Chairman’s Letter to Shareholders
|
4
|
Portfolio Managers’ Comments
|
5
|
Fund Leverage
|
11
|
Share Information
|
12
|
Risk Considerations
|
14
|
Performance Overview and Holding Summaries
|
15
|
Shareholder Meeting Report
|
19
|
Report of Independent Registered Public Accounting Firm
|
20
|
Portfolios of Investments
|
21
|
Statement of Assets and Liabilities
|
61
|
Statement of Operations
|
62
|
Statement of Changes in Net Assets
|
63
|
Financial Highlights
|
66
|
Notes to Financial Statements
|
70
|
Board Members & Officers
|
81
|
Annual Investment Management Agreement Approval Process
|
86
|
Reinvest Automatically, Easily and Conveniently
|
94
|
Glossary of Terms Used in this Report
|
95
|
Additional Fund Information
|
99
|
Nuveen Investments
|
3
|
4
|
Nuveen Investments
|
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 (S&P), Moody’s Investors Service (Moody’s), Inc. or Fitch, Inc. (Fitch). 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
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
8
|
Nuveen Investments
|
Nuveen Investments
|
9
|
10
|
Nuveen Investments
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||
Effective Leverage*
|
1.92
|
%
|
7.42
|
%
|
9.46
|
%
|
35.05
|
%
|
*
|
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.
|
Nuveen Investments
|
11
|
Per 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
|
|||||||||
May
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
June
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
July
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
August
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
September
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
October
|
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**
|
4.91%
|
5.28%
|
5.64%
|
6.90%
|
|||||||||
Taxable-Equivalent Yield**
|
6.82%
|
7.33%
|
7.83%
|
9.58%
|
*
|
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.
|
12
|
Nuveen Investments
|
NUV
|
NUW
|
NEV
|
||||||||
Additional Shares Authorized
|
19,600,000
|
1,200,000
|
*
|
1,900,000
|
*
|
NUV
|
NUW
|
NEV
|
||||||||
Shares Sold through Equity Shelf Program
|
1,027,916
|
163,893
|
1,770,555
|
|||||||
Weighted Average Premium to NAV per Share Sold
|
1.18
|
%
|
1.71
|
%
|
2.61
|
%
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||
Common Shares Cumulatively Repurchased and Retired
|
—
|
—
|
—
|
—
|
|||||||||
Common Shares Authorized for Repurchase
|
20,475,000
|
1,300,000
|
825,000
|
1,930,000
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||
NAV
|
$
|
9.61
|
$
|
16.35
|
$
|
10.80
|
$
|
14.10
|
|||||
Share Price
|
$
|
9.05
|
$
|
15.23
|
$
|
10.11
|
$
|
13.92
|
|||||
Premium/(Discount) to NAV
|
(5.83)
|
%
|
(6.85)
|
%
|
(6.39)
|
%
|
(1.28)
|
%
|
|||||
12-Month Average Premium/(Discount) to NAV
|
(1.99)
|
%
|
(2.20)
|
%
|
0.79
|
%
|
(0.03)
|
%
|
Nuveen Investments
|
13
|
14
|
Nuveen Investments
|
NUV
|
|
Nuveen Municipal Value Fund, Inc.
