Chairman’s Letter to Shareholders
|
4
|
Portfolio Managers’ Comments
|
5
|
Fund Leverage and Other Information
|
11
|
Dividend and Price Information
|
13
|
Performance Overviews
|
15
|
Shareholder Meeting Report
|
19
|
Report of Independent Registered Public Accounting Firm
|
20
|
Portfolios of Investments
|
21
|
Statement of Assets and Liabilities
|
59
|
Statement of Operations
|
60
|
Statement of Changes in Net Assets
|
61
|
Financial Highlights
|
64
|
Notes to Financial Statements
|
68
|
Annual Investment Management Agreement Approval Process
|
79
|
Board Members and Officers
|
89
|
Reinvest Automatically, Easily and Conveniently
|
94
|
Glossary of Terms Used in this Report
|
96
|
Additional Fund Information
|
99
|
4
|
Nuveen Investments
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
Fund
|
1-Year
|
5-Year
|
10-Year
|
|||||||
NUV
|
12.62
|
%
|
5.68
|
%
|
5.63
|
%
|
||||
NMI
|
14.05
|
%
|
7.04
|
%
|
6.21
|
%
|
||||
S&P Municipal Bond Index**
|
9.56
|
%
|
5.83
|
%
|
5.35
|
%
|
||||
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average**
|
12.81
|
%
|
5.48
|
%
|
5.11
|
%
|
Fund
|
1-Year
|
Since
Inception*
|
|||||
NUW
|
13.23
|
%
|
11.79
|
%
|
|||
S&P Municipal Bond Index**
|
9.56
|
%
|
5.19
|
%
|
|||
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average**
|
12.81
|
%
|
11.86
|
%
|
|||
NEV***
|
20.67
|
%
|
10.00
|
%
|
|||
S&P Municipal Bond Index**
|
9.56
|
%
|
6.19
|
%
|
|||
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average**
|
18.77
|
%
|
10.05
|
%
|
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown.Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
|
|
For additional information, see the Performance Overview Page for your Fund in this report.
|
|
*
|
Since inception returns for NUW and NEV and their comparative index and benchmarks are from 2/25/09 and 9/25/09, respectively.
|
**
|
Refer to Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
***
|
NEV is a leveraged Fund through investments in inverse floating rate securities, as discussed later in this report. The remaining three Funds in this report use inverse floating rate securities primarily for duration management and both income and total return enhancement.
|
8
|
Nuveen Investments
|
Nuveen Investments
|
9
|
10
|
Nuveen Investments
|
Nuveen Investments
|
11
|
12
|
Nuveen Investments
|
Fund
|
Long-Term Capital Gains
(per share)
|
Short-Term Capital Gains
and/or Ordinary Income
(per share)
|
||||
NUV
|
$
|
0.0542
|
$
|
0.0111
|
||
NEV
|
—
|
$
|
0.0021
|
Fund
|
10/31/12
(+)Premium
|
Twelve-Month Average
(+)Premium/(-)Discount
|
|||||
NUV
|
(+)0.58
|
%
|
(+)0.90
|
%
|
|||
NUW
|
(+)4.95
|
%
|
(+)2.09
|
%
|
|||
NMI
|
(+)8.58
|
%
|
(+)5.23
|
%
|
|||
NEV
|
(+)2.15
|
%
|
(+)1.59
|
%
|
Nuveen Investments
|
13
|
Fund
|
Shares Sold through
Shelf Offering
|
Weighted Average
Premium to NAV
Per Share Sold
|
|||||
NUV
|
4,724,522
|
1.60
|
%
|
14
|
Nuveen Investments
|
NUV
|
Nuveen Municipal
|
|
Performance
OVERVIEW
|
Value Fund, Inc.
|
|
as of October 31, 2012
|
Fund Snapshot
|
||||
Share Price
|
$
|
10.37
|
||
Net Asset Value (NAV)
|
$
|
10.31
|
||
Premium/(Discount) to NAV
|
0.58
|
%
|
||
Market Yield
|
4.28
|
%
|
||
Taxable-Equivalent Yield1
|
5.94
|
%
|
||
Net Assets ($000)
|
$
|
2,105,323
|
||
Leverage
|
||||
Effective Leverage
|
1.81
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 6/17/87)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
13.15
|
%
|
12.62
|
%
|
|||
5-Year
|
7.20
|
%
|
5.68
|
%
|
|||
10-Year
|
6.60
|
%
|
5.63
|
%
|
States3
|
||||
(as a % of total investments)
|
||||
California
|
14.4
|
%
|
||
Illinois
|
13.3
|
%
|
||
Texas
|
8.1
|
%
|
||
New York
|
5.9
|
%
|
||
Colorado
|
4.7
|
%
|
||
Washington
|
4.7
|
%
|
||
Florida
|
4.7
|
%
|
||
Michigan
|
4.2
|
%
|
||
Missouri
|
3.3
|
%
|
||
Ohio
|
3.2
|
%
|
||
Wisconsin
|
3.1
|
%
|
||
New Jersey
|
3.0
|
%
|
||
Louisiana
|
2.8
|
%
|
||
Puerto Rico
|
2.7
|
%
|
||
Indiana
|
2.3
|
%
|
||
South Carolina
|
2.1
|
%
|
||
Pennsylvania
|
1.6
|
%
|
||
Rhode Island
|
1.2
|
%
|
||
Other
|
14.7
|
%
|
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
Health Care
|
22.5
|
%
|
||
Tax Obligation/Limited
|
20.7
|
%
|
||
U.S. Guaranteed
|
12.3
|
%
|
||
Transportation
|
10.2
|
%
|
||
Tax Obligation/General
|
10.1
|
%
|
||
Consumer Staples
|
7.4
|
%
|
||
Utilities
|
5.9
|
%
|
||
Other
|
10.9
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Holdings are subject to change.
|
4
|
The Fund paid shareholders capital gains and net ordinary income distributions in December 2011 of $0.0653 per share.
|
Nuveen Investments
|
15
|
NUW
|
Nuveen AMT-Free
|
|
Performance
OVERVIEW
|
Municipal Value Fund
|
|
as of October 31, 2012
|
Fund Snapshot
|
||||
Share Price
|
$
|
18.66
|
||
Net Asset Value (NAV)
|
$
|
17.78
|
||
Premium/(Discount) to NAV
|
4.95
|
%
|
||
Market Yield
|
4.31
|
%
|
||
Taxable-Equivalent Yield1
|
5.99
|
%
|
||
Net Assets ($000)
|
$
|
231,140
|
||
Leverage
|
||||
Effective Leverage
|
7.10
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 2/25/09)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
14.73
|
%
|
13.23
|
%
|
|||
Since Inception
|
11.90
|
%
|
11.79
|
%
|
States3
|
||||
(as a % of total investments)
|
||||
Illinois
|
10.6
|
%
|
||
Florida
|
9.2
|
%
|
||
California
|
8.8
|
%
|
||
Wisconsin
|
7.9
|
%
|
||
Louisiana
|
7.5
|
%
|
||
Ohio
|
6.8
|
%
|
||
Texas
|
5.9
|
%
|
||
Colorado
|
5.7
|
%
|
||
Indiana
|
5.4
|
%
|
||
Puerto Rico
|
4.8
|
%
|
||
Arizona
|
4.4
|
%
|
||
Michigan
|
4.1
|
%
|
||
Rhode Island
|
3.0
|
%
|
||
New Jersey
|
2.9
|
%
|
||
Other
|
13.0
|
%
|
||
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
Health Care
|
22.8
|
%
|
||
Tax Obligation/Limited
|
19.6
|
%
|
||
Transportation
|
11.2
|
%
|
||
Tax Obligation/General
|
10.2
|
%
|
||
Utilities
|
8.9
|
%
|
||
Consumer Staples
|
8.4
|
%
|
||
Water and Sewer
|
6.3
|
%
|
||
Other
|
12.6
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are given an regarded as having rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Holdings are subject to change.
|
16
|
Nuveen Investments
|
NMI
|
Nuveen Municipal
|
|
Performance
OVERVIEW
|
Income Fund, Inc.
|
|
as of October 31, 2012
|
Fund Snapshot
|
||||
Share Price
|
$
|
12.66
|
||
Net Asset Value (NAV)
|
$
|
11.66
|
||
Premium/(Discount) to NAV
|
8.58
|
%
|
||
Market Yield
|
4.50
|
%
|
||
Taxable-Equivalent Yield1
|
6.25
|
%
|
||
Net Assets ($000)
|
$
|
96,298
|
||
Leverage
|
||||
Effective Leverage
|
8.84
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 4/20/88)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
19.51
|
%
|
14.05
|
%
|
|||
5-Year
|
9.38
|
%
|
7.04
|
%
|
|||
10-Year
|
7.93
|
%
|
6.21
|
%
|
States3
|
||||
(as a % of total investments)
|
||||
California
|
19.2
|
%
|
||
Illinois
|
11.4
|
%
|
||
Colorado
|
8.0
|
%
|
||
Texas
|
7.7
|
%
|
||
Missouri
|
7.3
|
%
|
||
Florida
|
5.2
|
%
|
||
New York
|
4.9
|
%
|
||
Ohio
|
4.1
|
%
|
||
Wisconsin
|
3.9
|
%
|
||
Kentucky
|
3.0
|
%
|
||
Pennsylvania
|
2.8
|
%
|
||
Maryland
|
2.4
|
%
|
||
South Carolina
|
1.8
|
%
|
||
Michigan
|
1.6
|
%
|
||
Alabama
|
1.6
|
%
|
||
Montana
|
1.2
|
%
|
||
Other
|
13.9
|
%
|
Portfolio Composition3
|
||||
(as a % of total investments)
|
||||
Health Care
|
19.6
|
%
|
||
Tax Obligation/Limited
|
17.7
|
%
|
||
Education and Civic Organizations
|
11.6
|
%
|
||
Tax Obligation/General
|
10.1
|
%
|
||
Utilities
|
9.0
|
%
|
||
U.S. Guaranteed
|
7.0
|
%
|
||
Water and Sewer
|
6.3
|
%
|
||
Transportation
|
5.9
|
%
|
||
Other
|
12.8
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, this Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are given an regarded as having rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Holdings are subject to change.
|
Nuveen Investments
|
17
|
NEV
|
Nuveen Enhanced
|
|
Performance
OVERVIEW
|
Municipal Value Fund
|
|
as of October 31, 2012
|
Fund Snapshot
|
||||
Share Price
|
$
|
16.16
|
||
Net Asset Value (NAV)
|
$
|
15.82
|
||
Premium/(Discount) to NAV
|
2.15
|
%
|
||
Market Yield
|
5.94
|
%
|
||
Taxable-Equivalent Yield1
|
8.25
|
%
|
||
Net Assets ($000)
|
$
|
305,341
|
||
Leverage
|
||||
Effective Leverage
|
34.07
|
%
|
Average Annual Total Returns
|
|||||||
(Inception 9/25/09)
|
|||||||
On Share Price
|
On NAV
|
||||||
1-Year
|
25.68
|
%
|
20.67
|
%
|
|||
Since Inception
|
9.21
|
%
|
10.00
|
%
|
States3
|
||||
(as a % of total municipal bonds)
|
||||
California
|
19.0
|
%
|
||
Illinois
|
10.7
|
%
|
||
Michigan
|
6.5
|
%
|
||
Georgia
|
6.5
|
%
|
||
Florida
|
6.2
|
%
|
||
Ohio
|
5.7
|
%
|
||
Pennsylvania
|
5.2
|
%
|
||
Wisconsin
|
5.0
|
%
|
||
Colorado
|
4.2
|
%
|
||
Arizona
|
4.0
|
%
|
||
Texas
|
3.8
|
%
|
||
New York
|
2.9
|
%
|
||
Washington
|
2.1
|
%
|
||
Massachusetts
|
1.9
|
%
|
||
Nevada
|
1.8
|
%
|
||
Other
|
14.5
|
%
|
Portfolio Composition3,4
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
21.8
|
%
|
||
Health Care
|
15.1
|
%
|
||
Transportation
|
15.0
|
%
|
||
Education and Civic Organizations
|
11.3
|
%
|
||
Tax Obligation/General
|
10.4
|
%
|
||
Consumer Staples
|
5.3
|
%
|
||
Long-Term Care
|
4.8
|
%
|
||
Utilities
|
4.1
|
%
|
||
Other
|
12.2
|
%
|
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
|
|
1
|
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing this Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Holdings are subject to change
|
4
|
Excluding investments in derivatives.
|
5
|
The Fund paid shareholders a net ordinary income distribution in December 2011 of $0.0021 per share.
|
18
|
Nuveen Investments
|
NUV
NUW
NMI
NEV
|
Shareholder Meeting Report
|
|
The annual meeting of shareholders was held on July 31, 2012 in the Lobby Conference Room, 333 West Wacker Drive, Chicago, IL 60606; at this meeting the shareholders were asked to vote on the election of Board Members.
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||
Common Shares
|
Common Shares
|
Common Shares
|
Common Shares
|
||||||||||
Approval of the Board Members was reached as follows:
|
|||||||||||||
Robert P. Bremner
|
|||||||||||||
For
|
175,260,805
|
12,140,730
|
7,206,118
|
18,463,992
|
|||||||||
Withhold
|
3,916,156
|
228,157
|
208,954
|
267,867
|
|||||||||
Total
|
179,176,961
|
12,368,887
|
7,415,072
|
18,731,859
|
|||||||||
Jack B. Evans
|
|||||||||||||
For
|
175,390,107
|
12,137,208
|
7,204,602
|
18,477,804
|
|||||||||
Withhold
|
3,786,854
|
231,679
|
210,470
|
254,055
|
|||||||||
Total
|
179,176,961
|
12,368,887
|
7,415,072
|
18,731,859
|
|||||||||
William J. Schneider
|
|||||||||||||
For
|
175,517,124
|
12,138,343
|
7,207,127
|
18,477,921
|
|||||||||
Withhold
|
3,659,837
|
230,544
|
207,945
|
253,938
|
|||||||||
Total
|
179,176,961
|
12,368,887
|
7,415,072
|
18,731,859
|
Nuveen Investments
|
19
|
20
|
Nuveen Investments
|
Nuveen Municipal Value Fund, Inc.
|
||
NUV
|
Portfolio of Investments
|
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Alaska – 0.7%
|
||||||||||
$
|
3,335
|
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 12/01/30 – FGIC Insured
|
12/14 at 100.00
|
AA+
|
$
|
3,461,130
|
||||
5,000
|
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%, 12/01/30 – NPFG Insured
|
6/15 at 100.00
|
AA+
|
5,235,600
|
||||||
3,000
|
Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded 9/01/13) – FGIC Insured
|
9/13 at 100.00
|
AA+ (4)
|
3,119,790
|
||||||
2,500
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
|
6/14 at 100.00
|
B+
|
2,224,675
|
||||||
13,835
|
Total Alaska
|
14,041,195
|
||||||||
Arizona – 0.6%
|
||||||||||
2,500
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38
|
7/18 at 100.00
|
AA–
|
2,755,250
|
||||||
2,575
|
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
|
12/17 at 102.00
|
CCC
|
2,304,934
|
||||||
5,600
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A–
|
6,490,064
|
||||||
1,000
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.250%, 9/01/30
|
9/13 at 100.00
|
A2
|
1,012,680
|
||||||
11,675
|
Total Arizona
|
12,562,928
|
||||||||
Arkansas – 0.2%
|
||||||||||
1,150
|
Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding & Improvement Series 2007, 4.750%, 10/01/33 – SYNCORA GTY Insured
|
10/17 at 100.00
|
A–
|
1,235,077
|
||||||
2,000
|
University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%, 12/01/32 (Pre-refunded 12/01/12) – FGIC Insured
|
12/12 at 100.00
|
Aa2 (4)
|
2,008,040
|
||||||
3,150
|
Total Arkansas
|
3,243,117
|
||||||||
California – 14.3%
|
||||||||||
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006:
|
||||||||||
5,000
|
5.000%, 4/01/37 – BHAC Insured
|
4/16 at 100.00
|
AA+
|
5,536,250
|
||||||
6,000
|
5.000%, 4/01/37
|
4/16 at 100.00
|
A+
|
6,333,840
|
||||||
2,335
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
2,548,419
|
||||||
2,130
|
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
|
6/17 at 100.00
|
A3
|
2,328,559
|
||||||
2,500
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, 5.500%, 6/01/22 (Pre-refunded 12/01/13)
|
12/13 at 100.00
|
AAA
|
2,642,600
|
||||||
California State, General Obligation Bonds, Series 2003:
|
||||||||||
14,600
|
5.250%, 2/01/28
|
8/13 at 100.00
|
A1
|
15,050,848
|
||||||
11,250
|
5.000%, 2/01/33
|
8/13 at 100.00
|
A1
|
11,551,950
|
||||||
16,000
|
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
|
6/17 at 100.00
|
A1
|
17,371,040
|
||||||
5,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
5,535,750
|
||||||
7,625
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
4/13 at 100.00
|
BBB
|
7,654,051
|
||||||
3,295
|
California Statewide Community Development Authority, Health Facility Revenue Refunding Bonds, Memorial Health Services, Series 2003A, 5.500%, 10/01/33 (Pre-refunded 4/01/13)
|
4/13 at 100.00
|
AA– (4)
|
3,368,050
|
||||||
3,500
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
4,283,230
|
||||||
3,600
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
|
7/18 at 100.00
|
AA–
|
4,065,768
|
Nuveen Investments
|
21
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
California (continued)
|
||||||||||
$
|
5,000
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/32 – AGM Insured
|
8/18 at 100.00
|
Aa1
|
$
|
5,091,250
|
||||
4,505
|
Covina-Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured
|
No Opt. Call
|
A+
|
2,107,484
|
||||||
16,045
|
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured
|
8/17 at 42.63
|
Aa2
|
5,396,254
|
||||||
30,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
|
No Opt. Call
|
Aaa
|
25,031,400
|
||||||
21,150
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured
|
6/13 at 100.00
|
Aaa
|
21,740,931
|
||||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
||||||||||
7,435
|
5.000%, 6/01/29 – AMBAC Insured
|
11/12 at 100.00
|
A2
|
7,442,435
|
||||||
11,470
|
5.000%, 6/01/38 – FGIC Insured
|
6/15 at 100.00
|
A2
|
11,687,815
|
||||||
15,000
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A2
|
15,270,150
|
||||||
3,540
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
3,674,343
|
||||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
8,060
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BB–
|
7,213,619
|
||||||
7,870
|
5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
6,747,187
|
||||||
1,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
1,215,600
|
||||||
4,500
|
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.125%, 8/01/37 – AGC Insured
|
8/16 at 102.00
|
AA–
|
4,985,685
|
||||||
6,280
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2003A, 5.000%, 7/01/17 (Pre-refunded 7/01/13) – AGM Insured
|
7/13 at 100.00
|
AAA
|
6,478,762
|
||||||
4,000
|
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
|
12/12 at 102.00
|
N/R
|
3,952,520
|
||||||
Merced Union High School District, Merced County, California, General Obligation Bonds, Series 1999A:
|
||||||||||
2,500
|
0.000%, 8/01/23 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,637,325
|
||||||
2,555
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,562,740
|
||||||
2,365
|
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2004, 0.000%, 8/01/27 – FGIC Insured
|
No Opt. Call
|
A+
|
1,163,911
|
||||||
3,550
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
4,975,822
|
||||||
7,200
|
Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C, 0.000%, 8/01/29 – NPFG Insured
|
8/17 at 54.45
|
Aa2
|
3,181,680
|
||||||
4,900
|
Ontario, California, Certificates of Participation, Water System Improvement Project, Refunding Series 2004, 5.000%, 7/01/29 – NPFG Insured
|
7/14 at 100.00
|
AA
|
5,192,432
|
||||||
2,350
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
2,659,237
|
||||||
10,150
|
Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/33 – AGM Insured
|
No Opt. Call
|
AA
|
3,781,789
|
||||||
2,780
|
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
|
7/15 at 102.00
|
Baa2
|
2,865,151
|
||||||
8,000
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Baa2 (4)
|
8,705,520
|
||||||
15,505
|
Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
BBB+
|
15,555,856
|
22
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
California (continued)
|
||||||||||
San Bruno Park School District, San Mateo County, California, General Obligation Bonds, Series 2000B:
|
||||||||||
$
|
2,575
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
AA
|
$
|
1,647,331
|
||||
2,660
|
0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
AA
|
1,621,110
|
||||||
250
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
288,000
|
||||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
||||||||||
11,605
|
0.000%, 1/15/25 – NPFG Insured
|
No Opt. Call
|
BBB
|
6,291,071
|
||||||
14,740
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
BBB
|
4,427,896
|
||||||
5,000
|
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
|
3/17 at 100.00
|
A2
|
5,460,200
|
||||||
13,220
|
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/28 – NPFG Insured
|
No Opt. Call
|
Aaa
|
7,133,115
|
||||||
5,000
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured
|
No Opt. Call
|
Aa1
|
3,250,650
|
||||||
2,000
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27
|
6/17 at 100.00
|
B+
|
1,833,380
|
||||||
1,300
|
University of California, General Revenue Bonds, Refunding Series 2009O, 5.250%, 5/15/39
|
5/19 at 100.00
|
Aa1
|
1,515,696
|
||||||
349,395
|
Total California
|
301,055,702
|
||||||||
Colorado – 4.7%
|
||||||||||
5,000
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
|
10/16 at 100.00
|
BBB–
|
5,089,100
|
||||||
5,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
|
9/16 at 100.00
|
AA–
|
5,224,300
|
||||||
1,700
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
|
9/18 at 102.00
|
AA–
|
1,866,549
|
||||||
15,925
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
AA
|
17,358,250
|
||||||
750
|
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 5.000%, 12/01/23 – RAAI Insured
|
12/16 at 100.00
|
Baa2
|
777,375
|
||||||
2,000
|
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2012A, 5.000%, 3/01/41
|
3/22 at 100.00
|
Aa2
|
2,294,500
|
||||||
18,915
|
Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 (Pre-refunded 11/15/13) – SYNCORA GTY Insured
|
11/13 at 100.00
|
A+ (4)
|
19,835,404
|
||||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
||||||||||
24,200
|
0.000%, 9/01/31 – NPFG Insured
|
No Opt. Call
|
BBB
|
9,262,308
|
||||||
17,000
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
BBB
|
6,111,840
|
||||||
7,600
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured
|
9/26 at 52.09
|
BBB
|
1,686,896
|
||||||
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
