Chairman’s Letter to Shareholders
|
4
|
Portfolio Managers’ Comments
|
5
|
Fund Leverage
|
10
|
Share Information
|
11
|
Risk Considerations
|
13
|
Performance Overview and Holding Summaries
|
15
|
Portfolios of Investments
|
19
|
Statement of Assets and Liabilities
|
57
|
Statement of Operations
|
58
|
Statement of Changes in Net Assets
|
59
|
Financial Highlights
|
62
|
Notes to Financial Statements
|
66
|
Reinvest Automatically, Easily and Conveniently
|
77
|
Glossary of Terms Used in this Report
|
79
|
Additional Fund Information
|
83
|
4
|
Nuveen Investments
|
Nuveen Investments
|
5
|
6
|
Nuveen Investments
|
Nuveen Investments
|
7
|
8
|
Nuveen Investments
|
Nuveen Investments
|
9
|
Effective
|
|||
Leverage
|
*
|
||
NUV
|
1.78%
|
||
NUW
|
6.99%
|
||
NMI
|
8.77%
|
||
NEV
|
31.96%
|
*
|
Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values.
|
10
|
Nuveen Investments
|
Per Common Share Amounts
|
|||||||||||||
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||
November
|
$
|
0.0370
|
$
|
0.0670
|
$
|
0.0475
|
$
|
0.0800
|
|||||
December
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
January
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
February
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
March
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
April
|
0.0370
|
0.0670
|
0.0475
|
0.0800
|
|||||||||
Long-Term Capital Gain*
|
$
|
—
|
$
|
0.0090
|
$
|
—
|
$
|
—
|
|||||
Ordinary Income Distribution*
|
$
|
0.0035
|
$
|
—
|
$
|
0.0016
|
$
|
0.0031
|
|||||
Market Yield**
|
4.27%
|
4.58%
|
4.59%
|
5.91%
|
|||||||||
Taxable-Equivalent Yield**
|
5.93%
|
6.36%
|
6.38%
|
8.21%
|
*
|
Distribution paid in December 2012.
|
**
|
Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
|
Nuveen Investments
|
11
|
Weighted Average
|
|||
Shares Sold through
|
Premium to NAV
|
||
Fund
|
Equity Shelf Program
|
Per Share Sold
|
|
NUV
|
1,027,916
|
1.18%
|
|
NUW
|
163,893
|
1.71%
|
|
NEV
|
1,535,527
|
2.74%
|
NUV
|
NUW
|
NMI
|
NEV
|
||||||||||
NAV
|
$
|
10.40
|
$
|
17.81
|
$
|
11.75
|
$
|
16.04
|
|||||
Share Price
|
$
|
10.39
|
$
|
17.57
|
$
|
12.41
|
$
|
16.24
|
|||||
Premium/(Discount) to NAV
|
-0.10
|
%
|
-1.35
|
%
|
5.62
|
%
|
1.25
|
%
|
|||||
6-Month Average
|
|||||||||||||
Premium/(Discount) to NAV
|
-0.07
|
%
|
0.85
|
%
|
5.83
|
%
|
2.48
|
%
|
12
|
Nuveen Investments
|
Nuveen Investments
|
13
|
14
|
Nuveen Investments
|
Cumulative
|
Average Annual
|
||||||||||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||
NUV at NAV
|
3.08%
|
8.15%
|
6.53%
|
5.64%
|
|||||||||
NUV at Share Price
|
2.39%
|
6.67%
|
6.04%
|
6.58%
|
|||||||||
S&P Municipal Bond Index
|
2.01%
|
5.74%
|
6.08%
|
5.16%
|
|||||||||
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
|
2.67%
|
7.79%
|
5.89%
|
5.09%
|
Portfolio Composition1
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
22.0
|
%
|
||
Health Care
|
19.5
|
%
|
||
U.S. Guaranteed
|
11.9
|
%
|
||
Transportation
|
11.6
|
%
|
||
Tax Obligation/General
|
9.9
|
%
|
||
Consumer Staples
|
7.8
|
%
|
||
Utilities
|
6.1
|
%
|
||
Other
|
11.2
|
%
|
Credit Quality1,2,3
|
||||
(as a % of total investment exposure)
|
||||
AAA/U.S. Guaranteed
|
19.8
|
%
|
||
AA
|
28.8
|
%
|
||
A
|
23.7
|
%
|
||
BBB
|
15.9
|
%
|
||
BB or Lower
|
7.0
|
%
|
||
N/R
|
2.3
|
%
|
States1
|
||||
(as a % of total investments)
|
||||
California
|
14.4
|
%
|
||
Illinois
|
13.9
|
%
|
||
Texas
|
9.0
|
%
|
||
New York
|
6.7
|
%
|
||
Florida
|
4.8
|
%
|
||
Colorado
|
4.8
|
%
|
||
Washington
|
4.5
|
%
|
||
Michigan
|
4.0
|
%
|
||
Ohio
|
3.3
|
%
|
||
Wisconsin
|
3.2
|
%
|
||
Puerto Rico
|
3.2
|
%
|
||
Louisiana
|
3.1
|
%
|
||
New Jersey
|
2.9
|
%
|
||
Indiana
|
2.1
|
%
|
||
Pennsylvania
|
1.9
|
%
|
||
Other
|
18.2
|
%
|
1
|
Holdings are subject to change.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
|
Nuveen Investments
|
15
|
Cumulative
|
Average Annual
|
|||||||||
6-Month
|
1-Year
|
Since Inception4
|
||||||||
NUW at NAV
|
2.50%
|
8.53%
|
10.98%
|
|||||||
NUW at Share Price
|
(3.64)%
|
8.28%
|
9.45%
|
|||||||
S&P Municipal Bond Index
|
2.01%
|
5.74%
|
7.53%
|
|||||||
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
|
2.67%
|
7.79%
|
8.32%
|
Portfolio Composition1
|
||||
(as a % of total investments)
|
||||
Health Care
|
22.5
|
%
|
||
Tax Obligation/Limited
|
21.0
|
%
|
||
Transportation
|
11.2
|
%
|
||
Tax Obligation/General
|
10.4
|
%
|
||
Utilities
|
8.6
|
%
|
||
Consumer Staples
|
8.5
|
%
|
||
Water and Sewer
|
6.1
|
%
|
||
Other
|
11.7
|
%
|
Credit Quality1,2,3
|
||||
(as a % of total investment exposure)
|
||||
AAA/U.S. Guaranteed
|
5.4
|
%
|
||
AA
|
32.8
|
%
|
||
A
|
36.7
|
%
|
||
BBB
|
16.1
|
%
|
||
BB or Lower
|
6.5
|
%
|
||
N/R
|
1.1
|
%
|
States1
|
||||
(as a % of total investments)
|
||||
Illinois
|
10.7
|
%
|
||
California
|
10.0
|
%
|
||
Florida
|
8.2
|
%
|
||
Wisconsin
|
7.6
|
%
|
||
Louisiana
|
7.4
|
%
|
||
Ohio
|
6.7
|
%
|
||
Texas
|
5.9
|
%
|
||
Indiana
|
5.6
|
%
|
||
Colorado
|
5.2
|
%
|
||
Puerto Rico
|
4.8
|
%
|
||
Michigan
|
4.4
|
%
|
||
Arizona
|
4.2
|
%
|
||
Other
|
19.3
|
%
|
1
|
Holdings are subject to change.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
|
4
|
Since inception returns are from 2/25/09.
|
16
|
Nuveen Investments
|
Cumulative
|
Average Annual
|
||||||||||||
6-Month
|
1-Year
|
5-Year
|
10-Year
|
||||||||||
NMI at NAV
|
3.26%
|
9.02%
|
7.76%
|
6.31%
|
|||||||||
NMI at Share Price
|
0.41%
|
10.73%
|
8.92%
|
6.56%
|
|||||||||
S&P Municipal Bond Index
|
2.01%
|
5.74%
|
6.08%
|
5.16%
|
|||||||||
Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average
|
2.67%
|
7.79%
|
5.89%
|
5.09%
|
Portfolio Composition1
|
||||
(as a % of total investments)
|
||||
Health Care
|
20.7
|
%
|
||
Tax Obligation/Limited
|
17.1
|
%
|
||
Education and Civic Organizations
|
12.9
|
%
|
||
Tax Obligation/General
|
10.6
|
%
|
||
Transportation
|
6.7
|
%
|
||
Utilities
|
6.5
|
%
|
||
Water and Sewer
|
6.2
|
%
|
||
U.S. Guaranteed
|
5.9
|
%
|
||
Other
|
13.4
|
%
|
Credit Quality1,2,3
|
||||
(as a % of total investment exposure)
|
||||
AAA/U.S. Guaranteed
|
9.8
|
%
|
||
AA
|
24.1
|
%
|
||
A
|
30.6
|
%
|
||
BBB
|
23.5
|
%
|
||
BB or Lower
|
5.0
|
%
|
||
N/R
|
5.5
|
%
|
States1
|
||||
(as a % of total investments)
|
||||
California
|
19.5
|
%
|
||
Illinois
|
10.8
|
%
|
||
Texas
|
8.7
|
%
|
||
Colorado
|
8.5
|
%
|
||
Missouri
|
7.2
|
%
|
||
Wisconsin
|
5.0
|
%
|
||
New York
|
4.7
|
%
|
||
Florida
|
4.3
|
%
|
||
Ohio
|
4.1
|
%
|
||
Pennsylvania
|
3.8
|
%
|
||
Kentucky
|
2.8
|
%
|
||
Indiana
|
1.9
|
%
|
||
Other
|
18.7
|
%
|
1
|
Holdings are subject to change.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
|
Nuveen Investments
|
17
|
Cumulative
|
Average Annual
|
|||||||||
6-Month
|
1-Year
|
Since Inception5
|
||||||||
NEV at NAV
|
4.49%
|
12.36%
|
9.89%
|
|||||||
NEV at Share Price
|
3.56%
|
12.72%
|
8.95%
|
|||||||
S&P Municipal Bond Index
|
2.01%
|
5.74%
|
5.90%
|
|||||||
Lipper General & Insured Leveraged Municipal Debt Funds Classification Average
|
3.21%
|
10.58%
|
9.83%
|
Portfolio Composition1,4
|
||||
(as a % of total investments)
|
||||
Tax Obligation/Limited
|
21.9
|
%
|
||
Health Care
|
15.2
|
%
|
||
Transportation
|
14.2
|
%
|
||
Education and Civic Organizations
|
11.6
|
%
|
||
Tax Obligation/General
|
9.9
|
%
|
||
Consumer Staples
|
6.4
|
%
|
||
Long-Term Care
|
4.7
|
%
|
||
Housing/Multifamily
|
3.9
|
%
|
||
Other
|
12.2
|
%
|
Credit Quality1,2,3
|
||||
(as a % of total investment exposure)
|
||||
AAA
|
51.2
|
%
|
||
AA
|
13.7
|
%
|
||
A
|
12.0
|
%
|
||
BBB
|
11.3
|
%
|
||
BB or Lower
|
10.8
|
%
|
States1
|
||||
(as a % of total investments)
|
||||
California
|
18.0
|
%
|
||
Illinois
|
12.4
|
%
|
||
Florida
|
6.5
|
%
|
||
Georgia
|
5.9
|
%
|
||
Ohio
|
5.7
|
%
|
||
Pennsylvania
|
5.3
|
%
|
||
Wisconsin
|
5.1
|
%
|
||
Michigan
|
4.9
|
%
|
||
Colorado
|
3.9
|
%
|
||
Arizona
|
3.7
|
%
|
||
Texas
|
3.5
|
%
|
||
New York
|
3.3
|
%
|
||
Washington
|
2.0
|
%
|
||
Other
|
19.8
|
%
|
1
|
Holdings are subject to change.
|
2
|
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
|
3
|
Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table.
|
4
|
Excluding investments in derivatives.
|
5
|
Since inception returns are from 9/25/09.
|
18
|
Nuveen Investments
|
Nuveen Municipal Value Fund, Inc.