Performance Overview and Holding Summaries as of October 31, 2013
|
Average Annual | |||||||
1-Year
|
5-Year
|
10-Year
|
|||||
NUV at NAV
|
(2.55)%
|
7.50%
|
4.86%
|
||||
NUV at Share Price
|
(8.67)%
|
6.12%
|
5.26%
|
||||
S&P Municipal Bond Index
|
(1.69)%
|
6.63%
|
4.59%
|
||||
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
|
(1.93)%
|
6.14%
|
4.46%
|
Portfolio Composition1
|
|
(as a % of total investments)
|
|
Tax Obligation/Limited
|
22.8%
|
Health Care
|
19.2%
|
Transportation
|
14.3%
|
Tax Obligation/General
|
11.3%
|
U.S. Guaranteed
|
9.3%
|
Utilities
|
6.1%
|
Consumer Staples
|
5.9%
|
Other
|
11.1%
|
Credit Quality1,2,3
|
|
(as a % of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
16.4%
|
AA
|
30.6%
|
A
|
30.2%
|
BBB
|
9.7%
|
BB or Lower
|
7.9%
|
N/R
|
2.3%
|
States1
|
|
(as a % of total investments)
|
|
California
|
14.2%
|
Illinois
|
13.4%
|
Texas
|
12.2%
|
New York
|
6.9%
|
Florida
|
5.4%
|
Colorado
|
4.6%
|
Michigan
|
4.2%
|
Ohio
|
3.7%
|
Puerto Rico
|
3.0%
|
Washington
|
2.9%
|
Wisconsin
|
2.9%
|
Indiana
|
2.2%
|
New Jersey
|
2.2%
|
Virginia
|
2.0%
|
Louisiana
|
1.9%
|
Other
|
18.3%
|
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
|
NUW
|
|
Nuveen AMT-Free Municipal Value Fund
Performance Overview and Holding Summaries as of October 31, 2013
|
Average Annual
|
|||||
1-Year
|
Since Inception1
|
||||
NUW at NAV
|
(3.59)%
|
8.31%
|
|||
NUW at Share Price
|
(14.31)%
|
5.70%
|
|||
S&P Municipal Bond Index
|
(1.69)%
|
5.85%
|
|||
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
|
(1.93)%
|
8.36%
|
Portfolio Composition2
|
||
(as a % of total investments)
|
||
Tax Obligation/Limited
|
23.0%
|
|
Health Care
|
19.9%
|
|
Transportation
|
11.9%
|
|
Tax Obligation/General
|
9.1%
|
|
Utilities
|
9.0%
|
|
Consumer Staples
|
7.9%
|
|
U.S. Guaranteed
|
6.6%
|
|
Water and Sewer
|
5.5%
|
|
Other
|
7.1%
|
Credit Quality2,3,4
|
||
(as a % of total investment exposure)
|
||
AAA/U.S. Guaranteed
|
9.5%
|
|
AA
|
31.9%
|
|
A
|
32.0%
|
|
BBB
|
16.9%
|
|
BB or Lower
|
6.7%
|
|
N/R
|
1.3%
|
States2
|
||
(as a % of total investments)
|
||
Illinois
|
10.8%
|
|
California
|
8.7%
|
|
Florida
|
8.2%
|
|
Louisiana
|
7.4%
|
|
Texas
|
7.0%
|
|
Puerto Rico
|
6.9%
|
|
Ohio
|
6.5%
|
|
Indiana
|
5.5%
|
|
Wisconsin
|
5.3%
|
|
Colorado
|
5.2%
|
|
Michigan
|
3.8%
|
|
Arizona
|
3.4%
|
|
Nevada
|
3.3%
|
|
Other
|
18.0%
|
1
|
Since inception returns are from 2/25/09.
|
2
|
Holdings are subject to change.
|
3
|
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.
|
4
|
Percentage may not add to 100% due to the exclusion of other assets less liabilities from the table.
|
16
|
Nuveen Investments
|
NMI
|
|
Nuveen Municipal Income Fund, Inc.