|
||||||||||
7,500
|
0.000%, 9/01/27 – NPFG Insured
|
9/20 at 67.94
|
BBB
|
3,467,175
|
||||||
10,075
|
0.000%, 3/01/36 – NPFG Insured
|
9/20 at 41.72
|
BBB
|
2,726,094
|
||||||
5,000
|
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 – RAAI Insured
|
12/17 at 100.00
|
N/R
|
4,610,150
|
||||||
7,000
|
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.700%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured
|
6/16 at 100.00
|
N/R (4)
|
8,281,910
|
||||||
5,000
|
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding Series 2011, 6.000%, 11/01/26
|
11/21 at 100.00
|
Baa1
|
6,002,850
|
||||||
3,750
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
4,354,800
|
||||||
136,415
|
Total Colorado
|
98,949,501
|
Nuveen Investments
|
23
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Connecticut – 0.3%
|
||||||||||
$
|
1,500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41
|
7/21 at 100.00
|
A
|
$
|
1,625,445
|
||||
8,670
|
Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 2007A, 5.750%, 9/01/34 (5)
|
11/17 at 100.00
|
N/R
|
3,746,047
|
||||||
10,170
|
Total Connecticut
|
5,371,492
|
||||||||
District of Columbia – 0.5%
|
||||||||||
10,000
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
|
10/16 at 100.00
|
A1
|
10,188,400
|
||||||
Florida – 4.6%
|
||||||||||
3,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA–
|
3,387,390
|
||||||
4,285
|
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 2002C, 5.750%, 11/15/32
|
11/12 at 101.00
|
AA+
|
4,342,376
|
||||||
10,000
|
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 6/01/35 (UB)
|
6/15 at 101.00
|
AAA
|
10,820,200
|
||||||
2,650
|
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41
|
10/16 at 100.00
|
A3
|
2,778,207
|
||||||
2,250
|
Jacksonville, Florida, Guaranteed Entitlement Revenue Refunding and Improvement Bonds, Series 2002, 5.375%, 10/01/20 – FGIC Insured
|
11/12 at 100.00
|
AA+
|
2,259,405
|
||||||
3,000
|
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured
|
4/15 at 100.00
|
Aa2
|
3,224,130
|
||||||
5,000
|
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34
|
10/17 at 100.00
|
A3
|
5,206,300
|
||||||
4,090
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/40
|
7/20 at 100.00
|
A–
|
4,480,513
|
||||||
9,500
|
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 6.000%, 8/01/46
|
8/21 at 100.00
|
AA–
|
11,334,640
|
||||||
4,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/29
|
10/20 at 100.00
|
A
|
4,534,320
|
||||||
9,340
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured
|
10/20 at 100.00
|
Aa2
|
10,476,024
|
||||||
2,900
|
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
|
10/16 at 100.00
|
AA–
|
3,069,273
|
||||||
9,250
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 – NPFG Insured
|
7/17 at 100.00
|
BBB
|
9,568,015
|
||||||
2,500
|
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
|
10/17 at 100.00
|
BBB–
|
2,654,750
|
||||||
14,730
|
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
|
8/17 at 100.00
|
AA
|
15,897,205
|
||||||
3,300
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
|
5/22 at 100.00
|
Aa2
|
3,768,897
|
||||||
89,795
|
Total Florida
|
97,801,645
|
||||||||
Georgia – 0.8%
|
||||||||||
10,240
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 – FGIC Insured
|
11/12 at 100.00
|
A1
|
10,269,389
|
||||||
2,500
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – NPFG Insured
|
11/12 at 100.00
|
A1
|
2,507,175
|
||||||
4,000
|
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
|
10/14 at 100.00
|
AA–
|
4,293,360
|
||||||
16,740
|
Total Georgia
|
17,069,924
|
24
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Hawaii – 0.9%
|
||||||||||
$
|
7,140
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company Inc., Series 1997A, 5.650%, 10/01/27 – NPFG Insured
|
10/13 at 100.00
|
BBB
|
$
|
7,225,823
|
||||
1,735
|
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 – NPFG Insured
|
3/13 at 100.00
|
Aa1
|
1,760,799
|
||||||
10,590
|
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 (Pre-refunded 3/01/13) – NPFG Insured
|
3/13 at 100.00
|
Aa1 (4)
|
10,768,653
|
||||||
19,465
|
Total Hawaii
|
19,755,275
|
||||||||
Illinois – 13.2%
|
||||||||||
2,060
|
Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20
|
1/13 at 100.00
|
A+
|
2,067,334
|
||||||
17,205
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured
|
No Opt. Call
|
A+
|
10,608,603
|
||||||
1,500
|
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36
|
1/22 at 100.00
|
AAA
|
1,714,890
|
||||||
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
|
||||||||||
2,585
|
4.750%, 1/01/30 – AGM Insured
|
1/16 at 100.00
|
AA–
|
2,772,697
|
||||||
5,000
|
4.625%, 1/01/31 – AGM Insured
|
1/16 at 100.00
|
AA–
|
5,317,800
|
||||||
285
|
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured
|
11/12 at 100.00
|
Aa3
|
286,049
|
||||||
2,825
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax)
|
1/14 at 100.00
|
AA–
|
2,886,924
|
||||||
3,320
|
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured
|
No Opt. Call
|
BBB
|
2,301,590
|
||||||
3,020
|
Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 – AGM Insured
|
12/16 at 100.00
|
AA–
|
3,307,957
|
||||||
8,875
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA
|
10,098,241
|
||||||
3,260
|
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
|
10/20 at 100.00
|
B2
|
3,392,519
|
||||||
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B:
|
||||||||||
1,615
|
5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured
|
11/13 at 100.00
|
Aa2 (4)
|
1,695,508
|
||||||
385
|
5.250%, 11/01/20 (Pre-refunded 1/01/14) – AGM Insured
|
1/14 at 100.00
|
AA (4)
|
407,388
|
||||||
5,000
|
Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) – AMBAC Insured (Alternative Minimum Tax)
|
11/13 at 101.00
|
A1
|
5,167,350
|
||||||
28,030
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured
|
No Opt. Call
|
Aa3
|
23,548,564
|
||||||
1,800
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured
|
No Opt. Call
|
Aa3
|
1,507,554
|
||||||
3,180
|
Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation, Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12)
|
12/12 at 100.00
|
N/R (4)
|
3,195,868
|
||||||
1,875
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA
|
2,116,594
|
||||||
3,000
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
3,332,310
|
||||||
5,245
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.102%, 7/01/15 (IF)
|
No Opt. Call
|
Aa1
|
6,329,351
|
||||||
5,000
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded 8/15/14)
|
8/14 at 100.00
|
N/R (4)
|
5,460,200
|
||||||
4,910
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
|
5/20 at 100.00
|
A
|
5,711,852
|
||||||
4,800
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
6,236,976
|
||||||
4,135
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
4,534,565
|
Nuveen Investments
|
25
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Illinois (continued)
|
||||||||||
$
|
2,500
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
|
2/21 at 100.00
|
AA–
|
$
|
2,850,150
|
||||
3,000
|
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
|
8/18 at 100.00
|
BBB+
|
3,204,720
|
||||||
8,435
|
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/22 – AMBAC Insured
|
2/13 at 100.00
|
BBB
|
8,448,918
|
||||||
3,180
|
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM)
|
No Opt. Call
|
A (4)
|
3,728,327
|
||||||
5,000
|
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – AMBAC Insured
|
6/15 at 101.00
|
A
|
5,438,450
|
||||||
655
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
|
8/22 at 100.00
|
A
|
736,574
|
||||||
5,000
|
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured
|
1/16 at 100.00
|
CCC
|
3,249,950
|
||||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
|
||||||||||
12,320
|
0.010%, 6/15/17 – FGIC Insured
|
No Opt. Call
|
A3
|
11,059,418
|
||||||
9,270
|
0.010%, 6/15/18 – FGIC Insured
|
No Opt. Call
|
A3
|
8,004,460
|
||||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
|
||||||||||
7,010
|
0.010%, 6/15/17 – FGIC Insured (ETM)
|
No Opt. Call
|
A3 (4)
|
6,608,818
|
||||||
3,800
|
0.010%, 6/15/18 – FGIC Insured (ETM)
|
No Opt. Call
|
A3 (4)
|
3,479,584
|
||||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B:
|
||||||||||
7,250
|
0.000%, 6/15/18 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,260,230
|
||||||
3,385
|
0.000%, 6/15/21 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,523,619
|
||||||
5,190
|
0.000%, 6/15/28 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,627,541
|
||||||
11,670
|
0.000%, 6/15/29 – FGIC Insured
|
No Opt. Call
|
AAA
|
5,610,469
|
||||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
|
||||||||||
10,000
|
0.000%, 6/15/24 – NPFG Insured
|
6/22 at 101.00
|
AAA
|
9,358,600
|
||||||
4,950
|
0.000%, 12/15/32 – NPFG Insured
|
No Opt. Call
|
AAA
|
1,972,575
|
||||||
21,375
|
0.000%, 6/15/34 – NPFG Insured
|
No Opt. Call
|
AAA
|
7,737,750
|
||||||
21,000
|
0.000%, 12/15/35 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,957,720
|
||||||
21,970
|
0.000%, 6/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,993,490
|
||||||
10,375
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
3,223,513
|
||||||
25,825
|
0.000%, 6/15/39 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,926,007
|
||||||
16,800
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured
|
No Opt. Call
|
AA–
|
12,252,912
|
||||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B:
|
||||||||||
3,775
|
5.500%, 6/15/20 – NPFG Insured
|
6/17 at 101.00
|
AAA
|
4,408,332
|
||||||
5,715
|
5.550%, 6/15/21 – NPFG Insured
|
6/17 at 101.00
|
AAA
|
6,631,515
|
||||||
6,095
|
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured
|
No Opt. Call
|
AA
|
8,221,667
|
||||||
1,160
|
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, Series 2007, 4.700%, 3/01/33 – AGC Insured
|
3/17 at 100.00
|
AA–
|
1,217,988
|
||||||
3,000
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
|
3/17 at 100.00
|
A
|
3,252,150
|
||||||
4,900
|
Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/26 – NPFG Insured
|
3/16 at 100.00
|
A
|
5,170,039
|
||||||
550
|
Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax)
|
No Opt. Call
|
BBB
|
509,790
|
||||||
1,575
|
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured
|
No Opt. Call
|
N/R
|
1,310,180
|
26
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Illinois (continued)
|
||||||||||
$
|
720
|
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)
|
No Opt. Call
|
N/R (4)
|
$
|
674,582
|
||||
3,680
|
Will County Community Unit School District 201U, Crete-Monee, Will County, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/16 – FGIC Insured
|
No Opt. Call
|
A+
|
3,405,141
|
||||||
370,040
|
Total Illinois
|
278,053,863
|
||||||||
Indiana – 2.3%
|
||||||||||
300
|
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24
|
4/14 at 100.00
|
BB+
|
255,162
|
||||||
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A:
|
||||||||||
8,010
|
5.375%, 2/01/19 (Pre-refunded 2/01/13) (Alternative Minimum Tax)
|
2/13 at 101.00
|
N/R (4)
|
8,191,186
|
||||||
1,990
|
5.375%, 2/01/19 (Pre-refunded 2/01/13)
|
2/13 at 101.00
|
AAA
|
2,035,730
|
||||||
2,525
|
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 (WI/DD, Settling 11/27/12)
|
5/23 at 100.00
|
A
|
2,765,860
|
||||||
3,000
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 – AMBAC Insured
|
3/14 at 100.00
|
A+
|
3,059,730
|
||||||
2,000
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
|
3/17 at 100.00
|
A–
|
2,162,360
|
||||||
6,735
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
7,276,427
|
||||||
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
|
||||||||||
12,500
|
0.000%, 2/01/21 – AMBAC Insured
|
No Opt. Call
|
AA
|
9,958,750
|
||||||
14,595
|
0.000%, 2/01/27 – AMBAC Insured
|
No Opt. Call
|
AA
|
8,698,474
|
||||||
4,230
|
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.750%, 1/15/32
|
7/20 at 100.00
|
N/R
|
4,577,325
|
||||||
55,885
|
Total Indiana
|
48,981,004
|
||||||||
Iowa – 0.3%
|
||||||||||
580
|
Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, 4.800%, 1/01/37 (Alternative Minimum Tax)
|
7/16 at 100.00
|
Aaa
|
597,342
|
||||||
7,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
|
6/15 at 100.00
|
B+
|
6,612,550
|
||||||
7,580
|
Total Iowa
|
7,209,892
|
||||||||
Kansas – 1.1%
|
||||||||||
10,000
|
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22 (Pre-refunded 3/01/14)
|
3/14 at 100.00
|
AAA
|
10,629,300
|
||||||
17,830
|
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area
B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 |
No Opt. Call
|
BBB
|
11,960,721
|
||||||
27,830
|
Total Kansas
|
22,590,021
|
||||||||
Kentucky – 0.1%
|
||||||||||
935
|
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
|
1/13 at 100.00
|
BBB
|
937,188
|
||||||
1,750
|
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
|
6/18 at 100.00
|
AA–
|
1,936,883
|
||||||
2,685
|
Total Kentucky
|
2,874,071
|
||||||||
Louisiana – 2.8%
|
||||||||||
2,310
|
Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
|
8/20 at 100.00
|
BBB–
|
2,723,444
|
||||||
5,450
|
Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
|
11/20 at 100.00
|
BBB–
|
6,374,974
|
||||||
12,000
|
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
|
11/17 at 100.00
|
BBB–
|
13,528,440
|
Nuveen Investments
|
27
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Louisiana (continued)
|
||||||||||
$
|
5,150
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/32
|
8/15 at 100.00
|
A+
|
$
|
5,346,215
|
||||
3,620
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A, 5.250%, 5/15/38
|
5/17 at 100.00
|
Baa1
|
3,786,954
|
||||||
26,095
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
11/12 at 100.00
|
A–
|
26,746,853
|
||||||
54,625
|
Total Louisiana
|
58,506,880
|
||||||||
Maine – 0.1%
|
||||||||||
1,050
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41
|
7/21 at 100.00
|
Baa3
|
1,266,059
|
||||||
Maryland – 0.6%
|
||||||||||
2,500
|
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39
|
9/16 at 100.00
|
Ba2
|
2,562,550
|
||||||
3,500
|
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
|
11/12 at 100.00
|
N/R
|
3,519,530
|
||||||
1,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36
|
1/22 at 100.00
|
Baa2
|
1,730,055
|
||||||
4,600
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33
|
8/14 at 100.00
|
A2
|
4,884,142
|
||||||
12,100
|
Total Maryland
|
12,696,277
|
||||||||
Massachusetts – 1.2%
|
||||||||||
1,720
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax)
|
11/12 at 100.00
|
A–
|
1,723,062
|
||||||
4,595
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured
|
11/12 at 100.50
|
BBB+
|
4,621,605
|
||||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
|
7/18 at 100.00
|
A–
|
529,930
|
||||||
1,380
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43
|
11/12 at 103.00
|
D
|
1,187,414
|
||||||
1,072
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 6.375%, 2/15/43
|
11/12 at 103.00
|
D
|
107,359
|
||||||
1,650
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 6.625%, 2/15/43
|
11/12 at 103.00
|
D
|
17
|
||||||
2,300
|
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
BBB
|
2,569,698
|
||||||
12,200
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
|
12/18 at 100.00
|
AA–
|
13,155,992
|
||||||
1,630
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30
|
11/12 at 100.00
|
Aaa
|
1,636,308
|
||||||
27,047
|
Total Massachusetts
|
25,531,385
|
||||||||
Michigan – 4.2%
|
||||||||||
3,100
|
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2002A, 5.250%, 5/01/28 (Pre-refunded 5/01/13) – FGIC Insured
|
5/13 at 100.00
|
Aa2 (4)
|
3,177,810
|
||||||
10,740
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
|
5/13 at 100.00
|
B–
|
9,663,637
|
||||||
1,415
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
7/22 at 100.00
|
A+
|
1,536,067
|
||||||
5,000
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D, 4.625%, 7/01/32 – AGM Insured
|
7/16 at 100.00
|
AA–
|
5,111,350
|
||||||
3,700
|
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
|
11/20 at 100.00
|
AA
|
4,074,181
|
28
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Michigan (continued)
|
||||||||||
$
|
8,000
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
$
|
8,231,680
|
||||
3,000
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/26 (Pre-refunded 7/01/13) – AGM Insured
|
7/13 at 100.00
|
AA+ (4)
|
3,094,950
|
||||||
3,000
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
|
7/18 at 100.00
|
AA+
|
3,402,240
|
||||||
7,305
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – FGIC Insured
|
7/18 at 100.00
|
AA+
|
8,295,923
|
||||||
3,000
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.750%, 7/01/37
|
7/21 at 100.00
|
A+
|
3,365,970
|
||||||
2,000
|
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
|
5/20 at 100.00
|
Aa3
|
2,252,000
|
||||||
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
|
5,011,965
|
||||||
5,140
|
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012A, 2.000%, 1/01/13
|
No Opt. Call
|
AAA
|
5,155,728
|
||||||
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
|
4/13 at 100.00
|
Caa2
|
4,449,750
|
||||||
3,500
|
8.000%, 10/01/31
|
4/13 at 100.00
|
Caa2
|
3,114,825
|
||||||
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
|
9,400,075
|
||||||
7,200
|
Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit Edison Company, Series 2002D, 5.250%, 12/15/32 – SYNCORA GTY Insured
|
12/12 at 100.00
|
BBB+
|
7,214,040
|
||||||
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
|
1,485,444
|
||||||
85,210
|
Total Michigan
|
88,037,635
|
||||||||
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–
|
1,840,563
|
||||||
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
|
7,695,454
|
||||||
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
|
2,436,206
|
||||||
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–
|
7,075,384
|
||||||
17,155
|
Total Minnesota
|
19,047,607
|
||||||||
Missouri – 3.3%
|
||||||||||
6,000
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Missouri, 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–
|
6,196,560
|
||||||
40,000
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 2003, 5.250%, 5/15/32
|
5/13 at 100.00
|
AA
|
40,907,600
|
||||||
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–
|
13,551,600
|
||||||
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+
|
4,017,160
|
||||||
West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, Ozark Medical Center, Series 1997:
|
||||||||||
390
|
5.500%, 11/15/12
|
No Opt. Call
|
BB–
|
390,398
|
||||||
1,100
|
5.600%, 11/15/17
|
11/12 at 100.00
|
BB–
|
1,101,342
|
||||||
3,085
|
West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, Ozark Medical Center, Series 1999, 6.750%, 11/15/24
|
11/12 at 100.00
|
BB–
|
3,089,597
|
||||||
66,575
|
Total Missouri
|
69,254,257
|
Nuveen Investments
|
29
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
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
|
3/13 at 101.00
|
A–
|
$
|
3,810,638
|
||||
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
|
5,795,650
|
||||||
Nevada – 1.2%
|
||||||||||
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)
|
2,599,200
|
||||||
5,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
A+