|
||
NUV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Municipal Bonds – 98.2%
|
|||||||||
Alaska – 0.9%
|
|||||||||
$
|
3,335
|
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 12/01/30 – FGIC Insured
|
12/14 at 100.00
|
AA+
|
$
|
3,534,833
|
|||
5,000
|
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%, 12/01/30 – NPFG Insured
|
6/15 at 100.00
|
AA+
|
5,198,950
|
|||||
3,000
|
Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded 9/01/13) – FGIC Insured
|
9/13 at 100.00
|
AA+ (4)
|
3,048,120
|
|||||
5,405
|
CivicVentures, Alaska, Anchorage Convention Center Revenue Bonds, Series 2006, 5.000%, 9/01/34 – NPFG Insured
|
9/15 at 100.00
|
A1
|
5,819,618
|
|||||
2,500
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32
|
6/14 at 100.00
|
B+
|
2,339,275
|
|||||
19,240
|
Total Alaska
|
19,940,796
|
|||||||
Arizona – 0.6%
|
|||||||||
2,500
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38
|
7/18 at 100.00
|
AA–
|
2,830,425
|
|||||
2,575
|
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27
|
12/17 at 102.00
|
CCC
|
2,291,596
|
|||||
5,600
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
|
No Opt. Call
|
A–
|
6,291,320
|
|||||
1,000
|
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.250%, 9/01/30
|
9/13 at 100.00
|
A2
|
1,005,360
|
|||||
11,675
|
Total Arizona
|
12,418,701
|
|||||||
Arkansas – 0.1%
|
|||||||||
1,150
|
Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding & Improvement Series 2007, 4.750%, 10/01/33 – SYNCORA GTY Insured
|
10/17 at 100.00
|
A–
|
1,239,010
|
|||||
California – 14.1%
|
|||||||||
6,235
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Series 2006, 0.000%, 6/01/33
|
6/13 at 100.00
|
CCC
|
1,602,395
|
|||||
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006:
|
|||||||||
5,000
|
5.000%, 4/01/37 – BHAC Insured
|
4/16 at 100.00
|
AA+
|
5,486,350
|
|||||
6,000
|
5.000%, 4/01/37
|
4/16 at 100.00
|
A+
|
6,533,280
|
|||||
2,335
|
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40
|
7/20 at 100.00
|
Baa2
|
2,588,137
|
|||||
2,130
|
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
|
6/17 at 100.00
|
A3
|
2,381,276
|
|||||
2,500
|
California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, 5.500%, 6/01/22 (Pre-refunded 12/01/13)
|
12/13 at 100.00
|
AAA
|
2,575,575
|
|||||
California State, General Obligation Bonds, Series 2003:
|
|||||||||
7,450
|
5.250%, 2/01/28
|
8/13 at 100.00
|
A1
|
7,534,632
|
|||||
2,235
|
5.000%, 2/01/33
|
8/13 at 100.00
|
A1
|
2,257,663
|
|||||
California State, General Obligation Bonds, Series 2003:
|
|||||||||
5,360
|
5.250%, 2/01/28 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
Aaa
|
5,427,429
|
|||||
1,790
|
5.250%, 2/01/28 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
Aaa
|
1,812,518
|
|||||
8,425
|
5.000%, 2/01/33 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
Aaa
|
8,527,364
|
|||||
590
|
5.000%, 2/01/33 (Pre-refunded 8/01/13)
|
8/13 at 100.00
|
Aaa
|
597,045
|
|||||
16,000
|
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
|
6/17 at 100.00
|
A1
|
17,295,200
|
|||||
5,000
|
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
|
10/21 at 100.00
|
A1
|
5,571,650
|
|||||
6,480
|
California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17
|
10/13 at 100.00
|
BBB
|
6,500,153
|
Nuveen Investments
|
19
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
California (continued)
|
|||||||||
$
|
3,125
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38
|
8/19 at 100.00
|
Aa2
|
$
|
3,851,563
|
|||
3,600
|
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
|
7/18 at 100.00
|
AA–
|
4,164,948
|
|||||
5,000
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/32 – AGM Insured
|
8/18 at 100.00
|
Aa1
|
5,425,000
|
|||||
4,505
|
Covina-Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured
|
No Opt. Call
|
A+
|
2,260,068
|
|||||
16,045
|
Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured
|
8/17 at 42.63
|
Aa2
|
5,709,292
|
|||||
30,000
|
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
|
No Opt. Call
|
Aaa
|
25,452,900
|
|||||
21,150
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured
|
6/13 at 100.00
|
Aaa
|
21,236,292
|
|||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
|||||||||
11,830
|
5.000%, 6/01/38 – FGIC Insured
|
6/15 at 100.00
|
A2
|
12,396,420
|
|||||
15,000
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A2
|
15,652,950
|
|||||
3,540
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
3,559,789
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
|
|||||||||
11,060
|
4.500%, 6/01/27
|
6/17 at 100.00
|
B
|
10,789,030
|
|||||
7,870
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B
|
7,259,918
|
|||||
1,500
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
1,306,440
|
|||||
4,500
|
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.125%, 8/01/37 – AGC Insured
|
8/16 at 102.00
|
AA–
|
5,057,865
|
|||||
6,280
|
Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2003A, 5.000%, 7/01/17 (Pre-refunded 7/01/13) – AGM Insured
|
7/13 at 100.00
|
AAA
|
6,330,868
|
|||||
4,000
|
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
|
12/13 at 101.00
|
N/R
|
4,086,760
|
|||||
Merced Union High School District, Merced County, California, General Obligation Bonds, Series 1999A:
|
|||||||||
2,500
|
0.000%, 8/01/23 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,734,525
|
|||||
2,555
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
AA–
|
1,661,235
|
|||||
2,365
|
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2004, 0.000%, 8/01/27 – FGIC Insured
|
No Opt. Call
|
A+
|
1,246,379
|
|||||
4,405
|
Moreland School District, Santa Clara County, California, General Obligation Bonds, Series 2004D, 0.000%, 8/01/32 – FGIC Insured
|
No Opt. Call
|
AA+
|
1,559,018
|
|||||
3,550
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
4,853,560
|
|||||
7,200
|
Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C, 0.000%, 8/01/29 – NPFG Insured
|
8/17 at 54.45
|
Aa2
|
3,345,480
|
|||||
3,600
|
New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured
|
No Opt. Call
|
Aa3
|
1,680,516
|
|||||
4,900
|
Ontario, California, Certificates of Participation, Water System Improvement Project, Refunding Series 2004, 5.000%, 7/01/29 – NPFG Insured
|
7/14 at 100.00
|
AA
|
5,119,030
|
|||||
2,350
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
2,662,926
|
|||||
10,150
|
Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/33 – AGM Insured
|
No Opt. Call
|
AA
|
4,028,637
|
|||||
2,780
|
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
|
7/15 at 102.00
|
Baa2
|
2,910,326
|
|||||
8,000
|
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14)
|
7/14 at 100.00
|
Baa2 (4)
|
8,498,400
|
20
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
California (continued)
|
|||||||||
$
|
15,505
|
Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 5.000%, 8/01/37 – NPFG Insured
|
8/17 at 100.00
|
BBB+
|
$
|
15,903,479
|
|||
San Bruno Park School District, San Mateo County, California, General Obligation Bonds, Series 2000B:
|
|||||||||
2,575
|
0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
AA
|
1,773,274
|
|||||
2,660
|
0.000%, 8/01/25 – FGIC Insured
|
No Opt. Call
|
AA
|
1,721,605
|
|||||
250
|
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41
|
2/21 at 100.00
|
BBB
|
291,035
|
|||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A:
|
|||||||||
11,990
|
0.000%, 1/15/25 – NPFG Insured
|
No Opt. Call
|
Baa2
|
6,943,889
|
|||||
14,740
|
0.000%, 1/15/35 – NPFG Insured
|
No Opt. Call
|
Baa2
|
4,971,212
|
|||||
5,000
|
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax)
|
3/17 at 100.00
|
A2
|
5,671,200
|
|||||
13,220
|
San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/28 – NPFG Insured
|
No Opt. Call
|
Aaa
|
7,770,716
|
|||||
5,000
|
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured
|
No Opt. Call
|
Aa1
|
3,609,650
|
|||||
2,000
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27
|
6/17 at 100.00
|
B+
|
2,004,620
|
|||||
1,300
|
University of California, General Revenue Bonds, Refunding Series 2009O, 5.250%, 5/15/39
|
5/19 at 100.00
|
Aa1
|
1,519,544
|
|||||
355,130
|
Total California
|
302,711,026
|
|||||||
Colorado – 4.7%
|
|||||||||
5,000
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured
|
10/16 at 100.00
|
BBB–
|
5,097,600
|
|||||
5,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38
|
9/16 at 100.00
|
AA–
|
5,222,450
|
|||||
1,700
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured
|
9/18 at 102.00
|
AA–
|
1,928,446
|
|||||
15,925
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
1/20 at 100.00
|
AA
|
17,408,414
|
|||||
750
|
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 5.000%, 12/01/23 – RAAI Insured
|
12/16 at 100.00
|
Baa2
|
779,565
|
|||||
2,000
|
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2012A, 5.000%, 3/01/41
|
3/22 at 100.00
|
Aa2
|
2,289,180
|
|||||
18,915
|
Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 (Pre-refunded 11/15/13) – SYNCORA GTY Insured
|
11/13 at 100.00
|
A+ (4)
|
19,406,223
|
|||||
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
|
|||||||||
24,200
|
0.000%, 9/01/31 – NPFG Insured
|
No Opt. Call
|
Baa2
|
10,042,032
|
|||||
17,000
|
0.000%, 9/01/32 – NPFG Insured
|
No Opt. Call
|
Baa2
|
6,623,030
|
|||||
7,600
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured
|
9/26 at 52.09
|
Baa2
|
1,957,000
|
|||||
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B:
|
|||||||||
7,500
|
0.000%, 9/01/27 – NPFG Insured
|
9/20 at 67.94
|
Baa2
|
3,677,325
|
|||||
10,075
|
0.000%, 3/01/36 – NPFG Insured
|
9/20 at 41.72
|
Baa2
|
2,891,525
|
|||||
5,000
|
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 – RAAI Insured
|
12/17 at 100.00
|
N/R
|
4,992,950
|
|||||
7,000
|
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.700%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured
|
6/16 at 100.00
|
N/R (4)
|
8,110,480
|
|||||
5,000
|
Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding Series 2011, 6.000%, 11/01/26
|
11/21 at 100.00
|
Baa1
|
5,994,450
|
|||||
3,750
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41
|
7/20 at 100.00
|
Baa3
|
4,377,488
|
|||||
136,415
|
Total Colorado
|
100,798,158
|
Nuveen Investments
|
21
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Connecticut – 0.3%
|
|||||||||
$
|
1,500
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41
|
7/21 at 100.00
|
A
|
$
|
1,632,465
|
|||
8,670
|
Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 2007A, 5.750%, 9/01/34 (5)
|
11/17 at 100.00
|
N/R
|
4,085,998
|
|||||
10,170
|
Total Connecticut
|
5,718,463
|
|||||||
District of Columbia – 0.5%
|
|||||||||
10,000
|
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
|
10/16 at 100.00
|
A1
|
10,185,200
|
|||||
Florida – 4.7%
|
|||||||||
3,000
|
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured
|
10/21 at 100.00
|
AA–
|
3,385,080
|
|||||
4,285
|
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 2002C, 5.750%, 11/15/32
|
11/13 at 100.00
|
AA+
|
4,343,790
|
|||||
10,000
|
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 6/01/35 (UB)
|
6/15 at 101.00
|
AAA
|
10,736,900
|
|||||
2,650
|
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41
|
10/16 at 100.00
|
A3
|
2,773,331
|
|||||
3,000
|
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured
|
4/15 at 100.00
|
Aa2
|
3,191,760
|
|||||
1,995
|
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/21 – FGIC Insured
|
10/13 at 100.00
|
AA
|
2,035,399
|
|||||
5,000
|
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34
|
10/17 at 100.00
|
A–
|
5,360,600
|
|||||
4,090
|
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/40
|
7/20 at 100.00
|
A–
|
4,471,761
|
|||||
9,500
|
Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 6.000%, 8/01/46
|
8/21 at 100.00
|
A
|
11,275,170
|
|||||
4,000
|
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/29
|
10/20 at 100.00
|
A
|
4,538,480
|
|||||
9,340
|
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured
|
10/20 at 100.00
|
Aa2
|
10,537,668
|
|||||
2,900
|
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured
|
10/16 at 100.00
|
AA–
|
3,195,974
|
|||||
3,250
|
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/43 (WI/DD, Settling 5/07/13)
|
11/22 at 100.00
|
BBB+
|
3,435,023
|
|||||
9,250
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 – NPFG Insured
|
7/17 at 100.00
|
Baa2
|
9,737,660
|
|||||
2,500
|
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27
|
10/17 at 100.00
|
BBB–
|
2,698,125
|
|||||
14,730
|
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB)
|
8/17 at 100.00
|
AA
|
16,140,545
|
|||||
3,300
|
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33
|
5/22 at 100.00
|
Aa2
|
3,764,508
|
|||||
92,790
|
Total Florida
|
101,621,774
|
|||||||
Georgia – 0.8%
|
|||||||||
10,240
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 – FGIC Insured
|
5/13 at 100.00
|
A1
|
10,272,051
|
|||||
2,500
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – NPFG Insured
|
5/13 at 100.00
|
A1
|
2,507,750
|
|||||
4,400
|
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured
|
10/14 at 100.00
|
AA–
|
4,663,824
|
|||||
17,140
|
Total Georgia
|
17,443,625
|
|||||||
Hawaii – 0.3%
|
|||||||||
7,140
|
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company Inc., Series 1997A, 5.650%, 10/01/27 – NPFG Insured
|
10/13 at 100.00
|
Baa2
|
7,218,897
|
22
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Illinois – 13.6%
|
|||||||||
$
|
17,205
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured
|
No Opt. Call
|
A+
|
$
|
11,363,214
|
|||
1,500
|
Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36
|
1/22 at 100.00
|
AAA
|
1,714,530
|
|||||
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A:
|
|||||||||
2,585
|
4.750%, 1/01/30 – AGM Insured
|
1/16 at 100.00
|
AA–
|
2,758,738
|
|||||
5,000
|
4.625%, 1/01/31 – AGM Insured
|
1/16 at 100.00
|
AA–
|
5,324,350
|
|||||
285
|
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured
|
7/13 at 100.00
|
Aa3
|
286,089
|
|||||
2,825
|
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax)
|
1/14 at 100.00
|
AA–
|
2,894,947
|
|||||
3,320
|
Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured
|
No Opt. Call
|
BBB
|
2,408,959
|
|||||
3,020
|
Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 – AGM Insured
|
12/16 at 100.00
|
AA–
|
3,291,981
|
|||||
8,875
|
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
|
11/20 at 100.00
|
AA
|
10,120,518
|
|||||
3,260
|
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40
|
10/20 at 100.00
|
B3
|
3,573,971
|
|||||
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B:
|
|||||||||
1,615
|
5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured
|
11/13 at 100.00
|
Aa3 (4)
|
1,655,730
|
|||||
385
|
5.250%, 11/01/20 (Pre-refunded 1/01/14) – AGM Insured
|
1/14 at 100.00
|
AA (4)
|
397,932
|
|||||
5,000
|
Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) – AMBAC Insured (Alternative Minimum Tax)
|
11/13 at 101.00
|
A1
|
5,158,300
|
|||||
28,030
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured
|
No Opt. Call
|
Aa3
|
24,422,259
|
|||||
1,800
|
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured
|
No Opt. Call
|
A2
|
1,564,092
|
|||||
1,875
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
|
11/19 at 100.00
|
AA
|
2,166,600
|
|||||
3,000
|
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39
|
11/19 at 100.00
|
AA
|
3,386,070
|
|||||
5,245
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.266%, 7/01/15 (IF)
|
No Opt. Call
|
Aa1
|
6,451,035
|
|||||
5,000
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded 8/15/14)
|
8/14 at 100.00
|
N/R (4)
|
5,331,550
|
|||||
4,845
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39
|
5/20 at 100.00
|
A
|
5,629,502
|
|||||
4,800
|
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
|
8/19 at 100.00
|
BBB+
|
6,169,632
|
|||||
4,260
|
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37
|
8/17 at 100.00
|
BBB
|
4,661,548
|
|||||
2,500
|
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41
|
2/21 at 100.00
|
AA–
|
2,846,500
|
|||||
3,000
|
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30
|
8/18 at 100.00
|
BBB+
|
3,237,750
|
|||||
8,435
|
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/22 – AMBAC Insured
|
8/13 at 100.00
|
BBB
|
8,450,858
|
|||||
2,735
|
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM)
|
No Opt. Call
|
N/R (4)
|
3,207,717
|
|||||
5,000
|
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – AMBAC Insured
|
6/15 at 101.00
|
A
|
5,446,800
|
|||||
655
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25
|
8/22 at 100.00
|
A2
|
744,349
|
|||||
5,590
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (WI/DD, Settling 5/16/13)
|
1/23 at 100.00
|
AA–
|
6,333,861
|
|||||
5,000
|
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured
|
1/16 at 100.00
|
CCC
|
3,282,650
|
Nuveen Investments
|
23
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Illinois (continued)
|
|||||||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
|
|||||||||
$
|
12,320
|
0.010%, 6/15/17 – FGIC Insured
|
No Opt. Call
|
A3
|
$
|
11,626,507
|
|||
9,270
|
0.010%, 6/15/18 – FGIC Insured
|
No Opt. Call
|
AAA
|
8,495,584
|
|||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A:
|
|||||||||
7,010
|
0.000%, 6/15/17 – FGIC Insured (ETM)
|
No Opt. Call
|
A (4)
|
6,783,086
|
|||||
3,800
|
0.000%, 6/15/18 – FGIC Insured (ETM)
|
No Opt. Call
|
N/R (4)
|
3,607,036
|
|||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B:
|
|||||||||
7,250
|
0.000%, 6/15/18 – NPFG Insured
|
No Opt. Call
|
AAA
|
6,644,335
|
|||||
3,385
|
0.000%, 6/15/21 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,757,523
|
|||||
5,190
|
0.000%, 6/15/28 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,819,571
|
|||||
11,670
|
0.000%, 6/15/29 – FGIC Insured
|
No Opt. Call
|
AAA
|
5,956,135
|
|||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A:
|
|||||||||
10,000
|
0.000%, 6/15/24 – NPFG Insured
|
6/22 at 101.00
|
AAA
|
9,606,600
|
|||||
4,950
|
0.000%, 12/15/32 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,117,115
|
|||||
21,375
|
0.000%, 6/15/34 – NPFG Insured
|
No Opt. Call
|
AAA
|
8,392,253
|
|||||
21,000
|
0.000%, 12/15/35 – NPFG Insured
|
No Opt. Call
|
AAA
|
7,630,560
|
|||||
21,970
|
0.000%, 6/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
7,718,500
|
|||||
10,375
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
3,563,501
|
|||||
25,825
|
0.000%, 6/15/39 – NPFG Insured
|
No Opt. Call
|
AAA
|
7,624,057
|
|||||
16,800
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured
|
No Opt. Call
|
AA–
|
13,444,872
|
|||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B:
|
|||||||||
3,775
|
5.500%, 6/15/20 – NPFG Insured
|
6/17 at 101.00
|
AAA
|
4,391,722
|
|||||
5,715
|
5.550%, 6/15/21 – NPFG Insured
|
6/17 at 101.00
|
AAA
|
6,615,341
|
|||||
6,095
|
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured
|
No Opt. Call
|
AA
|
8,256,043
|
|||||
1,160
|
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, Series 2007, 4.700%, 3/01/33 – AGC Insured
|
3/17 at 100.00
|
AA–
|
1,190,334
|
|||||
3,000
