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: April 30, 2013
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
|
10
|
|
Share Information
|
11
|
|
Risk Considerations
|
13
|
|
Performance Overview and Holding Summaries
|
15
|
|
Portfolios of Investments
|
19
|
|
Statement of Assets and Liabilities
|
57
|
|
Statement of Operations
|
58
|
|
Statement of Changes in Net Assets
|
59
|
|
Financial Highlights
|
62
|
|
Notes to Financial Statements
|
66
|
|
Reinvest Automatically, Easily and Conveniently
|
77
|
|
Glossary of Terms Used in this Report
|
79
|
|
Additional Fund Information
|
83
|
Chairman’s
Letter to Shareholders
Dear Shareholders,
After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.
My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.
Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.
The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.
As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.
Very sincerely,
Robert P. Bremner
Chairman of the Board
June 21, 2013
|
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 key investment strategies and the six-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 key strategies were used to manage these Funds during this six-month reporting period ended April 30, 2013?
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, in NUV, NUW and NEV. NMI also emphasized health care bonds (especially hospitals), toll roads and prepaid gas credits, as well as a number of education-related names. In NEV, we added broad-based essential services bonds backed by taxes or other revenues which included Oak Park Mall in Overland, Kansas. We also purchased transportation bonds, including Ohio River Bridge toll way bonds, two charter school bonds in Florida, as well as MuniMae bonds, tax-exempt bonds for the multi-family housing segment.
During this reporting 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 emphasized bonds with longer maturities in the A rated category to take advantage of more attractive yields at the longer end of the municipal yield curve. 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
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
|
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 refinancings. During this reporting period, we worked to redeploy these proceeds as well as those from maturing bonds to keep the Funds as fully invested as possible.
NEV experienced several bond calls, as well as reinvestment proceeds from the Fund’s secondary shelf offering. 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 April 30, 2013, 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 the reporting period as the Fund’s duration mitigated lower, we reduced our interest rate swaps. During this period, these swaps had a mildly positive impact on performance. NEV still had swaps in place at period end.
How did the Funds perform during the six-month reporting period ended April 30, 2013?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide total returns for the Funds for the six-month, one-year, five-year, ten-year and since inception periods ended April 30, 2013. Each Fund’s total returns are compared with the performance of a corresponding market index and Lipper classification average.
For the six-months ended April 30, 2013, the total returns on net asset value (NAV) for NUV, NUW and NMI exceeded the return on the S&P Municipal Bond Index. NUV and NMI also outperformed the average return for the Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average, while NUW 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
|
6
|
Nuveen Investments
|
positive factor in its performance during this period. Leverage is discussed in more detail later in this report.
Municipal bonds with longer maturities generally outperformed those with shorter maturities during this reporting 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 well and had a positive 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 six 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 rated bonds. Heavier weightings of AAA rated bonds in NUV and AA rated 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 reporting 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 industrial development revenue (IDR) bonds. All of these Funds benefited from their overweighting in health care, with NUV, NUW and NMI having the
|
Nuveen Investments
|
7
|
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 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, 2013, 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 one distressed holding: American Airlines bonds. This issue recovered meaningfully during the period, which was advantageous for the Fund’s overall 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 underperformance 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.
Shareholders also should be aware of issues impacting some of the Funds’ non-state holdings. In December 2012, Moody’s down-graded Puerto Rico GO bonds to Baa3 from Baa1 based on Puerto Rico’s ongoing economic problems, unfunded pension liabilities, elevated debt levels and structural budget gaps. In addition, during July 2012, bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA) also were downgraded by Moody’s to Aa3 from Aa2. The downgrade of the COFINA bonds was due mainly to the performance of Puerto Rico’s economy and its impact on the projected growth of sales tax revenues, and not to any sector or structural issues. In addition, the COFINA bonds were able to maintain a higher rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support the commonwealth’s GO bonds. All of these Funds have exposure to Puerto Rico bonds, the majority of which are the dedicated sales tax bonds issued by COFINA.
|
8
|
Nuveen Investments
|
During this period, we also added to our Puerto Rico holdings in NUV and NUW based on the credit strength of these bonds. These holdings were generally purchased as part of our efforts to keep the Funds fully invested and to provide higher yields, added diversification and triple exemption (i.e., exemption from federal, state, and local taxes). For the reporting period ended April 30, 2013, Puerto Rico paper generally underperformed the market as whole. Because most of our holdings were the COFINA bonds, the overall impact on performance was minimal, differing from Fund to Fund in line with the type and amount of its holdings. As we continue to emphasize Puerto Rico’s stronger credits, we view the COFINA bonds as potentially long-term holdings and note that the commonwealth recently introduced various sales tax enforcement initiatives aimed at improving future collections.
|
Nuveen Investments
|
9
|
Fund Leverage
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 NUV, NUW and NMI because their use of leverage is more modest. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, use of leverage also can expose shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on net asset value and shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of the Funds over this reporting period.