|
5,760,400
|
||||||
863
|
Nevada State Las Vegas Monorail Company, Nevada, Series 2012A, 5.500%, 7/15/19 (6)
|
No Opt. Call
|
N/R
|
622,281
|
||||||
259
|
Nevada State Las Vegas Monorail Company, Nevada, Series 2012B, 3.000%, 6/30/55 (6)
|
No Opt. Call
|
N/R
|
107,435
|
||||||
10,000
|
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
|
5/16 at 100.00
|
A
|
10,256,300
|
||||||
2,500
|
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 18.354%, 7/01/31 – BHAC Insured (IF) (7)
|
7/17 at 100.00
|
AA+
|
3,857,300
|
||||||
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
|
1,547,115
|
||||||
22,622
|
Total Nevada
|
24,750,031
|
||||||||
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
|
1,699,110
|
||||||
New Jersey – 2.9%
|
||||||||||
9,000
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
|
11/12 at 100.00
|
B
|
9,033,750
|
||||||
3,300
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
|
7/18 at 100.00
|
BBB–
|
3,511,728
|
||||||
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+
|
1,568,466
|
||||||
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
|
7,747,500
|
||||||
1,560
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2004B, 5.250%, 12/15/12 – FGIC Insured
|
No Opt. Call
|
A+
|
1,569,750
|
||||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
|
||||||||||
30,000
|
0.000%, 12/15/30 – FGIC Insured
|
No Opt. Call
|
A+
|
13,815,000
|
||||||
27,000
|
0.000%, 12/15/32 – AGM Insured
|
No Opt. Call
|
AA–
|
11,308,680
|
||||||
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
|
||||||||||
105
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
125,116
|
||||||
310
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
362,111
|
||||||
1,150
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
1,249,935
|
||||||
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
|
7,418,068
|
||||||
5,000
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
4,335,950
|
||||||
96,830
|
Total New Jersey
|
62,046,054
|
||||||||
New Mexico – 0.1%
|
||||||||||
1,500
|
University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21
|
No Opt. Call
|
AA
|
1,795,215
|
30
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
New York – 5.8%
|
||||||||||
$
|
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
|
$
|
10,421,500
|
||||
8,500
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida Health, Series 2004, 5.050%, 2/15/25 (Pre-refunded 2/15/14)
|
2/14 at 100.00
|
AAA
|
9,009,235
|
||||||
2,000
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35
|
6/16 at 100.00
|
A
|
2,119,860
|
||||||
1,510
|
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006B, 5.000%, 12/01/31
|
12/16 at 100.00
|
BB+
|
1,569,781
|
||||||
10,000
|
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax)
|
8/13 at 100.50
|
N/R
|
10,150,300
|
||||||
9,850
|
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured
|
9/16 at 100.00
|
BBB
|
10,086,400
|
||||||
5,500
|
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 – AGM Insured (UB)
|
12/14 at 100.00
|
AAA
|
5,950,945
|
||||||
5,000
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27
|
5/17 at 100.00
|
AAA
|
5,687,050
|
||||||
New York City, New York, General Obligation Bonds, Fiscal Series 2003J:
|
||||||||||
1,450
|
5.500%, 6/01/21 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AAA
|
1,494,878
|
||||||
385
|
5.500%, 6/01/22 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AAA
|
396,916
|
||||||
New York City, New York, General Obligation Bonds, Fiscal Series 2004C:
|
||||||||||
190
|
5.250%, 8/15/24
|
8/14 at 100.00
|
AA
|
206,023
|
||||||
255
|
5.250%, 8/15/25
|
8/14 at 100.00
|
AA
|
276,313
|
||||||
New York City, New York, General Obligation Bonds, Fiscal Series 2004C:
|
||||||||||
7,810
|
5.250%, 8/15/24 (Pre-refunded 8/15/14)
|
8/14 at 100.00
|
Aa2 (4)
|
8,494,000
|
||||||
5,745
|
5.250%, 8/15/25 (Pre-refunded 8/15/14)
|
8/14 at 100.00
|
Aa2 (4)
|
6,248,147
|
||||||
10,355
|
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2012A, 2.000%, 6/15/13
|
No Opt. Call
|
AAA
|
10,478,535
|
||||||
820
|
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1C, 5.500%, 6/01/18
|
11/12 at 100.00
|
AA–
|
823,534
|
||||||
28,810
|
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/19
|
6/13 at 100.00
|
AA–
|
29,660,759
|
||||||
8,575
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
12/20 at 100.00
|
BBB–
|
10,033,179
|
||||||
116,755
|
Total New York
|
123,107,355
|
||||||||
North Carolina – 0.7%
|
||||||||||
1,500
|
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series 2003G, 5.000%, 6/01/33
|
6/13 at 100.00
|
AA+
|
1,533,615
|
||||||
3,000
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
|
1/18 at 100.00
|
AA–
|
3,196,140
|
||||||
1,500
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37
|
1/21 at 100.00
|
AA–
|
1,683,270
|
||||||
2,500
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2003D, 5.125%, 1/01/26 (Pre-refunded 1/01/13)
|
1/13 at 100.00
|
A– (4)
|
2,520,275
|
||||||
1,500
|
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A, 5.000%, 2/01/20 (Pre-refunded 2/01/14)
|
2/14 at 100.00
|
AA+ (4)
|
1,588,635
|
||||||
2,000
|
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31
|
10/17 at 100.00
|
AA–
|
2,106,660
|
||||||
1,930
|
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2010A, 5.000%, 6/01/42
|
6/20 at 100.00
|
AA
|
2,218,670
|
||||||
13,930
|
Total North Carolina
|
14,847,265
|
||||||||
North Dakota – 0.5%
|
||||||||||
7,820
|
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
|
11/21 at 100.00
|
A+
|
9,600,223
|
Nuveen Investments
|
31
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Ohio – 3.2%
|
||||||||||
$
|
10,000
|
American Municipal Power Ohio Inc., Ohio, General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
|
2/18 at 100.00
|
A1
|
$
|
10,936,200
|
||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
||||||||||
5,745
|
5.375%, 6/01/24
|
6/17 at 100.00
|
B
|
5,133,789
|
||||||
1,775
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B
|
1,550,818
|
||||||
5,500
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B+
|
4,774,330
|
||||||
17,165
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
14,523,993
|
||||||
3,520
|
6.000%, 6/01/42
|
6/17 at 100.00
|
BBB
|
3,051,347
|
||||||
11,940
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB
|
10,252,520
|
||||||
16,395
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37
|
6/22 at 100.00
|
B+
|
14,293,489
|
||||||
1,730
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41
|
11/21 at 100.00
|
AA–
|
2,100,756
|
||||||
73,770
|
Total Ohio
|
66,617,242
|
||||||||
Oklahoma – 0.8%
|
||||||||||
1,400
|
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26
|
8/21 at 100.00
|
N/R
|
1,548,330
|
||||||
9,955
|
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 5.125%, 2/15/31
|
2/14 at 100.00
|
A
|
10,149,620
|
||||||
5,045
|
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 5.125%, 2/15/31 (Pre-refunded 2/15/14)
|
2/14 at 100.00
|
AA+ (4)
|
5,361,624
|
||||||
16,400
|
Total Oklahoma
|
17,059,574
|
||||||||
Oregon – 0.1%
|
||||||||||
2,860
|
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/32
|
10/17 at 100.00
|
A
|
3,082,279
|
||||||
Pennsylvania – 1.6%
|
||||||||||
10,300
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn Allegheny Health System, Series 2007A, 5.000%, 11/15/28
|
11/17 at 100.00
|
B–
|
7,317,120
|
||||||
6,500
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured
|
12/14 at 100.00
|
Aa3
|
7,048,470
|
||||||
8,000
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D, 5.125%, 6/01/34 (Pre-refunded 6/01/14) – FGIC Insured
|
6/14 at 100.00
|
AA (4)
|
8,606,880
|
||||||
10,075
|
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured
|
6/13 at 100.00
|
AA+ (4)
|
10,354,682
|
||||||
34,875
|
Total Pennsylvania
|
33,327,152
|
||||||||
Puerto Rico – 2.6%
|
||||||||||
8,340
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
|
7/18 at 100.00
|
Baa2
|
8,727,643
|
||||||
13,000
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/39 – FGIC Insured
|
No Opt. Call
|
Baa1
|
13,742,300
|
||||||
5,450
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26 (Alternative Minimum Tax)
|
12/12 at 100.00
|
Ba1
|
5,471,691
|
||||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A:
|
||||||||||
11,000
|
0.000%, 8/01/32
|
8/26 at 100.00
|
A+
|
11,180,730
|
||||||
4,985
|
6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
5,521,187
|
||||||
4,310
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41
|
8/20 at 100.00
|
A+
|
4,561,144
|
||||||
76,485
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
AA–
|
6,433,918
|
||||||
123,570
|
Total Puerto Rico
|
55,638,613
|
32
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Rhode Island – 1.2%
|
||||||||||
$
|
6,250
|
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – NPFG Insured
|
11/12 at 100.00
|
Baa1
|
$
|
6,258,375
|
||||
19,205
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
|
11/12 at 100.00
|
BBB–
|
19,588,908
|
||||||
25,455
|
Total Rhode Island
|
25,847,283
|
||||||||
South Carolina – 2.1%
|
||||||||||
7,000
|
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/29
|
12/14 at 100.00
|
AA–
|
7,563,850
|
||||||
3,000
|
Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A, 5.000%, 6/01/36 – FGIC Insured
|
6/14 at 100.00
|
A+
|
3,073,530
|
||||||
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
|
||||||||||
11,735
|
0.000%, 1/01/28 – AMBAC Insured
|
No Opt. Call
|
AA–
|
6,724,742
|
||||||
9,500
|
0.000%, 1/01/29 – AMBAC Insured
|
No Opt. Call
|
AA–
|
5,198,020
|
||||||
16,430
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30
|
11/12 at 100.00
|
A
|
16,490,462
|
||||||
4,215
|
Spartanburg Sanitary Sewer District, South Carolina, Sewer System Revenue Bonds, Series 2003B, 5.000%, 3/01/38 – NPFG Insured
|
3/14 at 100.00
|
AA–
|
4,410,028
|
||||||
51,880
|
Total South Carolina
|
43,460,632
|
||||||||
Tennessee – 0.7%
|
||||||||||
10,300
|
Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital Project, Series 2008, 5.625%, 4/01/38
|
4/18 at 100.00
|
A+
|
11,716,662
|
||||||
3,000
|
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
|
9/16 at 100.00
|
BBB+
|
3,141,120
|
||||||
13,300
|
Total Tennessee
|
14,857,782
|
||||||||
Texas – 8.0%
|
||||||||||
5,000
|
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) (8)
|
12/12 at 100.00
|
N/R
|
3,237,800
|
||||||
2,000
|
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/34
|
1/17 at 100.00
|
Ba2
|
2,052,240
|
||||||
5,560
|
Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/38
|
2/17 at 100.00
|
AAA
|
6,280,020
|
||||||
5,110
|
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)
|
4/13 at 101.00
|
Ca
|
714,225
|
||||||
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue Bonds, Series 2005:
|
||||||||||
4,000
|
5.000%, 1/01/35 – FGIC Insured
|
1/15 at 100.00
|
BBB
|
4,072,840
|
||||||
31,550
|
5.000%, 1/01/45 – FGIC Insured
|
1/15 at 100.00
|
BBB
|
32,059,217
|
||||||
5,000
|
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
|
2/17 at 100.00
|
AA+
|
5,626,200
|
||||||
11,900
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/27 – NPFG Insured
|
No Opt. Call
|
BBB
|
5,155,556
|
||||||
3,880
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 5.250%, 11/15/30 – NPFG Insured
|
11/12 at 100.00
|
BBB
|
3,885,277
|
||||||
13,870
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/33 – NPFG Insured
|
11/24 at 59.10
|
BBB
|
4,181,528
|
||||||
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B:
|
||||||||||
24,755
|
0.000%, 9/01/29 – AMBAC Insured
|
No Opt. Call
|
A2
|
11,186,289
|
||||||
10,000
|
0.000%, 9/01/31 – AMBAC Insured
|
No Opt. Call
|
A2
|
3,977,900
|
||||||
5,000
|
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
|
2/16 at 100.00
|
BBB–
|
5,186,950
|
Nuveen Investments
|
33
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Texas (continued)
|
||||||||||
$
|
2,000
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax)
|
11/22 at 100.00
|
BBB–
|
$
|
2,161,800
|
||||
1,750
|
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36
|
4/21 at 100.00
|
BBB
|
1,969,065
|
||||||
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation Series 2008I:
|
||||||||||
30,000
|
0.000%, 1/01/42 – AGC Insured
|
1/25 at 100.00
|
AA–
|
32,699,700
|
||||||
5,220
|
0.000%, 1/01/43
|
1/25 at 100.00
|
A2
|
5,807,720
|
||||||
15,450
|
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008D, 0.000%, 1/01/36 – AGC Insured
|
No Opt. Call
|
AA–
|
5,320,517
|
||||||
5,000
|
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/34
|
12/13 at 100.00
|
A+
|
5,128,600
|
||||||
2,000
|
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003A, 5.800%, 7/01/22
|
7/13 at 101.00
|
CC
|
215,920
|
||||||
3,000
|
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured
|
5/15 at 100.00
|
Aa1
|
3,235,350
|
||||||
11,585
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources Trust 1201, 9.101%, 2/15/30 (IF)
|
2/17 at 100.00
|
AA–
|
13,408,711
|
||||||
4,810
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45
|
8/20 at 100.00
|
AA–
|
5,451,846
|
||||||
5,000
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Christus Health, Series 2008, 6.500%, 7/01/37 – AGC Insured
|
1/19 at 100.00
|
AA–
|
5,887,400
|
||||||
213,440
|
Total Texas
|
168,902,671
|
||||||||
Utah – 0.3%
|
||||||||||
3,260
|
Eagle Mountain, Utah, Gas and Electric Revenue Bonds, Series 2005, 5.000%, 6/01/24 – RAAI Insured
|
6/15 at 100.00
|
N/R
|
3,371,525
|
||||||
70
|
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%, 7/01/30 (Alternative Minimum Tax)
|
11/12 at 100.00
|
Aaa
|
70,073
|
||||||
3,700
|
Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%, 4/01/35 (Pre-refunded 4/01/14) – NPFG Insured
|
4/14 at 100.00
|
AA (4)
|
3,945,384
|
||||||
7,030
|
Total Utah
|
7,386,982
|
||||||||
Virginia – 1.2%
|
||||||||||
1,500
|
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
|
10/17 at 100.00
|
BBB
|
1,548,900
|
||||||
10,000
|
Metropolitan Washington DC Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
|
10/28 at 100.00
|
BBB+
|
8,785,300
|
||||||
6,675
|
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 – SYNCORA GTY Insured
|
2/17 at 100.00
|
BBB
|
7,035,851
|
||||||
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012:
|
||||||||||
1,180
|
5.250%, 1/01/32 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
1,292,265
|
||||||
1,650
|
6.000%, 1/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
1,903,721
|
||||||
3,770
|
5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
4,146,435
|
||||||
24,775
|
Total Virginia
|
24,712,472
|
||||||||
Washington – 4.7%
|
||||||||||
6,400
|
Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds, Series 2004, 5.000%, 9/01/34 – FGIC Insured
|
9/14 at 100.00
|
A1
|
6,588,864
|
||||||
4,000
|
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 2003A, 5.500%, 7/01/17 (Pre-refunded 7/01/13) – SYNCORA GTY Insured
|
7/13 at 100.00
|
Aa1 (4)
|
4,140,760
|
34
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Washington (continued)
|
||||||||||
$
|
3,475
|
Port of Seattle, Washington, General Obligation Bonds, Series 2004B, 5.000%, 11/01/19 – AGM Insured (Alternative Minimum Tax)
|
11/13 at 100.00
|
AAA
|
$
|
3,632,696
|
||||
2,400
|
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.375%, 12/01/33
|
12/20 at 100.00
|
Baa3
|
2,575,344
|
||||||
3,780
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35
|
1/21 at 100.00
|
A
|
4,250,345
|
||||||
12,000
|
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/33
|
10/22 at 100.00
|
AA
|
13,795,200
|
||||||
8,200
|
Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 0.000%, 7/01/14
|
No Opt. Call
|
Aa1
|
8,109,800
|
||||||
2,500
|
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
|
12/17 at 100.00
|
N/R
|
2,568,550
|
||||||
5,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured
|
10/16 at 100.00
|
AA
|
5,294,250
|
||||||
2,690
|
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured
|
8/17 at 100.00
|
BBB
|
2,812,476
|
||||||
6,400
|
Washington State Housing Finance Commission, Single Family Program Bonds, 2006 Series 3A, 5.000%, 12/01/37 (Alternative Minimum Tax)
|
12/15 at 100.00
|
Aaa
|
6,594,368
|
||||||
23,185
|
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.625%, 6/01/32
|
6/13 at 100.00
|
Baa1
|
24,170,363
|
||||||
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:
|
||||||||||
9,000
|
0.000%, 6/01/29 – NPFG Insured
|
No Opt. Call
|
AA+
|
5,217,389
|
||||||
16,195
|
0.000%, 6/01/30 – NPFG Insured
|
No Opt. Call
|
AA+
|
8,975,429
|
||||||
105,225
|
Total Washington
|
98,725,834
|
||||||||
Wisconsin – 3.1%
|
||||||||||
7,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior Credit Group, Series 2010E, 5.000%, 11/15/33
|
11/19 at 100.00
|
AA+
|
7,790,720
|
||||||
6,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13)
|
9/13 at 100.00
|
BBB+ (4)
|
6,272,880
|
||||||
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A, 5.000%, 2/15/17
|
2/16 at 100.00
|
A–
|
1,100,880
|
||||||
2,375
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40
|
2/22 at 100.00
|
A–
|
2,570,083
|
||||||
4,390
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39
|
6/22 at 100.00
|
A2
|
4,734,659
|
||||||
2,500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2009, 6.000%, 12/01/38
|
12/18 at 100.00
|
A+
|
2,817,100
|
||||||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A:
|
||||||||||
3,500
|
5.750%, 5/01/35
|
5/21 at 100.00
|
A+
|
4,039,910
|
||||||
5,000
|
6.000%, 5/01/41
|
5/21 at 100.00
|
A+
|
5,790,700
|
||||||
6,600
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32
|
8/22 at 100.00
|
A+
|
7,359,132
|
||||||
10,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2010, 5.000%, 6/01/30
|
6/20 at 100.00
|
AA–
|
11,121,400
|
||||||
245
|
Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series 2005C, 4.875%, 3/01/36 (Alternative Minimum Tax)
|
9/14 at 100.00
|
AA
|
247,989
|
||||||
8,945
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.250%, 5/01/37
|
5/19 at 100.00
|
AA–
|
11,069,972
|
||||||
57,555
|
Total Wisconsin
|
64,915,425
|
Nuveen Investments
|
35
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Wyoming – 0.2%
|
||||||||||
$
|
2,035
|
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
|
7/19 at 100.00
|
A1
|
$
|
2,341,186
|
||||
1,850
|
West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40
|
6/21 at 100.00
|
BBB
|
2,244,529
|
||||||
3,885
|
Total Wyoming
|
4,585,715
|
||||||||
$
|
2,412,149
|
Total Investments (cost $1,902,194,654) – 99.3%
|
2,090,659,327
|
|||||||
Floating Rate Obligations – (0.7)%
|
(14,380,000
|
) | ||||||||
Other Assets Less Liabilities – 1.4%
|
29,043,402
|
|||||||||
Net Assets – 100%
|
$
|
2,105,322,729
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
|
|
(5)
|
On April 13, 2012, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.75% to 4.26%. Additionally, the Adviser instructed the Fund’s custodian to reduce any corresponding current and past due receivable balances by an equal percentage amount.
|
|
(6)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
|
|
(7)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(8)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
N/R
|
Not rated.
|
|
WI/DD
|
Purchased on a when-issued or delayed delivery basis.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
|
See accompanying notes to financial statements.