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured
|
3/17 at 100.00
|
A
|
3,260,640
|
|||||
4,900
|
Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/26 – NPFG Insured
|
3/16 at 100.00
|
A
|
5,182,142
|
|||||
550
|
Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax)
|
No Opt. Call
|
BBB
|
520,531
|
|||||
1,575
|
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured
|
No Opt. Call
|
N/R
|
1,357,697
|
|||||
720
|
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM)
|
No Opt. Call
|
N/R (4)
|
688,349
|
|||||
3,680
|
Will County Community Unit School District 201U, Crete-Monee, Will County, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/16 – FGIC Insured
|
No Opt. Call
|
A+
|
3,501,778
|
|||||
2,945
|
Will County School District 86, Joliet, Illinois, General Obligation Bonds, Series 2002, 0.000%, 11/01/15 – AGM Insured
|
No Opt. Call
|
AA–
|
2,865,956
|
|||||
372,950
|
Total Illinois
|
290,899,800
|
|||||||
Indiana – 2.0%
|
|||||||||
300
|
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24
|
4/14 at 100.00
|
BB+
|
295,377
|
|||||
2,525
|
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42
|
5/23 at 100.00
|
A
|
2,800,705
|
|||||
1,640
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
|
7/23 at 100.00
|
BBB
|
1,725,378
|
|||||
3,000
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 (Pre-refunded 3/01/14) – AMBAC Insured
|
3/14 at 100.00
|
A+ (4)
|
3,126,570
|
24
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Indiana (continued)
|
|||||||||
$
|
2,000
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37
|
3/17 at 100.00
|
A–
|
$
|
2,179,440
|
|||
6,735
|
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured
|
1/17 at 100.00
|
A+
|
7,337,446
|
|||||
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E:
|
|||||||||
12,500
|
0.000%, 2/01/21 – AMBAC Insured
|
No Opt. Call
|
AA
|
10,634,875
|
|||||
2,400
|
0.000%, 2/01/25 – AMBAC Insured
|
No Opt. Call
|
AA
|
1,727,448
|
|||||
14,595
|
0.000%, 2/01/27 – AMBAC Insured
|
No Opt. Call
|
AA
|
9,566,731
|
|||||
4,230
|
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.750%, 1/15/32
|
7/20 at 100.00
|
N/R
|
4,595,726
|
|||||
49,925
|
Total Indiana
|
43,989,696
|
|||||||
Iowa – 0.3%
|
|||||||||
7,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46
|
6/15 at 100.00
|
B+
|
6,865,670
|
|||||
Kansas – 1.0%
|
|||||||||
10,000
|
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22 (Pre-refunded 3/01/14)
|
3/14 at 100.00
|
AAA
|
10,397,500
|
|||||
17,010
|
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
|
No Opt. Call
|
BBB+
|
11,453,513
|
|||||
27,010
|
Total Kansas
|
21,851,013
|
|||||||
Kentucky – 0.1%
|
|||||||||
910
|
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured
|
7/13 at 100.00
|
Baa2
|
912,220
|
|||||
1,750
|
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured
|
6/18 at 100.00
|
AA–
|
1,916,723
|
|||||
2,660
|
Total Kentucky
|
2,828,943
|
|||||||
Louisiana – 3.1%
|
|||||||||
2,310
|
Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29
|
8/13 at 100.00
|
BBB–
|
2,804,779
|
|||||
5,450
|
Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
|
11/20 at 100.00
|
BBB–
|
6,552,535
|
|||||
12,000
|
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
|
11/17 at 100.00
|
BBB–
|
13,735,320
|
|||||
5,150
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/32
|
8/15 at 100.00
|
A+
|
5,340,190
|
|||||
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A:
|
|||||||||
3,620
|
5.250%, 5/15/38
|
5/17 at 100.00
|
Baa1
|
3,811,426
|
|||||
1,900
|
5.375%, 5/15/43
|
5/17 at 100.00
|
Baa1
|
2,009,288
|
|||||
5,000
|
Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology, Series 2006, 5.250%, 3/01/37 – NPFG Insured
|
No Opt. Call
|
A+
|
5,501,600
|
|||||
26,095
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
|
5/13 at 100.00
|
A–
|
26,238,783
|
|||||
61,525
|
Total Louisiana
|
65,993,921
|
|||||||
Maine – 0.1%
|
|||||||||
1,050
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41
|
7/21 at 100.00
|
Baa3
|
1,273,535
|
|||||
Maryland – 0.5%
|
|||||||||
2,500
|
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39
|
9/16 at 100.00
|
Ba2
|
2,574,375
|
Nuveen Investments
|
25
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Maryland (continued)
|
|||||||||
$
|
1,500
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36
|
1/22 at 100.00
|
Baa2
|
$
|
1,797,750
|
|||
5,600
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33
|
8/14 at 100.00
|
A2
|
5,890,584
|
|||||
9,600
|
Total Maryland
|
10,262,709
|
|||||||
Massachusetts – 1.3%
|
|||||||||
4,595
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured
|
5/13 at 100.50
|
BBB+
|
4,621,835
|
|||||
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38
|
7/18 at 100.00
|
A–
|
560,350
|
|||||
3,000
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2005C, 5.000%, 7/15/35
|
No Opt. Call
|
AAA
|
3,273,690
|
|||||
1,359
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43
|
8/13 at 100.00
|
D
|
1,164,538
|
|||||
1,072
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 6.375%, 2/15/43
|
8/13 at 100.00
|
D
|
107,134
|
|||||
1,608
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 6.625%, 2/15/43
|
8/13 at 100.00
|
D
|
16
|
|||||
2,300
|
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39
|
7/19 at 100.00
|
BBB
|
2,601,829
|
|||||
12,100
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
|
12/18 at 100.00
|
AA–
|
13,060,498
|
|||||
1,630
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30
|
8/13 at 100.00
|
Aaa
|
1,636,487
|
|||||
28,164
|
Total Massachusetts
|
27,026,377
|
|||||||
Michigan – 3.9%
|
|||||||||
9,910
|
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21
|
11/13 at 100.00
|
B–
|
9,220,165
|
|||||
1,415
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
7/22 at 100.00
|
A+
|
1,546,737
|
|||||
5,000
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D, 4.625%, 7/01/32 – AGM Insured
|
7/16 at 100.00
|
AA–
|
5,001,150
|
|||||
2,500
|
Detroit Water Supply System, Michigan, Water Supply System Revenue Refunding Second Lien Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured
|
No Opt. Call
|
AA–
|
2,548,600
|
|||||
3,700
|
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23
|
11/20 at 100.00
|
AA
|
4,132,234
|
|||||
1,760
|
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/16 – NPFG Insured
|
10/13 at 100.00
|
Baa2
|
1,745,850
|
|||||
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A:
|
|||||||||
8,000
|
5.000%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
8,090,400
|
|||||
3,000
|
4.500%, 7/01/35 – NPFG Insured
|
7/15 at 100.00
|
A
|
2,911,710
|
|||||
1,250
|
Detroit, Michigan, Second Lien Water Supply System Revenue Bonds, Series 2003B, 5.000%, 7/01/34 – NPFG Insured
|
7/13 at 100.00
|
A
|
1,250,075
|
|||||
3,000
|
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/26 (Pre-refunded 7/01/13) – AGM Insured
|
7/13 at 100.00
|
AA+ (4)
|
3,024,030
|
|||||
3,395
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured
|
7/18 at 100.00
|
AA+
|
3,863,883
|
|||||
7,445
|
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – FGIC Insured
|
7/18 at 100.00
|
AA+
|
8,421,412
|
|||||
1,265
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2005B, 4.750%, 7/01/34 – BHAC Insured
|
No Opt. Call
|
AA+
|
1,330,261
|
|||||
3,000
|
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.750%, 7/01/37
|
7/21 at 100.00
|
A+
|
3,386,040
|
|||||
2,000
|
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
|
5/20 at 100.00
|
A2
|
2,242,580
|
26
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Michigan (continued)
|
|||||||||
$
|
4,500
|
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39
|
12/21 at 100.00
|
AA
|
$
|
5,012,640
|
|||
Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of Arts and Sciences Charter School, Series 2001A:
|
|||||||||
5,000
|
7.900%, 10/01/21
|
10/13 at 100.00
|
Caa2
|
4,449,350
|
|||||
3,500
|
8.000%, 10/01/31
|
10/13 at 100.00
|
Caa2
|
3,114,545
|
|||||
8,460
|
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 10/15/22 – AMBAC Insured
|
10/15 at 100.00
|
Aa3
|
9,306,169
|
|||||
1,150
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
9/18 at 100.00
|
A1
|
1,475,036
|
|||||
2,090
|
Troy Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Development & Refunding Series 2001, 5.500%, 11/01/15 – NPFG Insured
|
5/13 at 100.00
|
Baa2
|
2,112,363
|
|||||
81,340
|
Total Michigan
|
84,185,230
|
|||||||
Minnesota – 0.9%
|
|||||||||
1,750
|
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30
|
5/14 at 100.00
|
AA–
|
1,815,118
|
|||||
6,375
|
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28
|
11/18 at 100.00
|
A
|
7,824,611
|
|||||
2,300
|
Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/31 – FGIC Insured
|
1/15 at 100.00
|
A
|
2,423,763
|
|||||
6,730
|
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36
|
11/16 at 100.00
|
A–
|
7,065,221
|
|||||
17,155
|
Total Minnesota
|
19,128,713
|
|||||||
Missouri – 1.3%
|
|||||||||
6,000
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 – AGM Insured
|
10/13 at 100.00
|
AA–
|
6,098,760
|
|||||
12,000
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B, 5.000%, 6/01/30
|
6/20 at 100.00
|
AA–
|
13,550,160
|
|||||
3,465
|
Missouri State Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48
|
11/23 at 100.00
|
A2
|
3,737,384
|
|||||
4,000
|
Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax)
|
6/13 at 101.00
|
BB+
|
4,058,040
|
|||||
25,465
|
Total Missouri
|
27,444,344
|
|||||||
Montana – 0.2%
|
|||||||||
3,750
|
Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound Energy, Series 2003A, 5.000%, 3/01/31 – AMBAC Insured
|
3/14 at 100.00
|
A–
|
3,793,275
|
|||||
Nebraska – 0.3%
|
|||||||||
5,000
|
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%, 2/01/39
|
2/18 at 100.00
|
Aa1
|
5,747,000
|
|||||
Nevada – 1.1%
|
|||||||||
2,500
|
Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%, 9/01/29 (Pre-refunded 9/01/13) – RAAI Insured
|
9/13 at 100.00
|
N/R (4)
|
2,540,300
|
|||||
5,000
|
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
|
1/20 at 100.00
|
A+
|
5,883,150
|
|||||
10,000
|
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
|
5/16 at 100.00
|
A
|
10,253,300
|
|||||
2,500
|
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 18.608%, 7/01/31 – BHAC Insured (IF) (6)
|
7/17 at 100.00
|
AA+
|
3,744,700
|
|||||
1,500
|
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A, 6.750%, 6/15/28
|
6/18 at 100.00
|
B2
|
1,552,875
|
|||||
21,500
|
Total Nevada
|
23,974,325
|
Nuveen Investments
|
27
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
New Hampshire – 0.1%
|
|||||||||
$
|
1,500
|
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39
|
10/19 at 100.00
|
Baa1
|
$
|
1,683,795
|
|||
New Jersey – 2.8%
|
|||||||||
9,000
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax)
|
5/13 at 100.00
|
B
|
9,034,020
|
|||||
3,300
|
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37
|
7/18 at 100.00
|
BB+
|
3,593,601
|
|||||
4,740
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/34
|
1/17 at 41.49
|
BBB+
|
1,674,405
|
|||||
7,500
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/24 (Pre-refunded 6/15/13)
|
6/13 at 100.00
|
Aaa
|
7,549,875
|
|||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
|
|||||||||
30,000
|
0.000%, 12/15/30 – FGIC Insured
|
No Opt. Call
|
A+
|
14,136,600
|
|||||
27,000
|
0.000%, 12/15/32 – AGM Insured
|
No Opt. Call
|
AA–
|
11,459,610
|
|||||
205
|
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured
|
No Opt. Call
|
A+
|
236,152
|
|||||
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
|
|||||||||
105
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A (4)
|
121,882
|
|||||
105
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
121,974
|
|||||
930
|
6.500%, 1/01/16 – NPFG Insured (ETM)
|
No Opt. Call
|
A+ (4)
|
1,001,861
|
|||||
7,165
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.250%, 6/01/43 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
Aaa
|
7,202,473
|
|||||
5,345
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34
|
6/17 at 100.00
|
B2
|
4,708,357
|
|||||
95,395
|
Total New Jersey
|
60,840,810
|
|||||||
New Mexico – 0.1%
|
|||||||||
1,365
|
University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21
|
No Opt. Call
|
AA
|
1,617,416
|
|||||
New York – 6.6%
|
|||||||||
10,000
|
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35
|
8/16 at 100.00
|
AAA
|
10,590,200
|
|||||
8,500
|
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida Health, Series 2004, 5.050%, 2/15/25 (Pre-refunded 2/15/14)
|
2/14 at 100.00
|
AAA
|
8,818,665
|
|||||
3,400
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured
|
2/17 at 100.00
|
A
|
3,614,506
|
|||||
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
|
2,183,320
|
|||||
12,855
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38
|
5/21 at 100.00
|
A
|
14,157,726
|
|||||
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+
|
1,570,672
|
|||||
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
|
11,007,200
|
|||||
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
|
10,101,077
|
|||||
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
|
5,854,640
|
|||||
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
|
5,624,600
|
|||||
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
|
1,456,612
|
|||||
385
|
5.500%, 6/01/22 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AAA
|
386,756
|
|||||
New York City, New York, General Obligation Bonds, Fiscal Series 2004C:
|
|||||||||
190
|
5.250%, 8/15/24
|
8/14 at 100.00
|
AA
|
201,822
|
|||||
255
|
5.250%, 8/15/25
|
8/14 at 100.00
|
AA
|
270,728
|
28
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
New York (continued)
|
|||||||||
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)
|
$
|
8,309,840
|
|||
5,745
|
5.250%, 8/15/25 (Pre-refunded 8/15/14)
|
8/14 at 100.00
|
Aa2 (4)
|
6,112,680
|
|||||
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
|
10,379,852
|
|||||
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
|
6/13 at 100.00
|
AA–
|
823,616
|
|||||
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–
|
28,940,509
|
|||||
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–
|
10,065,164
|
|||||
133,010
|
Total New York
|
140,470,185
|
|||||||
North Carolina – 0.6%
|
|||||||||
1,500
|
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series 2003G, 5.000%, 6/01/33
|
6/13 at 100.00
|
AA+
|
1,505,355
|
|||||
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–
|
3,221,610
|
|||||
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–
|
1,682,190
|
|||||
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)
|
1,553,415
|
|||||
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–
|
2,107,580
|
|||||
2,010
|
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
|
2,289,330
|
|||||
11,510
|
Total North Carolina
|
12,359,480
|
|||||||
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+
|
9,791,657
|
|||||
Ohio – 3.3%
|
|||||||||
10,000
|
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43
|
2/18 at 100.00
|
A1
|
11,249,900
|
|||||
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–
|
5,417,018
|
|||||
1,775
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B–
|
1,647,733
|
|||||
5,805
|
5.875%, 6/01/30
|
6/17 at 100.00
|
B
|
5,207,491
|
|||||
17,165
|
5.750%, 6/01/34
|
6/17 at 100.00
|
B
|
15,056,280
|
|||||
3,520
|
6.000%, 6/01/42
|
6/17 at 100.00
|
BB+
|
3,193,626
|
|||||
11,940
|
5.875%, 6/01/47
|
6/17 at 100.00
|
B
|
10,668,032
|
|||||
16,415
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
|
6/22 at 100.00
|
B
|
15,332,923
|
|||||
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
|
2,104,666
|
|||||
74,095
|
Total Ohio
|
69,877,669
|
|||||||
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
|
1,546,300
|
|||||
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
|
10,101,139
|
|||||
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)
|
5,240,796
|
|||||
16,400
|
Total Oklahoma
|
16,888,235
|
Nuveen Investments
|
29
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Oregon – 0.3%
|
|||||||||
$
|
3,000
|
Oregon Department of Administrative Services, Certificates of Participation, Series 2010A, 5.000%, 5/01/13
|
No Opt. Call
|
AA
|
$
|
3,000,420
|
|||
2,860
|
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/32
|
10/17 at 100.00
|
A
|
3,066,263
|
|||||
5,860
|
Total Oregon
|
6,066,683
|
|||||||
Pennsylvania – 1.8%
|
|||||||||
7,500
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/43
|
12/22 at 100.00
|
AA
|
8,341,425
|
|||||
5,000
|
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Subordinate Lien Series 2003B, 5.000%, 12/01/21 – NPFG Insured
|
No Opt. Call
|
A+
|
5,136,500
|
|||||
6,500
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured
|
12/14 at 100.00
|
A+
|
6,948,955
|
|||||
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)
|
8,414,800
|
|||||
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)
|
10,116,610
|
|||||
37,075
|
Total Pennsylvania
|
38,958,290
|
|||||||
Puerto Rico – 3.2%
|
|||||||||
8,340
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
|
7/18 at 100.00
|
BBB–
|
8,496,542
|
|||||
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005K:
|
|||||||||
6,130
|
5.000%, 7/01/20
|
7/15 at 100.00
|
BBB
|
6,214,471
|
|||||
1,410
|
5.000%, 7/01/21
|
7/15 at 100.00
|
BBB
|
1,419,264
|
|||||
13,000
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/39 – FGIC Insured
|
No Opt. Call
|
BBB
|
12,736,360
|
|||||
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)
|
6/13 at 100.00
|
Ba1
|
5,449,946
|
|||||
1,000
|
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2007M, 6.250%, 7/01/23
|
No Opt. Call
|
BBB–
|
1,104,500
|
|||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A:
|
|||||||||
3,960
|
5.500%, 8/01/28
|
No Opt. Call
|
A+
|
4,309,470
|
|||||
11,000
|
0.000%, 8/01/32
|
8/26 at 100.00
|
A+
|
11,641,410
|
|||||
4,985
|
6.000%, 8/01/42
|
8/19 at 100.00
|
A+
|
5,463,510
|
|||||
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+
|
4,492,960
|
|||||
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–
|
6,625,896
|
|||||
136,070
|
Total Puerto Rico
|
67,954,329
|
|||||||
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
|
5/13 at 100.00
|
Baa1
|
6,258,938
|
|||||
19,205
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
|
6/13 at 100.00
|
BBB–
|
19,661,311
|
|||||
25,455
|
Total Rhode Island
|
25,920,249
|
|||||||
South Carolina – 1.3%
|
|||||||||
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–
|
7,457,870
|
|||||
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+
|
3,118,470
|
30
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
South Carolina (continued)
|
|||||||||
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
|
|||||||||
$
|
12,560
|
0.000%, 1/01/28 – AMBAC Insured
|
No Opt. Call
|
AA–
|
$
|
7,415,047
|
|||
9,535
|
0.000%, 1/01/29 – AMBAC Insured
|
No Opt. Call
|
AA–
|
5,355,810
|
|||||
4,215
|
Spartanburg Sanitary Sewer District, South Carolina, Sewer System Revenue Bonds, Series 2003B, 5.000%, 3/01/38 (Pre-refunded 3/01/14) – NPFG Insured
|
3/14 at 100.00
|
AA– (4)
|
4,379,638
|
|||||
36,310
|
Total South Carolina
