nuv.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05120

Nuveen Municipal Value Fund, Inc.
(Exact name of registrant as specified in charter)

Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Address of principal executive offices) (Zip code)

Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
(Name and address of agent for service)

Registrant's telephone number, including area code: (312) 917-7700

Date of fiscal year end: October 31

Date of reporting period: October 31, 2010

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.


 
 

 


ITEM 1. REPORTS TO STOCKHOLDERS.
 
 
 

 

 
 
 
 

 
 
 
NUVEEN INVESTMENTS ANNOUNCES STRATEGIC COMBINATION WITH FAF ADVISORS
 
 
On July 29, 2010, Nuveen Investments announced that U.S. Bancorp will receive a 9.5% stake in Nuveen Investments and cash consideration in exchange for the long-term asset business of U.S. Bancorp’s FAF Advisors. Nuveen Investments is the parent of Nuveen Asset Management (NAM), the investment adviser for the Funds included in this report.
 
 
FAF Advisors, which currently manages about $25 billion of long-term assets and serves as the advisor of the First American Funds, will be combined with NAM, which currently manages about $75 billion in municipal fixed income assets. Upon completion of the transaction, Nuveen Investments, which currently manages about $160 billion of assets across several high-quality affiliates, will manage a combined total of about $185 billion in institutional and retail assets.
 
 
This combination will not affect the investment objectives, strategies or policies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at Hyde Park, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital.
 
 
The transaction is expected to close late in 2010, subject to customary conditions.
 
 
 
 
 

 

 
Chairman’s
Letter to Shareholders
 
 
Dear Shareholder,
 
 
Recent months have revealed the fragility and disparity of the global economic recovery. In the U.S., the rate of economic growth has slowed as various stimulus programs wind down, exposing weakness in the underlying economy. In contrast, many emerging market countries are experiencing a return to comparatively high rates of growth. Confidence in global financial markets has been undermined by concerns about high sovereign debt levels in Europe and the U.S. Until these countries can begin credible programs to reduce their budgetary deficits, market unease and hesitation will remain. On a more encouraging note, while the global recovery is expanding existing trade imbalances, policy makers in the leading economies are making a sustained effort to create a global framework through which various countries can take complimentary actions that should reduce those imbalances over time.
 
 
The U.S. economy is subject to unusually high levels of uncertainty as it struggles to recover from a devastating financial crisis. Unemployment remains stubbornly high, due to what appears to be both cyclical and structural forces. Federal Reserve policy makers are implementing another round of quantitative easing, a novel approach to provide support to the economy. However, the high levels of debt owed both by U.S. consumers and the U.S. government limit the Fed’s ability to engineer a stronger economic recovery.
 
 
The U.S. financial markets reflect the crosscurrents now impacting the U.S. economy. Today’s historically low interest rates reflect the Fed’s intervention in the financial markets and the demand for U.S. government debt by U.S. and overseas investors looking for a safe haven for investment. The continued corporate earnings recovery and recent electoral results are giving a boost to equity markets. Encouragingly, financial institutions are rebuilding their balance sheets and the financial reform legislation enacted last summer has the potential to address many of the most significant contributors to the financial crisis, although the details still have to be worked out.
 
 
In this difficult environment your Nuveen investment team continues to seek sustainable investment opportunities and, at the same time, remains alert for potential risks that may result from a recovery still facing many headwinds. As your representative, the Nuveen Fund Board monitors the activities of each investment team to assure that all maintain their investment disciplines. As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund.
 
 
On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
 
Sincerely,
 
 
 
Robert P. Bremner
Chairman of the Board
December 22, 2010
 
 
Nuveen Investments 1
 
 
 
 

 

 
Portfolio Managers’ Comments
 
 
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen Municipal Value Fund 2 (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
 
 
Recently, portfolio managers Tom Spalding and Johnathan Wilhelm discussed U.S. economic and municipal market conditions, key investment strategies and the performance of these four national Funds. With 34 years of investment experience at Nuveen, Tom has managed NUV since its inception in 1987, adding portfolio management responsibility for NUW at its inception in February 2009. Johnathan, who came to Nuveen in 2001 with 20 years of industry experience, served as co-portfolio manager of NMI beginning in 2007 and assumed full portfolio management responsibility for this Fund in March 2009. He added portfolio management responsibility for NEV at its inception in September 2009.
 
Since the close of this reporting period, Johnathan Wilhelm has left Nuveen Asset Management and no longer manages NMI and NEV. Paul Brennan now is the portfolio manager for NMI. Paul has 20 years of investment experience, including 12 years with Nuveen. Steve Hlavin is the new portfolio manager for NEV. Steve’s investment experience began with Nuveen seven years ago. Steve has been involved with the management of NEV since its inception.
 
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
 
Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s, Moody’s or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below investment grade. Holdings and ratings may change over time.
 
 
What factors affected the U.S. economy and municipal market during the twelve-month reporting period ended October 31, 2010?
 
 
During this period, the U.S. economy remained under considerable stress, and both the Federal Reserve (Fed) and the federal government continued their efforts to improve the overall economic environment. For its part, the Fed held the benchmark fed funds rate in a target range of zero to 0.25% since cutting it to this record low level in December 2008. At its November 2010 meeting (shortly after the end of this reporting period), the central bank renewed its commitment to keeping the fed funds rate at “exceptionally low levels” for an “extended period.” The Fed also announced a second round of quantitative easing, in which it plans to purchase $600 billion in U.S. Treasury bonds by June 30, 2011. The goal of this plan is to lower long-term interest rates and thereby stimulate economic activity and create jobs. The federal government continued to focus on implementing the economic stimulus package passed in early 2009 and aimed at providing job creation, tax relief, fiscal assistance to state and local governments, and expansion of unemployment benefits and other federal social welfare programs.
 