|
36
|
Nuveen Investments
|
Nuveen AMT-Free Municipal Value Fund
|
||
|
(formerly known as Nuveen Municipal Value Fund 2)
|
|
NUW
|
Portfolio of Investments
|
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Alaska – 0.6%
|
||||||||||
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A:
|
||||||||||
$
|
1,050
|
4.625%, 6/01/23
|
6/14 at 100.00
|
Ba1
|
$
|
1,053,140
|
||||
350
|
5.000%, 6/01/46
|
6/14 at 100.00
|
B+
|
298,330
|
||||||
1,400
|
Total Alaska
|
1,351,470
|
||||||||
Arizona – 4.3%
|
||||||||||
1,520
|
Arizona School Facilities Board, Certificates of Participation, Series 2003A, 5.000%, 9/01/13 – NPFG Insured
|
No Opt. Call
|
A+
|
1,580,344
|
||||||
4,000
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40
|
2/19 at 100.00
|
BBB
|
4,796,680
|
||||||
3,045
|
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–
|
3,528,972
|
||||||
8,565
|
Total Arizona
|
9,905,996
|
||||||||
California – 8.7%
|
||||||||||
2,500
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34
|
4/19 at 100.00
|
A2
|
2,966,950
|
||||||
500
|
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.775%, 3/01/18 – AGM Insured (IF)
|
No Opt. Call
|
AA–
|
811,900
|
||||||
1,800
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45
|
6/15 at 100.00
|
A2
|
1,832,418
|
||||||
3,635
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
|
6/17 at 100.00
|
BB–
|
3,116,395
|
||||||
1,750
|
Lodi Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2002 Series 2004, 5.000%, 8/01/29 (Pre-refunded 8/01/13) – AGM Insured
|
8/13 at 100.00
|
AA– (4)
|
1,812,948
|
||||||
450
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
630,738
|
||||||
10,200
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
|
8/29 at 100.00
|
AA–
|
8,855,027
|
||||||
20,835
|
Total California
|
20,026,376
|
||||||||
Colorado – 5.6%
|
||||||||||
1,000
|
Cherry Creek School District 5, Arapahoe County, Colorado, General Obligation Bonds, Series 2005B, 6.000%, 12/15/12
|
No Opt. Call
|
AA
|
1,007,090
|
||||||
5,000
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 11/15/25 – SYNCORA GTY Insured
|
11/15 at 100.00
|
A+
|
5,544,850
|
||||||
3,605
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – NPFG Insured
|
9/20 at 67.94
|
BBB
|
1,666,555
|
||||||
4,000
|
Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.375%, 12/01/37 – AGC Insured
|
12/19 at 100.00
|
AA–
|
4,692,520
|
||||||
13,605
|
Total Colorado
|
12,911,015
|
||||||||
Florida – 9.1%
|
||||||||||
9,500
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41
|
10/19 at 100.00
|
A
|
10,867,999
|
||||||
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1:
|
||||||||||
2,500
|
6.000%, 7/01/38
|
7/18 at 100.00
|
Aa2
|
2,970,450
|
||||||
2,000
|
5.625%, 7/01/38
|
7/18 at 100.00
|
Aa2
|
2,336,880
|
||||||
2,000
|
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/32 (Pre-refunded 1/01/13) – FGIC Insured
|
1/13 at 100.00
|
AA+ (4)
|
2,016,180
|
||||||
300
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
|
5/17 at 100.00
|
N/R
|
215,271
|
Nuveen Investments
|
37
|
Nuveen AMT-Free Municipal Value Fund (continued)
|
||
NUW
|
Portfolio of Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Florida (continued)
|
||||||||||
$
|
865
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40
|
5/19 at 100.00
|
N/R
|
$
|
498,301
|
||||
375
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40
|
5/22 at 100.00
|
N/R
|
158,914
|
||||||
525
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.450%, 5/01/23 (5)
|
5/18 at 100.00
|
N/R
|
5
|
||||||
70
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing ParcelSeries 2007-1. RMKT, 6.450%, 5/01/23 (5)
|
5/18 at 100.00
|
N/R
|
37,586
|
||||||
910
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.450%, 5/01/23
|
5/17 at 100.00
|
N/R
|
889,498
|
||||||
2,120
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.450%, 5/01/23 (5)
|
5/18 at 100.00
|
N/R
|
967,038
|
||||||
21,165
|
Total Florida
|
20,958,122
|
||||||||
Georgia – 0.8%
|
||||||||||
495
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
|
1/19 at 100.00
|
A2
|
587,476
|
||||||
1,000
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
|
6/20 at 100.00
|
B–
|
1,249,990
|
||||||
1,495
|
Total Georgia
|
1,837,466
|
||||||||
Illinois – 10.4%
|
||||||||||
3,000
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/37 – FGIC Insured
|
No Opt. Call
|
Aa3
|
902,010
|
||||||
725
|
Cook and DuPage Counties High School District 210 Lemont, Illinois, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/26 – NPFG Insured
|
1/16 at 100.00
|
Aa2
|
802,104
|
||||||
1,885
|
Cook County Township High School District 225 Northfield, Illinois, General Obligation Bonds, Capital Appreciation Refunding Series 2002B, 0.000%, 12/01/15 – NPFG Insured
|
No Opt. Call
|
AAA
|
1,822,135
|
||||||
5,000
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 6.000%, 8/15/39
|
8/19 at 100.00
|
AA+
|
5,886,300
|
||||||
3,500
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, 11/15/37
|
5/19 at 100.00
|
A
|
4,259,710
|
||||||
5,000
|
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/38
|
11/18 at 100.00
|
A2
|
6,308,649
|
||||||
3,970
|
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34
|
5/17 at 100.00
|
BBB+
|
4,179,219
|
||||||
23,080
|
Total Illinois
|
24,160,127
|
||||||||
Indiana – 5.3%
|
||||||||||
5,000
|
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 2009A, 6.750%, 3/01/39
|
3/19 at 100.00
|
A+
|
5,935,900
|
||||||
3,650
|
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–
|
3,946,307
|
||||||
2,000
|
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%, 1/01/39
|
1/19 at 100.00
|
A+
|
2,423,120
|
||||||
10,650
|
Total Indiana
|
12,305,327
|
||||||||
Iowa – 1.2%
|
||||||||||
3,025
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38
|
6/15 at 100.00
|
B+
|
2,812,706
|
||||||
Kansas – 0.3%
|
||||||||||
1,000
|
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
|
670,820
|
38
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Louisiana – 7.4%
|
||||||||||
$
|
5,000
|
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 6.125%, 6/01/25 – AGC Insured
|
6/18 at 100.00
|
AA–
|
$
|
5,876,250
|
||||
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
|
||||||||||
7,000
|
5.375%, 5/15/43
|
5/17 at 100.00
|
Baa1
|
7,343,909
|
||||||
275
|
5.500%, 5/15/47
|
5/17 at 100.00
|
Baa1
|
290,934
|
||||||
3,255
|
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37
|
6/17 at 100.00
|
BBB
|
3,507,100
|
||||||
15,530
|
Total Louisiana
|
17,018,193
|
||||||||
Maine – 2.0%
|
||||||||||
3,335
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Tender Option Bond Trust 2009-5B, 13.484%, 7/01/39 (IF) (6)
|
7/19 at 100.00
|
Aa2
|
4,628,380
|
||||||
Massachusetts – 0.7%
|
||||||||||
1,000
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2989, 13.074%, 8/01/38 (IF)
|
8/19 at 100.00
|
AAA
|
1,537,270
|
||||||
Michigan – 4.0%
|
||||||||||
3,000
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D, 5.000%, 7/01/32 – AGM Insured
|
7/16 at 100.00
|
AA–
|
3,146,610
|
||||||
5,000
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
5,144,800
|
||||||
1,050
|
Huron Valley School District, Oakland and Livingston Counties, Michigan, General Obligation Bonds, Refunding Series 2008, 5.000%, 5/01/13 – AGM Insured
|
No Opt. Call
|
Aa2
|
1,074,308
|
||||||
9,050
|
Total Michigan
|
9,365,718
|
||||||||
Nevada – 2.8%
|
||||||||||
250
|
Clark County, Nevada, Senior Lien Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/40 – AMBAC Insured
|
7/15 at 100.00
|
Aa2
|
268,578
|
||||||
5,415
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
|
6/19 at 100.00
|
BBB–
|
6,199,363
|
||||||
5,665
|
Total Nevada
|
6,467,941
|
||||||||
New Jersey – 2.8%
|
||||||||||
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B:
|
||||||||||
2,135
|
7.125%, 12/01/23
|
6/19 at 100.00
|
A–
|
2,746,912
|
||||||
3,000
|
7.500%, 12/01/32
|
6/19 at 100.00
|
A–
|
3,783,570
|
||||||
5,135
|
Total New Jersey
|
6,530,482
|
||||||||
New York – 1.7%
|
||||||||||
3,000
|
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
|
No Opt. Call
|
A
|
3,691,950
|
||||||
130
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
12/20 at 100.00
|
BBB–
|
152,107
|
||||||
3,130
|
Total New York
|
3,844,057
|
||||||||
North Carolina – 1.3%
|
||||||||||
3,000
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 1/01/19 – NPFG Insured
|
1/13 at 100.00
|
A
|
3,024,570
|
Nuveen Investments
|
39
|
Nuveen AMT-Free Municipal Value Fund (continued)
|
||
NUW
|
Portfolio of Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Ohio – 6.7%
|
||||||||||
$
|
5,000
|
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2009A, 5.750%, 2/15/39 – AGC Insured
|
2/19 at 100.00
|
AA–
|
$
|
5,750,000
|
||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
||||||||||
2,115
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B+
|
1,835,947
|
||||||
5,885
|
6.500%, 6/01/47
|
6/17 at 100.00
|
BB
|
5,532,077
|
||||||
2,000
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University Hospitals Health System, Series 2009, 6.750%, 1/15/39 (Pre-refunded 1/15/15)
|
1/15 at 100.00
|
A (4)
|
2,278,240
|
||||||
15,000
|
Total Ohio
|
15,396,264
|
||||||||
Puerto Rico – 4.7%
|
||||||||||
4,390
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
|
7/18 at 100.00
|
Baa2
|
4,594,047
|
||||||
3,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
3,322,680
|
||||||
2,500
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bonds Trust 11851, 18.446%, 2/01/16 (IF)
|
No Opt. Call
|
AA–
|
3,031,700
|
||||||
9,890
|
Total Puerto Rico
|
10,948,427
|
||||||||
Rhode Island – 3.0%
|
||||||||||
3,000
|
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39
|
5/19 at 100.00
|
A–
|
3,548,280
|
||||||
3,240
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
|
11/12 at 100.00
|
BBB+
|
3,304,768
|
||||||
6,240
|
Total Rhode Island
|
6,853,048
|
||||||||
Texas – 5.8%
|
||||||||||
3,550
|
Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/31
|
8/16 at 46.64
|
Aaa
|
1,518,051
|
||||||
5,300
|
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
|
1/18 at 100.00
|
A3
|
5,849,663
|
||||||
5,000
|
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/34
|
12/13 at 100.00
|
A+
|
5,128,600
|
||||||
1,000
|
Texas State, General Obligation Bonds, Public Financing Authority, Refunding Series 2011, 4.000%, 10/01/13
|
No Opt. Call
|
Aaa
|
1,034,920
|
||||||
14,850
|
Total Texas
|
13,531,234
|
||||||||
Virgin Islands – 0.5%
|
||||||||||
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
|
10/19 at 100.00
|
BBB
|
1,184,460
|
||||||
Virginia – 1.1%
|
||||||||||
2,000
|
Washington County Industrial Development Authority , Virginia, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38
|
1/19 at 100.00
|
BBB+
|
2,494,700
|
40
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Wisconsin – 7.7%
|
||||||||||
$
|
5,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., Series 2003, 6.400%, 4/15/33
|
4/13 at 100.00
|
A
|
$
|
5,069,700
|
||||
1,500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39
|
2/19 at 100.00
|
A+
|
1,760,145
|
||||||
9,000
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
|
5/19 at 100.00
|
AA–
|
11,051,098
|
||||||
15,500
|
Total Wisconsin
|
17,880,943
|
||||||||
$
|
215,145
|
Total Investments (cost $183,350,011) – 98.5%
|
227,645,112
|
|||||||
Other Assets Less Liabilities – 1.5%
|
3,494,663
|
|||||||||
Net Assets – 100%
|
$
|
231,139,775
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
|
|
(5)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
N/R
|
Not rated.
|
|
(IF)
|
Inverse floating rate investment.
|
Nuveen Investments
|
41
|
|
Nuveen Municipal Income Fund, Inc.
|
|
NMI
|
Portfolio of Investments
|
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Alabama – 1.6%
|
||||||||||
$
|
1,000
|
Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax)
|
6/15 at 100.00
|
BBB
|
$
|
1,034,110
|
||||
500
|
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
|
1/14 at 100.00
|
AA
|
509,610
|
||||||
1,500
|
Total Alabama
|
1,543,720
|
||||||||
Arizona – 0.6%
|
||||||||||
500
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28
|
No Opt. Call
|
A–
|
590,755
|
||||||
California – 19.4%
|
||||||||||
5,530
|
Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 1997A, 0.000%, 9/01/22 – NPFG Insured
|
No Opt. Call
|
A+
|
3,938,245
|
||||||
Brea Olinda Unified School District, California, General Obligation Bonds, Series 1999A:
|
||||||||||
2,000
|
0.000%, 8/01/21 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,496,900
|
||||||
2,070
|
0.000%, 8/01/22 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,465,022
|
||||||
2,120
|
0.000%, 8/01/23 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,407,616
|
||||||
450
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21
|
12/18 at 100.00
|
B2
|
449,519
|
||||||
250
|
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 4.800%, 8/01/37 (Alternative Minimum Tax)
|
2/17 at 100.00
|
BBB
|
238,423
|
||||||
2,500
|
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.000%, 6/01/25
|
6/14 at 100.00
|
A2
|
2,634,200
|
||||||
375
|
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.000%, 10/01/29
|
10/19 at 100.00
|
BBB+
|
416,516
|
||||||
1,000
|
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39
|
7/15 at 100.00
|
BBB
|
1,025,640
|
||||||
1,500
|
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
|
1,556,925
|
||||||
1,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47
|
6/17 at 100.00
|
BB–
|
895,930
|
||||||
500
|
Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds, Series 2003H, 6.375%, 10/01/33
|
10/13 at 102.00
|
N/R
|
515,525
|
||||||
250
|
Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36
|
3/20 at 100.00
|
A+
|
270,173
|
||||||
300
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 7.000%, 11/01/34
|
No Opt. Call
|
A
|
437,016
|
||||||
250
|
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
|
6/20 at 100.00
|
A–
|
283,968
|
||||||
385
|
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24
|
2/21 at 100.00
|
A–
|
461,919
|
||||||
1,000
|
Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22
|
12/21 at 100.00
|
A
|
1,180,430
|
||||||
21,480
|
Total California
|
18,673,967
|
||||||||
Colorado – 8.1%
|
||||||||||
1,000
|
Adams State College, Colorado, Institutional Enterprise Revenue Bonds, Series 2012, 5.000%, 5/15/37
|
5/22 at 100.00
|
Aa2
|
1,153,620
|
||||||
1,000
|
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
|
1,090,000
|
||||||
1,000
|
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/35
|
6/16 at 100.00
|
A–
|
1,038,970
|
42
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Colorado (continued)
|
||||||||||
$
|
1,400
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 4.000%, 11/15/43
|
11/22 at 100.00
|
A+
|
$
|
1,415,582
|
||||
1,000
|
Denver West Metropolitan District, Jefferson County, Colorado, General Obligation Refunding Bonds, Series 2012A, 4.000%, 12/01/32 – AGM Insured
|
12/22 at 100.00
|
AA–
|
1,049,530
|
||||||
1,000
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
|
12/20 at 100.00
|
AA–
|
1,176,840
|
||||||
520
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.125%, 11/15/23
|
No Opt. Call
|
A
|
636,085
|
||||||
250
|
Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.250%, 12/01/34 – RAAI Insured
|
12/17 at 100.00
|
N/R
|
243,675
|
||||||
7,170
|
Total Colorado
|
7,804,302
|
||||||||
Connecticut – 1.1%
|
||||||||||
825
|
Capitol Region Education Council, Connecticut, Revenue Bonds, Series 1995, 6.750%, 10/15/15
|
4/13 at 100.00
|
BBB
|
828,407
|
||||||
180
|
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax)
|
1/13 at 100.00
|
BBB
|
180,657
|
||||||
1,005
|
Total Connecticut
|
1,009,064
|
||||||||
Florida – 5.2%
|
||||||||||
105
|
Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy Residential Services Inc., Series 1995, 8.000%, 6/01/22
|
12/12 at 100.00
|
N/R
|
105,023
|
||||||
500
|
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31
|
4/21 at 100.00
|
BBB+
|
584,915
|
||||||
1,250
|
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax)
|
12/12 at 100.00
|
BB+
|
1,254,975
|
||||||
600
|
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Refunding Bonds, Indiantown Cogeneration LP, Series 1995B, 8.050%, 12/15/25 (Alternative Minimum Tax)
|
12/12 at 100.00
|
BB+
|
602,388
|
||||||
660
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured
|
10/20 at 100.00
|
AA–
|
734,917
|
||||||
525
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
|
7/22 at 100.00
|
AA
|
593,460
|
||||||
500
|
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40
|
10/20 at 100.00
|
AA–
|
556,460
|
||||||
610
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
|
5/14 at 101.00
|
BB
|
600,637
|
||||||
4,750
|
Total Florida
|
5,032,775
|
||||||||
Georgia – 1.0%
|
||||||||||
500
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – AGM Insured
|
11/19 at 100.00
|
AA–
|
572,425
|
||||||
300
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
|
No Opt. Call
|
A
|
338,760
|
||||||
800
|
Total Georgia
|
911,185
|
||||||||
Illinois – 11.5%
|
||||||||||
550
|
Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero Redevelopment Project, Series 1998, 7.000%, 1/01/14
|
1/13 at 100.00
|
N/R
|
551,419
|
||||||
1,500
|
Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds – CIPS Debt, Series 1993C-2, 5.950%, 8/15/26
|
11/12 at 100.00
|
Baa2
|
1,501,320
|
||||||
500
|
Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation, Series 2002A, 6.125%, 12/01/22 (Pre-refunded 12/01/12)
|
12/12 at 100.00
|
N/R (4)
|
502,445
|
||||||
1,000
|
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Tender Option Bond Trust 1098, 17.906%, 8/15/15 – AGC Insured (IF) (6)
|
No Opt. Call
|
AA–
|
1,362,640
|
Nuveen Investments
|
43
|
|
Nuveen Municipal Income Fund, Inc. (continued)
|
|
NMI
|
Portfolio of Investments
|
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Illinois (continued)
|
||||||||||
$
|
250
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
|
5/20 at 100.00
|
AA–
|
$
|
274,713
|
||||
250
|
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29
|
5/19 at 100.00
|
A2
|
307,400
|
||||||
500
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44
|
8/19 at 100.00
|
BBB+
|
599,715
|
||||||
250
|
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
|
3/20 at 100.00
|
AA–
|
280,905
|
||||||
1,000
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/22
|
1/13 at 100.00
|
BBB+
|
1,007,240
|
||||||
220
|
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36
|
1/16 at 100.00
|
CCC
|
112,840
|
||||||
1,500
|
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52
|
6/22 at 100.00
|
AAA
|
1,664,805
|
||||||
1,305
|
North Chicago, Illinois, General Obligation Bonds, Series 2005B, 5.000%, 11/01/25 – FGIC Insured
|
11/15 at 100.00
|
BBB
|
1,439,428
|
||||||
450
|
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 5.000%, 10/01/27
|
10/22 at 100.00
|
Baa1
|
501,341
|
||||||
800
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28
|
6/21 at 100.00
|
A–
|
951,400
|
||||||
10,075
|
Total Illinois
|
11,057,611
|
||||||||
Indiana – 1.2%
|
||||||||||
525
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39
|
10/19 at 100.00
|
BB+
|
576,728
|
||||||
500
|
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41
|
9/21 at 100.00
|
N/R
|
608,405
|
||||||
1,025
|
Total Indiana
|
1,185,133
|
||||||||
Iowa – 0.9%
|
||||||||||
835
|
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26
|
10/21 at 100.00
|
BBB–
|
903,336
|
||||||
Kansas – 0.5%
|
||||||||||
500
|
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
|
1/17 at 100.00
|
BB+
|
513,345
|
||||||
Kentucky – 3.0%
|
||||||||||
500
|