|
27,726,835
|
|||||||
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+
|
11,610,675
|
|||||
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+
|
3,204,270
|
|||||
13,300
|
Total Tennessee
|
14,814,945
|
|||||||
Texas – 8.9%
|
|||||||||
5,000
|
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) (7)
|
6/13 at 100.00
|
N/R
|
5,512,500
|
|||||
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
|
2,091,460
|
|||||
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
|
6,203,236
|
|||||
5,110
|
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)
|
4/14 at 100.00
|
C
|
408,851
|
|||||
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005:
|
|||||||||
4,000
|
5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured
|
1/15 at 100.00
|
Baa2 (4)
|
4,279,720
|
|||||
31,550
|
5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
|
1/15 at 100.00
|
Baa2 (4)
|
33,756,279
|
|||||
5,000
|
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured
|
2/17 at 100.00
|
AA+
|
5,567,650
|
|||||
11,900
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/27 – NPFG Insured
|
No Opt. Call
|
Baa2
|
5,632,865
|
|||||
3,880
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 5.250%, 11/15/30 – NPFG Insured
|
5/13 at 100.00
|
BBB
|
3,904,172
|
|||||
14,355
|
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
|
Baa2
|
4,550,679
|
|||||
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
|
11,918,047
|
|||||
10,000
|
0.000%, 9/01/31 – AMBAC Insured
|
No Opt. Call
|
A2
|
4,277,800
|
|||||
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–
|
5,177,550
|
|||||
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–
|
2,193,280
|
|||||
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
|
1,993,758
|
|||||
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–
|
33,222,900
|
|||||
5,220
|
0.000%, 1/01/43
|
1/25 at 100.00
|
A2
|
5,911,702
|
|||||
6,320
|
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 5.750%, 1/01/40 – BHAC Insured
|
1/18 at 100.00
|
AA+
|
7,357,554
|
|||||
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–
|
5,935,272
|
|||||
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+
|
5,087,650
|
Nuveen Investments
|
31
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Texas (continued)
|
|||||||||
$
|
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
|
$
|
147,520
|
|||
3,000
|
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured
|
5/15 at 100.00
|
AA+
|
3,226,230
|
|||||
11,585
|
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources Trust 1201, 9.265%, 2/15/30 (IF)
|
2/17 at 100.00
|
AA–
|
13,628,594
|
|||||
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–
|
5,529,239
|
|||||
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–
|
5,901,600
|
|||||
1,600
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32
|
No Opt. Call
|
A3
|
1,715,632
|
|||||
2,250
|
Texas State University System, Financing Revenue Bonds, Refunding Series 2006, 5.000%, 3/15/27 – AGM Insured
|
No Opt. Call
|
Aa2
|
2,494,845
|
|||||
1,905
|
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41
|
8/22 at 100.00
|
A–
|
2,080,108
|
|||||
226,000
|
Total Texas
|
189,706,693
|
|||||||
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
|
3,368,754
|
|||||
15
|
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%, 7/01/30 (Alternative Minimum Tax)
|
7/13 at 100.00
|
Aaa
|
15,017
|
|||||
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)
|
3,860,432
|
|||||
6,975
|
Total Utah
|
7,244,203
|
|||||||
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
|
1,589,190
|
|||||
10,000
|
Metropolitan Washington 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+
|
8,967,100
|
|||||
975
|
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/36
|
No Opt. Call
|
BBB–
|
318,455
|
|||||
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
|
N/R
|
6,979,647
|
|||||
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–
|
1,301,752
|
|||||
1,650
|
6.000%, 1/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
1,905,090
|
|||||
3,770
|
5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
4,115,558
|
|||||
25,750
|
Total Virginia
|
25,176,792
|
|||||||
Washington – 4.4%
|
|||||||||
6,750
|
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
|
7,074,540
|
|||||
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)
|
4,036,120
|
|||||
2,200
|
King County, Washington, Sewer Revenue Bonds, Refunding Series 2003A, 5.000%, 1/01/23 (Pre-refunded 7/01/13) – FGIC Insured
|
7/13 at 100.00
|
AA+ (4)
|
2,217,820
|
|||||
3,475
|
Port of Seattle, Washington, General Obligation Bonds, Series 2004B, 5.000%, 11/01/19 (Pre-refunded 11/01/13) – AGM Insured (Alternative Minimum Tax)
|
11/13 at 100.00
|
AAA
|
3,554,717
|
32
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Washington (continued)
|
|||||||||
$
|
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
|
$
|
4,244,373
|
|||
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
|
2,596,872
|
|||||
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
|
13,844,520
|
|||||
8,200
|
Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 0.000%, 7/01/14
|
No Opt. Call
|
Aa1
|
8,165,068
|
|||||
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
|
2,630,350
|
|||||
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
|
5,282,100
|
|||||
2,580
|
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
|
2,696,461
|
|||||
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
|
23,648,236
|
|||||
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C:
|
|||||||||
9,100
|
0.000%, 6/01/29 – NPFG Insured
|
No Opt. Call
|
AA+
|
5,632,081
|
|||||
16,195
|
0.000%, 6/01/30 – NPFG Insured
|
No Opt. Call
|
AA+
|
9,582,420
|
|||||
101,365
|
Total Washington
|
95,205,678
|
|||||||
Wisconsin – 3.2%
|
|||||||||
7,115
|
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+
|
8,084,276
|
|||||
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)
|
6,110,760
|
|||||
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–
|
1,105,130
|
|||||
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–
|
2,576,020
|
|||||
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
|
4,828,605
|
|||||
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+
|
2,842,375
|
|||||
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+
|
4,121,670
|
|||||
5,000
|
6.000%, 5/01/41
|
5/21 at 100.00
|
A+
|
5,929,200
|
|||||
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+
|
7,376,424
|
|||||
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–
|
11,116,100
|
|||||
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A:
|
|||||||||
2,490
|
5.750%, 5/01/33
|
5/19 at 100.00
|
AA–
|
2,976,023
|
|||||
8,945
|
6.250%, 5/01/37
|
5/19 at 100.00
|
AA–
|
10,991,527
|
|||||
59,915
|
Total Wisconsin
|
68,058,110
|
Nuveen Investments
|
33
|
Nuveen Municipal Value Fund, Inc. (continued)
|
||
NUV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
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
|
$
|
2,330,523
|
|||
1,850
|
West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40
|
6/21 at 100.00
|
BBB
|
2,232,266
|
|||||
3,885
|
Total Wyoming
|
4,562,789
|
|||||||
$
|
2,393,999
|
Total Municipal Bonds (cost $1,892,351,064) – 98.2%
|
2,099,485,044
|
Principal
|
||||||||||
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
|||||
Corporate Bonds - 0.0%
|
||||||||||
Transportation - 0.0%
|
||||||||||
$
|
764
|
Las Vegas Monorail Company, Senior Interest Bonds (8), (9)
|
5.500%
|
7/15/19
|
N/R
|
$
|
191,084
|
|||
224
|
Las Vegas Monorail Company, Senior Interest Bonds (8), (9)
|
3.000%
|
7/15/55
|
N/R
|
44,735
|
|||||
$
|
988
|
Total Corporate Bonds (cost $18,793)
|
235,819
|
|||||||
Total Investments (cost $1,892,369,857) – 98.2%
|
2,099,720,863
|
|||||||||
Floating Rate Obligations – (0.7)%
|
(14,380,000
|
)
|
||||||||
Other Assets Less Liabilities – 2.5%
|
53,125,295
|
|||||||||
Net Assets – 100%
|
$
|
2,138,466,158
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions: 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: 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. Certain bonds backed by U.S. Government or agency securities are regarded as having 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, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
|
|
(7)
|
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 fixed-income security, 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.
|
|
(8)
|
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 classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
|
|
(9)
|
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an interest rate of 5.500% maturing on July 15, 2019 and the second with an interest rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The custodian is not accruing income on the Fund’s records for either senior interest corporate bond.
|
|
N/R
|
Not rated.
|
|
WI/DD
|
Investment, or portion of investment, 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.
|
34
|
Nuveen Investments
|
Nuveen AMT-Free Municipal Value Fund
|
||
NUW
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
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:
|
|||||||||
$
|
1,045
|
4.625%, 6/01/23
|
6/14 at 100.00
|
Ba1
|
$
|
1,049,023
|
|||
350
|
5.000%, 6/01/46
|
6/14 at 100.00
|
B+
|
313,695
|
|||||
1,395
|
Total Alaska
|
1,362,718
|
|||||||
Arizona – 4.1%
|
|||||||||
1,520
|
Arizona School Facilities Board, Certificates of Participation, Series 2003A, 5.000%, 9/01/13 – NPFG Insured
|
No Opt. Call
|
A+
|
1,544,654
|
|||||
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
|
4,753,400
|
|||||
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–
|
3,420,905
|
|||||
8,565
|
Total Arizona
|
9,718,959
|
|||||||
California – 9.8%
|
|||||||||
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
|
3,038,500
|
|||||
500
|
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.050%, 3/01/18 – AGM Insured (IF)
|
No Opt. Call
|
AA–
|
846,680
|
|||||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A:
|
|||||||||
2,365
|
5.000%, 6/01/45
|
6/15 at 100.00
|
A2
|
2,467,948
|
|||||
1,290
|
5.000%, 6/01/45 – AMBAC Insured
|
6/15 at 100.00
|
A2
|
1,346,154
|
|||||
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
|
B
|
3,353,215
|
|||||
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)
|
1,771,123
|
|||||
450
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 6.500%, 11/01/39
|
No Opt. Call
|
A
|
615,240
|
|||||
10,200
|
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured
|
8/29 at 100.00
|
AA–
|
9,173,676
|
|||||
700
|
Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured
|
No Opt. Call
|
Aa3
|
459,172
|
|||||
23,390
|
Total California
|
23,071,708
|
|||||||
Colorado – 5.1%
|
|||||||||
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+
|
5,486,750
|
|||||
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
|
Baa2
|
1,767,568
|
|||||
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–
|
4,677,480
|
|||||
12,605
|
Total Colorado
|
11,931,798
|
|||||||
Florida – 8.1%
|
|||||||||
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
|
10,976,205
|
|||||
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
|
2,953,050
|
|||||
2,000
|
5.625%, 7/01/38
|
7/18 at 100.00
|
Aa2
|
2,315,460
|
|||||
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
|
229,425
|
|||||
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
|
541,490
|
Nuveen Investments
|
35
|
Nuveen AMT-Free Municipal Value Fund (continued)
|
||
NUW
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Florida (continued)
|
|||||||||
$
|
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
|
$
|
174,750
|
|||
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 Parcel Series 2007-1. RMKT, 6.450%, 5/01/23 (5)
|
5/18 at 100.00
|
N/R
|
38,544
|
|||||
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
|
899,271
|
|||||
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
|
852,219
|
|||||
19,165
|
Total Florida
|
18,980,419
|
|||||||
Georgia – 0.8%
|
|||||||||
485
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
|
1/19 at 100.00
|
A2
|
606,449
|
|||||
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–
|
1,269,990
|
|||||
1,485
|
Total Georgia
|
1,876,439
|
|||||||
Illinois – 10.6%
|
|||||||||
3,000
|
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/37 – FGIC Insured
|
No Opt. Call
|
Aa3
|
990,960
|
|||||
260
|
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
|
284,760
|
|||||
465
|
Cook and DuPage Counties High School District 210 Lemont, Illinois, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/26 (Pre-refunded 1/01/16) – NPFG Insured
|
1/16 at 100.00
|
Aa2 (4)
|
521,274
|
|||||
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
|
1,845,754
|
|||||
5,035
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 6.000%, 8/15/39
|
8/19 at 100.00
|
AA+
|
5,979,063
|
|||||
3,500
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, 11/15/37
|
5/19 at 100.00
|
A
|
4,385,710
|
|||||
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
|
A
|
6,255,250
|
|||||
3,960
|
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+
|
4,184,928
|
|||||
560
|
Will County Community Unit School District 201U, Crete-Monee, Will County, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – FGIC Insured
|
No Opt. Call
|
A+
|
392,599
|
|||||
23,665
|
Total Illinois
|
24,840,298
|
|||||||
Indiana – 5.5%
|
|||||||||
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+
|
5,942,200
|
|||||
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–
|
3,977,478
|
|||||
2,000
|
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%, 1/01/39
|
1/19 at 100.00
|
A+
|
2,378,860
|
|||||
1,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured
|
No Opt. Call
|
AA
|
719,770
|
|||||
11,650
|
Total Indiana
|
13,018,308
|
|||||||
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+
|
2,917,915
|
36
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Kansas – 0.3%
|
|||||||||
$
|
955
|
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+
|
$
|
643,040
|
|||
Louisiana – 7.3%
|
|||||||||
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–
|
6,077,450
|
|||||
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
|
7,402,640
|
|||||
275
|
5.500%, 5/15/47
|
5/17 at 100.00
|
Baa1
|
292,443
|
|||||
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
|
3,457,201
|
|||||
15,530
|
Total Louisiana
|
17,229,734
|
|||||||
Maine – 2.0%
|
|||||||||
3,335
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Tender Option Bond Trust 2009-5B, 13.500%, 7/01/39 (IF) (6)
|
7/19 at 100.00
|
Aa2
|
4,691,478
|
|||||
Massachusetts – 0.6%
|
|||||||||
1,000
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2989, 13.340%, 8/01/38 (IF)
|
8/19 at 100.00
|
AAA
|
1,479,310
|
|||||
Michigan – 4.4%
|
|||||||||
3,100
|
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–
|
3,163,922
|
|||||
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
|
5,056,500
|
|||||
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
|
1,050,137
|
|||||
1,750
|
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/26 – AGM Insured
|
10/16 at 61.33
|
AA–
|
1,006,845
|
|||||
10,900
|
Total Michigan
|
10,277,404
|
|||||||
Nevada – 3.3%
|
|||||||||
1,000
|
Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/34
|
7/19 at 100.00
|
AAA
|
1,193,160
|
|||||
250
|
Clark County, Nevada, Senior Lien Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/40 – AMBAC Insured
|
7/15 at 100.00
|
Aa2
|
266,915
|
|||||
5,415
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30
|
6/19 at 100.00
|
BBB–
|
6,207,269
|
|||||
6,665
|
Total Nevada
|
7,667,344
|
|||||||
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–
|
2,737,497
|
|||||
3,000
|
7.500%, 12/01/32
|
6/19 at 100.00
|
A–
|
3,737,280
|
|||||
5,135
|
Total New Jersey
|
6,474,777
|
|||||||
New York – 1.6%
|
|||||||||
3,000
|
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
|
No Opt. Call
|
A
|
3,699,870
|
|||||
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–
|
152,591
|
|||||
3,130
|
Total New York
|
3,852,461
|
Nuveen Investments
|
37
|
Nuveen AMT-Free Municipal Value Fund (continued)
|
||
NUW
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Ohio – 6.6%
|
|||||||||
$
|
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–
|
$
|
5,718,650
|
|||
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
|
1,897,303
|
|||||
5,910
|
6.500%, 6/01/47
|
6/17 at 100.00
|
B
|
5,744,106
|
|||||
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)
|
2,217,540
|
|||||
15,025
|
Total Ohio
|
15,577,599
|
|||||||
Puerto Rico – 4.8%
|
|||||||||
4,390
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44
|
7/18 at 100.00
|
BBB–
|
4,472,400
|
|||||
500
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.000%, 7/01/22 – FGIC Insured
|
No Opt. Call
|
BBB
|
502,530
|
|||||
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+
|
3,287,970
|
|||||
2,500
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bonds Trust 11851, 18.702%, 2/01/16 (IF)
|
No Opt. Call
|
AA–
|
2,901,200
|
|||||
10,390
|
Total Puerto Rico
|
11,164,100
|
|||||||
Rhode Island – 2.9%
|
|||||||||
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–
|
3,512,940
|
|||||
3,240
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
|
6/13 at 100.00
|
BBB+
|
3,272,076
|
|||||
6,240
|
Total Rhode Island
|
6,785,016
|
|||||||
South Carolina – 1.3%
|
|||||||||
5,435
|
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/29 – AMBAC Insured
|
No Opt. Call
|
AA–
|
3,052,840
|
|||||
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
|
1,551,421
|
|||||
5,400
|
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38
|
1/18 at 100.00
|
A3
|
6,081,156
|
|||||
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+
|
5,087,650
|
|||||
1,000
|
Texas State, General Obligation Bonds, Public Financing Authority, Refunding Series 2011, 4.000%, 10/01/13
|
No Opt. Call
|
Aaa
|
1,016,160
|
|||||
14,950
|
Total Texas
|
13,736,387
|
|||||||
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
|
1,176,260
|
|||||
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+
|
2,472,380
|
|||||
Wisconsin – 7.5%
|
|||||||||
5,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., Series 2003, 6.400%, 4/15/33
|
10/13 at 100.00
|
A
|
5,012,750
|
|||||
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+
|
1,757,864
|
38
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Wisconsin (continued)
|
|||||||||
$
|
9,000
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36
|
5/19 at 100.00
|
AA–
|
$
|
10,888,020
|
|||
15,500
|
Total Wisconsin
|
17,658,634
|
|||||||
$
|
222,135
|
Total Investments (cost $187,164,584) – 98.6%
|
231,657,326
|
||||||
Other Assets Less Liabilities – 1.4%
|
3,295,486
|
||||||||
Net Assets – 100%
|
$
|
234,952,812
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions: 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: 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. Certain bonds backed by U.S. Government or agency securities are regarded as having 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 fixed-income security, 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
|
39
|
|
Nuveen Municipal Income Fund, Inc.