As of April 30, 2013, the Funds’ percentages of effective leverage are shown in the accompanying table.
|
Effective
|
|||
|
Leverage
|
*
|
||
|
NUV
|
1.78%
|
||
|
NUW
|
6.99%
|
||
|
NMI
|
8.77%
|
||
|
NEV
|
31.96%
|
|
*
|
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values.
|
|
10
|
Nuveen Investments
|
Share Information
DIVIDEND INFORMATION
During the current reporting period ended April 30, 2013, the Funds’ monthly dividends to shareholders were as shown in the accompanying table.
|
Per Common Share Amounts
|
|||||||||||||
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||
|
November
|
$
|
0.0370
|
$
|
0.0670
|
$
|
0.0475
|
$
|
0.0800
|
|||||
|
December
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
|
January
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
|
February
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
|
March
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
|
April
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
|
Long-Term Capital Gain*
|
$
|
—
|
$
|
0.0090
|
$
|
—
|
$
|
—
|
|||||
|
Ordinary Income Distribution*
|
$
|
0.0035
|
$
|
—
|
$
|
0.0016
|
$
|
0.0031
|
|||||
|
Market Yield**
|
4.27%
|
4.58%
|
4.59%
|
5.91%
|
|||||||||
|
Taxable-Equivalent Yield**
|
5.93%
|
6.36%
|
6.38%
|
8.21%
|
|||||||||
|
*
|
Distribution paid in December 2012.
|
|
**
|
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. 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 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
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, 2013, all of the Funds in this report had positive UNII balances, based on our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
|
Nuveen Investments
|
11
|
SHARE EQUITY SHELF PROGRAMS
NUV, NUW and NEV have each filed a registration statement with the Securities and Exchange Commission (SEC) authorizing each Fund to issue an additional 19.6 million, 1.2 million and 1.9 million shares, respectively, through a equity shelf program. Under these equity shelf programs, the Funds, 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, NUV, NUW and NEV sold shares through their equity shelf program at a weighted average premium to NAV per share as shown in the accompanying table.
|
Weighted Average
|
|||
|
Shares Sold through
|
Premium to NAV
|
||
|
Fund
|
Equity Shelf Program
|
Per Share Sold
|
|
|
NUV
|
1,027,916
|
1.18%
|
|
|
NUW
|
163,893
|
1.71%
|
|
|
NEV
|
1,535,527
|
2.74%
|
Refer to Notes to Financial Statements, Footnote 1 — General Information and Significant Accounting Policies for further details on the Funds’ equity shelf programs.
SHARE REPURCHASES
During November 2012, the Nuveen Funds’ Board of Directors/Trustees reauthorized the Funds’ open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding shares.
OTHER SHARE INFORMATION
As of April 30, 2013, and during the current reporting period, the share prices of the Funds were trading at a premium/(discount) to their NAVs as shown in the accompanying table.
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||
|
NAV
|
$
|
10.40
|
$
|
17.81
|
$
|
11.75
|
$
|
16.04
|
|||||
|
Share Price
|
$
|
10.39
|
$
|
17.57
|
$
|
12.41
|
$
|
16.24
|
|||||
|
Premium/(Discount) to NAV
|
-0.10
|
%
|
-1.35
|
%
|
5.62
|
%
|
1.25
|
%
|
|||||
|
6-Month Average
|
|||||||||||||
|
Premium/(Discount) to NAV
|
-0.07
|
%
|
0.85
|
%
|
5.83
|
%
|
2.48
|
%
|
|||||
|
12
|
Nuveen Investments
|
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 shares are subject to a variety of risks, including:
Investment, Market and Price Risk. An investment in shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your 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.
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.
|
Nuveen Investments
|
13
|
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 Strategy Risk: Derivative securities, such as calls, puts, warrants, swaps and forwards, carry risks different from, and possibly greater than, the risks associated with the underlying investments.
|
14
|
Nuveen Investments
|
Nuveen Municipal Value Fund, Inc. (NUV)
Performance Overview and Holding Summaries as of April 30, 2013
Average Annual Total Returns as of April 30, 2013
|
Cumulative
|
Average Annual
|
||||||||||||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||
|
NUV at NAV
|
3.08%
|
8.15%
|
6.53%
|
5.64%
|
|||||||||
|
NUV at Share Price
|
2.39%
|
6.67%
|
6.04%
|
6.58%
|
|||||||||
|
S&P Municipal Bond Index
|
2.01%
|
5.74%
|
6.08%
|
5.16%
|
|||||||||
|
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
|
2.67%
|
7.79%
|
5.89%
|
5.09%
|
|||||||||
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
|
Portfolio Composition1
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
22.0
|
%
|
||
|
Health Care
|
19.5
|
%
|
||
|
U.S. Guaranteed
|
11.9
|
%
|
||
|
Transportation
|
11.6
|
%
|
||
|
Tax Obligation/General
|
9.9
|
%
|
||
|
Consumer Staples
|
7.8
|
%
|
||
|
Utilities
|
6.1
|
%
|
||
|
Other
|
11.2
|
%
|
|
Credit Quality1,2,3
|
||||
|
(as a % of total investment exposure)
|
||||
|
AAA/U.S. Guaranteed
|
19.8
|
%
|
||
|
AA
|
28.8
|
%
|
||
|
A
|
23.7
|
%
|
||
|
BBB
|
15.9
|
%
|
||
|
BB or Lower
|
7.0
|
%
|
||
|
N/R
|
2.3
|
%
|
|
States1
|
||||
|
(as a % of total investments)
|
||||
|
California
|
14.4
|
%
|
||
|
Illinois
|
13.9
|
%
|
||
|
Texas
|
9.0
|
%
|
||
|
New York
|
6.7
|
%
|
||
|
Florida
|
4.8
|
%
|
||
|
Colorado
|
4.8
|
%
|
||
|
Washington
|
4.5
|
%
|
||
|
Michigan
|
4.0
|
%
|
||
|
Ohio
|
3.3
|
%
|
||
|
Wisconsin
|
3.2
|
%
|
||
|
Puerto Rico
|
3.2
|
%
|
||
|
Louisiana
|
3.1
|
%
|
||
|
New Jersey
|
2.9
|
%
|
||
|
Indiana
|
2.1
|
%
|
||
|
Pennsylvania
|
1.9
|
%
|
||
|
Other
|
18.2
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
|
1
|
Holdings are subject to change.