Performance Overview and Holding Summaries as of October 31, 2013
|
Average Annual
|
|||||||
1-Year
|
5-Year
|
10-Year
|
|||||
NMI at NAV
|
(2.58)%
|
8.63%
|
5.55%
|
||||
NMI at Share Price
|
(15.91)%
|
5.86%
|
5.76%
|
||||
S&P Municipal Bond Index
|
(1.69)%
|
6.63%
|
4.59%
|
||||
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
|
(1.93)%
|
6.14%
|
4.46%
|
Portfolio Composition1
|
|
(as a % of total investments)
|
|
Health Care
|
21.3%
|
Education and Civic Organizations
|
13.2%
|
Tax Obligation/Limited
|
12.7%
|
Tax Obligation/General
|
12.0%
|
Water and Sewer
|
7.6%
|
Utilities
|
7.2%
|
Transportation
|
6.3%
|
U.S. Guaranteed
|
5.9%
|
Other
|
13.8%
|
Credit Quality1,2,3
|
||
(as a % of total investment exposure)
|
||
AAA/U.S. Guaranteed
|
6.9%
|
|
AA
|
25.2%
|
|
A
|
33.7%
|
|
BBB
|
22.9%
|
|
BB or Lower
|
5.0%
|
|
N/R
|
3.8%
|
States1
|
|
(as a % of total investments)
|
|
California
|
17.9%
|
Illinois
|
10.8%
|
Colorado
|
8.2%
|
Texas
|
7.9%
|
Missouri
|
7.5%
|
Florida
|
5.5%
|
Wisconsin
|
5.0%
|
Ohio
|
4.1%
|
Pennsylvania
|
3.8%
|
New York
|
3.8%
|
Kentucky
|
2.6%
|
Tennessee
|
2.3%
|
Indiana
|
1.8%
|
Other
|
18.8%
|
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
|
NEV
|
|
Nuveen Enhanced Municipal Value Fund
Performance Overview and Holding Summaries as of October 31, 2013
|
Average Annual
|
|||||
1-Year
|
Since Inception1
|
||||
NEV at NAV
|
(5.02)%
|
6.13%
|
|||
NEV at Share Price
|
(8.12)%
|
4.71%
|
|||
S&P Municipal Bond Index
|
(1.69)%
|
4.22%
|
|||
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
|
(6.12)%
|
6.28%
|
Portfolio Composition2,5
|
|
(as a % of total investments)
|
|
Tax Obligation/Limited
|
21.8%
|
Health Care
|
15.6%
|
Transportation
|
13.4%
|
Education and Civic Organizations
|
11.4%
|
Tax Obligation/General
|
9.5%
|
Consumer Staples
|
5.7%
|
Water and Sewer
|
5.1%
|
Housing/Multifamily
|
4.5%
|
Other
|
13.0%
|
Credit Quality2,3,4
|
|
(as a % of total investment exposure)
|
|
AAA/U.S. Guaranteed
|
0.3%
|
AA
|
47.9%
|
A
|
18.2%
|
BBB
|
11.7%
|
BB or Lower
|
10.8%
|
N/R
|
9.8%
|
States2,5
|
|
(as a % of total investments)
|
|
California
|
15.3%
|
Illinois
|
11.6%
|
Florida
|
6.9%
|
Michigan
|
6.9%
|
Ohio
|
6.4%
|
Georgia
|
6.2%
|
Pennsylvania
|
5.2%
|
Wisconsin
|
4.4%
|
Colorado
|
4.0%
|
New York
|
3.4%
|
Arizona
|
3.3%
|
Texas
|
3.2%
|
Washington
|
2.4%
|
Puerto Rico
|
2.3%
|
Other
|
18.5%
|
1
|
Since inception returns are from 9/25/09.
|
2
|
Holdings are subject to change.
|
3
|
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.
|
4
|
Percentage may not add to 100% due to the exclusion of other assets less liabilities from the table.
|
5
|
Excluding investments in derivatives.
|
18
|
Nuveen Investments
|
NUV
NUW
NMI
NEV
|
Shareholder Meeting Report
The annual meeting of shareholders was held in the offices of Nuveen Investments on August 7, 2013; at this meeting the shareholders were asked to vote on the election of Board Members.
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||
Common
|
Common
|
Common
|
Common
|
||||||||||
shares
|
shares
|
shares
|
shares
|
||||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||
William C. Hunter
|
|||||||||||||
For
|
175,989,726
|
10,128,085
|
7,227,697
|
17,733,439
|
|||||||||
Withhold
|
4,169,236
|
379,927
|
252,506
|
448,499
|
|||||||||
Total
|
180,158,962
|
10,508,012
|
7,480,203
|
18,181,938
|
|||||||||
Judith M. Stockdale
|
|||||||||||||
For
|
175,847,977
|
10,110,826
|
7,200,438
|
17,727,435
|
|||||||||
Withhold
|
4,310,985
|
397,186
|
279,765
|
454,503
|
|||||||||
Total
|
180,158,962
|
10,508,012
|
7,480,203
|
18,181,938
|
|||||||||
Carole E. Stone
|
|||||||||||||
For
|
175,853,001
|
10,118,851
|
7,203,529
|
17,739,117
|
|||||||||
Withhold
|
4,305,961
|
389,161
|
276,674
|
442,821
|
|||||||||
Total
|
180,158,962
|
10,508,012
|
7,480,203
|
18,181,938
|
|||||||||
Virginia L. Stringer
|
|||||||||||||
For
|
175,879,399
|
10,123,218
|
7,223,524
|
17,724,765
|
|||||||||
Withhold
|
4,279,563
|
384,794
|
256,679
|
457,173
|
|||||||||
Total
|
180,158,962
|
10,508,012
|
7,480,203
|
18,181,938
|
Nuveen Investments
|
19
|
20
|
Nuveen Investments
|
NUV
|
|
Nuveen Municipal Value Fund, Inc.