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45
|
6/20 at 100.00
|
BBB+
|
599,315
|
||||||
360
|
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2010C, 4.625%, 7/01/33
|
1/20 at 100.00
|
AAA
|
384,988
|
||||||
1,500
|
Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint Mary’s HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 (Pre-refunded 2/01/18)
|
2/18 at 100.00
|
Aaa
|
1,907,790
|
||||||
2,360
|
Total Kentucky
|
2,892,093
|
||||||||
Louisiana – 1.2%
|
||||||||||
500
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, City of Shreveport Airport System Project, Series 2008A, 5.750%, 1/01/28 – AGM Insured
|
1/19 at 100.00
|
AA–
|
563,215
|
||||||
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994:
|
||||||||||
55
|
11.000%, 2/01/14 (ETM)
|
No Opt. Call
|
N/R (4)
|
59,011
|
||||||
525
|
11.000%, 2/01/14 (ETM)
|
No Opt. Call
|
N/R (4)
|
563,026
|
||||||
1,080
|
Total Louisiana
|
1,185,252
|
44
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Maryland – 2.5%
|
||||||||||
$
|
1,000
|
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35
|
6/20 at 100.00
|
Baa3
|
$
|
1,131,620
|
||||
1,000
|
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 7.400%, 9/01/19 (Alternative Minimum Tax)
|
11/12 at 100.00
|
N/R
|
1,005,580
|
||||||
210
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40
|
7/20 at 100.00
|
BBB
|
226,699
|
||||||
2,210
|
Total Maryland
|
2,363,899
|
||||||||
Massachusetts – 0.3%
|
||||||||||
40
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill Associates, Series 1999A, 6.700%, 12/01/14 (Alternative Minimum Tax)
|
6/13 at 100.00
|
A–
|
40,383
|
||||||
270
|
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Pre-refunded 11/30/12) (Alternative Minimum Tax)
|
11/12 at 100.00
|
N/R (4)
|
270,400
|
||||||
310
|
Total Massachusetts
|
310,783
|
||||||||
Michigan – 1.6%
|
||||||||||
355
|
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+
|
385,374
|
||||||
1,000
|
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/36
|
10/21 at 100.00
|
Aa3
|
1,161,840
|
||||||
1,355
|
Total Michigan
|
1,547,214
|
||||||||
Mississippi – 0.5%
|
||||||||||
500
|
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
|
4/13 at 100.00
|
BBB
|
501,500
|
||||||
Missouri – 7.3%
|
||||||||||
265
|
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
|
10/19 at 100.00
|
A–
|
295,602
|
||||||
4,450
|
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB) (6)
|
12/16 at 100.00
|
AA+
|
4,628,267
|
||||||
900
|
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33
|
10/22 at 100.00
|
BBB–
|
968,850
|
||||||
500
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 1999, 6.000%, 10/01/25
|
10/18 at 103.00
|
BBB
|
573,820
|
||||||
500
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 5.250%, 10/01/20
|
10/18 at 103.00
|
BBB
|
574,615
|
||||||
6,615
|
Total Missouri
|
7,041,154
|
||||||||
Montana – 1.3%
|
||||||||||
1,200
|
Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax)
|
11/12 at 100.00
|
B
|
1,204,140
|
||||||
Nebraska – 0.5%
|
||||||||||
400
|
Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.050%, 9/01/30
|
5/21 at 100.00
|
Aa3
|
455,108
|
||||||
New Jersey – 0.5%
|
||||||||||
500
|
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
|
433,595
|
Nuveen Investments
|
45
|
Nuveen Municipal Income Fund, Inc. (continued)
|
||
NMI
|
Portfolio of Investments
|
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
New York – 5.0%
|
||||||||||
$
|
630
|
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40
|
1/20 at 100.00
|
BBB–
|
$
|
735,090
|
||||
1,000
|
Dormitory Authority of the State of New York, Revenue Bonds, Brooklyn Law School, Series 2003A, 5.500%, 7/01/15 (Pre-refunded 7/01/13) – RAAI Insured
|
7/13 at 100.00
|
BBB+ (4)
|
1,034,360
|
||||||
400
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47
|
2/21 at 100.00
|
A
|
473,056
|
||||||
265
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
12/20 at 100.00
|
BBB–
|
310,063
|
||||||
2,100
|
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41
|
2/13 at 100.00
|
N/R
|
2,205,021
|
||||||
4,395
|
Total New York
|
4,757,590
|
||||||||
North Dakota – 0.4%
|
||||||||||
300
|
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31
|
11/21 at 100.00
|
A+
|
368,295
|
||||||
Ohio – 4.1%
|
||||||||||
520
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47
|
6/17 at 100.00
|
BB
|
446,508
|
||||||
1,000
|
Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center Project, Series 2006, 5.250%, 8/15/46
|
8/16 at 100.00
|
A–
|
1,034,700
|
||||||
1,750
|
Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/36
|
8/21 at 100.00
|
A2
|
1,942,098
|
||||||
500
|
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30
|
4/20 at 100.00
|
BBB–
|
562,395
|
||||||
3,770
|
Total Ohio
|
3,985,701
|
||||||||
Oregon – 1.0%
|
||||||||||
850
|
Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/29
|
6/22 at 100.00
|
A1
|
987,675
|
||||||
Pennsylvania – 2.8%
|
||||||||||
1,000
|
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 5.000%, 11/01/40
|
5/22 at 100.00
|
AA
|
1,112,230
|
||||||
460
|
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
|
1/19 at 100.00
|
BBB+
|
517,468
|
||||||
1,000
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41
|
7/22 at 100.00
|
BBB+
|
1,074,480
|
||||||
2,460
|
Total Pennsylvania
|
2,704,178
|
||||||||
Puerto Rico – 0.7%
|
||||||||||
640
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
708,838
|
||||||
Rhode Island – 1.1%
|
||||||||||
1,000
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
|
11/12 at 100.00
|
BBB–
|
1,019,990 | ||||||
South Carolina – 1.8%
|
||||||||||
475
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 1/01/19 – FGIC Insured (ETM)
|
No Opt. Call
|
Baa1 (4)
|
629,408
|
||||||
1,105
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30
|
11/12 at 100.00
|
A
|
1,109,066
|
||||||
1,580
|
Total South Carolina
|
1,738,474
|
46
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Tennessee – 1.1%
|
||||||||||
$
|
1,000
|
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36
|
9/16 at 100.00
|
BBB+
|
$
|
1,047,040
|
||||
500
|
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/37 (5)
|
11/17 at 100.00
|
N/R
|
10,045
|
||||||
1,500
|
Total Tennessee
|
1,057,085
|
||||||||
Texas – 7.8%
|
||||||||||
1,500
|
Cameron Education Finance Corporation, Texas, Charter School Revenue Bonds, Faith Family Academy Charter School, Series 2006A, 5.250%, 8/15/36 – ACA Insured
|
8/16 at 100.00
|
BBB–
|
1,499,880
|
||||||
350
|
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, Cosmos Foundation, Inc., Series 2011A, 6.500%, 5/15/31
|
5/21 at 100.00
|
BBB
|
438,970
|
||||||
1,000
|
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1995, 4.000%, 10/15/15 – NPFG Insured
|
10/13 at 101.00
|
A
|
1,033,540
|
||||||
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond Trust 1015:
|
||||||||||
850
|
19.973%, 1/01/38 (IF) (6)
|
1/18 at 100.00
|
A3
|
1,307,980
|
||||||
150
|
20.081%, 1/01/38 (IF) (6)
|
1/18 at 100.00
|
A3
|
234,842
|
||||||
200
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/43
|
9/31 at 100.00
|
AA
|
154,804
|
||||||
270
|
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27
|
No Opt. Call
|
A
|
320,209
|
||||||
405
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39
|
12/19 at 100.00
|
Baa2
|
492,387
|
||||||
770
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40
|
6/20 at 100.00
|
Baa3
|
952,721
|
||||||
500
|
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured
|
8/17 at 100.00
|
BBB
|
514,100
|
||||||
45
|
West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998, 0.000%, 8/15/25
|
8/13 at 51.84
|
AAA
|
23,142
|
||||||
955
|
West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998, 0.000%, 8/15/25 (Pre-refunded 8/15/13)
|
8/13 at 51.84
|
Aaa
|
493,620
|
||||||
6,995
|
Total Texas
|
7,466,195
|
||||||||
Virgin Islands – 0.5%
|
||||||||||
420
|
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37
|
10/19 at 100.00
|
BBB
|
497,473
|
||||||
Virginia – 0.3%
|
||||||||||
250
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
288,443
|
||||||
Washington – 0.5%
|
||||||||||
500
|
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
|
12/17 at 100.00
|
N/R
|
513,710
|
||||||
Wisconsin – 3.9%
|
||||||||||
290
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
|
4/20 at 100.00
|
A–
|
303,421
|
||||||
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc., Series 2001, 6.250%, 10/01/21
|
11/12 at 100.00
|
BBB
|
1,002,520
|
Nuveen Investments
|
47
|
Nuveen Municipal Income Fund, Inc. (continued)
|
||
NMI
|
Portfolio of Investments
|
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Wisconsin (continued)
|
||||||||||
$
|
755
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
|
10/21 at 100.00
|
A+
|
$
|
836,525
|
||||
500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, Series 2012, 4.000%, 10/01/32
|
10/22 at 100.00
|
A2
|
519,720
|
||||||
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.500%, 5/01/31
|
5/21 at 100.00
|
A+
|
1,124,428
|
||||||
3,545
|
Total Wisconsin
|
3,786,614
|
||||||||
$
|
94,375
|
Total Investments (cost $86,462,286) – 100.8%
|
97,040,192
|
|||||||
Floating Rate Obligations – (3.5)%
|
(3,335,000
|
) | ||||||||
Other Assets Less Liabilities – 2.7%
|
2,592,409
|
|||||||||
Net Assets – 100%
|
$
|
96,297,601
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities.
|
|
(5)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
N/R
|
Not rated.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
48
|
Nuveen Investments
|
Nuveen Enhanced Municipal Value Fund
|
||
NEV
|
Portfolio of Investments
|
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Municipal Bonds – 104.4%
|
||||||||||
Alabama – 1.5%
|
||||||||||
$
|
2,000
|
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured
|
1/14 at 100.00
|
AA
|
$
|
2,038,440
|
||||
3,000
|
Jefferson County, Alabama, Sewer Revenue Warrants, Refunding Series 2003C-10, 0.000%, 2/01/42 – AGM Insured (4)
|
2/13 at 100.00
|
AA–
|
2,415,000
|
||||||
5,000
|
Total Alabama
|
4,453,440
|
||||||||
Arizona – 4.2%
|
||||||||||
2,000
|
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured
|
10/19 at 100.00
|
AA–
|
2,282,500
|
||||||
2,500
|
Festival Ranch Community Facilities District, Town of Buckeye, Arizona, District General Obligation Bonds, Series 2009, 6.500%, 7/15/31
|
7/19 at 100.00
|
BBB
|
2,747,750
|
||||||
1,030
|
Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47
|
7/21 at 100.00
|
BBB
|
1,135,688
|
||||||
320
|
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
|
286,438
|
||||||
2,000
|
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25
|
5/22 at 100.00
|
N/R
|
2,119,580
|
||||||
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007:
|
||||||||||
50
|
5.000%, 12/01/32
|
No Opt. Call
|
A–
|
57,839
|
||||||
2,000
|
5.000%, 12/01/37
|
No Opt. Call
|
A–
|
2,317,880
|
||||||
1,911
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
|
7/16 at 100.00
|
N/R
|
1,834,503
|
||||||
11,811
|
Total Arizona
|
12,782,178
|
||||||||
California – 19.8%
|
||||||||||
5,000
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1, 5.000%, 4/01/34
|
4/19 at 100.00
|
AA
|
5,747,900
|
||||||
920
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 3144, 19.155%, 10/01/16 (IF)
|
No Opt. Call
|
Aa1
|
1,602,888
|
||||||
2,040
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 3878, 24.601%, 10/01/33 (IF) (5)
|
10/19 at 100.00
|
AA
|
3,514,186
|
||||||
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3248:
|
||||||||||
1,700
|
24.268%, 2/15/23 (IF) (5)
|
8/20 at 100.00
|
AA–
|
3,301,570
|
||||||
300
|
24.268%, 2/15/23 (IF) (5)
|
8/20 at 100.00
|
AA–
|
582,630
|
||||||
1,000
|
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29
|
11/19 at 100.00
|
Baa1
|
1,198,880
|
||||||
500
|
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 5.750%, 10/01/25
|
10/19 at 100.00
|
BBB+
|
547,340
|
||||||
400
|
Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36
|
12/21 at 100.00
|
A+
|
489,428
|
||||||
275
|
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Series 2006A, 5.000%, 7/01/32 – NPFG Insured
|
7/16 at 100.00
|
AA+
|
296,183
|
||||||
490
|
Etiwanda School District, California, Coyote Canyon Community Facilties District 2004-1 Improvement Area 2 Special Tax Bonds, Series 2009, 6.500%, 9/01/32
|
9/19 at 100.00
|
N/R
|
537,702
|
||||||
845
|
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2007A, 5.000%, 9/01/23 – AMBAC Insured
|
9/17 at 100.00
|
N/R
|
883,270
|
||||||
880
|
Folsom Public Financing Authority, California, Subordinate Special Tax Revenue Bonds, Series 2010A, 5.250%, 9/01/24
|
9/20 at 100.00
|
A–
|
962,086
|
||||||
3,030
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – AGC Insured
|
6/15 at 100.00
|
AA
|
3,115,173
|
||||||
Nuveen Investments
|
49
|
Nuveen Enhanced Municipal Value Fund (continued)
|
||
NEV
|
Portfolio of Investments
|
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
California (continued)
|
||||||||||
$
|
2,065
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011, 21.054%, 6/01/45 – AMBAC Insured (IF) (5)
|
6/15 at 100.00
|
A2
|
$
|
2,250,850
|
||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
||||||||||
4,055
|
5.750%, 6/01/47
|
6/17 at 100.00
|
BB–
|
3,632,996
|
||||||
1,000
|
5.125%, 6/01/47
|
6/17 at 100.00
|
BB–
|
810,400
|
||||||
2,550
|
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 32.208%, 1/15/19 (IF) (5)
|
No Opt. Call
|
Aa2
|
6,035,697
|
||||||
200
|
Jurupa Public Financing Authority, California, Superior Lien Revenue Bonds, Series 2010A, 5.000%, 9/01/33
|
9/20 at 100.00
|
AA–
|
217,744
|
||||||
1,710
|
Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds, Tender Option Bond Trust 3237, 23.952%, 8/01/27 (IF)
|
8/18 at 100.00
|
Aa1
|
3,107,532
|
||||||
1,600
|
Los Angeles County, California, Community Development Commission Headquarters Office Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option Bond Trust Series 2011-23B, 23.257%, 9/01/42 (IF) (5)
|
9/21 at 100.00
|
Aa3
|
2,472,640
|
||||||
525
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/31
|
5/20 at 100.00
|
AA
|
606,281
|
||||||
100
|
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002B, 7.500%, 12/01/24 (Alternative Minimum Tax)
|
12/12 at 102.00
|
C
|
98,813
|
||||||
1,080
|
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32
|
8/21 at 100.00
|
A–
|
1,346,544
|
||||||
1,165
|
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40
|
9/21 at 100.00
|
BBB+
|
1,356,083
|
||||||
1,400
|
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25
|
4/13 at 102.00
|
BB
|
1,433,334
|
||||||
265
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
299,871
|
||||||
250
|
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37
|
6/20 at 100.00
|
A–
|
283,968
|
||||||
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C:
|
||||||||||
500
|
6.500%, 8/01/27
|
2/21 at 100.00
|
A–
|
607,165
|
||||||
700
|
6.750%, 8/01/33
|
2/21 at 100.00
|
A–
|
840,350
|
||||||
500
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27
|
2/21 at 100.00
|
BBB
|
577,725
|
||||||
360
|
Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31
|
2/21 at 100.00
|
A
|
441,619
|
||||||
1,000
|
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38
|
12/19 at 100.00
|
AA–
|
1,118,960
|
||||||
2,400
|
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Tender Option Bond Trust 3584, 21.709%, 6/01/17 (IF) (5)
|
No Opt. Call
|
AA–
|
3,940,752
|
||||||
3,110
|
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Series 2007, 5.000%, 8/01/31 – AGM Insured
|
8/17 at 100.00
|
AA–
|
3,311,652
|
||||||
500
|
Tustin Community Redevelopment Agency, California, MCAS Project Area Tax Allocation Bonds, Series 2010, 5.000%, 9/01/35
|
9/18 at 102.00
|
A
|
531,070
|
||||||
1,045
|
Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, Series 2011A, 6.500%, 12/01/28
|
6/21 at 100.00
|
A
|
1,208,511
|
||||||
1,020
|
Western Placer Unified School District, Placer County, California, Certificates of Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured
|
8/19 at 100.00
|
AA–
|
1,119,042
|
||||||
46,480
|
Total California
|
60,428,835
|
50
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Colorado – 4.4%
|
||||||||||
$
|
2,057
|
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of Evergreen, Series 2005A, 6.500%, 12/01/35
|
12/15 at 100.00
|
N/R
|
$
|
2,084,852
|
||||
845
|
Colorado Housing and Finance Authority, Multifamily Housing Revenue Senior Bonds, Castle Highlands Apartments Project, Series 2000A-1, 5.900%, 12/01/20 – AMBAC Insured (Alternative Minimum Tax)
|
11/12 at 100.00
|
N/R
|
845,355
|
||||||
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007:
|
||||||||||
250
|
6.200%, 4/01/16 (Alternative Minimum Tax)
|
No Opt. Call
|
N/R
|
212,213
|
||||||
53
|
5.000%, 9/01/16 (Alternative Minimum Tax) (6)
|
No Opt. Call
|
N/R
|
33,618
|
||||||
2,000
|
Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Series 2007, 5.125%, 12/01/37 – RAAI Insured
|
12/17 at 100.00
|
N/R
|
1,739,500
|
||||||
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003:
|
||||||||||
1,000
|
7.600%, 12/01/16
|
6/14 at 101.00
|
N/R
|
1,036,380
|
||||||
500
|
7.700%, 12/01/17
|
6/14 at 101.00
|
N/R
|
518,170
|
||||||
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008:
|
||||||||||
475
|
6.250%, 11/15/28
|
No Opt. Call
|
A
|
592,415
|
||||||
4,030
|
6.500%, 11/15/38
|
No Opt. Call
|
A
|
5,379,768
|
||||||
815
|
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
|
12/20 at 100.00
|
N/R
|
862,629
|
||||||
12,025
|
Total Colorado
|
13,304,900
|
||||||||
Connecticut – 0.8%
|
||||||||||
915
|
Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, 7.750%, 1/01/43
|
1/20 at 100.00
|
N/R
|
1,005,933
|
||||||
1,196
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22
|
4/20 at 100.00
|
N/R
|
1,369,743
|
||||||
2,111
|
Total Connecticut
|
2,375,676
|
||||||||
Delaware – 0.5%
|
||||||||||
1,630
|
Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16
|
11/12 at 100.00
|
N/R
|
1,630,782
|
||||||
District of Columbia – 0.5%
|
||||||||||
1,500
|
District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., Series 2011, 6.375%, 3/01/31
|
3/21 at 100.00
|
BBB–
|
1,628,400
|
||||||
Florida – 6.5%
|
||||||||||
1,900
|
Ave Maria Stewardship Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38
|
5/16 at 100.00
|
N/R
|
1,720,982
|
||||||
960
|
Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34
|
5/13 at 101.00
|
N/R
|
972,874
|
||||||
1,000
|
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A, 7.500%, 6/15/33
|
6/21 at 100.00
|
BB+
|
1,168,710
|
||||||
2,575
|
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2009-2, 4.650%, 7/01/29
|
7/19 at 100.00
|
AA+
|
2,721,209
|
||||||
1,000
|
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 6.000%, 8/01/30
|
8/20 at 100.00
|
A
|
1,204,110
|
||||||
1,625
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35
|
10/20 at 100.00
|
A
|
1,861,844
|
||||||
1,460
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured
|
10/20 at 100.00
|
AA–
|
1,625,725
|
||||||
3,660
|
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A, 5.125%, 4/01/34 – AGC Insured
|
4/19 at 100.00
|
AA–
|
4,051,144
|
||||||
2,000
|
Mid-Bay Bridge Authority, Florida, Springing Lien Revenue Bonds, Series 2011, 7.250%, 10/01/40
|
10/21 at 100.00
|
BBB
|
2,537,600
|
||||||
1,000
|
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40
|
10/20 at 100.00
|
AA–
|
1,112,920
|
Nuveen Investments
|
51
|
Nuveen Enhanced Municipal Value Fund (continued)
|
||
NEV
|
Portfolio of Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Florida (continued)
|
||||||||||
$
|
80
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
|
5/17 at 100.00