|
|
NMI |
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
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
|
$
|
1,051,810
|
|||
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
|
502,685
|
|||||
1,500
|
Total Alabama
|
1,554,495
|
|||||||
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–
|
589,180
|
|||||
California – 19.8%
|
|||||||||
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+
|
4,161,541
|
|||||
Brea Olinda Unified School District, California, General Obligation Bonds, Series 1999A:
|
|||||||||
2,000
|
0.000%, 8/01/21 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,603,560
|
|||||
2,070
|
0.000%, 8/01/22 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,567,942
|
|||||
2,120
|
0.000%, 8/01/23 – FGIC Insured
|
No Opt. Call
|
Aa2
|
1,514,507
|
|||||
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
|
456,278
|
|||||
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
|
250,485
|
|||||
2,500
|
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.000%, 6/01/25 (Pre-refunded 6/01/14)
|
6/14 at 100.00
|
A2 (4)
|
2,612,250
|
|||||
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+
|
426,510
|
|||||
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–
|
1,037,500
|
|||||
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
|
1,508,385
|
|||||
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
|
B
|
955,470
|
|||||
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
|
512,885
|
|||||
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+
|
275,763
|
|||||
300
|
M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 7.000%, 11/01/34
|
No Opt. Call
|
A
|
424,023
|
|||||
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–
|
284,053
|
|||||
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–
|
467,983
|
|||||
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
|
1,207,470
|
|||||
21,480
|
Total California
|
19,266,605
|
|||||||
Colorado – 8.6%
|
|||||||||
1,000
|
Adams State College, Colorado, Institutional Enterprise Revenue Bonds, Series 2012, 5.000%, 5/15/37
|
5/22 at 100.00
|
Aa2
|
1,154,350
|
|||||
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
|
1,093,150
|
|||||
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–
|
1,040,960
|
|||||
175
|
Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 4.000%, 12/01/38 – AGM Insured
|
12/22 at 100.00
|
AA–
|
181,564
|
|||||
1,750
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 4.000%, 11/15/43
|
11/22 at 100.00
|
A+
|
1,802,518
|
40
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Colorado (continued)
|
|||||||||
$
|
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–
|
$
|
1,051,360
|
|||
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–
|
1,175,350
|
|||||
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
|
651,149
|
|||||
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
|
248,138
|
|||||
7,695
|
Total Colorado
|
8,398,539
|
|||||||
Connecticut – 1.0%
|
|||||||||
825
|
Capitol Region Education Council, Connecticut, Revenue Bonds, Series 1995, 6.750%, 10/15/15
|
10/13 at 100.00
|
BBB
|
828,589
|
|||||
95
|
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax)
|
7/13 at 100.00
|
BBB
|
95,359
|
|||||
920
|
Total Connecticut
|
923,948
|
|||||||
District of Columbia – 0.7%
|
|||||||||
570
|
District of Columbia, Revenue Bonds, The Association of American Medical Colleges Issue, Series 2011A, 5.000%, 10/01/30
|
10/23 at 100.00
|
A+
|
654,565
|
|||||
Florida – 4.4%
|
|||||||||
750
|
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33
|
9/23 at 100.00
|
BBB–
|
768,210
|
|||||
100
|
Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy Residential Services Inc., Series 1995, 8.000%, 6/01/22
|
6/13 at 100.00
|
N/R
|
100,026
|
|||||
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+
|
592,580
|
|||||
885
|
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–
|
1,012,369
|
|||||
525
|
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42
|
7/22 at 100.00
|
AA
|
592,662
|
|||||
515
|
North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40
|
10/20 at 100.00
|
AA–
|
571,387
|
|||||
590
|
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37
|
5/14 at 101.00
|
BB
|
590,277
|
|||||
3,865
|
Total Florida
|
4,227,511
|
|||||||
Georgia – 0.9%
|
|||||||||
500
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – AGM Insured
|
11/19 at 100.00
|
AA–
|
568,705
|
|||||
300
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
|
No Opt. Call
|
A
|
348,588
|
|||||
800
|
Total Georgia
|
917,293
|
|||||||
Illinois – 11.0%
|
|||||||||
340
|
Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero Redevelopment Project, Series 1998, 7.000%, 1/01/14
|
7/13 at 100.00
|
N/R
|
340,925
|
|||||
1,500
|
Illinois Development Finance Authority, Pollution Control Revenue Refunding
Bonds – CIPS Debt, Series 1993C-2, 5.950%, 8/15/26 |
8/13 at 100.00
|
BBB
|
1,503,990
|
|||||
1,000
|
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Tender Option Bond Trust 1098, 18.012%, 8/15/15 – AGC Insured (IF) (6)
|
No Opt. Call
|
AA–
|
1,432,000
|
|||||
250
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
|
5/20 at 100.00
|
AA–
|
280,710
|
|||||
450
|
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29
|
5/19 at 100.00
|
A
|
546,498
|
|||||
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+
|
595,070
|
Nuveen Investments
|
41
|
Nuveen Municipal Income Fund, Inc. (continued)
|
||
NMI
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Illinois (continued)
|
|||||||||
$
|
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–
|
$
|
279,363
|
|||
1,000
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/22
|
1/13 at 100.00
|
Baa2
|
1,003,560
|
|||||
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
|
102,520
|
|||||
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
|
1,650,315
|
|||||
1,305
|
North Chicago, Illinois, General Obligation Bonds, Series 2005B, 5.000%,
11/01/25 – FGIC Insured |
11/15 at 100.00
|
N/R
|
1,427,526
|
|||||
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
|
503,370
|
|||||
800
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28
|
6/21 at 100.00
|
A–
|
978,560
|
|||||
9,565
|
Total Illinois
|
10,644,407
|
|||||||
Indiana – 1.9%
|
|||||||||
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+
|
585,071
|
|||||
605
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax)
|
7/23 at 100.00
|
BBB
|
644,174
|
|||||
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
|
614,610
|
|||||
1,630
|
Total Indiana
|
1,843,855
|
|||||||
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–
|
909,357
|
|||||
Kansas – 0.5%
|
|||||||||
480
|
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+
|
496,824
|
|||||
Kentucky – 2.9%
|
|||||||||
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+
|
602,975
|
|||||
310
|
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2010C, 4.625%, 7/01/33
|
1/20 at 100.00
|
AAA
|
332,859
|
|||||
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
|
1,877,640
|
|||||
2,310
|
Total Kentucky
|
2,813,474
|
|||||||
Louisiana – 0.9%
|
|||||||||
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–
|
562,155
|
|||||
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994:
|
|||||||||
50
|
11.000%, 2/01/14 (ETM)
|
No Opt. Call
|
N/R (4)
|
53,754
|
|||||
275
|
11.000%, 2/01/14 (ETM)
|
No Opt. Call
|
N/R (4)
|
295,537
|
|||||
825
|
Total Louisiana
|
911,446
|
|||||||
Maryland – 1.4%
|
|||||||||
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
|
1,143,130
|
|||||
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–
|
225,387
|
|||||
1,210
|
Total Maryland
|
1,368,517
|
42
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
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+
|
$
|
388,051
|
|||
1,025
|
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/36
|
10/21 at 100.00
|
Aa3
|
1,189,461
|
|||||
1,380
|
Total Michigan
|
1,577,512
|
|||||||
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
|
10/13 at 100.00
|
BBB
|
501,565
|
|||||
Missouri – 7.4%
|
|||||||||
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–
|
295,576
|
|||||
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+
|
4,635,610
|
|||||
1,000
|
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–
|
1,078,220
|
|||||
500
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 1999, 6.000%, 10/01/25
|
10/18 at 103.00
|
BBB–
|
580,945
|
|||||
500
|
Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 5.250%, 10/01/20
|
10/18 at 103.00
|
BBB–
|
581,340
|
|||||
6,715
|
Total Missouri
|
7,171,691
|
|||||||
Montana – 1.2%
|
|||||||||
1,200
|
Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax)
|
7/13 at 100.00
|
B
|
1,204,308
|
|||||
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
|
453,812
|
|||||
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
|
440,445
|
|||||
New York – 4.8%
|
|||||||||
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–
|
753,757
|
|||||
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)
|
1,009,010
|
|||||
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
|
475,664
|
|||||
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–
|
311,052
|
|||||
2,025
|
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
|
8/13 at 100.00
|
N/R
|
2,132,690
|
|||||
4,320
|
Total New York
|
4,682,173
|
|||||||
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+
|
375,639
|
|||||
Ohio – 4.2%
|
|||||||||
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
|
B
|
464,604
|
|||||
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–
|
1,059,720
|
Nuveen Investments
|
43
|
Nuveen Municipal Income Fund, Inc. (continued)
|
||
NMI
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Ohio (continued)
|
|||||||||
$
|
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
|
$
|
1,947,208
|
|||
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–
|
558,810
|
|||||
3,770
|
Total Ohio
|
4,030,342
|
|||||||
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
|
985,167
|
|||||
Pennsylvania – 3.9%
|
|||||||||
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
|
1,115,390
|
|||||
1,000
|
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2012A, 5.000%, 11/15/47
|
No Opt. Call
|
A–
|
1,058,550
|
|||||
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+
|
521,327
|
|||||
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+
|
1,081,260
|
|||||
3,460
|
Total Pennsylvania
|
3,776,527
|
|||||||
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+
|
701,434
|
|||||
Rhode Island – 1.1%
|
|||||||||
1,000
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
|
6/13 at 100.00
|
BBB–
|
1,023,760
|
|||||
South Carolina – 0.6%
|
|||||||||
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)
|
622,868
|
|||||
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+
|
1,068,090
|
|||||
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
|
1,245
|
|||||
1,500
|
Total Tennessee
|
1,069,335
|
|||||||
Texas – 8.8%
|
|||||||||
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–
|
1,507,515
|
|||||
105
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43 (WI/DD, Settling 5/16/13)
|
1/23 at 100.00
|
Baa2
|
113,696
|
|||||
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
|
437,231
|
|||||
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
|
1,022,720
|
44
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Texas (continued)
|
|||||||||
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond Trust 1015:
|
|||||||||
$
|
850
|
20.256%, 1/01/38 (IF) (6)
|
1/18 at 100.00
|
A3
|
$
|
1,386,486
|
|||
150
|
20.366%, 1/01/38 (IF) (6)
|
1/18 at 100.00
|
A3
|
248,760
|
|||||
200
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/43
|
9/31 at 100.00
|
AA
|
154,896
|
|||||
270
|
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27
|
No Opt. Call
|
A
|
324,524
|
|||||
850
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/28
|
No Opt. Call
|
A3
|
925,548
|
|||||
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
|
944,397
|
|||||
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
|
488,029
|
|||||
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
|
521,715
|
|||||
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
|
23,289
|
|||||
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
|
494,881
|
|||||
7,950
|
Total Texas
|
8,593,687
|
|||||||
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
|
494,029
|
|||||
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–
|
288,650
|
|||||
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
|
526,070
|
|||||
Wisconsin – 5.1%
|
|||||||||
1,050
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/36
|
7/23 at 100.00
|
A–
|
1,179,444
|
|||||
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–
|
308,540
|
|||||
755
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39
|
10/21 at 100.00
|
A+
|
843,675
|
|||||
1,385
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, Series 2012, 4.000%, 10/01/32
|
10/22 at 100.00
|
A2
|
1,468,100
|
Nuveen Investments
|
45
|
Nuveen Municipal Income Fund, Inc. (continued)
|
||
NMI
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Wisconsin (continued)
|
|||||||||
$
|
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+
|
$
|
1,157,810
|
|||
4,480
|
Total Wisconsin
|
4,957,569
|
|||||||
$
|
94,795
|
Total Investments (cost $87,552,675) – 101.8%
|
98,996,599
|
||||||
Floating Rate Obligations – (3.4)%
|
(3,335,000
|
) | |||||||
Other Assets Less Liabilities – 1.6%
|
1,549,276
|
||||||||
Net Assets – 100%
|
$
|
97,210,875
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions: 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: 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. Certain bonds backed by U.S. Government or agency securities are regarded as having 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 fixed-income security, 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. | |
WI/DD
|
Investment, or portion of investment, 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.