|
|
Portfolio of Investments
|
|
October 31, 2013
|
Principal
|
Optional Call
|
||||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||||
LONG-TERM INVESTMENTS – 97.9%
|
|||||||||||
MUNICIPAL BONDS – 97.9%
|
|||||||||||
Alaska – 0.8%
|
|||||||||||
$
|
3,335
|
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 12/01/30 – FGIC Insured
|
12/14 at 100.00
|
AA+
|
$
|
3,442,020
|
|||||
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+
|
5,337,950
|
|||||||
5,405
|
CivicVentures, Alaska, Anchorage Convention Center Revenue Bonds, Series 2006, 5.000%, 9/01/34 – NPFG Insured
|
9/15 at 100.00
|
A1
|
5,621,092
|
|||||||
2,500
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
|
6/14 at 100.00
|
B2
|
1,909,525
|
|||||||
16,240
|
Total Alaska
|
16,310,587
|
|||||||||
Arizona – 0.7%
|
|||||||||||
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–
|
2,574,850
|
|||||||
2,500
|
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic Plaza Expansion Project, Series 2005A, 5.000%, 7/01/35 – FGIC Insured
|
No Opt. Call
|
AA
|
2,571,175
|
|||||||
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
|
B–
|
2,369,695
|
|||||||
5,600
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A–
|
5,635,784
|
|||||||
1,000
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.250%, 9/01/30
|
3/14 at 100.00
|
A2
|
1,000,240
|
|||||||
14,175
|
Total Arizona
|
14,151,744
|
|||||||||
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–
|
1,154,853
|
|||||||
California – 13.9%
|
|||||||||||
5,000
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2013S-4, 5.000%, 4/01/38
|
4/23 at 100.00
|
A+
|
5,155,100
|
|||||||
5,425
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Series 2006, 0.000%, 6/01/33
|
12/13 at 100.00
|
CCC
|
1,184,115
|
|||||||
3,275
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.450%, 6/01/28
|
12/18 at 100.00
|
B+
|
2,925,525
|
|||||||
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2006:
|
|||||||||||
5,000
|
5.000%, 4/01/37 – BHAC Insured
|
4/16 at 100.00
|
AA+
|
5,029,150
|
|||||||
6,000
|
5.000%, 4/01/37
|
4/16 at 100.00
|
A+
|
6,026,160
|
|||||||
3,850
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, Series 2013A, 5.000%, 7/01/33
|
7/23 at 100.00
|
AA–
|
3,974,933
|
|||||||
2,335
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
2,368,320
|
|||||||
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
|
2,226,851
|
|||||||
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
|
2,511,050
|
Nuveen Investments
|
21
|
NUV
|
Nuveen Municipal Value Fund, Inc. (continued)
|
Portfolio of Investments October 31, 2013
|
Principal
|
Optional Call
|
||||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||||
California (continued)
|
|||||||||||
$
|
2,235
|
California State, General Obligation Bonds, Series 2003, 5.000%, 2/01/33
|
8/14 at 100.00
|
A1
|
$
|
2,241,191
|
|||||
7,450
|
California State, General Obligation Bonds, Series 2003, 5.250%, 2/01/28 (Pre-refunded 12/05/13)
|
12/13 at 100.00
|
A1 (4)
|
7,478,832
|
|||||||
2,500
|
California State, General Obligation Bonds, Series 2004, 5.000%, 3/01/34 – AMBAC Insured
|
9/14 at 100.00
|
AA+
|
2,558,275
|
|||||||
16,000
|
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
|
6/17 at 100.00
|
A1
|
16,448,000
|
|||||||
5,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
5,121,250
|
|||||||
3,245
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
4/14 at 100.00
|
BBB+
|
3,254,475
|
|||||||
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
|
3,637,375
|
|||||||
3,600
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
|
7/18 at 100.00
|
AA–
|
3,966,120
|
|||||||
5,000
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 5.000%, 8/01/32 – AGM Insured
|
8/18 at 100.00
|
Aa1
|
5,238,300
|
|||||||
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+
|
2,071,219
|
|||||||
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
|
5,579,970
|
|||||||
30,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
|
No Opt. Call
|
Aaa
|
24,352,800
|
|||||||
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
|
11,632,202
|
|||||||
15,000
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A2
|
14,491,350
|
|||||||
13,065
|
5.000%, 6/01/45 – AMBAC Insured
|
6/15 at 100.00
|
A2
|
12,563,304
|
|||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||||