|
N/R
|
$
|
57,406
|
||||
230
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40
|
5/19 at 100.00
|
N/R
|
132,496
|
||||||
95
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40
|
5/22 at 100.00
|
N/R
|
40,258
|
||||||
135
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (4)
|
5/18 at 100.00
|
N/R
|
1
|
||||||
20
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 (4)
|
5/18 at 100.00
|
N/R
|
10,714
|
||||||
245
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40
|
5/17 at 100.00
|
N/R
|
240,852
|
||||||
565
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.650%, 5/01/40 (4)
|
5/18 at 100.00
|
N/R
|
256,663
|
||||||
18,550
|
Total Florida
|
19,715,508
|
||||||||
Georgia – 6.7%
|
||||||||||
12,000
|
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010C, 5.250%, 1/01/30 (UB)
|
1/21 at 100.00
|
AA–
|
13,965,960
|
||||||
745
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
|
1/19 at 100.00
|
A2
|
884,181
|
||||||
955
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20
|
1/19 at 100.00
|
A2
|
1,113,253
|
||||||
1,250
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
|
6/20 at 100.00
|
B–
|
1,562,488
|
||||||
2,500
|
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax)
|
6/15 at 100.00
|
B–
|
2,796,250
|
||||||
90
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
|
No Opt. Call
|
A
|
101,628
|
||||||
150
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26
|
No Opt. Call
|
A
|
178,467
|
||||||
17,690
|
Total Georgia
|
20,602,227
|
||||||||
Illinois – 11.2%
|
||||||||||
3,335
|
CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, 5.950%, 6/15/23
|
12/12 at 100.00
|
N/R
|
3,337,868
|
||||||
2,000
|
Chicago, Illinois, Chicago O’Hare International Airport Special Facility Revenue Refunding Bonds, American Air Lines, Inc. Project, Series 2007, 5.500%, 12/01/30 (4)
|
12/12 at 100.00
|
N/R
|
1,305,240
|
||||||
2,000
|
Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 2005, 6.000%, 12/01/24 – AGM Insured
|
12/21 at 100.00
|
AA–
|
2,459,960
|
||||||
1,000
|
Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 6.125%, 5/15/27
|
5/20 at 100.00
|
BBB–
|
1,116,500
|
||||||
3,000
|
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
|
10/20 at 100.00
|
B2
|
3,121,950
|
||||||
1,000
|
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 65 Series 2010D-2, 6.375%, 5/15/17
|
11/12 at 100.00
|
N/R
|
1,001,210
|
||||||
4,000
|
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A, 5.000%, 4/01/36
|
4/16 at 100.00
|
Baa3
|
3,730,760
|
||||||
1,180
|
Illinois Finance Authority, Revenue Bonds, Little Company of Mary Hospital and Health Care Centers, Series 2010, 5.250%, 8/15/36
|
8/15 at 105.00
|
A+
|
1,284,406
|
||||||
1,000
|
Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 5.500%, 5/15/26
|
5/17 at 100.00
|
N/R
|
1,022,090
|
||||||
1,975
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds Trust 11-16B, 26.909%, 8/15/39 (IF) (5)
|
8/19 at 100.00
|
AA+
|
3,725,443
|
||||||
1,000
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
|
5/20 at 100.00
|
AA–
|
1,098,850
|
||||||
500
|
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured
|
3/20 at 100.00
|
AA–
|
561,810
|
52
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Illinois (continued)
|
||||||||||
$
|
455
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 3908, 26.191%, 2/15/19 – AGM Insured (IF) (5)
|
No Opt. Call
|
AA–
|
$
|
839,912
|
||||
1,000
|
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, Series 2009, 6.125%, 5/15/25
|
5/19 at 100.00
|
BBB+
|
1,152,090
|
||||||
2,235
|
Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois IV LLC, Fullerton Village Project, Series 2004A, 5.000%, 6/01/24 (4)
|
6/14 at 100.00
|
Ca
|
1,921,988
|
||||||
500
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/22
|
1/13 at 100.00
|
BBB+
|
503,620
|
||||||
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B:
|
||||||||||
2,685
|
5.250%, 1/01/30
|
1/16 at 100.00
|
CCC
|
1,390,723
|
||||||
1,515
|
5.250%, 1/01/36
|
1/16 at 100.00
|
CCC
|
777,059
|
||||||
1,000
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28
|
6/21 at 100.00
|
A–
|
1,189,250
|
||||||
1,500
|
Southwestern Illinois Development Authority, Illinois, Saint Clair County Comprehensive Mental Health Center, Series 2007, 6.625%, 6/01/37
|
6/17 at 103.00
|
N/R
|
1,540,740
|
||||||
1,000
|
Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32
|
3/17 at 102.00
|
N/R
|
1,082,110
|
||||||
33,880
|
Total Illinois
|
34,163,579
|
||||||||
Indiana – 1.3%
|
||||||||||
1,395
|
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29
|
10/19 at 100.00
|
BB+
|
1,512,710
|
||||||
2,000
|
Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 7.750%, 9/01/31
|
9/21 at 100.00
|
N/R
|
2,448,840
|
||||||
3,395
|
Total Indiana
|
3,961,550
|
||||||||
Iowa – 0.2%
|
||||||||||
650
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42
|
8/22 at 100.00
|
BBB–
|
664,216
|
||||||
Kansas – 0.5%
|
||||||||||
1,500
|
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured
|
1/17 at 100.00
|
BB+
|
1,540,035
|
||||||
Louisiana – 1.5%
|
||||||||||
2,710
|
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31
|
12/21 at 100.00
|
N/R
|
2,884,470
|
||||||
1,165
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 11899, 17.760%, 5/01/33 (IF)
|
5/20 at 100.00
|
AA
|
1,828,433
|
||||||
3,875
|
Total Louisiana
|
4,712,903
|
||||||||
Massachusetts – 2.0%
|
||||||||||
1,000
|
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured
|
11/12 at 100.00
|
BBB
|
1,001,000
|
||||||
625
|
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010A, 5.500%, 1/01/22
|
1/20 at 100.00
|
AA
|
731,869
|
||||||
830
|
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23
|
1/20 at 100.00
|
AA
|
907,671
|
||||||
3,000
|
Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (4)
|
1/18 at 100.00
|
N/R
|
15,360
|
||||||
2,385
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/35 – RAAI Insured
|
8/15 at 100.00
|
N/R
|
2,346,578
|
||||||
1,000
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 (Alternative Minimum Tax)
|
6/20 at 100.00
|
AA–
|
1,078,730
|
||||||
8,840
|
Total Massachusetts
|
6,081,208
|
Nuveen Investments
|
53
|
Nuveen Enhanced Municipal Value Fund (continued)
|
||
NEV
|
Portfolio of Investments
|
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Michigan – 6.8%
|
||||||||||
$
|
9,650
|
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2005, 5.250%, 5/01/27 – AGM Insured (UB) (5)
|
No Opt. Call
|
Aa2
|
$
|
11,789,695
|
||||
2,865
|
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/32 – AGM Insured
|
5/17 at 100.00
|
Aa2
|
3,213,298
|
||||||
2,100
|
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39
|
11/19 at 100.00
|
A1
|
2,422,917
|
||||||
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Tender Option Bond Trust 3244:
|
||||||||||
2,000
|
23.624%, 12/01/24 (IF)
|
12/12 at 100.00
|
AA
|
2,043,200
|
||||||
535
|
23.538%, 12/01/24 (IF)
|
12/12 at 100.00
|
AA
|
546,513
|
||||||
585
|
23.506%, 12/01/24 (IF)
|
12/12 at 100.00
|
AA
|
597,572
|
||||||
17,735
|
Total Michigan
|
20,613,195
|
||||||||
Minnesota – 0.5%
|
||||||||||
1,500
|
Tobacco Securitization Authority, Minnesota, Tobacco Settlement Revenue Bonds, Tax-Exempt Series 2011B, 5.250%, 3/01/31
|
3/22 at 100.00
|
A–
|
1,673,850
|
||||||
Mississippi – 0.2%
|
||||||||||
485
|
Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, Roberts Hotel of Jackson, LLC Project, Series 2010, 8.500%, 2/01/30 (4)
|
2/21 at 102.00
|
N/R
|
97,141
|
||||||
500
|
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
|
4/13 at 100.00
|
BBB
|
501,500
|
||||||
985
|
Total Mississippi
|
598,641
|
||||||||
Missouri – 0.6%
|
||||||||||
1,000
|
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.500%, 2/01/35
|
2/14 at 100.00
|
BBB+
|
1,017,250
|
||||||
640
|
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.375%, 9/01/21
|
9/17 at 100.00
|
BBB
|
676,909
|
||||||
1,640
|
Total Missouri
|
1,694,159
|
||||||||
Nebraska – 1.2%
|
||||||||||
1,760
|
Nebraska Investment Finance Authority, Single Family Housing Revenue Bonds, Tender Option Bonds Trust 3853, 26.778%, 9/01/18 (IF) (5)
|
No Opt. Call
|
AA+
|
2,424,875
|
||||||
1,000
|
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43
|
2/17 at 100.00
|
Aa1
|
1,133,320
|
||||||
2,760
|
Total Nebraska
|
3,558,195
|
||||||||
Nevada – 1.8%
|
||||||||||
2,000
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30
|
1/20 at 100.00
|
A+
|
2,243,120
|
||||||
1,670
|
Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 3265, 32.047%, 4/01/17 (IF)
|
No Opt. Call
|
AA
|
3,386,693
|
||||||
3,670
|
Total Nevada
|
5,629,813
|
||||||||
New Hampshire – 0.5%
|
||||||||||
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Rivermead Issue, Series 2011B:
|
||||||||||
400
|
5.550%, 7/01/17
|
4/13 at 100.00
|
N/R
|
403,124
|
||||||
1,100
|
5.300%, 7/01/17
|
4/13 at 100.00
|
N/R
|
1,107,414
|
||||||
1,500
|
Total New Hampshire
|
1,510,538
|
||||||||
New Jersey – 1.5%
|
||||||||||
1,000
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.125%, 9/15/23 (Alternative Minimum Tax)
|
3/13 at 100.00
|
B
|
1,021,690
|
||||||
1,650
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax)
|
3/13 at 100.00
|
B
|
1,695,062
|
54
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
New Jersey (continued)
|
||||||||||
$
|
1,750
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/26
|
12/19 at 100.00
|
AA
|
$
|
1,924,668
|
||||
4,400
|
Total New Jersey
|
4,641,420
|
||||||||
New York – 3.0%
|
||||||||||
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009:
|
||||||||||
1,100
|
6.000%, 7/15/30
|
1/20 at 100.00
|
BBB–
|
1,290,564
|
||||||
1,225
|
6.250%, 7/15/40
|
1/20 at 100.00
|
BBB–
|
1,429,342
|
||||||
2,000
|
6.375%, 7/15/43
|
1/20 at 100.00
|
BBB–
|
2,345,340
|
||||||
1,000
|
Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/34
|
6/21 at 100.00
|
BBB+
|
1,128,560
|
||||||
2,500
|
New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax)
|
8/16 at 101.00
|
N/R
|
2,640,300
|
||||||
265
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
12/20 at 100.00
|
BBB–
|
310,063
|
||||||
8,090
|
Total New York
|
9,144,169
|
||||||||
Ohio – 6.0%
|
||||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
||||||||||
3,000
|
5.750%, 6/01/34
|
6/17 at 100.00
|
BB
|
2,538,420
|
||||||
6,500
|
5.875%, 6/01/47
|
6/17 at 100.00
|
BB
|
5,581,355
|
||||||
760
|
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26
|
7/21 at 100.00
|
BBB
|
852,796
|
||||||
3,000
|
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 5.750%, 11/15/31
|
11/21 at 100.00
|
AA–
|
3,618,540
|
||||||
1,000
|
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30
|
4/20 at 100.00
|
BBB–
|
1,124,790
|
||||||
1,670
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 3260, 28.720%, 5/01/29 (IF)
|
5/19 at 100.00
|
AA–
|
3,069,894
|
||||||
1,200
|
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19
|
No Opt. Call
|
BBB–
|
1,441,872
|
||||||
17,130
|
Total Ohio
|
18,227,667
|
||||||||
Pennsylvania – 5.5%
|
||||||||||
1,000
|
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24
|
11/19 at 100.00
|
BB
|
1,074,220
|
||||||
1,500
|
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27
|
12/21 at 100.00
|
BB
|
1,615,785
|
||||||
1,335
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35
|
4/15 at 100.00
|
Ba2
|
1,290,905
|
||||||
1,500
|
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29
|
1/19 at 100.00
|
BBB+
|
1,687,395
|
||||||
2,000
|
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27
|
12/19 at 100.00
|
N/R
|
2,110,000
|
||||||
1,125
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 18.034%, 8/01/38 (IF) (5)
|
8/20 at 100.00
|
AA
|
1,797,559
|
||||||
25
|
Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds, NHS Youth Services Inc., Series 2002, 7.500%, 2/15/29
|
2/13 at 102.00
|
N/R
|
16,494
|
||||||
1,000
|
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)
|
12/12 at 100.00
|
B–
|
999,380
|
||||||
1,000
|
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
|
1/20 at 100.00
|
BBB+
|
1,145,970
|
Nuveen Investments
|
55
|
Nuveen Enhanced Municipal Value Fund (continued)
|
||
NEV
|
Portfolio of Investments
|
|
October 31, 2012
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Pennsylvania (continued)
|
||||||||||
$
|
1,200
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30
|
7/20 at 100.00
|
BBB–
|
$
|
1,348,068
|
||||
525
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2010-110A, 4.750%, 10/01/25
|
10/19 at 100.00
|
AA+
|
567,336
|
||||||
3,000
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/30
|
12/27 at 100.00
|
A–
|
3,075,210
|
||||||
15,210
|
Total Pennsylvania
|
16,728,322
|
||||||||
Puerto Rico – 0.3%
|
||||||||||
1,000
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/27 – AMBAC Insured
|
No Opt. Call
|
BBB+
|
1,076,860
|
||||||
Tennessee – 0.2%
|
||||||||||
500
|
Memphis Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Goodwill Village Apartments, Series 2010A, 5.500%, 12/01/30
|
12/20 at 100.00
|
A–
|
529,035
|
||||||
50
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/24
|
No Opt. Call
|
A
|
57,199
|
||||||
155
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24
|
No Opt. Call
|
A–
|
171,397
|
||||||
705
|
Total Tennessee
|
757,631
|
||||||||
Texas – 4.0%
|
||||||||||
3,500
|
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax)
|
7/18 at 100.00
|
CCC
|
562,625
|
||||||
1,050
|
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, Cosmos Foundation, Inc., Series 2011A, 6.500%, 5/15/31
|
5/21 at 100.00
|
BBB
|
1,316,910
|
||||||
265
|
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. – Airport Improvement Project, Series 1997C, 6.125%, 7/15/27 (Alternative Minimum Tax)
|
11/12 at 100.00
|
B–
|
264,984
|
||||||
1,800
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 11947, 24.765%, 3/01/19 (IF)
|
No Opt. Call
|
AA
|
3,538,080
|
||||||
1,000
|
Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012, 7.250%, 12/15/47
|
12/21 at 100.00
|
N/R
|
1,069,510
|
||||||
455
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26
|
No Opt. Call
|
A–
|
576,708
|
||||||
810
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39
|
12/19 at 100.00
|
Baa2
|
984,774
|
||||||
1,000
|
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34
|
6/20 at 100.00
|
Baa3
|
1,248,760
|
||||||
1,500
|
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured
|
8/17 at 100.00
|
BBB
|
1,542,300
|
||||||
5,000
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, Second Tier Series 2002, 0.000%, 8/15/37 – AMBAC Insured
|
8/14 at 25.11
|
A–
|
1,141,050
|
||||||
16,380
|
Total Texas
|
12,245,701
|
||||||||
Utah – 0.3%
|
||||||||||
1,000
|
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.250%, 7/15/30
|
7/20 at 100.00
|
BBB–
|
1,083,020
|
||||||
Vermont – 1.0%
|
||||||||||
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A:
|
||||||||||
1,000
|
6.125%, 1/01/28
|
1/21 at 100.00
|
Baa2
|
1,143,750
|
||||||
1,760
|
6.250%, 1/01/33
|
1/21 at 100.00
|
Baa2
|
1,991,546
|
||||||
2,760
|
Total Vermont
|
3,135,296
|
||||||||
Virgin Islands – 0.1%
|
||||||||||
250
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2009A, 6.000%, 10/01/39
|
10/19 at 100.00
|
Baa3
|
276,208
|
56
|
Nuveen Investments
|
Principal
|
Optional Call
|
|||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
||||||
Virginia – 0.9%
|
||||||||||
$
|
2,000
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47
|
6/17 at 100.00
|
B2
|
$
|
1,542,200
|
||||
1,010
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
1,110,849
|
||||||
3,010
|
Total Virginia
|
2,653,049
|
||||||||
Washington – 2.2%
|
||||||||||
2,000
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31
|
1/21 at 100.00
|
A
|
2,214,100
|
||||||
2,000
|
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33
|
7/19 at 100.00
|
A
|
2,266,300
|
||||||
2,000
|
Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.625%, 10/01/40
|
10/19 at 100.00
|
Baa1
|
2,180,119
|
||||||
6,000
|
Total Washington
|
6,660,519
|
||||||||
West Virginia – 0.2%
|
||||||||||
585
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38
|
10/18 at 100.00
|
N/R
|
610,278
|
||||||
Wisconsin – 5.2%
|
||||||||||
3,500
|
Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2010, 144A, 6.500%, 2/01/31
|
2/19 at 102.00
|
AA–
|
4,043,515
|
||||||
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30
|
6/15 at 100.00
|
Baa2
|
1,145,860
|
||||||
500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30
|
4/20 at 100.00
|
A–
|
523,140
|
||||||
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 3592, 22.123%, 4/01/17 (IF) (5)
|
No Opt. Call
|
AA–
|
1,531,950
|
||||||
2,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006, 5.250%, 8/15/21
|
8/16 at 100.00
|
A–
|
2,169,940
|
||||||
500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30
|
8/16 at 100.00
|
A–
|
528,843
|
||||||
2,500
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 10B, 32.514%, 5/01/36 (IF) (5)
|
5/19 at 100.00
|
AA–
|
5,918,498
|
||||||
11,000
|
Total Wisconsin
|
15,861,746
|
||||||||
Wyoming – 0.8%
|
||||||||||
Wyoming Community Development Authority, Student Housing Revenue Bonds, CHF-Wyoming, L.L.C. – University of Wyoming Project, Series 2011:
|
||||||||||
500
|
6.250%, 7/01/31
|
7/21 at 100.00
|
BBB
|
553,860
|
||||||
1,600
|
6.500%, 7/01/43
|
7/21 at 100.00
|
BBB
|
1,777,678
|
||||||
2,100
|
Total Wyoming
|
2,331,538
|
||||||||
$
|
288,347
|
Total Municipal Bonds (cost $266,545,358) – 104.4%
|
318,757,252
|
Nuveen Investments
|
57
|
Nuveen Enhanced Municipal Value Fund (continued)
|
||
NEV
|
Portfolio of Investments
|
|
October 31, 2012
|
Shares
|
Description (1)
|
Value
|
||||
Promissory Note – 0.0%
|
||||||
10,795
|
Confluence Energy, LLC (6) (7)
|
$
|
3,778
|
|||
Total Promissory Note (cost $3,778)
|
3,778
|
|||||
Total Investments (cost $266,549,136) – 104.4%
|
318,761,030
|
|||||
Floating Rate Obligations – (5.9)%
|
(18,000,000
|
) | ||||
Other Assets Less Liabilities – 1.5% (8)
|
4,580,440
|
|||||
Net Assets – 100%
|
$
|
305,341,470
|
Fund
|
Fixed Rate
|
Unrealized
|
||||||||||||||||
Notional
|
Pay/Receive
|
Floating Rate
|
Fixed Rate
|
Payment
|
Effective
|
Termination
|
Appreciation
|
|||||||||||
Counterparty
|
Amount
|
Floating Rate
|
Index
|
(Annualized)
|
Frequency
|
Date (9)
|
Date
|
(Depreciation) (8)
|
||||||||||
Barclays Bank PLC
|
$ |
6,100,000
|
Receive
|
3-Month USD-LIBOR
|
3.054
|
% |
Semi-Annually
|
2/24/14
|
2/24/41
|
$
|
(396,911)
|
|||||||
Barclays Bank PLC
|
6,500,000
|
Receive
|
3-Month USD-LIBOR
|
3.322
|
Semi-Annually
|
4/24/14
|
4/24/34
|
(693,348)
|
||||||||||
Barclays Bank PLC
|
5,000,000
|
Receive
|
3-Month USD-LIBOR
|
2.773
|
Semi-Annually
|
6/30/14
|
6/30/41
|
(1,087)
|
||||||||||
$
|
(1,091,346)
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
|
|
(3)
|
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
|
(5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions. | |
(6)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
|
|
(7)
|
Promissory Note entered into as part of the acquisition of competing creditor interests and claims in connection with the restructuring of Colorado State Housing and Finance Authority Revenue – Confluence Energy LLC Revenue Bonds, 6.20% coupon, maturity 4/1/2016, and the recapitalization of the bonds’ issuer.
|
|
(8)
|
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at October 31, 2012.
|
|
(9)
|
Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each forward swap contract.
|
|
N/R
|
Not rated.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information.
|
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
|
|
USD-LIBOR
|
United States Dollar-London Inter-Bank Offered Rate.