|
46
|
Nuveen Investments
|
Nuveen Enhanced Municipal Value Fund
|
||
NEV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
National – 1.2%
|
|||||||||
$
|
1,975
|
MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, Series 2013A-5, 5.000%, 1/31/28 (Mandatory put 1/31/18) (Alternative Minimum Tax)
|
1/18 at 100.00
|
Ba1
|
$
|
1,976,501
|
|||
2,000
|
MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, Series 2000B, 5.750%, 6/30/50 (Mandatory put 9/30/19) (Alternative Minimum Tax)
|
11/13 at 100.00
|
Ba2
|
2,000,480
|
|||||
3,975
|
Total National
|
3,976,981
|
|||||||
Alabama – 1.3%
|
|||||||||
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
|
2,010,740
|
|||||
2,950
|
Jefferson County, Alabama, Sewer Revenue Warrants, Refunding Series 2003C-10, 0.000%, 2/01/42 – AGM Insured (4)
|
8/13 at 100.00
|
AA–
|
2,212,500
|
|||||
4,950
|
Total Alabama
|
4,223,240
|
|||||||
Arizona – 3.9%
|
|||||||||
2,000
|
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured
|
10/19 at 100.00
|
AA–
|
2,304,420
|
|||||
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
|
2,754,500
|
|||||
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
|
BB
|
1,118,611
|
|||||
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
|
284,781
|
|||||
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
|
2,160,580
|
|||||
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–
|
56,823
|
|||||
2,000
|
5.000%, 12/01/37
|
No Opt. Call
|
A–
|
2,246,900
|
|||||
1,904
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
|
7/16 at 100.00
|
N/R
|
1,953,961
|
|||||
11,804
|
Total Arizona
|
12,880,576
|
|||||||
California – 18.7%
|
|||||||||
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
|
5,759,450
|
|||||
920
|
California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 3144, 19.157%, 10/01/16 (IF)
|
No Opt. Call
|
Aa1
|
1,549,004
|
|||||
2,040
|
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 3878, 24.342%, 10/01/33 (IF) (5)
|
10/19 at 100.00
|
AA
|
3,852,377
|
|||||
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3248:
|
|||||||||
1,700
|
24.685%, 2/15/23 (IF) (5)
|
8/20 at 100.00
|
AA–
|
3,382,745
|
|||||
300
|
24.685%, 2/15/23 (IF) (5)
|
8/20 at 100.00
|
AA–
|
602,490
|
|||||
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
|
1,241,940
|
|||||
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+
|
567,240
|
|||||
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+
|
502,528
|
|||||
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+
|
302,165
|
|||||
490
|
Etiwanda School District, California, Coyote Canyon Community Faculties District 2004-1 Improvement Area 2 Special Tax Bonds, Series 2009, 6.500%, 9/01/32
|
9/19 at 100.00
|
N/R
|
539,500
|
|||||
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
|
886,870
|
Nuveen Investments
|
47
|
Nuveen Enhanced Municipal Value Fund (continued)
|
||
NEV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
California (continued)
|
|||||||||
$
|
880
|
Folsom Public Financing Authority, California, Subordinate Special Tax Revenue Bonds, Series 2010A, 5.250%, 9/01/24
|
9/20 at 100.00
|
A–
|
$
|
972,532
|
|||
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
|
3,188,348
|
|||||
2,065
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011, 21.176%, 6/01/45 – AMBAC Insured (IF) (5)
|
6/15 at 100.00
|
A2
|
2,514,220
|
|||||
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
|
B
|
3,874,431
|
|||||
1,000
|
5.125%, 6/01/47
|
6/17 at 100.00
|
B
|
870,960
|
|||||
2,550
|
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 32.661%, 1/15/19 (IF) (5)
|
No Opt. Call
|
Aa2
|
6,094,194
|
|||||
200
|
Jurupa Public Financing Authority, California, Superior Lien Revenue Bonds, Series 2010A, 5.000%, 9/01/33
|
9/20 at 100.00
|
AA–
|
217,700
|
|||||
1,710
|
Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds, Tender Option Bond Trust 3237, 24.460%, 8/01/27 (IF)
|
8/18 at 100.00
|
Aa1
|
3,066,406
|
|||||
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, 22.869%, 9/01/42 (IF) (5)
|
9/21 at 100.00
|
Aa3
|
2,460,880
|
|||||
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
|
602,427
|
|||||
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)
|
12/13 at 101.00
|
C
|
101,938
|
|||||
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–
|
1,368,792
|
|||||
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+
|
1,372,044
|
|||||
1,335
|
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25
|
10/13 at 100.00
|
BB
|
1,367,948
|
|||||
265
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39
|
11/19 at 100.00
|
Baa3
|
300,287
|
|||||
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–
|
284,053
|
|||||
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–
|
612,595
|
|||||
700
|
6.750%, 8/01/33
|
2/21 at 100.00
|
A–
|
868,021
|
|||||
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
|
585,985
|
|||||
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
|
451,980
|
|||||
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–
|
1,118,380
|
|||||
2,400
|
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Tender Option Bond Trust 3584, 21.754%, 6/01/17 (IF) (5)
|
No Opt. Call
|
AA–
|
3,903,792
|
|||||
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–
|
3,313,581
|
|||||
1,000
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23
|
6/15 at 100.00
|
B+
|
1,001,000
|
|||||
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
|
532,635
|
|||||
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
|
1,239,004
|
48
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
California (continued)
|
|||||||||
$
|
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–
|
$
|
1,118,512
|
|||
47,415
|
Total California
|
62,588,954
|
|||||||
Colorado – 4.0%
|
|||||||||
2,025
|
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
|
2,055,557
|
|||||
805
|
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) |
6/13 at 100.00
|
N/R
|
805,451
|
|||||
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
|
250,018
|
|||||
53
|
5.000%, 9/01/16 (Alternative Minimum Tax) (6)
|
No Opt. Call
|
N/R
|
38,267
|
|||||
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
|
1,800,080
|
|||||
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
|
1,087,410
|
|||||
500
|
7.700%, 12/01/17
|
6/14 at 101.00
|
N/R
|
544,225
|
|||||
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
|
601,816
|
|||||
4,030
|
6.500%, 11/15/38
|
No Opt. Call
|
A
|
5,479,833
|
|||||
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
|
867,315
|
|||||
11,953
|
Total Colorado
|
13,529,972
|
|||||||
Connecticut – 0.7%
|
|||||||||
915
|
Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, 7.750%, 1/01/43
|
1/20 at 100.00
|
N/R
|
999,217
|
|||||
1,165
|
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
|
1,331,269
|
|||||
2,080
|
Total Connecticut
|
2,330,486
|
|||||||
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
|
7/13 at 100.00
|
N/R
|
1,630,815
|
|||||
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–
|
1,629,705
|
|||||
Florida – 6.8%
|
|||||||||
1,865
|
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
|
1,773,018
|
|||||
940
|
Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34
|
5/14 at 100.00
|
N/R
|
949,814
|
|||||
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A:
|
|||||||||
1,000
|
6.500%, 6/15/21
|
No Opt. Call
|
BB–
|
1,168,130
|
|||||
1,000
|
7.500%, 6/15/33
|
6/21 at 100.00
|
BB–
|
1,198,430
|
|||||
2,400
|
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2009-2, 4.650%, 7/01/29
|
7/19 at 100.00
|
AA+
|
2,533,560
|
|||||
1,000
|
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A, 5.250%, 6/15/27
|
6/17 at 100.00
|
BB
|
1,019,220
|
|||||
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
|
1,194,540
|
Nuveen Investments
|
49
|
Nuveen Enhanced Municipal Value Fund (continued)
|
||
NEV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Florida (continued)
|
|||||||||
$
|
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
|
$
|
1,856,741
|
|||
1,760
|
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–
|
2,013,299
|
|||||
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–
|
4,033,979
|
|||||
2,000
|
Mid-Bay Bridge Authority, Florida, Springing Lien Revenue Bonds, Series 2011, 7.250%, 10/01/40
|
10/21 at 100.00
|
BBB
|
2,555,360
|
|||||
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–
|
1,109,490
|
|||||
475
|
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured
|
7/17 at 100.00
|
Baa2
|
503,058
|
|||||
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
|
61,180
|
|||||
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
|
143,980
|
|||||
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
|
44,270
|
|||||
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 Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 (4)
|
5/18 at 100.00
|
N/R
|
10,839
|
|||||
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
|
251,784
|
|||||
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
|
226,915
|
|||||
21,095
|
Total Florida
|
22,647,608
|
|||||||
Georgia – 6.1%
|
|||||||||
12,000
|
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010C, 5.250%, 1/01/30 (UB)
|
1/21 at 100.00
|
AA–
|
13,850,400
|
|||||
730
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
|
1/19 at 100.00
|
A2
|
912,799
|
|||||
870
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20
|
1/19 at 100.00
|
A2
|
1,107,962
|
|||||
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–
|
1,587,488
|
|||||
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–
|
2,771,075
|
|||||
90
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22
|
No Opt. Call
|
A
|
104,576
|
|||||
150
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26
|
No Opt. Call
|
A
|
183,869
|
|||||
17,590
|
Total Georgia
|
20,518,169
|
|||||||
Illinois – 12.9%
|
|||||||||
3,315
|
CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, 3.730%, 6/15/23
|
6/13 at 100.00
|
N/R
|
3,315,464
|
|||||
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)
|
6/13 at 100.00
|
N/R
|
2,205,000
|
|||||
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–
|
2,478,900
|
|||||
1,000
|
Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 6.125%, 5/15/27
|
5/20 at 100.00
|
BBB–
|
1,118,710
|
|||||
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
|
B3
|
3,288,930
|
|||||
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 1122:
|
|||||||||
1,605
|
20.671%, 9/01/38 (IF) (5)
|
9/22 at 100.00
|
A–
|
2,220,710
|
|||||
1,540
|
16.706%, 9/01/38 (IF) (5)
|
9/22 at 100.00
|
A–
|
2,013,211
|
50
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Illinois (continued)
|
|||||||||
$
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 65 Series 2010D-2, 6.375%, 5/15/17
|
5/13 at 100.00
|
N/R
|
$
|
1,001,970
|
|||
1,000
|
Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.375%, 2/15/25
|
2/15 at 100.00
|
BB–
|
1,014,910
|
|||||
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
|
3,999,840
|
|||||
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+
|
1,278,837
|
|||||
1,000
|
Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 5.500%, 5/15/26
|
5/17 at 100.00
|
N/R
|
1,048,600
|
|||||
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Tender Option Bond Trust 4285:
|
|||||||||
690
|
17.853%, 8/15/20 (IF) (5)
|
No Opt. Call
|
AA+
|
1,090,034
|
|||||
150
|
17.853%, 8/15/20 (IF) (5)
|
No Opt. Call
|
AA+
|
229,740
|
|||||
1,975
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds Trust 11-16B, 26.942%, 8/15/39 (IF) (5)
|
8/19 at 100.00
|
AA+
|
3,826,563
|
|||||
1,000
|
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35
|
5/20 at 100.00
|
AA–
|
1,122,840
|
|||||
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–
|
558,725
|
|||||
455
|
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 3908, 26.647%, 2/15/19 – AGM Insured (IF) (5)
|
No Opt. Call
|
AA–
|
867,385
|
|||||
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+
|
1,150,480
|
|||||
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
|
1,921,809
|
|||||
500
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/22
|
7/13 at 100.00
|
Baa2
|
501,780
|
|||||
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
|
1,264,608
|
|||||
1,515
|
5.250%, 1/01/36
|
1/16 at 100.00
|
CCC
|
705,990
|
|||||
1,000
|
Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 2 – Cambridge Lakes Project, Series 2005-2, 6.000%, 3/01/35
|
3/15 at 102.00
|
N/R
|
1,032,220
|
|||||
1,000
|
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28
|
6/21 at 100.00
|
A–
|
1,223,200
|
|||||
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
|
1,555,125
|
|||||
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
|
1,080,760
|
|||||
39,845
|
Total Illinois
|
43,116,341
|
|||||||
Indiana – 1.7%
|
|||||||||
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+
|
1,539,215
|
|||||
1,500
|
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax)
|
7/23 at 100.00
|
BBB
|
1,622,940
|
|||||
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
|
2,474,980
|
|||||
4,895
|
Total Indiana
|
5,637,135
|
|||||||
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–
|
649,955
|
Nuveen Investments
|
51
|
Nuveen Enhanced Municipal Value Fund (continued)
|
||
NEV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Kansas – 1.5%
|
|||||||||
$
|
1,430
|
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+
|
$
|
1,480,122
|
|||
3,565
|
Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32
|
No Opt. Call
|
N/R
|
3,575,053
|
|||||
4,995
|
Total Kansas
|
5,055,175
|
|||||||
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
|
3,046,799
|
|||||
1,165
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 11899, 17.801%, 5/01/33 (IF)
|
5/20 at 100.00
|
AA
|
1,855,810
|
|||||
3,875
|
Total Louisiana
|
4,902,609
|
|||||||
Massachusetts – 1.8%
|
|||||||||
1,000
|
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured
|
7/13 at 100.00
|
BBB
|
1,000,110
|
|||||
625
|
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010A, 5.500%, 1/01/22
|
1/20 at 100.00
|
AA
|
738,031
|
|||||
795
|
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23
|
1/20 at 100.00
|
AA
|
895,098
|
|||||
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
|
2,392,489
|
|||||
1,000
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 (Alternative Minimum Tax)
|
6/20 at 100.00
|
AA–
|
1,076,800
|
|||||
8,805
|
Total Massachusetts
|
6,117,888
|
|||||||
Michigan – 5.1%
|
|||||||||
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
|
11,445,962
|
|||||
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
|
3,184,935
|
|||||
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
|
A
|
2,395,827
|
|||||
14,615
|
Total Michigan
|
17,026,724
|
|||||||
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
|
96,990
|
|||||
500
|
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
|
10/13 at 100.00
|
BBB
|
501,565
|
|||||
985
|
Total Mississippi
|
598,555
|
|||||||
Missouri – 0.5%
|
|||||||||
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+
|
1,010,540
|
|||||
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–
|
682,502
|
|||||
1,640
|
Total Missouri
|
1,693,042
|
|||||||
Nebraska – 0.3%
|
|||||||||
1,000
|
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43
|
2/17 at 100.00
|
Aa1
|
1,113,150
|
52
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Nevada – 1.7%
|
|||||||||
$
|
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+
|
$
|
2,257,480
|
|||
1,670
|
Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 3265, 31.964%, 4/01/17 (IF)
|
No Opt. Call
|
AA
|
3,312,295
|
|||||
3,670
|
Total Nevada
|
5,569,775
|
|||||||
New Hampshire – 0.4%
|
|||||||||
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Rivermead Issue, Series 2011B:
|
|||||||||
400
|
5.550%, 7/01/17
|
7/13 at 100.00
|
N/R
|
400,692
|
|||||
1,100
|
5.300%, 7/01/17
|
7/13 at 100.00
|
N/R
|
1,101,661
|
|||||
1,500
|
Total New Hampshire
|
1,502,353
|
|||||||
New Jersey – 2.0%
|
|||||||||
1,000
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.125%, 9/15/23 (Alternative Minimum Tax)
|
9/13 at 100.00
|
B
|
1,053,850
|
|||||
1,650
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax)
|
9/22 at 101.00
|
B
|
1,738,572
|
|||||
1,730
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/26
|
12/19 at 100.00
|
AA
|
1,911,114
|
|||||
2,130
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23
|
6/17 at 100.00
|
B1
|
2,131,491
|
|||||
6,510
|
Total New Jersey
|
6,835,027
|
|||||||
New York – 3.4%
|
|||||||||
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–
|
1,314,236
|
|||||
1,225
|
6.250%, 7/15/40
|
1/20 at 100.00
|
BBB–
|
1,465,639
|
|||||
2,000
|
6.375%, 7/15/43
|
1/20 at 100.00
|
BBB–
|
2,393,060
|
|||||
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+
|
1,144,970
|
|||||
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
|
2,836,550
|
|||||
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–
|
311,052
|
|||||
2,000
|
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/26
|
6/16 at 100.00
|
BB–
|
1,979,100
|
|||||
10,090
|
Total New York
|
11,444,607
|
|||||||
Ohio – 5.9%
|
|||||||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2:
|
|||||||||
1,000
|
5.125%, 6/01/24
|
6/17 at 100.00
|
B–
|
928,300
|
|||||
3,000
|
5.750%, 6/01/34
|
6/17 at 100.00
|
B
|
2,631,450
|
|||||
6,500
|
5.875%, 6/01/47
|
6/17 at 100.00
|
B
|
5,807,551
|
|||||
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
|
853,138
|
|||||
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
|
3,659,250
|
|||||
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–
|
1,117,620
|
|||||
1,670
|
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 3260, 29.319%, 5/01/29 (IF)
|
5/19 at 100.00
|
AA–
|
3,398,483
|
|||||
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–
|
1,425,024
|
|||||
18,130
|
Total Ohio
|
19,820,816
|
Nuveen Investments
|
53
|
Nuveen Enhanced Municipal Value Fund (continued)