17,190
|
4.500%, 6/01/27
|
6/17 at 100.00
|
B
|
14,702,263
|
|||||||
7,955
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B
|
6,132,112
|
|||||||
1,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
1,051,305
|
|||||||
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–
|
4,672,575
|
|||||||
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
|
4,050,600
|
|||||||
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–
|
1,703,650
|
|||||||
2,555
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,617,775
|
|||||||
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+
|
1,147,782
|
|||||||
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+
|
1,555,626
|
|||||||
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2013A:
|
|||||||||||
2,200
|
0.000%, 8/01/28
|
2/28 at 100.00
|
AA
|
1,485,528
|
|||||||
2,315
|
0.000%, 8/01/43
|
8/35 at 100.00
|
AA
|
1,105,667
|
|||||||
3,550
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
4,269,585
|
|||||||
Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C:
|
|||||||||||
7,200
|
0.000%, 8/01/29 – NPFG Insured
|
8/17 at 54.45
|
Aa2
|
3,315,528
|
|||||||
11,575
|
0.000%, 8/01/31 – NPFG Insured
|
8/17 at 49.07
|
Aa2
|
4,754,547
|
22
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||||
California (continued)
|
|||||||||||
$
|
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
|
$
|
1,693,404
|
|||||
4,900
|
Ontario, California, Certificates of Participation, Water System Improvement Project, Refunding Series 2004, 5.000%, 7/01/29 (Pre-refunded 7/01/14) – NPFG Insured
|
7/14 at 100.00
|
AA (4)
|
5,058,466
|
|||||||
2,350
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
2,423,414
|
|||||||
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
|
3,489,469
|
|||||||
2,575
|
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
|
Baa1
|
2,626,346
|
|||||||
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)
|
8,292,560
|
|||||||
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
|
A
|
14,819,059
|
|||||||
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
|
1,686,316
|
|||||||
2,660
|
0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
AA
|
1,643,375
|
|||||||
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
|
267,140
|
|||||||
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
|
A
|
6,229,165
|
|||||||
14,740
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
A
|
3,812,354
|
|||||||
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
|
5,254,200
|
|||||||
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
|
7,053,795
|
|||||||
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
|
3,388,550
|
|||||||
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+
|
1,840,620
|
|||||||
1,300
|
University of California, General Revenue Bonds, Refunding Series 2009O, 5.250%, 5/15/39
|
5/19 at 100.00
|
Aa1
|
1,393,535
|
|||||||
353,740
|
Total California
|
274,572,178
|
|||||||||
Colorado – 4.5% | |||||||||||
5,000
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
|
10/16 at 100.00
|
BBB–
|
4,640,150
|
|||||||
5,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
|
9/16 at 100.00
|
A+
|
4,576,600
|
|||||||
7,105
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (WI/DD, Settling 11/14/13)
|
1/23 at 100.00
|
A+
|
7,066,633
|
|||||||
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–
|
1,746,002
|
|||||||
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–
|
16,016,250
|
|||||||
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
|
759,098
|
|||||||
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
|
2,087,100
|
|||||||
2,200
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/29
|
11/22 at 100.00
|
A+
|
2,339,722
|
Nuveen Investments
|
23
|
NUV
|
Nuveen Municipal Value Fund, Inc. (continued)
|
Portfolio of Investments October 31, 2013
|
Principal
|
Optional Call
|
||||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||||
Colorado (continued)
|
|||||||||||
$
|
5,160
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.000%, 11/15/43
|
11/23 at 100.00
|
A
|
$
|
5,192,302
|
|||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
|||||||||||
24,200
|
0.000%, 9/01/31 – NPFG Insured
|
No Opt. Call
|
A
|
8,790,408
|
|||||||
17,000
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
A
|
5,781,020
|
|||||||