|
|
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 these national rating agencies.
|
|
3
|
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
|
|
Nuveen Investments
|
15
|
Nuveen AMT-Free Municipal Value Fund (NUW)
Performance Overview and Holding Summaries as of April 30, 2013
Average Annual Total Returns as of April 30, 2013
|
Cumulative
|
Average Annual
|
|||||||||
|
6-Month
|
1-Year
|
Since Inception4
|
||||||||
|
NUW at NAV
|
2.50%
|
8.53%
|
10.98%
|
|||||||
|
NUW at Share Price
|
(3.64)%
|
8.28%
|
9.45%
|
|||||||
|
S&P Municipal Bond Index
|
2.01%
|
5.74%
|
7.53%
|
|||||||
|
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
|
2.67%
|
7.79%
|
8.32%
|
|||||||
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
|
Portfolio Composition1
|
||||
|
(as a % of total investments)
|
||||
|
Health Care
|
22.5
|
%
|
||
|
Tax Obligation/Limited
|
21.0
|
%
|
||
|
Transportation
|
11.2
|
%
|
||
|
Tax Obligation/General
|
10.4
|
%
|
||
|
Utilities
|
8.6
|
%
|
||
|
Consumer Staples
|
8.5
|
%
|
||
|
Water and Sewer
|
6.1
|
%
|
||
|
Other
|
11.7
|
%
|
|
Credit Quality1,2,3
|
||||
|
(as a % of total investment exposure)
|
||||
|
AAA/U.S. Guaranteed
|
5.4
|
%
|
||
|
AA
|
32.8
|
%
|
||
|
A
|
36.7
|
%
|
||
|
BBB
|
16.1
|
%
|
||
|
BB or Lower
|
6.5
|
%
|
||
|
N/R
|
1.1
|
%
|
|
States1
|
||||
|
(as a % of total investments)
|
||||
|
Illinois
|
10.7
|
%
|
||
|
California
|
10.0
|
%
|
||
|
Florida
|
8.2
|
%
|
||
|
Wisconsin
|
7.6
|
%
|
||
|
Louisiana
|
7.4
|
%
|
||
|
Ohio
|
6.7
|
%
|
||
|
Texas
|
5.9
|
%
|
||
|
Indiana
|
5.6
|
%
|
||
|
Colorado
|
5.2
|
%
|
||
|
Puerto Rico
|
4.8
|
%
|
||
|
Michigan
|
4.4
|
%
|
||
|
Arizona
|
4.2
|
%
|
||
|
Other
|
19.3
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
|
1
|
Holdings are subject to change.
|
|
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 these national rating agencies.
|
|
3
|
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
|
|
4
|
Since inception returns are from 2/25/09.
|
|
16
|
Nuveen Investments
|
Nuveen Municipal Income Fund, Inc. (NMI)
Performance Overview and Holding Summaries as of April 30, 2013
Average Annual Total Returns as of April 30, 2013
|
Cumulative
|
Average Annual
|
||||||||||||
|
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||
|
NMI at NAV
|
3.26%
|
9.02%
|
7.76%
|
6.31%
|
|||||||||
|
NMI at Share Price
|
0.41%
|
10.73%
|
8.92%
|
6.56%
|
|||||||||
|
S&P Municipal Bond Index
|
2.01%
|
5.74%
|
6.08%
|
5.16%
|
|||||||||
|
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
|
2.67%
|
7.79%
|
5.89%
|
5.09%
|
|||||||||
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
|
Portfolio Composition1
|
||||
|
(as a % of total investments)
|
||||
|
Health Care
|
20.7
|
%
|
||
|
Tax Obligation/Limited
|
17.1
|
%
|
||
|
Education and Civic Organizations
|
12.9
|
%
|
||
|
Tax Obligation/General
|
10.6
|
%
|
||
|
Transportation
|
6.7
|
%
|
||
|
Utilities
|
6.5
|
%
|
||
|
Water and Sewer
|
6.2
|
%
|
||
|
U.S. Guaranteed
|
5.9
|
%
|
||
|
Other
|
13.4
|
%
|
|
Credit Quality1,2,3
|
||||
|
(as a % of total investment exposure)
|
||||
|
AAA/U.S. Guaranteed
|
9.8
|
%
|
||
|
AA
|
24.1
|
%
|
||
|
A
|
30.6
|
%
|
||
|
BBB
|
23.5
|
%
|
||
|
BB or Lower
|
5.0
|
%
|
||
|
N/R
|
5.5
|
%
|
|
States1
|
||||
|
(as a % of total investments)
|
||||
|
California
|
19.5
|
%
|
||
|
Illinois
|
10.8
|
%
|
||
|
Texas
|
8.7
|
%
|
||
|
Colorado
|
8.5
|
%
|
||
|
Missouri
|
7.2
|
%
|
||
|
Wisconsin
|
5.0
|
%
|
||
|
New York
|
4.7
|
%
|
||
|
Florida
|
4.3
|
%
|
||
|
Ohio
|
4.1
|
%
|
||
|
Pennsylvania
|
3.8
|
%
|
||
|
Kentucky
|
2.8
|
%
|
||
|
Indiana
|
1.9
|
%
|
||
|
Other
|
18.7
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
|
1
|
Holdings are subject to change.