|
||
NEV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Pennsylvania – 5.5%
|
|||||||||
$
|
1,500
|
Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated Series 2013, 5.000%, 5/15/26
|
No Opt. Call
|
N/R
|
$
|
1,498,140
|
|||
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
|
1,102,840
|
|||||
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
|
1,673,370
|
|||||
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
|
Ba3
|
1,278,997
|
|||||
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+
|
1,699,980
|
|||||
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
|
2,108,780
|
|||||
1,125
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 17.841%, 8/01/38 (IF) (5)
|
8/20 at 100.00
|
AA
|
1,852,706
|
|||||
25
|
Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds, NHS Youth Services Inc., Series 2002, 7.500%, 2/15/29
|
2/15 at 100.00
|
N/R
|
18,655
|
|||||
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)
|
6/13 at 100.00
|
B–
|
1,004,060
|
|||||
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
|
1,152,300
|
|||||
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
|
Baa3
|
1,350,120
|
|||||
525
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2010-110A, 4.750%, 10/01/25
|
10/19 at 100.00
|
AA+
|
559,162
|
|||||
3,000
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/30
|
12/27 at 100.00
|
A–
|
3,131,880
|
|||||
16,710
|
Total Pennsylvania
|
18,430,990
|
|||||||
Puerto Rico – 1.1%
|
|||||||||
1,000
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2006, 5.000%, 3/01/36
|
3/16 at 100.00
|
BBB–
|
994,540
|
|||||
1,000
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/27 – AMBAC Insured
|
No Opt. Call
|
BBB+
|
1,029,230
|
|||||
1,500
|
Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.250%, 7/01/15
|
No Opt. Call
|
BBB–
|
1,571,955
|
|||||
3,500
|
Total Puerto Rico
|
3,595,725
|
|||||||
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–
|
529,835
|
|||||
50
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/24
|
No Opt. Call
|
A
|
59,081
|
|||||
155
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24
|
No Opt. Call
|
A–
|
177,404
|
|||||
705
|
Total Tennessee
|
766,320
|
|||||||
Texas – 3.6%
|
|||||||||
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
|
310,660
|
|||||
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
|
1,311,692
|
|||||
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)
|
7/13 at 100.00
|
B
|
266,041
|
|||||
1,800
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 11947, 24.268%, 3/01/19 (IF)
|
No Opt. Call
|
AA
|
3,517,740
|
|||||
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
|
1,061,840
|
54
|
Nuveen Investments
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Texas (continued)
|
|||||||||
$
|
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–
|
$
|
573,364
|
|||
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
|
1,237,250
|
|||||
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
|
976,058
|
|||||
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
|
1,565,145
|
|||||
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–
|
1,180,200
|
|||||
16,380
|
Total Texas
|
11,999,990
|
|||||||
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–
|
1,086,760
|
|||||
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
|
1,159,860
|
|||||
1,760
|
6.250%, 1/01/33
|
1/21 at 100.00
|
Baa2
|
2,019,213
|
|||||
2,760
|
Total Vermont
|
3,179,073
|
|||||||
Virgin Islands – 0.4%
|
|||||||||
1,000
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22
|
No Opt. Call
|
BBB+
|
1,078,270
|
|||||
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
|
277,380
|
|||||
1,250
|
Total Virgin Islands
|
1,355,650
|
|||||||
Virginia – 0.8%
|
|||||||||
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
|
1,693,260
|
|||||
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–
|
1,102,577
|
|||||
3,010
|
Total Virginia
|
2,795,837
|
|||||||
Washington – 2.1%
|
|||||||||
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
|
2,219,700
|
|||||
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
|
2,253,300
|
|||||
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
|
2,215,120
|
|||||
275
|
Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43
|
4/14 at 100.00
|
N/R
|
275,129
|
|||||
6,275
|
Total Washington
|
6,963,249
|
|||||||
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
|
616,537
|
|||||
Wisconsin – 5.3%
|
|||||||||
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–
|
4,019,715
|
|||||
580
|
Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2012, 5.000%, 4/01/22
|
No Opt. Call
|
BB+
|
605,421
|
|||||
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
|
1,159,740
|
Nuveen Investments
|
55
|
Nuveen Enhanced Municipal Value Fund (continued)
|
||
NEV
|
Portfolio of Investments
|
|
April 30, 2013 (Unaudited)
|
Principal
|
Optional Call
|
||||||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|||||
Wisconsin (continued)
|
|||||||||
$
|
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–
|
$
|
531,965
|
|||
1,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 3592, 21.877%, 4/01/17 (IF) (5)
|
No Opt. Call
|
AA–
|
1,522,850
|
|||||
1,290
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Tender option Bond Trust 3592, 16.876%, 10/01/20 (IF) (5)
|
No Opt. Call
|
AA–
|
1,317,490
|
|||||
2,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/21
|
8/16 at 100.00
|
A–
|
2,241,380
|
|||||
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–
|
529,420
|
|||||
2,500
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 10B, 31.816%, 5/01/36 (IF) (5)
|
5/19 at 100.00
|
AA–
|
5,646,700
|
|||||
12,870
|
Total Wisconsin
|
17,574,681
|
|||||||
Wyoming – 0.7%
|
|||||||||
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
|
567,270
|
|||||
1,600
|
6.500%, 7/01/43
|
7/21 at 100.00
|
BBB
|
1,834,512
|
|||||
2,100
|
Total Wyoming
|
2,401,782
|
|||||||
$
|
312,342
|
Total Investments (cost $292,811,686) – 104.0%
|
347,806,252
|
||||||
Floating Rate Obligations – (5.4)%
|
(18,000,000
|
) | |||||||
Other Assets Less Liabilities – 1.4% (7)
|
4,583,275
|
||||||||
Net Assets – 100%
|
$
|
334,389,527
|
Investments in Derivatives as of April 30, 2013
|
Forward Swaps outstanding:
|
Fund
|
Fixed Rate
|
Unrealized
|
|||||||||||||||
Notional
|
Pay/Receive
|
Floating Rate
|
Fixed Rate
|
Payment
|
Effective
|
Termination
|
Appreciation
|
||||||||||
Counterparty
|
Amount
|
Floating Rate
|
Index
|
(Annualized
|
) |
Frequency
|
Date (8
|
) |
Date
|
(Depreciation) (7
|
) | ||||||
Barclays Bank PLC
|
$6,500,000
|
Receive
|
3-Month USD-LIBOR
|
3.322%
|
Semi-Annually
|
4/24/14
|
4/24/34
|
$(546,776)
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(2)
|
Optional Call Provisions: 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: 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 fixed-income security, 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 classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
|
|
(7)
|
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period.
|
|
(8)
|
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.
|
56
|
Nuveen Investments
|
Statement of
|
||
Assets & Liabilities
|
||
April 30, 2013 (Unaudited)
|
AMT-Free
|
Enhanced
|
||||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value
|
Value
|
Income
|
Value
|
||||||||||
(NUV
|
)
|
(NUW
|
)
|
(NMI
|
)
|
(NEV
|
)
|
||||||
Assets
|
|||||||||||||
Investments, at value (cost $1,892,369,857, $187,164,584, $87,552,675 and $292,811,686, respectively)
|
$
|
2,099,720,863
|
$
|
231,657,326
|
$
|
98,996,599
|
$
|
347,806,252
|
|||||
Cash
|
244,435
|
221,620
|
671,147
|
—
|
|||||||||
Receivables:
|
|||||||||||||
Interest
|
29,619,109
|
3,924,410
|
1,399,345
|
6,976,815
|
|||||||||
Investments sold
|
44,272,950
|
10,000
|
25,000
|
95,000
|
|||||||||
Shares sold through shelf offering
|
—
|
—
|
—
|
365,092
|
|||||||||
Deferred offering costs
|
—
|
112,245
|
—
|
26,067
|
|||||||||
Other assets
|
283,445
|
331
|
6,046
|
12,949
|
|||||||||
Total assets
|
2,174,140,802
|
235,925,932
|
101,098,137
|
355,282,175
|
|||||||||
Liabilities
|
|||||||||||||
Cash overdraft
|
—
|
—
|
—
|
248,527
|
|||||||||
Floating rate obligations
|
14,380,000
|
—
|
3,335,000
|
18,000,000
|
|||||||||
Unrealized depreciation on swaps
|
—
|
—
|
—
|
546,776
|
|||||||||
Payables:
|
|||||||||||||
Dividends
|
6,600,953
|
641,325
|
349,070
|
1,609,227
|
|||||||||
Investment purchased
|
13,055,267
|
—
|
112,275
|
—
|
|||||||||
Accrued expenses:
|
|||||||||||||
Management fees
|
842,604
|
115,934
|
49,045
|
241,128
|
|||||||||
Directors/Trustees fees
|
236,320
|
1,616
|
667
|
8,411
|
|||||||||
Shelf offering costs
|
38,410
|
125,798
|
—
|
128,348
|
|||||||||
Other
|
521,090
|
88,447
|
41,205
|
110,231
|
|||||||||
Total liabilities
|
35,674,644
|
973,120
|
3,887,262
|
20,892,648
|
|||||||||
Net assets
|
$
|
2,138,466,158
|
$
|
234,952,812
|
$
|
97,210,875
|
$
|
334,389,527
|
|||||
Shares outstanding
|
205,566,218
|
13,194,175
|
8,272,629
|
20,852,494
|
|||||||||
Net asset value per share outstanding
|
$
|
10.40
|
$
|
17.81
|
$
|
11.75
|
$
|
16.04
|
|||||
Net assets consist of:
|
|||||||||||||
Shares, $.01 par value per share
|
$
|
2,055,662
|
$
|
131,942
|
$
|
82,726
|
$
|
208,525
|
|||||
Paid-in surplus
|
1,942,555,657
|
189,896,417
|
85,390,640
|
300,791,749
|
|||||||||
Undistributed (Over-distribution of) net investment income
|
10,726,540
|
433,432
|
894,136
|
3,703,839
|
|||||||||
Accumulated net realized gain (loss)
|
(24,222,707
|
)
|
(1,721
|
)
|
(600,551
|
)
|
(24,762,376
|
)
|
|||||
Net unrealized appreciation (depreciation)
|
207,351,006
|
44,492,742
|
11,443,924
|
54,447,790
|
|||||||||
Net assets
|
$
|
2,138,466,158
|
$
|
234,952,812
|
$
|
97,210,875
|
$
|
334,389,527
|
|||||
Authorized shares
|
350,000,000
|
Unlimited
|
200,000,000
|
Unlimited
|
Nuveen Investments
|
57
|
Statement of
|
|||
Operations
|
|||
Six Months Ended April 30, 2013
(Unaudited)
|
AMT-Free
|
Enhanced
|
||||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value
|
Value
|
Income
|
Value
|
||||||||||
(NUV
|
)
|
(NUW
|
)
|
(NMI
|
)
|
(NEV
|
)
|
||||||
Investment Income
|
$
|
51,303,864
|
$
|
6,340,581
|
$
|
2,589,303
|
$
|
11,323,717
|
|||||
Expenses
|
|||||||||||||
Management fees
|
5,081,643
|
699,591
|
296,703
|
1,400,314
|
|||||||||
Shareholder servicing agent fees and expenses
|
150,252
|
178
|
7,950
|
135
|
|||||||||
Interest expense
|
49,935
|
—
|
5,284
|
120,208
|
|||||||||
Custodian fees and expenses
|
144,831
|
19,012
|
12,114
|
23,599
|
|||||||||
Directors/Trustees fees and expenses
|
24,820
|
2,724
|
1,301
|
3,877
|
|||||||||
Professional fees
|
10,443
|
29,859
|
11,300
|
47,768
|
|||||||||
Shareholder reporting expenses
|
127,432
|
31,610
|
1,837
|
30,174
|
|||||||||
Stock exchange listing fees
|
39,102
|
3,609
|
4,276
|
4,235
|
|||||||||
Investor relations expense
|
85,952
|
8,641
|
5,534
|
12,686
|
|||||||||
Other expenses
|
33,361
|
7,362
|
3,708
|
5,734
|
|||||||||
Total expenses
|
5,747,771
|
802,586
|
350,007
|
1,648,730
|
|||||||||
Net investment income (loss)
|
45,556,093
|
5,537,995
|
2,239,296
|
9,674,987
|
|||||||||
Realized and Unrealized Gain (Loss)
|
|||||||||||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
990,579
|
(1,040
|
)
|
19,212
|
672,163
|
||||||||
Swaps
|
—
|
—
|
—
|
(105,000
|
)
|
||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
18,886,333
|
197,641
|
866,018
|
2,782,672
|
|||||||||
Swaps
|
—
|
—
|
—
|
544,570
|
|||||||||
Net realized and unrealized gain (loss)
|
19,876,912
|
196,601
|
885,230
|
3,894,405
|
|||||||||
Net increase (decrease) in net assets from operations
|
$
|
65,433,005
|
$
|
5,734,596
|
$
|
3,124,526
|
$
|
13,569,392
|
58
|
Nuveen Investments
|
Statement of
|
||
Changes in Net Assets (Unaudited)
|
AMT-Free
|
|||||||||||||
Municipal Value (NUV)
|
Municipal Value (NUW)
|
||||||||||||
Six Months
|
Six Months
|
||||||||||||
Ended
|
Year Ended
|
Ended
|
Year Ended
|
||||||||||
4/30/13
|
10/31/12
|
4/30/13
|
10/31/12
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
45,556,093
|
$
|
93,725,545
|
$
|
5,537,995
|
$
|
10,900,609
|
|||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
990,579
|
(21,295,343
|
)
|
(1,040
|
)
|
154,857
|
|||||||
Swaps
|
—
|
—
|
—
|
—
|
|||||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
18,886,333
|
165,538,735
|
197,641
|
16,545,579
|
|||||||||
Swaps
|
—
|
—
|
—
|
—
|
|||||||||
Net increase (decrease) in net assets from operations
|
65,433,005
|
237,968,937
|
5,734,596
|
27,601,045
|
|||||||||
Distributions to Shareholders
|
|||||||||||||
From net investment income
|
(46,272,295
|
)
|
(94,812,770
|
)
|
(5,269,728
|
)
|
(10,684,764
|
)
|
|||||
From accumulated net realized gains
|
—
|
(11,399,466
|
)
|
(117,111
|
)
|
—
|
|||||||
Decrease in net assets from distributions to shareholders
|
(46,272,295
|
)
|
(106,212,236
|
)
|
(5,386,839
|
)
|
(10,684,764
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Proceeds from shelf offering, net of offering costs
|
10,670,833
|
47,880,152
|
2,924,759
|
—
|
|||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
3,311,886
|
10,454,655
|
540,521
|
1,350,059
|
|||||||||
Net increase (decrease) in net assets from capital share transactions
|
13,982,719
|
58,334,807
|
3,465,280
|
1,350,059
|
|||||||||
Net increase (decrease) in net assets
|
33,143,429
|
190,091,508
|
3,813,037
|
18,266,340
|
|||||||||
Net assets at the beginning of period
|
2,105,322,729
|
1,915,231,221
|
231,139,775
|
212,873,435
|
|||||||||
Net assets at the end of period
|
$
|
2,138,466,158
|
$
|
2,105,322,729
|
$
|
234,952,812
|
$
|
231,139,775
|
|||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
10,726,540
|
$
|
11,442,742
|
$
|
433,432
|
$
|
165,165
|
Nuveen Investments
|
59
|
Statement of
|
||
Changes in Net Assets (Unaudited) (continued)
|
Enhanced Municipal
|
|||||||||||||
Municipal Income (NMI)
|
Value (NEV)
|
||||||||||||
Six Months
|
Six Months
|
||||||||||||
Ended
|
Year Ended
|
Ended
|
Year Ended
|
||||||||||
4/30/13
|
10/31/12
|
4/30/13
|
10/31/12
|
||||||||||
Operations
|
|||||||||||||
Net investment income (loss)
|
$
|
2,239,296
|
$
|
4,728,364
|
$
|
9,674,987
|
$
|
19,500,297
|
|||||
Net realized gain (loss) from:
|
|||||||||||||
Investments
|
19,212
|
248,877
|
672,163
|
745,212
|
|||||||||
Swaps
|
—
|
—
|
(105,000
|
)
|
(6,106,000
|
)
|
|||||||
Change in net unrealized appreciation (depreciation) of:
|
|||||||||||||
Investments
|
866,018
|
7,177,012
|
2,782,672
|
36,071,836
|
|||||||||
Swaps
|
—
|
—
|
544,570
|
4,012,405
|
|||||||||
Net increase (decrease) in net assets from operations
|
3,124,526
|
12,154,253
|
13,569,392
|
54,223,750
|
|||||||||
Distributions to Shareholders
|
|||||||||||||
From net investment income
|
(2,369,363
|
)
|
(4,699,960
|
)
|
(9,622,549
|
)
|
(18,547,985
|
)
|
|||||
From accumulated net realized gains
|
—
|
—
|
—
|
—
|
|||||||||
Decrease in net assets from distributions to shareholders
|
(2,369,363
|
)
|
(4,699,960
|
)
|
(9,622,549
|
)
|
(18,547,985
|
)
|
|||||
Capital Share Transactions
|
|||||||||||||
Proceeds from shelf offering, net of offering costs
|
—
|
—
|
24,797,013
|
—
|
|||||||||
Net proceeds from shares issued to shareholders due to reinvestment of distributions
|
158,111
|
355,454
|
304,201
|
616,205
|
|||||||||
Net increase (decrease) in net assets from capital share transactions
|
158,111
|
355,454
|
25,101,214
|
616,205
|
|||||||||
Net increase (decrease) in net assets
|
913,274
|
7,809,747
|
29,048,057
|
36,291,970
|
|||||||||
Net assets at the beginning of period
|
96,297,601
|
88,487,854
|
305,341,470
|
269,049,500
|
|||||||||
Net assets at the end of period
|
$
|
97,210,875
|
$
|
96,297,601
|
$
|
334,389,527
|
$
|
305,341,470
|
|||||
Undistributed (Over-distribution of) net investment income at the end of period
|
$
|
894,136
|
$
|
1,024,203
|
$
|
3,703,839
|
$
|
3,651,401
|
60
|
Nuveen Investments
|
Nuveen Investments
|
61
|
Financial
|
||
Highlights (Unaudited)
|
||
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
|
From
Net
Investment
Income
|
From
Accumulated
Net
Realized
Gains
|
Total
|
Offering
Costs
|
Premium
from
Shares
Sold
through
Shelf
Offering
|
Ending
Net
Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||
Municipal Value (NUV)
|
||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||
2013(d)
|
$
|
10.31
|
$
|
.22
|
$
|
.09
|
$
|
.31
|
$
|
(.23
|
)
|
$
|
—
|
$
|
(.23
|
)
|
$
|
—
|
$
|
.01
|
$
|
10.40
|
$
|
10.39
|
||||||||||
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:
|
||||||||||||||||||||||||||||||||||
2013(d)
|
17.78
|
.42
|
.01
|
.43
|
(.40
|
)
|
(.01
|
)
|
(.41
|
)
|
—
|
** |
.01
|
17.81
|
17.57
|
|||||||||||||||||||
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(c)
|
14.33
|
.49
|
1.94
|
2.43
|
(.53
|
)
|
—
|
(.53
|
)
|
(.03
|
)
|
—
|
16.20
|
15.84
|
62
|
Nuveen Investments
|
Ratios/Supplemental Data
|
|||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
|
||||||||||||||||
Based
|
|||||||||||||||||
Based
|
on
|
Ending
|
|||||||||||||||
on
|
Net
|
Net
|
Net
|
Portfolio
|
|||||||||||||
Market
|
Asset
|
Assets
|
Investment
|
Turnover
|
|||||||||||||
Value
|
(a)
|
Value
|
(a)
|
(000
|
)
|
Expenses
|
(b)
|
Income (Loss
|
)
|
Rate
|
|||||||
2.39
|
%
|
3.08
|
%
|
$
|
2,138,466
|
.54
|
*%
|
4.31
|
*%
|
6
|
%
|
||||||
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
|
||||||||||
(3.64
|
)
|
2.50
|
234,953
|
.69
|
* |
4.78
|
* |
3
|
|||||||||
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)
|
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:
|
||||
2013(d)
|
.00
|
%*
|
||
2012
|
.02
|
|||
2011
|
.01
|
|||
2010
|
.01
|
|||
2009
|
.02
|
|||
2008
|
.04
|
AMT-Free Municipal Value (NUW)
|
||||
Year Ended 10/31:
|
||||
2013(d)
|
—
|
|||
2012
|
—
|
|||
2011
|
—
|
|||
2010
|
—
|
|||
2009(c)
|
—
|
(c)
|
For the period February 25, 2009 (commencement of operations) through October 31, 2009.