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
|
A
|
1,636,432
|
|||||||
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
|
|||||||||||
7,700
|
0.000%, 9/01/27 – NPFG Insured
|
9/20 at 67.94
|
A
|
3,668,588
|
|||||||
10,075
|
0.000%, 3/01/36 – NPFG Insured
|
9/20 at 41.72
|
A
|
2,714,004
|
|||||||
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
|
4,523,750
|
|||||||
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)
|
7,949,410
|
|||||||
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
|
5,527,500
|
|||||||
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
|
3,849,375
|
|||||||
132,165
|
Total Colorado
|
88,864,344
|
|||||||||
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
|
1,485,465
|
|||||||
7,563
|
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series 2013A, 6.050%, 7/01/31
|
No Opt. Call
|
N/R
|
5,221,893
|
|||||||
9,063
|
Total Connecticut
|
6,707,358
|
|||||||||
District of Columbia – 0.5%
|
|||||||||||
10,000
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
|
10/16 at 100.00
|
A1
|
9,917,800
|
|||||||
Florida – 5.3%
|
|||||||||||
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–
|
3,061,290
|
|||||||
13,250
|
Citizens Property Insurance Corporation, Florida, High Risk Assessment Revenue, Senior Secured Bonds, Series 2009A-1, 5.500%, 6/01/14
|
No Opt. Call
|
A+
|
13,652,535
|
|||||||
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
|
10,019,000
|
|||||||
2,845
|
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Bonds, Refunding Series 2009C, 5.000%, 10/01/34
|
No Opt. Call
|
Aa3
|
2,957,008
|
|||||||
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
|
2,672,313
|
|||||||
3,000
|
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured
|
4/15 at 100.00
|
Aa2
|
3,092,670
|
|||||||
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–
|
5,096,750
|
|||||||
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–
|
4,138,262
|
|||||||
9,500
|
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 6.000%, 8/01/46
|
8/21 at 100.00
|
A
|
10,207,465
|
|||||||
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
|
4,146,480
|
|||||||
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
|
AA–
|
9,608,992
|
24
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||||
Florida (continued)
|
|||||||||||
$
|
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–
|
$
|
3,042,854
|
|||||
3,250
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/43
|
11/22 at 100.00
|
BBB+
|
3,163,843
|
|||||||
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
|
A
|
9,298,563
|
|||||||
2,500
|
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
|
10/17 at 100.00
|
BBB–
|
2,580,850
|
|||||||
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
|
14,529,672
|
|||||||
3,300
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
|
5/22 at 100.00
|
Aa2
|
3,391,113
|
|||||||
102,605
|
Total Florida
|
104,659,660
|
|||||||||
Georgia – 0.3%
|
|||||||||||
1,105
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – NPFG Insured
|
11/13 at 100.00
|
Aa2
|
1,107,763
|
|||||||
4,400
|
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
|
10/14 at 100.00
|
AA–
|
4,533,452
|
|||||||
5,505
|
Total Georgia
|
5,641,215
|
|||||||||
Guam – 0.0%
|
|||||||||||
330
|
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43 (Alternative Minimum Tax)
|
10/23 at 100.00
|
BBB
|
342,877
|
|||||||
Illinois – 13.2%
|
|||||||||||
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+
|
9,390,489
|
|||||||
6,705
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1999A, 0.000%, 12/01/31 – FGIC Insured
|
No Opt. Call
|
A+
|
2,095,111
|
|||||||
1,500
|
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36
|
1/22 at 100.00
|
AA+
|
1,472,295
|
|||||||
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
|
|||||||||||
2,585
|
4.750%, 1/01/30 – AGM Insured
|
1/16 at 100.00
|
AA–
|
2,477,774
|
|||||||
5,000
|
4.625%, 1/01/31 – AGM Insured
|
1/16 at 100.00
|
AA–
|
4,702,900
|
|||||||
285
|
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured
|
1/14 at 100.00
|
AA–
|
285,057
|
|||||||
7,750
|
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
|
1/14 at 100.00
|
AA–
|
7,557,258
|
|||||||
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–
|
2,827,062
|
|||||||
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
|
A+
|
2,360,553