|
58
|
Nuveen Investments
|
Statement of
|
||
Assets & Liabilities
|
||
October 31, 2012 |
Municipal Value
(NUV
|
)
|
AMT-Free
Municipal Value
(NUW
|
) |
Municipal Income
(NMI
|
) |
Enhanced
Municipal Value
(NEV
|
) | ||||||
Assets
|
|||||||||||||
Investments, at value (cost $1,902,194,654, $183,350,011, $86,462,286 and $266,549,136, respectively)
|
$
|
2,090,659,327
|
$
|
227,645,112
|
$
|
97,040,192
|
$
|
318,761,030
|
|||||
Cash
|
4,731,111
|
463,765
|
889,698
|
281,776
|
|||||||||
Receivables:
|
|||||||||||||
Interest
|
30,108,291
|
3,964,465
|
1,433,606
|
6,920,795
|
|||||||||
Investments sold
|
4,547,323
|
—
|
715,122
|
290,734
|
|||||||||
Shares sold through shelf offering
|
301,685
|
—
|
—
|
—
|
|||||||||
Other assets
|
225,543
|
2,339
|
2,080
|
7,801
|
|||||||||
Total assets
|
2,130,573,280
|
232,075,681
|
100,080,698
|
326,262,136
|
|||||||||
Liabilities
|
|||||||||||||
Floating rate obligations
|
14,380,000
|
—
|
3,335,000
|
18,000,000
|
|||||||||
Unrealized depreciation on forward swaps
|
—
|
—
|
—
|
1,091,346
|
|||||||||
Payables:
|
|||||||||||||
Dividends
|
6,476,405
|
757,397
|
344,990
|
1,488,800
|
|||||||||
Investment purchased
|
2,742,983
|
—
|
—
|
—
|
|||||||||
Accrued expenses:
|
|||||||||||||
Management fees
|
855,632
|
118,129
|
50,371
|
237,027
|
|||||||||
Directors/Trustees fees
|
223,934
|
2,313
|
705
|
6,945
|
|||||||||
Shelf offering costs
|
65,604
|
—
|
—
|
—
|
|||||||||
Other
|
505,993
|
58,067
|
52,031
|
96,548
|
|||||||||
Total liabilities
|
25,250,551
|
935,906
|
3,783,097
|
20,920,666
|
|||||||||
Net assets
|
$
|
2,105,322,729
|
$
|
231,139,775
|
$
|
96,297,601
|
$
|
305,341,470
|
|||||
Shares outstanding
|
204,219,607
|
13,000,075
|
8,259,299
|
19,297,928
|
|||||||||
Net asset value per share outstanding
|
$
|
10.31
|
$
|
17.78
|
$
|
11.66
|
$
|
15.82
|
|||||
Net assets consist of:
|
|||||||||||||
Shares, $.01 par value per share
|
$
|
2,042,196
|
$
|
130,001
|
$
|
82,593
|
$
|
192,979
|
|||||
Paid-in surplus
|
1,928,587,476
|
186,433,078
|
85,232,662
|
275,706,081
|
|||||||||
Undistributed (Over-distribution of) net investment income
|
11,442,742
|
165,165
|
1,024,203
|
3,651,401
|
|||||||||
Accumulated net realized gain (loss)
|
(25,214,358
|
)
|
116,430
|
(619,763
|
)
|
(25,329,539
|
)
|
||||||
Net unrealized appreciation (depreciation)
|
188,464,673
|
44,295,101
|
10,577,906
|
51,120,548
|
|||||||||
Net assets
|
$
|
2,105,322,729
|
$
|
231,139,775
|
$
|
96,297,601
|
$
|
305,341,470
|
|||||
Authorized shares
|
350,000,000
|
Unlimited
|
200,000,000
|
Unlimited
|
Nuveen Investments
|
59
|
Statement of
|
||
Operations
|
||
Year Ended October 31, 2012 |
Municipal Value
(NUV
|
) |
AMT-Free
Municipal Value
(NUW
|
) |
Municipal Income
(NMI
|
) |
Enhanced
Municipal Value
(NEV
|
) | ||||||
Investment Income
|
$
|
105,317,553
|
$
|
12,411,235
|
$
|
5,451,047
|
$
|
22,738,538
|
|||||
Expenses
|
|||||||||||||
Management fees
|
10,113,403
|
1,366,158
|
579,061
|
2,797,408
|
|||||||||
Shareholders servicing agent fees and expenses
|
275,041
|
747
|
15,085
|
709
|
|||||||||
Interest expense
|
305,550
|
—
|
11,318
|
248,454
|
|||||||||
Custodian’s fees and expenses
|
282,099
|
35,521
|
23,005
|
59,942
|
|||||||||
Directors/Trustees fees and expenses
|
54,184
|
6,725
|
2,648
|
7,932
|
|||||||||
Professional fees
|
254,560
|
25,076
|
19,866
|
9,250
|
|||||||||
Shareholder reporting expenses
|
349,038
|
38,937
|
42,867
|
52,536
|
|||||||||
Stock exchange listing fees
|
67,855
|
8,873
|
8,596
|
9,400
|
|||||||||
Investor relations expense
|
223,010
|
22,902
|
12,462
|
27,942
|
|||||||||
Other expenses
|
73,164
|
10,659
|
8,524
|
25,281
|
|||||||||
Total expenses before custodian fee credit and legal fee refund
|
11,997,904
|
1,515,598
|
723,432
|
3,238,854
|
|||||||||
Custodian fee credit
|
(13,564
|
)
|
(4,972
|
)
|
(749
|
)
|
(613
|
)
|
|||||
Legal fee refund
|
(392,332
|
)
|
—
|
—
|
—
|
||||||||
Net expenses
|
11,592,008
|
1,510,626
|
722,683
|
3,238,241
|
|||||||||
Net investment income (loss)
|
93,725,545
|
10,900,609
|
4,728,364
|
19,500,297
|
|||||||||
Realized and Unrealized Gain (Loss)
|
|||||||||||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
(21,295,343
|
)
|
154,857
|
248,877
|
745,212
|
||||||||
Forward swaps
|
—
|
—
|
—
|
(6,106,000
|
)
|
||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
165,538,735
|
16,545,579
|
7,177,012
|
36,071,836
|
|||||||||
Forward swaps
|
—
|
—
|
—
|
4,012,405
|
|||||||||
Net realized and unrealized gain (loss)
|
144,243,392
|
16,700,436
|
7,425,889
|
34,723,453
|
|||||||||
Net increase (decrease) in net assets from operations
|
$
|
237,968,937
|
$
|
27,601,045
|
$
|
12,154,253
|
$
|
54,223,750
|
60
|
Nuveen Investments
|
Statement of
|
||
Changes in Net Assets
|
AMT-Free
|
|||||||||||||
Municipal Value (NUV)
|
Municipal Value (NUW)
|
||||||||||||
Year Ended
10/31/12
|
Year Ended
10/31/11
|
Year Ended
10/31/12
|
Year Ended
10/31/11
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
93,725,545
|
$
|
95,832,189
|
$
|
10,900,609
|
$
|
12,029,346
|
|||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
(21,295,343
|
)
|
10,965,310
|
154,857
|
(241,625
|
)
|
|||||||
Forward swaps
|
—
|
—
|
—
|
—
|
|||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
165,538,735
|
(43,836,146
|
)
|
16,545,579
|
(4,641,048
|
)
|
|||||||
Forward swaps
|
—
|
—
|
—
|
—
|
|||||||||
Net increase (decrease) in net assets from operations
|
237,968,937
|
62,961,353
|
27,601,045
|
7,146,673
|
|||||||||
Distributions to Shareholders
|
|||||||||||||
From net investment income
|
(94,812,770
|
)
|
(92,912,256
|
)
|
(10,684,764
|
)
|
(11,593,491
|
)
|
|||||
From accumulated net realized gains
|
(11,399,466
|
)
|
(4,178,829
|
)
|
—
|
(284,128
|
)
|
||||||
Decrease in net assets from distributions to shareholders
|
(106,212,236
|
)
|
(97,091,085
|
)
|
(10,684,764
|
)
|
(11,877,619
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Proceeds from shelf offering, net of offering costs
|
47,880,152
|
2,306,239
|
—
|
—
|
|||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
10,454,655
|
2,960,267
|
1,350,059
|
1,458,520
|
|||||||||
Net increase (decrease) in net assets from capital share transactions
|
58,334,807
|
5,266,506
|
1,350,059
|
1,458,520
|
|||||||||
Net increase (decrease) in net assets
|
190,091,508
|
(28,863,226
|
)
|
18,266,340
|
(3,272,426
|
)
|
|||||||
Net assets at the beginning of period
|
1,915,231,221
|
1,944,094,447
|
212,873,435
|
216,145,861
|
|||||||||
Net assets at the end of period
|
$
|
2,105,322,729
|
$
|
1,915,231,221
|
$
|
231,139,775
|
$
|
212,873,435
|
|||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
11,442,742
|
$
|
12,956,050
|
$
|
165,165
|
$
|
152,061
|
Nuveen Investments
|
61
|
Statement of
|
||
Changes in Net Assets (continued)
|
Enhanced Municipal
|
|||||||||||||
Municipal Income (NMI)
|
Value (NEV)
|
||||||||||||
Year Ended 10/31/12
|
Year Ended 10/31/11
|
Year Ended 10/31/12
|
Year Ended 10/31/11
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
4,728,364
|
$
|
4,806,831
|
$
|
19,500,297
|
$
|
19,364,228
|
|||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
248,877
|
288,183
|
745,212
|
(16,367,767
|
)
|
||||||||
Forward swaps
|
—
|
—
|
(6,106,000
|
)
|
(674,000
|
)
|
|||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
7,177,012
|
(1,082,473
|
)
|
36,071,836
|
2,972,054
|
||||||||
Forward swaps
|
—
|
—
|
4,012,405
|
(2,979,589
|
)
|
||||||||
Net increase (decrease) in net assets from operations
|
12,154,253
|
4,012,541
|
54,223,750
|
2,314,926
|
|||||||||
Distributions to Shareholders
|
|||||||||||||
From net investment income
|
(4,699,960
|
)
|
(4,686,031
|
)
|
(18,547,985
|
)
|
(17,947,395
|
)
|
|||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
|||||||||
Decrease in net assets from distributions to shareholders
|
(4,699,960
|
)
|
(4,686,031
|
)
|
(18,547,985
|
)
|
(17,947,395
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
—
|
—
|
|||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
355,454
|
152,884
|
616,205
|
—
|
|||||||||
Net increase (decrease) in net assets from capital share transactions
|
355,454
|
152,884
|
616,205
|
—
|
|||||||||
Net increase (decrease) in net assets
|
7,809,747
|
(520,606
|
)
|
36,291,970
|
(15,632,469
|
)
|
|||||||
Net assets at the beginning of period
|
88,487,854
|
89,008,460
|
269,049,500
|
284,681,969
|
|||||||||
Net assets at the end of period
|
$
|
96,297,601
|
$
|
88,487,854
|
$
|
305,341,470
|
$
|
269,049,500
|
|||||
Undistributed (Over-distribution of)net investment income at the end of period
|
$
|
1,024,203
|
$
|
1,000,893
|
$
|
3,651,401
|
$
|
2,700,988
|
62
|
Nuveen Investments
|
Nuveen Investments
|
63
|
Financial
|
||
Highlights
|
||
Selected data for a share outstanding throughout each period: |
Investment Operations
|
Less Distributions
|
|||||||||||||||||||||||||||||||||
Premium
|
||||||||||||||||||||||||||||||||||
from
|
||||||||||||||||||||||||||||||||||
Shares
|
||||||||||||||||||||||||||||||||||
Net
|
Net
|
Sold
|
Ending
|
|||||||||||||||||||||||||||||||
Beginning
|
Investment
|
Realized/
|
Net
|
through
|
Net
|
Ending
|
||||||||||||||||||||||||||||
Net Asset
|
Income
|
Unrealized
|
Investment
|
Capital
|
Offering
|
Shelf
|
Asset
|
Market
|
||||||||||||||||||||||||||
Value
|
(Loss
|
) |
Gain (Loss
|
) |
Total
|
Income
|
Gains
|
Total
|
Costs
|
Offering
|
Value
|
Value
|
||||||||||||||||||||||
Municipal Value (NUV)
|
||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||
2012
|
$
|
9.65
|
$
|
.46
|
$
|
.71
|
$
|
1.17
|
$
|
(.47
|
) |
$
|
(.06
|
) |
$
|
(.53
|
) |
$
|
—
|
** |
$
|
.02
|
$
|
10.31
|
$
|
10.37
|
||||||||
2011
|
9.82
|
.48
|
(.16
|
) |
.32
|
(.47
|
) |
(.02
|
) |
(.49
|
) |
—
|
—
|
** |
9.65
|
9.66
|
||||||||||||||||||
2010
|
9.51
|
.49
|
.30
|
.79
|
(.47
|
) |
(.01
|
) |
(.48
|
) |
—
|
—
|
9.82
|
10.02
|
||||||||||||||||||||
2009
|
8.60
|
.49
|
.89
|
1.38
|
(.47
|
) |
—
|
(.47
|
) |
—
|
—
|
9.51
|
9.91
|
|||||||||||||||||||||
2008
|
10.12
|
.47
|
(1.49
|
) |
(1.02
|
) |
(.47
|
) |
(.03
|
) |
(.50
|
) |
—
|
—
|
8.60
|
8.65
|
AMT-Free Municipal Value (NUW)
|
||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||
2012
|
16.47
|
.84
|
1.29
|
2.13
|
(.82
|
) |
—
|
(.82
|
) |
—
|
—
|
17.78
|
18.66
|
|||||||||||||||||||||
2011
|
16.85
|
.93
|
(.39
|
) |
.54
|
(.90
|
) |
(.02
|
) |
(.92
|
) |
—
|
—
|
16.47
|
17.06
|
|||||||||||||||||||
2010
|
16.20
|
.91
|
.65
|
1.56
|
(.90
|
) |
(.01
|
) |
(.91
|
) |
—
|
—
|
16.85
|
17.57
|
||||||||||||||||||||
2009(d)
|
14.33
|
.49
|
1.94
|
2.43
|
(.53
|
) |
—
|
(.53
|
) |
(.03
|
) |
—
|
16.20
|
15.84
|
64
|
Nuveen Investments
|
Ratios/Supplemental Data
|
||||||||||||||||
Total Returns
|
Ratios to Average Net Assets(b)
|
|||||||||||||||
Based
on
Market
Value
|
(a) |
Based
on
Net
Asset
Value
|
(a) |
Ending
Net
Assets
(000
|
) |
Expenses
|
(c) |
Net
Investment
Income (Loss
|
) |
Portfolio
Turnover
Rate
|
||||||
13.15
|
%
|
12.62
|
%
|
$
|
2,105,323
|
.60
|
%
|
4.63
|
%
|
14
|
%
|
|||||
1.61
|
3.53
|
1,915,231
|
.65
|
5.15
|
10
|
|||||||||||
6.18
|
8.44
|
1,944,094
|
.61
|
5.05
|
8
|
|||||||||||
20.68
|
16.51
|
1,872,031
|
.66
|
5.49
|
5
|
|||||||||||
(3.93
|
) |
(10.51
|
)
|
1,684,418
|
.65
|
4.86
|
16
|
|||||||||
14.73
|
13.23
|
231,140
|
.68
|
4.90
|
10
|
|||||||||||
2.93
|
3.61
|
212,873
|
.71
|
5.92
|
1
|
|||||||||||
17.22
|
9.91
|
216,146
|
.69
|
5.55
|
4
|
|||||||||||
9.27
|
16.92
|
205,709
|
.67
|
* |
4.84
|
* |
2
|
(a)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
(b)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank or legal fee refund, where applicable.
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities as follows:
|
Municipal Value (NUV)
|
||||
Year Ended 10/31:
|
||||
2012
|
.02
|
%
|
||
2011
|
.01
|
|||
2010
|
.01
|
|||
2009
|
.02
|
|||
2008
|
.04
|
|||
AMT-Free Municipal Value (NUW)
|
||||
Year Ended 10/31:
|
||||
2012
|
—
|
|||
2011
|
—
|
|||
2010
|
—
|
|||
2009(d)
|
—
|
(d)
|
For the period February 25, 2009 (commencement of operations) through October 31, 2009.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
Nuveen Investments
|
65
|
Financial
|
||
Highlights (continued)
|
||
Selected data for a share outstanding throughout each period: |
Investment Operations
|
Less Distributions
|
||||||||||||||||||||||||||||||
Beginning
Net Asset
Value
|
Net
Investment
Income
(Loss
|
) |
Net
Realized/
Unrealized
Gain (Loss
|
) |
Total
|
Net
Investment
Income
|
Capital
Gains
|
Total
|
Offering
Costs
|
Ending
Net
Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||
Municipal Income (NMI)
|
|||||||||||||||||||||||||||||||
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||
2012
|
$
|
10.75
|
$
|
.57
|
$
|
.91
|
$
|
1.48
|
$
|
(.57
|
)
|
$
|
—
|
$
|
(.57
|
)
|
$
|
—
|
$
|
11.66
|
$
|
12.66
|
|||||||||
2011
|
10.84
|
.58
|
(.10
|
)
|
.48
|
(.57
|
)
|
—
|
(.57
|
)
|
—
|
10.75
|
11.13
|
||||||||||||||||||
2010
|
10.38
|
.58
|
.45
|
1.03
|
(.57
|
)
|
—
|
(.57
|
)
|
—
|
10.84
|
11.24
|
|||||||||||||||||||
2009
|
9.28
|
.57
|
1.06
|
1.63
|
(.53
|
)
|
—
|
(.53
|
)
|
—
|
10.38
|
10.66
|
|||||||||||||||||||
2008
|
10.77
|
.53
|
(1.52
|
)
|
(.99
|
)
|
(.50
|
)
|
—
|
(.50
|
)
|
—
|
9.28
|
9.89
|
|||||||||||||||||
Enhanced Municipal Value (NEV)
|
|||||||||||||||||||||||||||||||
Year Ended 10/31:
|
|||||||||||||||||||||||||||||||
2012
|
13.97
|
1.01
|
1.80
|
2.81
|
(.96
|
)
|
—
|
(.96
|
)
|
—
|
15.82
|
16.16
|
|||||||||||||||||||
2011
|
14.78
|
1.01
|
(.89
|
)
|
.12
|
(.93
|
)
|
—
|
(.93
|
)
|
—
|
13.97
|
13.70
|
||||||||||||||||||
2010
|
13.73
|
.94
|
1.02
|
1.96
|
(.91
|
)
|
—
|
** |
(.91
|
)
|
—
|
** |
14.78
|
14.56
|
|||||||||||||||||
2009(d)
|
14.33
|
.04
|
(.61
|
)
|
(.57
|
)
|
—
|
—
|
—
|
(.03
|
)
|
13.73
|
15.00
|
66
|
Nuveen Investments
|
Ratios/Supplemental Data
|
||||||||||||||||
Total Returns
|
Ratios to Average Net Assets(b)
|
|||||||||||||||
Based
on
Market
Value
|
(a) |
Based
on
Net
Asset
Value
|
(a) |
Ending
Net
Assets
(000
|
) |
Expenses
|
(c) |
Net
Investment
Income (Loss
|
) |
Portfolio
Turnover
Rate
|
||||||
19.51
|
%
|
14.05
|
%
|
$
|
96,298
|
.78
|
%
|
5.09
|
%
|
15
|
%
|
|||||
4.62
|
4.73
|
88,488
|
.77
|
5.61
|
16
|
|||||||||||
11.14
|
10.12
|
89,008
|
.77
|
5.47
|
14
|
|||||||||||
13.72
|
18.06
|
84,883
|
.81
|
5.85
|
10
|
|||||||||||
(1.01
|
)
|
(9.53
|
)
|
75,553
|
.86
|
5.08
|
8
|
|||||||||
25.68
|
20.67
|
305,341
|
1.12
|
6.73
|
11
|
|||||||||||
1.02
|
1.28
|
269,050
|
1.17
|
7.47
|
33
|
|||||||||||
3.52
|
14.73
|
284,682
|
1.07
|
6.64
|
28
|
|||||||||||
—
|
(4.15
|
)
|
244,558
|
1.02
|
* |
3.25
|
* |
1
|
(a)
|
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
|
Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
|
|
(b)
|
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund and/or the effect of the interest expense and fees paid on borrowings, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities and Footnote 8 – Borrowing Arrangements, respectively, as follows:
|
Municipal Income (NMI)
|
||||
Year Ended 10/31:
|
||||
2012
|
.01
|
%
|
||
2011
|
.01
|
|||
2010
|
.02
|
|||
2009
|
.03
|
|||
2008
|
.10
|
|||
Enhanced Municipal Value (NEV)
|
||||
Year Ended 10/31:
|
||||
2012
|
.09
|
|||
2011
|
.08
|
|||
2010
|
.04
|
|||
2009(d)
|
—
|
(d)
|
For the period September 25, 2009 (commencement of operations) through October 31, 2009.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
Nuveen Investments
|
67
|
Notes to
|
||
Financial Statements
|
68
|
Nuveen Investments
|
Nuveen Investments
|
69
|
Notes to
|
||
Financial Statements (continued)
|
Municipal
Value (NUV
|
)
|
AMT-Free
Municipal
Value (NUW
|
)
|
Municipal
Income (NMI
|
)
|
Enhanced
Municipal
Value (NEV
|
)
|
||||||
Maximum exposure to Recourse Trusts
|
$
|
7,500,000
|
$
|
17,665,000
|
$
|
6,005,000
|
$
|
135,815,000
|
Municipal
Value (NUV
|
)
|
Municipal
Income (NMI
|
)
|
Enhanced
Municipal
Value (NEV
|
)
|
|||||
Average floating rate obligations outstanding
|
$
|
15,032,186
|
$
|
3,335,000
|
$
|
18,00,000
|
||||
Average annual interest rate and fees
|
.37
|
%
|
.34
|
%
|
.66
|
%
|
70
|
Nuveen Investments
|
Enhanced
Municipal
Value (NEV
|
)
|
|||
Average notional amount of forward interest rate swap contracts outstanding*
|
$
|
18,560,000
|
*
|
The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year.
|
Nuveen Investments
|
71
|
Notes to
|
||
Financial Statements (continued)
|
Level 1 –
|
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
|
|
Level 2 –
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
|
Level 3 –
|
Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
|
Municipal Value (NUV)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
2,089,929,611
|
$
|
729,716
|
$
|
2,090,659,327
|
|||||
AMT-Free Municipal Value (NUW)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
227,645,112
|
$
|
—
|
$
|
227,645,112
|
|||||
Municipal Income (NMI)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
97,040,192
|
$
|
—
|
$
|
97,040,192
|
|||||
Enhanced Municipal Value (NEV)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
318,723,634
|
$
|
33,618
|
$
|
318,757,252
|
|||||
Promissory Notes
|
—
|
—
|
3,778
|
3,778
|
|||||||||
Derivatives:
|
|||||||||||||
Forward Swaps**
|
—
|
(1,091,346
|
)
|
—
|
(1,091,346
|
)
|
|||||||
Total
|
$
|
—
|
$
|
317,632,288
|
$
|
37,396
|
$
|
317,669,684
|
*
|
Refer to the Fund’s Portfolio of Investments for state classifications and breakdown of Municipal Bonds and Promissory Notes classified as Level 3, where applicable.