|
|
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 these national rating agencies.
|
|
3
|
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
|
|
Nuveen Investments
|
17
|
Nuveen Enhanced Municipal Value Fund (NEV)
Performance Overview and Holding Summaries as of April 30, 2013
Average Annual Total Returns as of April 30, 2013
|
Cumulative
|
Average Annual
|
|||||||||
|
6-Month
|
1-Year
|
Since Inception5
|
||||||||
|
NEV at NAV
|
4.49%
|
12.36%
|
9.89%
|
|||||||
|
NEV at Share Price
|
3.56%
|
12.72%
|
8.95%
|
|||||||
|
S&P Municipal Bond Index
|
2.01%
|
5.74%
|
5.90%
|
|||||||
|
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
|
3.21%
|
10.58%
|
9.83%
|
|||||||
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
|
Portfolio Composition1,4
|
||||
|
(as a % of total investments)
|
||||
|
Tax Obligation/Limited
|
21.9
|
%
|
||
|
Health Care
|
15.2
|
%
|
||
|
Transportation
|
14.2
|
%
|
||
|
Education and Civic Organizations
|
11.6
|
%
|
||
|
Tax Obligation/General
|
9.9
|
%
|
||
|
Consumer Staples
|
6.4
|
%
|
||
|
Long-Term Care
|
4.7
|
%
|
||
|
Housing/Multifamily
|
3.9
|
%
|
||
|
Other
|
12.2
|
%
|
|
Credit Quality1,2,3
|
||||
|
(as a % of total investment exposure)
|
||||
|
AAA
|
51.2
|
%
|
||
|
AA
|
13.7
|
%
|
||
|
A
|
12.0
|
%
|
||
|
BBB
|
11.3
|
%
|
||
|
BB or Lower
|
10.8
|
%
|
|
States1
|
||||
|
(as a % of total investments)
|
||||
|
California
|
18.0
|
%
|
||
|
Illinois
|
12.4
|
%
|
||
|
Florida
|
6.5
|
%
|
||
|
Georgia
|
5.9
|
%
|
||
|
Ohio
|
5.7
|
%
|
||
|
Pennsylvania
|
5.3
|
%
|
||
|
Wisconsin
|
5.1
|
%
|
||
|
Michigan
|
4.9
|
%
|
||
|
Colorado
|
3.9
|
%
|
||
|
Arizona
|
3.7
|
%
|
||
|
Texas
|
3.5
|
%
|
||
|
New York
|
3.3
|
%
|
||
|
Washington
|
2.0
|
%
|
||
|
Other
|
19.8
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
|
1
|
Holdings are subject to change.
|
|
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 these national rating agencies.
|
|
3
|
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
|
|
4
|
Excluding investments in derivatives.
|
|
5
|
Since inception returns are from 9/25/09.
|
|
18
|
Nuveen Investments
|
|
Nuveen Municipal Value Fund, Inc.
|
||
|
NUV
|
Portfolio of Investments
|
|
|
April 30, 2013 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Municipal Bonds – 98.2%
|
|||||||||
|
Alaska – 0.9%
|
|||||||||
|
$
|
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+
|
$
|
3,534,833
|
|||
|
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+
|
5,198,950
|
|||||
|
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)
|
3,048,120
|
|||||
|
5,405
|
CivicVentures, Alaska, Anchorage Convention Center Revenue Bonds, Series 2006, 5.000%, 9/01/34 – NPFG Insured
|
9/15 at 100.00
|
A1
|
5,819,618
|
|||||
|
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+
|
2,339,275
|
|||||
|
19,240
|
Total Alaska
|
19,940,796
|
|||||||
|
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–
|
2,830,425
|
|||||
|
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
|
2,291,596
|
|||||
|
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–
|
6,291,320
|
|||||
|
1,000
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.250%, 9/01/30
|
9/13 at 100.00
|
A2
|
1,005,360
|
|||||
|
11,675
|
Total Arizona
|
12,418,701
|
|||||||
|
Arkansas – 0.1%
|
|||||||||
|
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–
|
1,239,010
|
|||||
|
California – 14.1%
|
|||||||||
|
6,235
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Series 2006, 0.000%, 6/01/33
|
6/13 at 100.00
|
CCC
|
1,602,395
|
|||||
|
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+
|
5,486,350
|
|||||
|
6,000
|
5.000%, 4/01/37
|
4/16 at 100.00
|
A+
|
6,533,280
|
|||||
|
2,335
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
2,588,137
|
|||||
|
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
|
2,381,276
|
|||||
|
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
|
2,575,575
|
|||||
|
California State, General Obligation Bonds, Series 2003:
|
|||||||||
|
7,450
|
5.250%, 2/01/28
|
8/13 at 100.00
|
A1
|
7,534,632
|
|||||
|
2,235
|
5.000%, 2/01/33
|
8/13 at 100.00
|
A1
|
2,257,663
|
|||||
|
California State, General Obligation Bonds, Series 2003:
|
|||||||||
|
5,360
|
5.250%, 2/01/28 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
Aaa
|
5,427,429
|
|||||
|
1,790
|
5.250%, 2/01/28 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
Aaa
|
1,812,518
|
|||||
|
8,425
|
5.000%, 2/01/33 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
Aaa
|
8,527,364
|
|||||
|
590
|
5.000%, 2/01/33 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
Aaa
|
597,045
|
|||||
|
16,000
|
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
|
6/17 at 100.00
|
A1
|
17,295,200
|
|||||
|
5,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
5,571,650
|
|||||
|
6,480
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
10/13 at 100.00
|
BBB
|
6,500,153
|
|
Nuveen Investments
|
19
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
|
|
April 30, 2013 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
3,125
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
$
|
3,851,563
|
|||
|
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–
|
4,164,948
|
|||||
|
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
|
5,425,000
|
|||||
|
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+
|
2,260,068
|
|||||
|
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
|
5,709,292
|
|||||
|
30,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
|
No Opt. Call
|
Aaa
|
25,452,900
|
|||||
|
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
|
21,236,292
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
|||||||||
|
11,830
|
5.000%, 6/01/38 – FGIC Insured
|
6/15 at 100.00