|
|||||||
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–
|
3,208,357
|
|||||||
8,875
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA
|
8,937,036
|
|||||||
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
|
3,297,946
|
|||||||
385
|
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B, 5.250%, 11/01/20 (Pre-refunded 1/01/14) – AGM Insured
|
1/14 at 100.00
|
AA (4)
|
388,280
|
|||||||
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)
|
5/14 at 101.00
|
A1
|
5,066,600
|
|||||||
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
|
24,168,027
|
|||||||
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
|
1,546,848
|
Nuveen Investments
|
25
|
NUV
|
Nuveen Municipal Value Fund, Inc. (continued)
|
Portfolio of Investments October 31, 2013
|
Principal
|
Optional Call
|
||||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||||
Illinois (continued)
|
|||||||||||
$
|
1,875
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA
|
$
|
1,982,625
|
|||||
3,000
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
3,054,030
|
|||||||
5,245
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.232%, 7/01/15 (IF)
|
No Opt. Call
|
Aa1
|
5,399,308
|
|||||||
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)
|
5,210,500
|
|||||||
4,845
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
|
5/20 at 100.00
|
A
|
5,248,346
|
|||||||
4,800
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
5,817,936
|
|||||||
4,260
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
4,401,475
|
|||||||
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–
|
2,604,800
|
|||||||
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+
|
3,067,410
|
|||||||
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)
|
3,129,004
|
|||||||
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
|
5,279,250
|
|||||||
655
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
|
8/22 at 100.00
|
A–
|
681,678
|
|||||||
5,590
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38
|
1/23 at 100.00
|
AA–
|
5,614,093
|
|||||||
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
|
3,421,900
|
|||||||
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
|
A
|
11,427,170
|
|||||||
9,270
|
0.010%, 6/15/18 – FGIC Insured
|
No Opt. Call
|
AAA
|
8,280,520
|
|||||||
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
|
6,476,135
|
|||||||
3,635
|
0.000%, 6/15/21 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,712,074
|
|||||||
5,190
|
0.000%, 6/15/28 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,381,224
|
|||||||
11,670
|
0.000%, 6/15/29 – FGIC Insured
|
No Opt. Call
|
AAA
|
4,984,607
|
|||||||
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
|
9,215,900
|
|||||||
4,950
|
0.000%, 12/15/32 – NPFG Insured
|
No Opt. Call
|
AAA
|
1,646,469
|
|||||||
21,375
|
0.000%, 6/15/34 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,443,708
|
|||||||
21,000
|
0.000%, 12/15/35 – NPFG Insured
|
No Opt. Call
|
AAA
|
5,777,100
|
|||||||
21,970
|
0.000%, 6/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
5,870,164
|
|||||||
10,375
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,692,416
|
|||||||
25,825
|
0.000%, 6/15/39 – NPFG Insured
|
No Opt. Call
|
AAA
|
5,749,162
|
|||||||
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–
|
12,188,232
|
|||||||
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
|
4,204,067
|
|||||||
5,715
|
5.550%, 6/15/21 – NPFG Insured
|
6/17 at 101.00
|
AAA
|
6,307,131
|
|||||||
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
|
7,122,190
|
|||||||
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–
|
1,094,042
|
26
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||||
Illinois (continued)
|
|||||||||||
$
|
5,020
|
Southwestern Illinois Development Authority, Local Government Revenue Bonds, Edwardsville Community Unit School District 7 Project, Series 2007, 0.000%, 12/01/23 – AGM Insured
|
No Opt. Call
|
AA–
|
$
|
3,323,340
|
|||||
3,000
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
|
3/17 at 100.00
|
A
|
3,122,070
|
|||||||
4,900
|
Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/26 – NPFG Insured
|
3/16 at 100.00
|
A
|
4,975,705
|
|||||||
280
|
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
|
269,396
|
|||||||
615
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 6.000%, 10/01/42