|
(d)
|
For the six months ended April 30, 2013.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
Nuveen Investments
|
63
|
Financial
|
||
Highlights (Unaudited) (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
|
From
Net
Investment
Income
|
From
Accumulated
Net
Realized
Gains
|
Total
|
Offering
Costs
|
Premium
from
Shares
Sold
through
Shelf
Offering
|
Ending
Net
Asset
Value
|
Ending
Market
Value
|
||||||||||||||||||||||||
Municipal Income (NMI)
|
||||||||||||||||||||||||||||||||||
Year Ended 10/31:
|
||||||||||||||||||||||||||||||||||
2013(d)
|
$
|
11.66
|
$
|
.27
|
$
|
.11
|
$
|
.38
|
$
|
(.29
|
)
|
$
|
—
|
$
|
(.29
|
)
|
$
|
—
|
$
|
—
|
$
|
11.75
|
$
|
12.41
|
||||||||||
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:
|
||||||||||||||||||||||||||||||||||
2013(d)
|
15.82
|
.47
|
.16
|
.63
|
(.48
|
)
|
—
|
(.48
|
)
|
(.01
|
)
|
.08
|
16.04
|
16.24
|
||||||||||||||||||||
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(c)
|
14.33
|
.04
|
(.61
|
)
|
(.57
|
)
|
—
|
—
|
—
|
(.03
|
)
|
—
|
13.73
|
15.00
|
64
|
Nuveen Investments
|
Ratios/Supplemental Data
|
|||||||||||||||||
Total Returns
|
Ratios to Average Net Assets
|
||||||||||||||||
Based
|
|||||||||||||||||
Based
|
on
|
Ending
|
|||||||||||||||
on
|
Net
|
Net
|
Net
|
Portfolio
|
|||||||||||||
Market
|
Asset
|
Assets
|
Investment
|
Turnover
|
|||||||||||||
Value
|
(a)
|
Value
|
(a)
|
(000
|
)
|
Expenses
|
(b)
|
Income (Loss
|
)
|
Rate
|
|||||||
.41
|
%
|
3.26
|
%
|
$
|
97,211
|
.73
|
%*
|
4.66
|
%*
|
8
|
%
|
||||||
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
|
||||||||||
3.56
|
4.49
|
334,390
|
1.05
|
* |
6.13
|
* |
2
|
||||||||||
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)
|
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, each 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:
|
||||
2013(d)
|
.01
|
%*
|
||
2012
|
.01
|
|||
2011
|
.01
|
|||
2010
|
.02
|
|||
2009
|
.03
|
|||
2008
|
.10
|
|||
Enhanced Municipal Value (NEV)
|
||||
Year Ended 10/31:
|
||||
2013(d)
|
.08
|
*
|
||
2012
|
.09
|
|||
2011
|
.08
|
|||
2010
|
.04
|
|||
2009(c)
|
—
|
(c)
|
For the period September 25, 2009 (commencement of operations) through October 31, 2009.
|
(d)
|
For the six months ended April 30, 2013.
|
*
|
Annualized.
|
**
|
Rounds to less than $.01 per share.
|
Nuveen Investments
|
65
|
Notes to
|
||
Financial Statements (Unaudited)
|
66
|
Nuveen Investments
|
Nuveen Investments
|
67
|
Notes to
|
||
Financial Statements (Unaudited) (continued)
|
AMT-Free
|
Enhanced
|
||||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value (NUV
|
)
|
Value (NUW
|
)
|
Income (NMI
|
)
|
Value (NEV
|
)
|
||||||
Maximum exposure to Recourse Trusts
|
$
|
7,500,000
|
$
|
17,665,000
|
$
|
6,005,000
|
$
|
135,025,000
|
Enhanced
|
||||||||||
Municipal
|
Municipal
|
Municipal
|
||||||||
Value (NUV
|
)
|
Income (NMI
|
)
|
Value (NEV
|
)
|
|||||
Average floating rate obligations outstanding
|
$
|
14,380,000
|
$
|
3,335,000
|
$
|
18,00,000
|
||||
Average annual interest rate and fees
|
.70
|
%
|
.32
|
%
|
.64
|
%
|
Enhanced
|
||||
Municipal
|
||||
Value (NEV
|
)
|
|||
Average notional amount of forward interest rate swap contracts outstanding*
|
$
|
10,200,000
|
*
|
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.
|
68
|
Nuveen Investments
|
AMT-Free
|
Enhanced
|
||||||||||||||||||
Municipal Value (NUV)
|
Municipal Value (NUW)
|
Municipal Value (NEV)
|
|||||||||||||||||
Six Months
|
Six Months
|
Six Months
|
|||||||||||||||||
Ended
|
Year Ended
|
Ended
|
Year Ended
|
Ended
|
Year Ended
|
||||||||||||||
4/30/13
|
10/31/12
|
4/30/13
|
10/31/12
|
4/30/13
|
10/31/12
|
||||||||||||||
Authorized shares
|
19,600,000
|
19,600,000
|
1,200,000
|
—
|
1,900,000
|
—
|
|||||||||||||
Shares issued
|
1,027,916
|
4,724,522
|
163,893
|
—
|
1,535,527
|
—
|
|||||||||||||
Offering proceeds, net of offering costs
|
$
|
10,670,833
|
47,880,152
|
$
|
2,924,759
|
—
|
$
|
24,797,013
|
—
|
Nuveen Investments
|
69
|
Notes to
|
||
Financial Statements (Unaudited) (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
|
$
|
—
|
$
|
2,099,485,044
|
$
|
—
|
$
|
2,099,485,044
|
|||||
Corporate Bonds
|
—
|
—
|
235,819
|
235,819
|
|||||||||
Total
|
$
|
—
|
$
|
2,099,485,044
|
$
|
235,819
|
$
|
2,099,720,863
|
|||||
AMT-Free Municipal Value (NUW)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
231,657,326
|
$
|
—
|
$
|
231,657,326
|
|||||
Municipal Income (NMI)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
98,996,599
|
$
|
—
|
$
|
98,996,599
|
|||||
Enhanced Municipal Value (NEV)
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
Long-Term Investments*:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
347,767,985
|
$
|
38,267
|
$
|
347,806,252
|
|||||
Derivatives:
|
|||||||||||||
Forward Swaps**
|
—
|
(546,776
|
)
|
—
|
(546,776
|
)
|
|||||||
Total
|
$
|
—
|
$
|
347,221,209
|
$
|
38,267
|
$
|
347,259,476
|
*
|
Refer to the Fund’s Portfolio of Investments for state classifications of Municipal Bonds and a breakdown of Municipal and Corporate Bonds classified as Level 3, where applicable.
|
**
|
Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments.
|
(i.)
|
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
|
|
(ii.)
|
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
|
70
|
Nuveen Investments
|
Enhanced Municipal Value (NEV)
|
||||||||||||||||
Location on the Statement of Assets and Liabilities
|
||||||||||||||||
Underlying
|
Derivative
|
Asset Derivatives
|
Liability Derivatives
|
|||||||||||||
Risk Exposure
|
Instrument
|
Location
|
Value
|
Location
|
Value
|
|||||||||||
Interest Rate
|
Forward Swaps
|
Unrealized depreciation
|
||||||||||||||
—
|
$
|
—
|
on forward swaps
|
$
|
546,776
|
Enhanced
|
||||
Municipal
|
||||
Value
|
||||
Net Realized Gain (Loss) from Forward Swaps
|
(NEV
|
)
|
||
Risk Exposure
|
||||
Interest Rate
|
$
|
(105,000
|
)
|
Enhanced
|
||||
Municipal
|
||||
Value
|
||||
Change in Net Unrealized Appreciation (Depreciation) of Forward Swaps
|
(NEV
|
)
|
||
Risk Exposure
|
||||
Interest Rate
|
$
|
544,570
|
AMT-Free
|
|||||||||||||
Municipal Value (NUV)
|
Municipal Value (NUW)
|
||||||||||||
Six Months
|
Six Months
|
||||||||||||
Ended
|
Year Ended
|
Ended
|
Year Ended
|
||||||||||
4/30/13
|
10/31/12
|
4/30/13
|
10/31/12
|
||||||||||
Shares sold through shelf offering
|
1,027,916
|
4,724,522
|
163,893
|
—
|
|||||||||
Shares issued to shareholders due to reinvestment of distributions
|
318,695
|
1,048,793
|
30,207
|
79,018
|
|||||||||
Weighted average premium per shelf offering share sold
|
1.18
|
%
|
1.60
|
%
|
1.71
|
%
|
—
|
%
|
Nuveen Investments
|
71
|
Notes to
|
||
Financial Statements (Unaudited) (continued)
|
Enhanced Municipal
|
|||||||||||||
Municipal Income (NMI)
|
Value (NEV)
|
||||||||||||
Six Months
|
Six Months
|
||||||||||||
Ended
|
Year Ended
|
Ended
|
Year Ended
|
||||||||||
4/30/13
|
10/31/12
|
4/30/13
|
10/31/12
|
||||||||||
Shares sold through shelf offering*
|
—
|
—
|
1,535,527
|
—
|
|||||||||
Shares issued to shareholders due to reinvestment of distributions
|
13,330
|
31,313
|
19,039
|
41,066
|
|||||||||
Weighted average premium per shelf offering share sold*
|
—%
|
|
—%
|
|
2.74%
|
|
—%
|
|
*
|
Municipal Income (NMI) is not authorized to issue additional shares through a shelf offering at the end of the reporting period.
|
AMT-Free
|
Enhanced
|
||||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value
|
Value
|
Income
|
Value
|
||||||||||
(NUV
|
)
|
(NUW
|
)
|
(NMI
|
)
|
(NEV
|
)
|
||||||
Purchases
|
$
|
129,480,858
|
$
|
9,458,910
|
$
|
8,317,004
|
$
|
31,396,761
|
|||||
Sales and maturities
|
148,626,545
|
6,052,069
|
7,417,538
|
7,300,747
|
`
|
AMT-Free
|
Enhanced
|
|||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value
|
Value
|
Income
|
Value
|
||||||||||
(NUV
|
)
|
(NUW
|
)
|
(NMI
|
)
|
(NEV
|
)
|
||||||
Cost of investments
|
$
|
1,877,283,211
|
$
|
186,261,260
|
$
|
84,028,554
|
$
|
275,162,221
|
|||||
Gross unrealized:
|
|||||||||||||
Appreciation
|
$
|
231,466,845
|
$
|
45,538,426
|
$
|
11,783,879
|
$
|
58,547,587
|
|||||
Depreciation
|
(23,409,366
|
)
|
(142,360
|
)
|
(150,484
|
)
|
(3,903,559
|
)
|
|||||
Net unrealized appreciation (depreciation) of investments
|
$
|
208,057,479
|
$
|
45,396,066
|
$
|
11,633,395
|
$
|
54,644,028
|
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
|
72
|
Nuveen Investments
|
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.
|
AMT-Free
|
Enhanced
|
||||||||||||
Municipal
|
Municipal
|
Municipal
|
Municipal
|
||||||||||
Value
|
Value
|
Income
|
Value
|
||||||||||
(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
|
—
|
—
|
—
|
*
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
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
|
73
|
Notes to
|
||
Financial Statements (Unaudited) (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
|
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
|
74
|
Nuveen Investments
|
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 April 30, 2013, the complex-level fee rate for these Funds was .1661%.
|
Nuveen Investments
|
75
|
Notes to
|
||
Financial Statements (Unaudited) (continued)
|
76
|
Nuveen Investments
|
Nuveen Investments
|
77
|
78
|
Nuveen Investments
|
■
|
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.
|
■
|
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.
|
■
|
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.
|
■
|
Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes.
|
■
|
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
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Nuveen Investments
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79
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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 value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
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Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio.
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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.
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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.
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Net Asset Value (NAV): The net market value of all securities held in a portfolio.
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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.
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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.
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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.
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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.
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Total Investment Exposure: Total investment exposure is a Fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a Fund’s use of preferred stock and borrowings and investments in
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80
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Nuveen Investments
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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.
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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.
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Nuveen Investments
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81
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82
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Nuveen Investments
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Board of
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Directors/Trustees
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John P. Amboian
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Robert P. Bremner
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Jack B. Evans
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William C. Hunter
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David J. Kundert
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William J. Schneider
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Judith M. Stockdale
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Carole E. Stone
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Virginia L. Stringer
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Terence J. Toth
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Fund Manager
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Nuveen Fund Advisors, LLC
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333 West Wacker Drive
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Chicago, IL 60606
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Custodian
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State Street Bank
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& Trust Company
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Boston, MA
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Transfer Agent and
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Shareholder Services
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State Street Bank & Trust
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Company
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Nuveen Funds
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P.O. Box 43071
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Providence, RI 02940-3071
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(800) 257-8787
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Legal Counsel
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Chapman and Cutler LLP
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Chicago, IL
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Independent Registered
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Public Accounting Firm
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Ernst & Young LLP
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Chicago, IL
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Nuveen Investments
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83
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(a)
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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)).
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(b)
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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.
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(a)(1)
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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 to this filing.
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(a)(2)
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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: See Ex-99.CERT attached hereto.
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(a)(3)
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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.
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(b)
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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: See Ex-99.906 CERT attached hereto.
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