 100.00
|
A
|
5,711,852
|
||||||
|
4,800
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
6,236,976
|
||||||
|
4,135
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
4,534,565
|
|
Nuveen Investments
|
25
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
|
Illinois (continued)
|
||||||||||
|
$
|
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–
|
$
|
2,850,150
|
||||
|
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+
|
3,204,720
|
||||||
|
8,435
|
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/22 – AMBAC Insured
|
2/13 at 100.00
|
BBB
|
8,448,918
|
||||||
|
3,180
|
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM)
|
No Opt. Call
|
A (4)
|
3,728,327
|
||||||
|
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
|
5,438,450
|
||||||
|
655
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
|
8/22 at 100.00
|
A
|
736,574
|
||||||
|
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
|
3,249,950
|
||||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
|
||||||||||
|
12,320
|
0.010%, 6/15/17 – FGIC Insured
|
No Opt. Call
|
A3
|
11,059,418
|
||||||
|
9,270
|
0.010%, 6/15/18 – FGIC Insured
|
No Opt. Call
|
A3
|
8,004,460
|
||||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
|
||||||||||
|
7,010
|
0.010%, 6/15/17 – FGIC Insured (ETM)
|
No Opt. Call
|
A3 (4)
|
6,608,818
|
||||||
|
3,800
|
0.010%, 6/15/18 – FGIC Insured (ETM)
|
No Opt. Call
|
A3 (4)
|
3,479,584
|
||||||
|
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
|
6,260,230
|
||||||
|
3,385
|
0.000%, 6/15/21 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,523,619
|
||||||
|
5,190
|
0.000%, 6/15/28 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,627,541
|
||||||
|
11,670
|
0.000%, 6/15/29 – FGIC Insured
|
No Opt. Call
|
AAA
|
5,610,469
|
||||||
|
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
|
9,358,600
|
||||||
|
4,950
|
0.000%, 12/15/32 – NPFG Insured
|
No Opt. Call
|
AAA
|
1,972,575
|
||||||
|
21,375
|
0.000%, 6/15/34 – NPFG Insured
|
No Opt. Call
|
AAA
|
7,737,750
|
||||||
|
21,000
|
0.000%, 12/15/35 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,957,720
|
||||||
|
21,970
|
0.000%, 6/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,993,490
|
||||||
|
10,375
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
3,223,513
|
||||||
|
25,825
|
0.000%, 6/15/39 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,926,007
|
||||||
|
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–
|
12,252,912
|
||||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B:
|
||||||||||
|
3,775
|
5.500%, 6/15/20 – NPFG Insured
|
6/17 at 101.00
|
AAA
|
4,408,332
|
||||||
|
5,715
|
5.550%, 6/15/21 – NPFG Insured
|
6/17 at 101.00
|
AAA
|
6,631,515
|
||||||
|
6,095
|
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured
|
No Opt. Call
|
AA
|
8,221,667
|
||||||
|
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–
|
1,217,988
|
||||||
|
3,000
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
|
3/17 at 100.00
|
A
|
3,252,150
|
||||||
|
4,900
|
Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/26 – NPFG Insured
|
3/16 at 100.00
|
A
|
5,170,039
|
||||||
|
550
|
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
|
509,790
|
||||||
|
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
|
1,310,180
|
|
26
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
|
Illinois (continued)
|
||||||||||
|
$
|
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)
|
$
|
674,582
|
||||
|
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+
|
3,405,141
|
||||||
|
370,040
|
Total Illinois
|
278,053,863
|
||||||||
|
Indiana – 2.3%
|
||||||||||
|
300
|
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24
|
4/14 at 100.00
|
BB+
|
255,162
|
||||||
|
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A:
|
||||||||||
|
8,010
|
5.375%, 2/01/19 (Pre-refunded 2/01/13) (Alternative Minimum Tax)
|
2/13 at 101.00
|
N/R (4)
|
8,191,186
|
||||||
|
1,990
|
5.375%, 2/01/19 (Pre-refunded 2/01/13)
|
2/13 at 101.00
|
AAA
|
2,035,730
|
||||||
|
2,525
|
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 (WI/DD, Settling 11/27/12)
|
5/23 at 100.00
|
A
|
2,765,860
|
||||||
|
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+
|
3,059,730
|
||||||
|
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–
|
2,162,360
|
||||||
|
6,735
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
7,276,427
|
||||||
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
|
||||||||||
|
12,500
|
0.000%, 2/01/21 – AMBAC Insured
|
No Opt. Call
|
AA
|
9,958,750
|
||||||
|
14,595
|
0.000%, 2/01/27 – AMBAC Insured
|
No Opt. Call