|
A2
|
12,396,420
|
|||||
|
15,000
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A2
|
15,652,950
|
|||||
|
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
|
3,559,789
|
|||||
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
|
11,060
|
4.500%, 6/01/27
|
6/17 at 100.00
|
B
|
10,789,030
|
|||||
|
7,870
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B
|
7,259,918
|
|||||
|
1,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
1,306,440
|
|||||
|
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–
|
5,057,865
|
|||||
|
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
|
6,330,868
|
|||||
|
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)
|
12/13 at 101.00
|
N/R
|
4,086,760
|
|||||
|
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–
|
1,734,525
|
|||||
|
2,555
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,661,235
|
|||||
|
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+
|
1,246,379
|
|||||
|
4,405
|
Moreland School District, Santa Clara County, California, General Obligation Bonds, Series 2004D, 0.000%, 8/01/32 – FGIC Insured
|
No Opt. Call
|
AA+
|
1,559,018
|
|||||
|
3,550
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
4,853,560
|
|||||
|
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
|
3,345,480
|
|||||
|
3,600
|
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
|
No Opt. Call
|
Aa3
|
1,680,516
|
|||||
|
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
|
5,119,030
|
|||||
|
2,350
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
2,662,926
|
|||||
|
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
|
4,028,637
|
|||||
|
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
|
2,910,326
|
|||||
|
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)
|
8,498,400
|
|
20
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
California (continued)
|
|||||||||
|
$
|
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+
|
$
|
15,903,479
|
|||
|
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
|
1,773,274
|
|||||
|
2,660
|
0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
AA
|
1,721,605
|
|||||
|
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
|
291,035
|
|||||
|
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
|
11,990
|
0.000%, 1/15/25 – NPFG Insured
|
No Opt. Call
|
Baa2
|
6,943,889
|
|||||
|
14,740
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
Baa2
|
4,971,212
|
|||||
|
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
|
5,671,200
|
|||||
|
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
|
7,770,716
|
|||||
|
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
|
3,609,650
|
|||||
|
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+
|
2,004,620
|
|||||
|
1,300
|
University of California, General Revenue Bonds, Refunding Series 2009O, 5.250%, 5/15/39
|
5/19 at 100.00
|
Aa1
|
1,519,544
|
|||||
|
355,130
|
Total California
|
302,711,026
|
|||||||
|
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–
|
5,097,600
|
|||||
|
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–
|
5,222,450
|
|||||
|
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–
|
1,928,446
|
|||||
|
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
|
17,408,414
|
|||||
|
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
|
779,565
|
|||||
|
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
|
2,289,180
|
|||||
|
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)
|
19,406,223
|
|||||
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
|||||||||
|
24,200
|
0.000%, 9/01/31 – NPFG Insured
|
No Opt. Call
|
Baa2
|
10,042,032
|
|||||
|
17,000
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
Baa2
|
6,623,030
|
|||||
|
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
|
Baa2
|
1,957,000
|
|||||
|
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
|
Baa2
|
3,677,325
|
|||||
|
10,075
|
0.000%, 3/01/36 – NPFG Insured
|
9/20 at 41.72
|
Baa2
|
2,891,525
|
|||||
|
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
|
4,992,950
|
|||||
|
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)
|
8,110,480
|
|||||
|
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
|
5,994,450
|
|||||
|
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
|
4,377,488
|
|||||
|
136,415
|
Total Colorado
|
100,798,158
|
|
Nuveen Investments
|
21
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
|
|
April 30, 2013 (Unaudited)
|
|
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
|
$
|
1,632,465
|
|||
|
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
|
4,085,998
|
|||||
|
10,170
|
Total Connecticut
|
5,718,463
|
|||||||
|
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
|
10,185,200
|
|||||
|
Florida – 4.7%
|
|||||||||
|
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–
|
3,385,080
|
|||||
|
4,285
|
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 2002C, 5.750%, 11/15/32
|
11/13 at 100.00
|
AA+
|
4,343,790
|
|||||
|
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
|
10,736,900
|
|||||
|
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
|
2,773,331
|
|||||
|
3,000
|
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured
|
4/15 at 100.00
|
Aa2
|
3,191,760
|
|||||
|
1,995
|
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/21 – FGIC Insured
|
10/13 at 100.00
|
AA
|
2,035,399
|
|||||
|
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
|
A–
|
5,360,600
|
|||||
|
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–
|
4,471,761
|
|||||
|
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
|
11,275,170
|
|||||
|
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
|
4,538,480
|
|||||
|
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
|