|
**
|
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
|
72
|
Nuveen Investments
|
Location on the Statement of Assets and Liabilities
|
||||||||||||||||
Asset Derivatives
|
Liability Derivatives
|
|||||||||||||||
Underlying
Risk Exposure
|
Derivative Instrument
|
Location
|
Value
|
Location
|
Value
|
|||||||||||
Interest Rate
|
Forward Swaps
|
|
—
|
$
|
—
|
|
Unrealized depreciation
on forward swaps
|
$
|
1,091,346
|
Enhanced
|
||||
Municipal
|
||||
Value
|
||||
Net Realized Gain (Loss) from Forward Swaps
|
(NEV
|
)
|
||
Risk Exposure
|
||||
Interest Rate
|
$
|
(6,106,000
|
)
|
|
Enhanced
|
||||
Municipal
|
||||
Value
|
||||
Change in Net Unrealized Appreciation (Depreciation) of Forward Swaps
|
(NEV
|
)
|
||
Risk Exposure
|
||||
Interest Rate
|
$
|
4,012,405
|
AMT-Free
|
|||||||||||||
Municipal Value (NUV)
|
Municipal Value (NUW)
|
||||||||||||
Year Ended 10/31/12
|
Year Ended 10/31/11
|
Year Ended 10/31/12
|
Year Ended 10/31/11
|
||||||||||
Shares sold through shelf offering*
|
4,724,522
|
253,486
|
—
|
—
|
|||||||||
Shares issued to shareholders due to reinvestment of distributions
|
1,048,793
|
311,681
|
79,018
|
91,219
|
|||||||||
Weighted average premium per shelf offering share sold*
|
1.60
|
%
|
1.15
|
%
|
—
|
%
|
—
|
||||||
Enhanced Municipal
|
|||||||||||||
Municipal Income (NMI)
|
Value (NEV)
|
|
|||||||||||
Year Ended 10/31/12
|
Year Ended 10/31/11
|
Year Ended 10/31/12
|
Year Ended 10/31/11
|
||||||||||
Shares issued to shareholders due to reinvestment of distributions
|
31,313
|
14,327
|
41,066
|
—
|
*
|
Municipal Value (NUV) is the only Fund authorized to issue additional shares through a shelf offering at the end of the reporting period.
|
Nuveen Investments
|
73
|
Notes to
|
||
Financial Statements (continued)
|
|
AMT-Free
|
Enhanced
|
|||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value
|
Value
|
Income
|
Value
|
||||||||||
(NUV
|
)
|
(NUW
|
)
|
(NMI
|
)
|
(NEV
|
)
|
||||||
Purchases
|
$
|
298,790,194
|
$
|
25,608,711
|
$
|
14,171,044
|
$
|
34,322,284
|
|||||
Sales and maturities
|
283,149,213
|
20,759,097
|
15,280,034
|
36,846,314
|
`
|
|
AMT-Free
|
Enhanced
|
||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value
|
Value
|
Income
|
Value
|
||||||||||
(NUV
|
)
|
(NUW
|
)
|
(NMI
|
)
|
(NEV
|
)
|
||||||
Cost of investments
|
$
|
1,887,163,661
|
$
|
182,584,893
|
$
|
82,914,657
|
$
|
249,002,030
|
|||||
Gross unrealized:
|
|||||||||||||
Appreciation
|
$
|
215,912,016
|
$
|
45,095,768
|
$
|
10,967,182
|
$
|
55,430,323
|
|||||
Depreciation
|
(26,796,507
|
)
|
(35,549
|
)
|
(176,302
|
)
|
(3,671,331
|
)
|
|||||
Net unrealized appreciation (depreciation) of investments
|
$
|
189,115,509
|
$
|
45,060,219
|
$
|
10,790,880
|
$
|
51,758,992
|
AMT-Free
|
Enhanced
|
||||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value
|
Value
|
Income
|
Value
|
||||||||||
(NUV
|
)
|
(NUW
|
)
|
(NMI
|
)
|
(NEV
|
)
|
||||||
Paid-in-surplus
|
$
|
5,062
|
$
|
42
|
$
|
(662,788
|
)
|
$
|
—
|
||||
Undistributed (Over-distribution of) net investment income
|
(426,083
|
)
|
(202,742
|
)
|
(5,094
|
)
|
(1,900
|
)
|
|||||
Accumulated net realized gain (loss)
|
421,021
|
202,700
|
667,882
|
1,900
|
AMT-Free
|
Enhanced
|
||||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value
|
Value
|
Income
|
Value
|
||||||||||
(NUV
|
)
|
(NUW
|
)
|
(NMI
|
)
|
(NEV
|
)
|
||||||
Undistributed net tax-exempt income *
|
$
|
13,285,954
|
$
|
271,049
|
$
|
1,190,603
|
$
|
4,711,161
|
|||||
Undistributed net ordinary income **
|
724,419
|
—
|
12,943
|
59,986
|
|||||||||
Undistributed net long-term capital gains
|
—
|
116,431
|
—
|
—
|
*
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2012, paid on November 1, 2012.
|
**
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
74
|
Nuveen Investments
|
AMT-Free
|
Enhanced
|
||||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value
|
Value
|
Income
|
Value
|
||||||||||
2012
|
(NUV
|
)
|
(NUW
|
)
|
(NMI
|
)
|
(NEV
|
)
|
|||||
Distributions from net tax-exempt income**
|
$
|
93,396,470
|
$
|
10,782,724
|
$
|
4,698,473
|
$
|
18,504,251
|
|||||
Distributions from net ordinary income *
|
2,233,875
|
114
|
—
|
40,449
|
|||||||||
Distributions from net long-term capital gains***
|
10,779,851
|
—
|
—
|
—
|
AMT-Free
|
Enhanced
|
||||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value
|
Value
|
Income
|
Value
|
||||||||||
2011
|
(NUV
|
)
|
(NUW
|
)
|
(NMI
|
)
|
(NEV
|
)
|
|||||
Distributions from net tax-exempt income
|
$
|
92,772,285
|
$
|
11,586,650
|
$
|
4,685,350
|
$
|
17,870,368
|
|||||
Distributions from net ordinary income*
|
138,634
|
36,024
|
—
|
—
|
|||||||||
Distributions from net long-term capital gains
|
4,159,024
|
248,104
|
—
|
—
|
*
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
**
|
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2012, as Exempt Interest Dividends.
|
***
|
The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2012.
|
Enhanced
|
|||||||
Municipal
|
Municipal
|
||||||
Income
|
Value
|
||||||
(NMI
|
)
|
(NEV
|
)
|
||||
Expiration:
|
|||||||
October 31, 2013
|
$
|
165,764
|
$
|
—
|
|||
October 31, 2016
|
164,175
|
—
|
|||||
October 31, 2017
|
289,822
|
—
|
|||||
October 31, 2018
|
—
|
2,946,811
|
|||||
October 31, 2019
|
—
|
16,146,849
|
|||||
Total
|
$
|
619,761
|
$
|
19,093,660
|
AMT-Free
|
|||||||
Municipal
|
Municipal
|
||||||
Value
|
Income
|
||||||
(NUW
|
)
|
(NMI
|
)
|
||||
Utilized capital loss carryforwards
|
$
|
241,126
|
$
|
249,645
|
Municipal
|
||||
Income
|
||||
(NMI
|
)
|
|||
Expired capital loss carryforwards
|
$
|
667,114
|
Nuveen Investments
|
75
|
Notes to
|
||
Financial Statements (continued)
|
|
Enhanced
|
||||||
Municipal
|
Municipal
|
||||||
Value
|
Value
|
||||||
(NUV
|
)
|
(NEV
|
)
|
||||
Post-enactment losses:
|
|||||||
Short-term
|
$
|
—
|
$
|
—
|
|||
Long-term
|
20,892,275
|
5,358,888
|
Municipal Value (NUV) | ||||
Average Daily Net Assets
|
Fund-Level Fee Rate
|
|||
For the first $500 million
|
.1500
|
%
|
||
For the next $500 million
|
.1250
|
|||
For net assets over $1 billion
|
.1000
|
Municipal Value (NUV) | ||
Gross Interest Income
|
Gross Income Fee Rate
|
|
For the first $50 million
|
4.125
|
%
|
For the next $50 million
|
4.000
|
|
For gross income over $100 million
|
3.875
|
AMT-Free Municipal Value (NUW) | ||
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|
For the first $125 million
|
.4000
|
%
|
For the next $125 million
|
.3875
|
|
For the next $250 million
|
.3750
|
|
For the next $500 million
|
.3625
|
|
For the next $1 billion
|
.3500
|
|
For managed assets over $2 billion
|
.3375
|
76
|
Nuveen Investments
|
Municipal Income (NMI) | ||||
Average Daily Net Assets
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
.4500
|
%
|
||
For the next $125 million
|
.4375
|
|||
For the next $250 million
|
.4250
|
|||
For the next $500 million
|
.4125
|
|||
For the next $1 billion
|
.4000
|
|||
For the next $3 billion
|
.3875
|
|||
For net assets over $5 billion
|
.3750
|
Enhanced Municipal Value (NEV) | ||||
Average Daily Managed Assets*
|
Fund-Level Fee Rate
|
|||
For the first $125 million
|
.4500
|
%
|
||
For the next $125 million
|
.4375
|
|||
For the next $250 million
|
.4250
|
|||
For the next $500 million
|
.4125
|
|||
For the next $1 billion
|
.4000
|
|||
For managed assets over $2 billion
|
.3875
|
Complex-Level Managed Asset Breakpoint Level*
|
Effective Rate at Breakpoint Level
|
|
$55 billion
|
.2000
|
%
|
$56 billion
|
.1996
|
|
$57 billion
|
.1989
|
|
$60 billion
|
.1961
|
|
$63 billion
|
.1931
|
|
$66 billion
|
.1900
|
|
$71 billion
|
.1851
|
|
$76 billion
|
.1806
|
|
$80 billion
|
.1773
|
|
$91 billion
|
.1691
|
|
$125 billion
|
.1599
|
|
$200 billion
|
.1505
|
|
$250 billion
|
.1469
|
|
$300 billion
|
.1445
|
*
|
For the fund-level and complex-level fees, managed assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining managed assets in certain circumstances. The complex-level fee is calculated based upon the aggregate daily managed assets of all Nuveen Funds that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of October 31, 2012, the complex-level fee rate for these Funds was .1691%.
|
Nuveen Investments
|
77
|
Notes to
|
||
Financial Statements (continued)
|
78
|
Nuveen Investments
|
Nuveen Investments
|
79
|
80
|
Nuveen Investments
|
Nuveen Investments
|
81
|
82
|
Nuveen Investments
|
Nuveen Investments
|
83
|
C.
|
Fees, Expenses and Profitability
|
1. Fees and Expenses
|
|
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and any expense limitations.
|
|
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe from year to year; levels of reimbursement or fee waivers; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
|
|
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). In reviewing fees and expenses (excluding leverage costs and leveraged assets), the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Universe. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their peer set average based on the net total expense ratio.
|
|
The Independent Board Members noted that the Enhanced Municipal Value Fund had higher net management fees and a slightly higher net expense ratio compared to its peer averages. In this regard, the Board noted that the slightly higher net expense ratio of such Fund compared to its peer average was generally due to, among other things, an increase in the leverage ratio. In addition, the Independent Board Members noted that each of the other Funds had net management fees and
|
84
|
Nuveen Investments
|
net expense ratios (including fee waivers and expense reimbursements) below their respective peer averages.
|
|
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
|
|
2. Comparisons with the Fees of Other Clients
|
|
The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including municipal separately managed accounts and passively managed exchange traded funds (ETFs) sub-advised by the Advisor. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
|
|
In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).
|
|
3. Profitability of Fund Advisers
|
|
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin
|
Nuveen Investments
|
85
|
compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
|
|
In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.
|
|
With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.
|
|
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
|
|
D.
|
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
|
86
|
Nuveen Investments
|
Nuveen Investments
|
87
|
88
|
Nuveen Investments
|
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the board members of the Funds. The number of board members of the Funds is currently set at ten. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
|
Name,
Birthdate
& Address
|
Position(s) Held
with the Funds
|
Year First
Elected or
Appointed
and Term(1)
|
Principal
Occupation(s)
including other
Directorships
During Past 5 Years
|
Number
of Portfolios
in Fund Complex
Overseen by
Board Member
|
|||||
Independent Board Members: | |||||||||
■ |
ROBERT P. BREMNER
8/22/40333 W. Wacker Drive
Chicago, IL 60606
|
Chairman of
the Board
and Board Member
|
1996
Class III
|
Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute.
|
217
|
||||
|
|||||||||
■ |
JACK B. EVANS
10/22/48333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1999
Class III
|
President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm.
|
217
|
||||
|
|||||||||
■ |
WILLIAM C. HUNTER
3/6/48333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2004
Class I
|
Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University.
|
217
|
||||
|
|||||||||
■ |
DAVID J. KUNDERT
10/28/42333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2005
Class II
|
Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation.
|
217
|
||||
|
|||||||||
■ |
WILLIAM J. SCHNEIDER
9/24/44333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1996
Class III
|
Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council;member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank.
|
217
|
Nuveen Investments
|
89
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Birthdate
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
& Address
|
Appointed
|
Including other
|
in Fund Complex
|
||||||
and Term(1)
|
Directorships
|
Overseen by
|
|||||||
During Past 5 Years
|
Board Member
|
||||||||
Independent Board Members:
|
|||||||||
■ |
JUDITH M. STOCKDALE
12/29/47
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
1997
Class I
|
Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994).
|
217
|
||||
■ |
CAROLE E. STONE
6/28/47
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2007
Class I
|
Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007).
|
217
|
||||
■ |
VIRGINIA L. STRINGER
8/16/44
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2011
Class I
|
Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010).
|
217
|
||||
■ |
TERENCE J. TOTH
9/29/59
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2008
Class II
|
Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and a member of its investment committee; formerly,Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004).
|
217
|
||||
Interested Board Member:
|
|||||||||
■ |
JOHN P. AMBOIAN(2)
6/14/61
333 W. Wacker Drive
Chicago, IL 60606
|
Board Member
|
2008
Class II
|
Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers, Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc.
|
217
|
90
|
Nuveen Investments
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Birthdate
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
and Address
|
|
Appointed(3)
|
During Past 5 Years
|
in Fund Complex
|
|||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds:
|
|||||||||
■ |
GIFFORD R. ZIMMERMAN
9/9/56
333 W. Wacker Drive
Chicago, IL 60606
|
Chief
Administrative
Officer
|
1988
|
Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary, of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006), and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst.
|
217
|
||||
■ |
WILLIAM ADAMS IV
6/9/55
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2007
|
Senior Executive Vice President, Global Structured Products (since 2010), formerly, Executive Vice President (1999-2010) of Nuveen Securities, LLC; Co-President of Nuveen Fund Advisors, Inc. (since 2011); President (since 2011), formerly, Managing Director (2010-2011) of Nuveen Commodities Asset Management, LLC.
|
117
|
||||
■ |
CEDRIC H. ANTOSIEWICZ
1/11/62
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2007
|
Managing Director of Nuveen Securities, LLC.
|
117
|
||||
■ |
MARGO L. COOK
4/11/64
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2009
|
Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director-Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011), previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst.
|
217
|
||||
■ |
LORNA C. FERGUSON
10/24/45
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
1998
|
Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004).
|
217
|
||||
■ |
STEPHEN D. FOY
5/31/54
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Controller
|
1998
|
Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant.
|
217
|
Nuveen Investments
|
91
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Birthdate
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
and Address
|
Appointed(3)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds:
|
|||||||||
■ |
SCOTT S. GRACE
8/20/70
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Treasurer
|
2009
|
Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation.
|
217
|
||||
■ |
WALTER M. KELLY
2/24/70
333 W. Wacker Drive
Chicago, IL 60606
|
Chief Compliance
Officer and
Vice President
|
2003
|
Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc.; Senior Vice President (since 2008) of Nuveen Investment Holdings, Inc.; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC.
|
217
|
||||
■ |
TINA M. LAZAR
8/27/61
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
|
2002
|
Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc.
|
217
|
||||
■ |
KEVIN J. MCCARTHY
3/26/66
333 W. Wacker Drive
Chicago, IL 60606
|
Vice President
and Secretary
|
2007
|
Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, Inc. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007).
|
217
|
92
|
Nuveen Investments
|
Name,
|
Position(s) Held
|
Year First
|
Principal
|
Number
|
|||||
Birthdate
|
with the Funds
|
Elected or
|
Occupation(s)
|
of Portfolios
|
|||||
and Address
|
Appointed(3)
|
During Past 5 Years
|
in Fund Complex
|
||||||
Overseen
|
|||||||||
by Officer
|
|||||||||
Officers of the Funds: | |||||||||
■ |
KATHLEEN L. PRUDHOMME
3/30/53
901 Marquette Avenue
Minneapolis, MN 55402
|
Vice President and
Assistant Secretary
|
2011
|
Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010).
|
217
|
(1)
|
Board Members serve three year terms. The Board of Trustees is divided into three classes. Class I, Class II, and Class III, with each being elected to serve until the succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The first year elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
|
(2)
|
Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
|
(3)
|
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
|
Nuveen Investments
|
93
|
94
|
Nuveen Investments
|
Nuveen Investments
|
95
|
■
|
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
|
■
|
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
|
■
|
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
|
■
|
Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage (see Leverage) and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
|
■
|
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
|
■
|
Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s
|
96
|
Nuveen Investments
|
value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
|
|
■
|
Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
|
■
|
Leverage-Adjusted Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. Leverage-adjusted duration takes into account the leveraging process for a Fund and therefore is longer than the duration of the Fund’s portfolio of bonds.
|
■
|
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
|
■
|
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges.
|
■
|
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
|
■
|
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
|
■
|
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
|
■
|
Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
|
■
|
Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940.
|
■
|
S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
|
Nuveen Investments
|
97
|
■
|
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
|
■
|
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
|
98
|
Nuveen Investments
|
Nuveen Investments
|
99
|
Audit Fees Billed
|
Audit-Related Fees
|
Tax Fees
|
All Other Fees
|
|||||||||||||
Fiscal Year Ended
|
to Fund 1
|
Billed to Fund 2
|
Billed to Fund 3
|
Billed to Fund 4
|
||||||||||||
October 31, 2012
|
$ | 16,200 | $ | 18,000 | $ | 0 | $ | 0 | ||||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
||||||||||||||||
October 31, 2011
|
$ | 18,200 | $ | 25,000 | $ | 0 | $ | 0 | ||||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | 0 | % | ||||||||
pursuant to
|
||||||||||||||||
pre-approval
|
||||||||||||||||
exception
|
||||||||||||||||
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in
|
||||||||||||||||
connection with statutory and regulatory filings or engagements.
|
||||||||||||||||
2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of
|
||||||||||||||||
financial statements that are not reported under "Audit Fees". These fees include leverage offerings as well as comfort letters for seed and shelf offerings.
|
||||||||||||||||
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding
|
||||||||||||||||
tax services; excise and state tax reviews; and capital gain, tax equalization and taxable basis calculations performed by the principal accountant.
|
||||||||||||||||
4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees
|
||||||||||||||||
represent all "Agreed-Upon Procedures" engagements pertaining to preferred stock, commercial paper and registration statements.
|
Fiscal Year Ended
|
Audit-Related Fees
|
Tax Fees Billed to
|
All Other Fees
|
|||||||||
Billed to Adviser
|
Adviser and
|
Billed to Adviser
|
||||||||||
and Affiliated Fund
|
Affiliated Fund
|
and Affiliated Fund
|
||||||||||
Service Providers
|
Service Providers
|
Service Providers
|
||||||||||
October 31, 2012
|
$ | 0 | $ | 0 | $ | 0 | ||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | ||||||
pursuant to
|
||||||||||||
pre-approval
|
||||||||||||
exception
|
||||||||||||
October 31, 2011
|
$ | 0 | $ | 0 | $ | 0 | ||||||
Percentage approved
|
0 | % | 0 | % | 0 | % | ||||||
pursuant to
|
||||||||||||
pre-approval
|
||||||||||||
exception
|
Fiscal Year Ended
|
Total Non-Audit Fees
|
|||
billed to Adviser and
|
||||
Affiliated Fund Service
|
Total Non-Audit Fees
|
|||
Providers (engagements
|
billed to Adviser and
|
|||
related directly to the
|
Affiliated Fund Service
|
|||
Total Non-Audit Fees
|
operations and financial
|
Providers (all other
|
||
Billed to Fund
|
reporting of the Fund)
|
engagements)
|
Total
|
|
October 31, 2012
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
October 31, 2011
|
$ 0
|
$ 0
|
$ 0
|
$ 0
|
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
|
||||
amounts from the previous table.
|
||||
Less than 50 percent of the hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year were
|
||||
attributed to work performed by persons other than the principal accountant's full-time, permanent employees.
|
Name
|
Fund
|
THOMAS SPALDING
|
Nuveen Municipal Value Fund, Inc.
|
Portfolio Manager
|
Type of Account
Managed
|
Number of
Accounts
|
Assets*
|
Thomas Spalding
|
Registered Investment Company
|
15
|
$7.175 billion
|
Other Pooled Investment Vehicles
|
0
|
$0
|
|
Other Accounts
|
5
|
$19.4 million
|
*
|
Assets are as of October 31, 2012. None of the assets in these accounts are subject to an advisory fee based on performance.
|
Item 8(a)(3).
|
FUND MANAGER COMPENSATION
|
Name of Portfolio Manager
|
Fund
|
Dollar range of equity securities
beneficially owned in Fund
|
Dollar range of equity securities
beneficially owned in the remainder
of Nuveen funds managed by Nuveen
Asset Management’s municipal
investment team
|
Thomas Spalding
|
Nuveen Municipal Value Fund, Inc.
|
$100,001-$500,000
|
$500,001-$1,000,000
|
(a)
|
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)
|
(a)(2)
|
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.
|
(a)(3)
|
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
|
(b)
|
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
|