|
AA
|
8,698,474
|
||||||
|
4,230
|
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
|
4,577,325
|
||||||
|
55,885
|
Total Indiana
|
48,981,004
|
||||||||
|
Iowa – 0.3%
|
||||||||||
|
580
|
Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, 4.800%, 1/01/37 (Alternative Minimum Tax)
|
7/16 at 100.00
|
Aaa
|
597,342
|
||||||
|
7,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
|
6/15 at 100.00
|
B+
|
6,612,550
|
||||||
|
7,580
|
Total Iowa
|
7,209,892
|
||||||||
|
Kansas – 1.1%
|
||||||||||
|
10,000
|
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22 (Pre-refunded 3/01/14)
|
3/14 at 100.00
|
AAA
|
10,629,300
|
||||||
|
17,830
|
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area
B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 |
No Opt. Call
|
BBB
|
11,960,721
|
||||||
|
27,830
|
Total Kansas
|
22,590,021
|
||||||||
|
Kentucky – 0.1%
|
||||||||||
|
935
|
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
|
1/13 at 100.00
|
BBB
|
937,188
|
||||||
|
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–
|
1,936,883
|
||||||
|
2,685
|
Total Kentucky
|
2,874,071
|
||||||||
|
Louisiana – 2.8%
|
||||||||||
|
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–
|
2,723,444
|
||||||
|
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–
|
6,374,974
|
||||||
|
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–
|
13,528,440
|
|
Nuveen Investments
|
27
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
|
Louisiana (continued)
|
||||||||||
|
$
|
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+
|
$
|
5,346,215
|
||||
|
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
|
3,786,954
|
||||||
|
26,095
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
11/12 at 100.00
|
A–
|
26,746,853
|
||||||
|
54,625
|
Total Louisiana
|
58,506,880
|
||||||||
|
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
|
1,266,059
|
||||||
|
Maryland – 0.6%
|
||||||||||
|
2,500
|
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39
|
9/16 at 100.00
|
Ba2
|
2,562,550
|
||||||
|
3,500
|
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
|
11/12 at 100.00
|
N/R
|
3,519,530
|
||||||
|
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
|
1,730,055
|
||||||
|
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
|
4,884,142
|
||||||
|
12,100
|
Total Maryland
|
12,696,277
|
||||||||
|
Massachusetts – 1.2%
|
||||||||||
|
1,720
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)
|
11/12 at 100.00
|
A–
|
1,723,062
|
||||||
|
4,595
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured
|
11/12 at 100.50
|
BBB+
|
4,621,605
|
||||||
|
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
|
7/18 at 100.00
|
A–
|
529,930
|
||||||
|
1,380
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43
|
11/12 at 103.00
|
D
|
1,187,414
|
||||||
|
1,072
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 6.375%, 2/15/43
|
11/12 at 103.00
|
D
|
107,359
|
||||||
|
1,650
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 6.625%, 2/15/43
|
11/12 at 103.00
|
D
|
17
|
||||||
|
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
|
2,569,698
|
||||||
|
12,200
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
|
12/18 at 100.00
|
AA–
|
13,155,992
|
||||||
|
1,630
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30
|
11/12 at 100.00
|
Aaa
|
1,636,308
|
||||||
|
27,047
|
Total Massachusetts
|
25,531,385
|
||||||||
|
Michigan – 4.2%
|
||||||||||
|
3,100
|
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A, 5.250%, 5/01/28 (Pre-refunded 5/01/13) – FGIC Insured
|
5/13 at 100.00
|
Aa2 (4)
|
3,177,810
|
||||||
|
10,740
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
|
5/13 at 100.00
|
B–
|
9,663,637
|
||||||
|
1,415
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
7/22 at 100.00
|
A+
|
1,536,067
|
||||||
|
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–
|
5,111,350
|
||||||
|
3,700
|
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
|
11/20 at 100.00
|
AA
|
4,074,181
|
|
28
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
|||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
|
Michigan (continued)
|
||||||||||
|
$
|
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
|
$
|
8,231,680
|
||||
|
3,000
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/26 (Pre-refunded 7/01/13) – AGM Insured
|
7/13 at 100.00
|
AA+ (4)
|
3,094,950
|
||||||
|
3,000
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
|
7/18 at 100.00
|
AA+
|
3,402,240
|
||||||
|
7,305
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – FGIC Insured
|
7/18 at 100.00
|
AA+
|
8,295,923
|
||||||
|
3,000
|