10,537,668
|
|||||
|
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–
|
3,195,974
|
|||||
|
3,250
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/43 (WI/DD, Settling 5/07/13)
|
11/22 at 100.00
|
BBB+
|
3,435,023
|
|||||
|
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
|
Baa2
|
9,737,660
|
|||||
|
2,500
|
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
|
10/17 at 100.00
|
BBB–
|
2,698,125
|
|||||
|
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
|
16,140,545
|
|||||
|
3,300
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
|
5/22 at 100.00
|
Aa2
|
3,764,508
|
|||||
|
92,790
|
Total Florida
|
101,621,774
|
|||||||
|
Georgia – 0.8%
|
|||||||||
|
10,240
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 – FGIC Insured
|
5/13 at 100.00
|
A1
|
10,272,051
|
|||||
|
2,500
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – NPFG Insured
|
5/13 at 100.00
|
A1
|
2,507,750
|
|||||
|
4,400
|
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
|
10/14 at 100.00
|
AA–
|
4,663,824
|
|||||
|
17,140
|
Total Georgia
|
17,443,625
|
|||||||
|
Hawaii – 0.3%
|
|||||||||
|
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
|
Baa2
|
7,218,897
|
|
22
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois – 13.6%
|
|||||||||
|
$
|
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+
|
$
|
11,363,214
|
|||
|
1,500
|
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36
|
1/22 at 100.00
|
AAA
|
1,714,530
|
|||||
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
|
|||||||||
|
2,585
|
4.750%, 1/01/30 – AGM Insured
|
1/16 at 100.00
|
AA–
|
2,758,738
|
|||||
|
5,000
|
4.625%, 1/01/31 – AGM Insured
|
1/16 at 100.00
|
AA–
|
5,324,350
|
|||||
|
285
|
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured
|
7/13 at 100.00
|
Aa3
|
286,089
|
|||||
|
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–
|
2,894,947
|
|||||
|
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
|
2,408,959
|
|||||
|
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–
|
3,291,981
|
|||||
|
8,875
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA
|
10,120,518
|
|||||
|
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
|
B3
|
3,573,971
|
|||||
|
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
|
Aa3 (4)
|
1,655,730
|
|||||
|
385
|
5.250%, 11/01/20 (Pre-refunded 1/01/14) – AGM Insured
|
1/14 at 100.00
|
AA (4)
|
397,932
|
|||||
|
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
|
5,158,300
|
|||||
|
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
|
24,422,259
|
|||||
|
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
|
A2
|
1,564,092
|
|||||
|
1,875
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA
|
2,166,600
|
|||||
|
3,000
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
3,386,070
|
|||||
|
5,245
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.266%, 7/01/15 (IF)
|
No Opt. Call
|
Aa1
|
6,451,035
|
|||||
|
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)
|
5,331,550
|
|||||
|
4,845
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
|
5/20 at 100.00
|
A
|
5,629,502
|
|||||
|
4,800
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
6,169,632
|
|||||
|
4,260
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
4,661,548
|
|||||
|
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–
|
2,846,500
|
|||||
|
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+
|
3,237,750
|
|||||
|
8,435
|
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/22 – AMBAC Insured
|
8/13 at 100.00
|
BBB
|
8,450,858
|
|||||
|
2,735
|
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM)
|
No Opt. Call
|
N/R (4)
|
3,207,717
|
|||||
|
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
|
5,446,800
|
|||||
|
655
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
|
8/22 at 100.00
|
A2
|
744,349
|
|||||
|
5,590
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (WI/DD, Settling 5/16/13)
|
1/23 at 100.00
|
AA–
|
6,333,861
|
|||||
|
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
|
3,282,650
|
|
Nuveen Investments
|
23
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
|
|
April 30, 2013 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Illinois (continued)
|
|||||||||
|
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
|
$
|
11,626,507
|
|||
|
9,270
|
0.010%, 6/15/18 – FGIC Insured
|
No Opt. Call
|
AAA
|
8,495,584
|
|||||
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
|
|||||||||
|
7,010
|
0.000%, 6/15/17 – FGIC Insured (ETM)
|
No Opt. Call
|
A (4)
|
6,783,086
|
|||||
|
3,800
|
0.000%, 6/15/18 – FGIC Insured (ETM)
|
No Opt. Call
|
N/R (4)
|
3,607,036
|
|||||
|
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
|
6,644,335
|
|||||
|
3,385
|
0.000%, 6/15/21 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,757,523
|
|||||
|
5,190
|
0.000%, 6/15/28 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,819,571
|
|||||
|
11,670
|
0.000%, 6/15/29 – FGIC Insured
|
No Opt. Call
|
AAA
|
5,956,135
|
|||||
|
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
|
9,606,600
|
|||||
|
4,950
|
0.000%, 12/15/32 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,117,115
|
|||||
|
21,375
|
0.000%, 6/15/34 – NPFG Insured
|
No Opt. Call
|
AAA
|
8,392,253
|
|||||
|
21,000
|
0.000%, 12/15/35 – NPFG Insured
|
No Opt. Call
|
AAA
|
7,630,560
|
|||||
|
21,970
|
0.000%, 6/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
7,718,500
|
|||||
|
10,375
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
3,563,501
|
|||||
|
25,825
|
0.000%, 6/15/39 – NPFG Insured
|
No Opt. Call
|
AAA
|
7,624,057
|
|||||
|
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–
|
13,444,872
|
|||||
|
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
|