|
10/23 at 100.00
|
A
|
628,444
|
|||||||
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
|
Baa1
|
1,363,556
|
|||||||
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
|
Baa1 (4)
|
681,307
|
|||||||
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+
|
3,475,576
|
|||||||
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–
|
2,871,346
|
|||||||
372,160
|
Total Illinois
|
259,976,999
|
|||||||||
Indiana – 2.2%
|
|||||||||||
300
|
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24
|
4/14 at 100.00
|
BB+
|
278,709
|
|||||||
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
|
2,474,273
|
|||||||
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
|
1,455,926
|
|||||||
2,250
|
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint Francis Health Services Inc, Series 2006E, 5.250%, 5/15/41 – AGM Insured
|
5/18 at 100.00
|
Aa3
|
2,275,583
|
|||||||
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)
|
3,052,440
|
|||||||
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
|
2,062,700
|
|||||||
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+
|
6,781,135
|
|||||||
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
|
|||||||||||
12,500
|
0.000%, 2/01/21 – AMBAC Insured
|
No Opt. Call
|
AA
|
10,192,750
|
|||||||
2,400
|
0.000%, 2/01/25 – AMBAC Insured
|
No Opt. Call
|
AA
|
1,573,848
|
|||||||
14,595
|
0.000%, 2/01/27 – AMBAC Insured
|
No Opt. Call
|
AA
|
8,510,490
|
|||||||
3,950
|
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
|
4,041,166
|
|||||||
51,895
|
Total Indiana
|
42,699,020
|
|||||||||
Iowa – 1.0%
|
|||||||||||
14,500
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.500%, 12/01/22
|
12/18 at 100.00
|
BB–
|
13,908,980
|
|||||||
7,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
|
6/15 at 100.00
|
B+
|
5,408,410
|
|||||||
21,500
|
Total Iowa
|
19,317,390
|
|||||||||
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
|
10,162,300
|
Nuveen Investments
|
27
|
NUV
|
Nuveen Municipal Value Fund, Inc. (continued)
|
Portfolio of Investments October 31, 2013
|
Principal
|
Optional Call
|
||||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||||
Kansas (continued)
|
|||||||||||
$
|
14,590
|
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+
|
$
|
9,738,825
|
|||||
24,590
|
Total Kansas
|
19,901,125
|
|||||||||
Kentucky – 0.1%
|
|||||||||||
880
|
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
|
1/14 at 100.00
|
A
|
881,619
|
|||||||
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–
|
1,751,278
|
|||||||
2,630
|
Total Kentucky
|
2,632,897
|
|||||||||
Louisiana – 1.9%
|
|||||||||||
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
|
12,804,360
|
|||||||
2,310
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
|
2/14 at 100.00
|
BBB
|
2,554,952
|
|||||||
5,450
|
Louisiana Local Government Environmental 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
|
5,884,474
|
|||||||
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+
|
5,197,226
|
|||||||
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
|
3,634,408
|
|||||||
1,900
|
5.375%, 5/15/43
|
5/17 at 100.00
|
Baa1
|
1,912,103
|
|||||||
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+
|
5,153,800
|
|||||||
35,430
|
Total Louisiana
|
37,141,323
|
|||||||||
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
|
BBB–
|
1,108,265
|
|||||||
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
|
2,383,425
|
|||||||
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
|
1,623,900
|
|||||||
5,700
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33
|
8/14 at 100.00
|
A2
|
5,841,132
|
|||||||
9,700
|
Total Maryland
|
9,848,457
|
|||||||||
Massachusetts – 1.6%
|
|||||||||||
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–
|
504,505
|
|||||||
3,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2005C, 5.000%, 7/15/35
|
No Opt. Call
|
AAA
|
3,148,590
|
|||||||
1,360
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43
|
2/14 at 100.00
|
D
|
1,048,506
|
|||||||
1,072
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 0.000%, 2/15/43
|
1/43 at 102.19
|
D
|
108,163
|
|||||||
1,608
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 0.000%, 2/15/43
|
2/14 at 100.00
|
D
|
16
|
28
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||||
Amount (000)
|
Description (1)
|