4,391,722
|
|||||
|
5,715
|
5.550%, 6/15/21 – NPFG Insured
|
6/17 at 101.00
|
AAA
|
6,615,341
|
|||||
|
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
|
8,256,043
|
|||||
|
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–
|
1,190,334
|
|||||
|
3,000
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
|
3/17 at 100.00
|
A
|
3,260,640
|
|||||
|
4,900
|
Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/26 – NPFG Insured
|
3/16 at 100.00
|
A
|
5,182,142
|
|||||
|
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
|
520,531
|
|||||
|
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
|
1,357,697
|
|||||
|
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)
|
688,349
|
|||||
|
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+
|
3,501,778
|
|||||
|
2,945
|
Will County School District 86, Joliet, Illinois, General Obligation Bonds, Series 2002, 0.000%, 11/01/15 – AGM Insured
|
No Opt. Call
|
AA–
|
2,865,956
|
|||||
|
372,950
|
Total Illinois
|
290,899,800
|
|||||||
|
Indiana – 2.0%
|
|||||||||
|
300
|
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24
|
4/14 at 100.00
|
BB+
|
295,377
|
|||||
|
2,525
|
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
|
5/23 at 100.00
|
A
|
2,800,705
|
|||||
|
1,640
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
|
7/23 at 100.00
|
BBB
|
1,725,378
|
|||||
|
3,000
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 (Pre-refunded 3/01/14) – AMBAC Insured
|
3/14 at 100.00
|
A+ (4)
|
3,126,570
|
|
24
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Indiana (continued)
|
|||||||||
|
$
|
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–
|
$
|
2,179,440
|
|||
|
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+
|
7,337,446
|
|||||
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
|
|||||||||
|
12,500
|
0.000%, 2/01/21 – AMBAC Insured
|
No Opt. Call
|
AA
|
10,634,875
|
|||||
|
2,400
|
0.000%, 2/01/25 – AMBAC Insured
|
No Opt. Call
|
AA
|
1,727,448
|
|||||
|
14,595
|
0.000%, 2/01/27 – AMBAC Insured
|
No Opt. Call
|
AA
|
9,566,731
|
|||||
|
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
|
4,595,726
|
|||||
|
49,925
|
Total Indiana
|
43,989,696
|
|||||||
|
Iowa – 0.3%
|
|||||||||
|
7,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
|
6/15 at 100.00
|
B+
|
6,865,670
|
|||||
|
Kansas – 1.0%
|
|||||||||
|
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
|
10,397,500
|
|||||
|
17,010
|
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+
|
11,453,513
|
|||||
|
27,010
|
Total Kansas
|
21,851,013
|
|||||||
|
Kentucky – 0.1%
|
|||||||||
|
910
|
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
|
7/13 at 100.00
|
Baa2
|
912,220
|
|||||
|
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–
|
1,916,723
|
|||||
|
2,660
|
Total Kentucky
|
2,828,943
|
|||||||
|
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
|
8/13 at 100.00
|
BBB–
|
2,804,779
|
|||||
|
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–
|
6,552,535
|
|||||
|
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–
|
13,735,320
|
|||||
|
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+
|
5,340,190
|
|||||
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
|
|||||||||
|
3,620
|
5.250%, 5/15/38
|
5/17 at 100.00
|
Baa1
|
3,811,426
|
|||||
|
1,900
|
5.375%, 5/15/43
|
5/17 at 100.00
|
Baa1
|
2,009,288
|
|||||
|
5,000
|
Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology, Series 2006, 5.250%, 3/01/37 – NPFG Insured
|
No Opt. Call
|
A+
|
5,501,600
|
|||||
|
26,095
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
5/13 at 100.00
|
A–
|
26,238,783
|
|||||
|
61,525
|
Total Louisiana
|
65,993,921
|
|||||||
|
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
|
1,273,535
|
|||||
|
Maryland – 0.5%
|
|||||||||
|
2,500
|
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39
|
9/16 at 100.00
|
Ba2
|
2,574,375
|
|
Nuveen Investments
|
25
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
|
|
April 30, 2013 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Maryland (continued)
|
|||||||||
|
$
|
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
|
$
|
1,797,750
|
|||
|
5,600
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33
|
8/14 at 100.00
|
A2
|
5,890,584
|
|||||
|
9,600
|
Total Maryland
|
10,262,709
|
|||||||
|
Massachusetts – 1.3%
|
|||||||||
|
4,595
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured
|
5/13 at 100.50
|
BBB+
|
4,621,835
|
|||||
|
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–
|
560,350
|
|||||
|
3,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2005C, 5.000%, 7/15/35
|
No Opt. Call
|
AAA
|
3,273,690
|
|||||
|
1,359
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43
|
8/13 at 100.00
|
D
|
1,164,538
|
|||||
|
1,072
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 6.375%, 2/15/43
|
8/13 at 100.00
|
D
|
107,134
|
|||||
|
1,608
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 6.625%, 2/15/43
|
8/13 at 100.00
|
D
|
16
|
|||||
|
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
|
2,601,829
|
|||||
|
12,100
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
|
12/18 at 100.00
|
AA–
|
13,060,498
|
|||||
|
1,630
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30
|
8/13 at 100.00
|
Aaa
|
1,636,487
|
|||||
|
28,164
|
Total Massachusetts
|
27,026,377
|
|||||||
|
Michigan – 3.9%
|
|||||||||
|
9,910
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
|
11/13 at 100.00
|
B–
|
9,220,165
|
|||||
|
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+
|
1,546,737
|
|||||
|
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–
|
5,001,150
|
|||||
|
2,500
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Refunding Second Lien Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
|
No Opt. Call
|
AA–
|
2,548,600
|
|||||
|
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
|
4,132,234
|
|||||
|
1,760
|
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/16 – NPFG Insured
|
10/13 at 100.00
|
Baa2
|
1,745,850
|
|||||
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A:
|
|||||||||
|
8,000
|
5.000%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
8,090,400
|
|||||
|
3,000
|
4.500%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
2,911,710
|
|||||
|
1,250
|
Detroit, Michigan, Second Lien Water Supply System Revenue Bonds, Series 2003B, 5.000%, 7/01/34 – NPFG Insured
|
7/13 at 100.00
|
A
|
1,250,075
|
|||||
|
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)
|
3,024,030
|
|||||
|
3,395
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
|
7/18 at 100.00
|
AA+
|
3,863,883
|
|||||
|
7,445
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – FGIC Insured
|
7/18 at 100.00
|
AA+
|
8,421,412
|
|||||
|
1,265
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2005B, 4.750%, 7/01/34 – BHAC Insured
|
No Opt. Call
|
AA+
|
1,330,261
|
|||||
|
3,000
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.750%, 7/01/37
|
7/21 at 100.00
|
A+
|
3,386,040
|
|||||
|
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
|
A2
|
2,242,580
|
|
26
|
Nuveen Investments
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
Michigan (continued)
|
|||||||||
|
$
|
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
|
$
|
5,012,640
|
|||
|
Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of Arts and Sciences Charter School, Series 2001A:
|
|||||||||
|
5,000
|
7.900%, 10/01/21
|
10/13 at 100.00
|
Caa2
|
4,449,350
|
|||||
|
3,500
|
8.000%, 10/01/31
|
10/13 at 100.00
|
Caa2
|
3,114,545
|
|||||
|
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
|
9,306,169
|
|||||
|
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
|
1,475,036
|
|||||
|
2,090
|
Troy Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Development & Refunding Series 2001, 5.500%, 11/01/15 – NPFG Insured
|
5/13 at 100.00
|
Baa2
|
2,112,363
|
|||||
|
81,340
|
Total Michigan
|
84,185,230
|
|||||||
|
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–
|
1,815,118
|
|||||
|
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
|
7,824,611
|
|||||
|
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
|
2,423,763
|
|||||
|
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
|
A–
|
7,065,221
|
|||||
|
17,155
|
Total Minnesota
|
19,128,713
|
|||||||
|
Missouri – 1.3%
|
|||||||||
|
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–
|
6,098,760
|
|||||
|
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–
|
13,550,160
|
|||||
|
3,465
|
Missouri State Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
|
11/23 at 100.00
|
A2
|
3,737,384
|
|||||
|
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+
|
4,058,040
|
|||||
|
25,465
|
Total Missouri
|
27,444,344
|
|||||||
|
Montana – 0.2%
|
|||||||||
|
3,750
|
Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound Energy, Series 2003A, 5.000%, 3/01/31 – AMBAC Insured
|
3/14 at 100.00
|
A–
|
3,793,275
|
|||||
|
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
|
5,747,000
|
|||||
|
Nevada – 1.1%
|
|||||||||
|
2,500
|
Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%, 9/01/29 (Pre-refunded 9/01/13) – RAAI Insured
|
9/13 at 100.00
|
N/R (4)
|
2,540,300
|
|||||
|
5,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
A+
|
5,883,150
|
|||||
|
10,000
|
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
|
5/16 at 100.00
|
A
|
10,253,300
|
|||||
|
2,500
|
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 18.608%, 7/01/31 – BHAC Insured (IF) (6)
|
7/17 at 100.00
|
AA+
|
3,744,700
|
|||||
|
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
|
1,552,875
|
|||||
|
21,500
|
Total Nevada
|
23,974,325
|
|
Nuveen Investments
|
27
|
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
|
NUV
|
Portfolio of Investments
|
|
|
April 30, 2013 (Unaudited)
|
|
Principal
|
Optional Call
|
||||||||
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
|
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
|
$
|
1,683,795
|
|||
|
New Jersey – 2.8%
|
|||||||||
|
9,000
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
|
5/13 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
|
BB+
|
3,593,601
|
|||||
|
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+
|
1,674,405
|
|||||
|
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
|
7,549,875
|
|||||
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
|
|||||||||
|
30,000
|
0.000%, 12/15/30 – FGIC Insured
|
No Opt. Call
|
A+
|
14,136,600
|
|||||
|
27,000
|
0.000%, 12/15/32 – AGM Insured
|
No Opt. Call
|
AA–
|
11,459,610
|
|||||
|
205
|
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
|
No Opt. Call
|
A+
|
236,152
|
|||||
|
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
|
|||||||||
|
105
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A (4)
|
121,882
|
|||||
|
105
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
121,974
|
|||||
|
930
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
1,001,861
|
|||||
|
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
|
7,202,473
|
|||||
|
5,345
|
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
|
4,708,357
|
|||||
|
95,395
|
Total New Jersey
|
60,840,810
|
|||||||
|
New Mexico – 0.1%
|
|||||||||
|
1,365
|
University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21
|
No Opt. Call
|
AA
|
1,617,416
|
|||||
|
New York – 6.6%
|
|||||||||
|
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
|
10,590,200
|
|||||
|
8,500
|
Dormitory Authority of the State of New York, FHA-Insured Mo |