 
These and other measures to ease the economic recession produced some signs of economic improvement. In the third quarter of 2010, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.5%, marking the
 
2 Nuveen Investments
 
 

 
 
 

 
 
first time the economy had strung together five consecutive quarters of growth since 2007-2008. Inflation remained relatively tame, as the Consumer Price Index (CPI) rose just 1.2% year-over-year as of October 2010. The core CPI (which excludes food and energy) rose 0.6% over this period, the smallest twelve-month increase in the 53-year history of this index. Housing prices also continued to recover from their April 2009 lows, although growth rates moderated from previous periods. For the twelve months ended September 2010 (the latest information available at the time this report was prepared), the average home price in the Standard & Poor’s/Case-Shiller Index rose 0.6%. Unemployment remained persistently high, with the jobless rate hovering at or above 9.5% over the past 15 months. As of October 31, 2010, national unemployment stood at 9.6% for the third consecutive month, down from its 26-year high of 10.1% in October 2009.
 
 
Municipal bond prices generally rose during this period, as the combination of strong demand and tight supply of new tax-exempt issuance created favorable conditions. One reason for the decrease in new tax-exempt supply was the heavy issuance of taxable municipal debt under the Build America Bond program. Build America Bonds, which were created as part of the February 2009 economic stimulus package, currently offer municipal issuers a federal subsidy equal to 35% of a bond’s interest payments, providing issuers with an alternative to traditional tax-exempt debt that often proves to be lower in cost. For the twelve months ended October 31, 2010, taxable Build America Bonds issuance totaled $100.3 billion, accounting for 24% of new bonds issued in the municipal market.
 
 
Over the twelve months ended October 31, 2010, municipal bond issuance nationwide—both tax-exempt and taxable—totaled $418.0 billion, an increase of 9% compared with the twelve-month period ended October 31, 2009. However, if taxable Build America Bond issuance were removed from the equation, the supply of tax-exempt bonds alone actually fell 15%. Since interest payments from Build America Bonds represent taxable income, we do not view these bonds as good investment opportunities for the tax-exempt Nuveen municipal closed-end funds.
 
 
What key strategies were used to manage these Funds during this reporting period?
 
 
As previously discussed, the supply of tax-exempt municipal bonds declined nationally during this period, due in part to the issuance of taxable municipal bonds under the Build America Bond program. In this environment of constrained issuance of tax-exempt municipal bonds, we continued to take a bottom-up approach to discovering undervalued sectors and individual credits with the potential to perform well over the long term. In NUV, we found value in several areas of the market, including health care and other revenue bonds offering longer maturities. In NMI, our focus during this period was largely on purchasing lower-rated bonds, specifically those rated BBB, to take advantage of the values we saw among these securities. In general, NUW and NEV saw less investment activity than NUV and NMI because these Funds just recently went through their initial investment processes. We did carry out some trading activity in NEV aimed at finalizing long-term allocations in terms of ratings and sectors.
 
 
Some of our investment activity resulted from opportunities created by the provisions of the Build America Bond program. For example, tax-exempt supply was more plentiful in the health care sector because, as 501(c)(3) (nonprofit) organizations, hospitals generally do not qualify for the Build America Bond program and must continue to issue bonds in
 
 
Nuveen Investments 3
 
 
 
 

 
 

 
 
Past performance is not predictive of future results. Current performance may be higher or lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares.
 
 
 
For additional information, see the individual Performance Overview for your Fund in this report.
 
 
1
An inverse floating rate security, also known as an inverse floater, is a financial instrument designed to pay long-term interest at a rate that varies inversely with a short-term interest rate index. For the Nuveen Funds, the index typically used is the Securities Industry and Financial Markets Association (SIFMA) Municipal Swap Index, previously referred to as the Bond Market Association Index or BMA. Inverse floaters, including those inverse floating rate securities in which the Funds invested during this reporting period, are further defined within the Notes to Financial Statements and Glossary of Terms Used in this Report sections of this report.
 
 
2
Each Fund may invest in derivative instruments such as forwards, futures, options and swap transactions. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, see the Portfolio of Investments, Financial Statements, and Notes to Financial Statements sections of this report.
 
 
3
The Standard & Poor’s (S&P) National Municipal Bond Index is an unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. This index does not reflect any initial or ongoing expenses and is not available for direct investment.
 
 
4
The Lipper General and Insured Unleveraged Municipal Debt Funds Average is calculated using the returns of all closed-end funds in this category for each period as follows: 1-year, 8 funds; 5-year, 7 funds; and 10-year, 7 funds. The Lipper General Leveraged Municipal Debt Funds Average is calculated using the returns of all leveraged closed-end funds in this category for each period as follows: 1-year, 46 funds; 5-year, 44 funds; and 10-year, 30 funds. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales charges. The Lipper averages are not available for direct investment.
 
 
5
NEV is a leveraged Fund through investments in inverse floating rate securities, as discussed in more detail on page six. The remaining three Funds in this report are unleveraged and use inverse floating rate securities for duration management and both income and total return enhancement.
 
the tax-exempt municipal market. Supply in the health care sector was also boosted in the early part of the period by hospitals issuing fixed rate bonds in order to refinance and retire outstanding debt that had initially been issued as variable rate debt. Bonds with proceeds earmarked for refundings, working capital, and private activities also are not covered by the Build America Bond program, and this resulted in attractive opportunities in various other sectors of the market.
 
 
The impact of the Build America Bond program was also evident in the area of longer-term issuance, as municipal issuers sought to take full advantage of the attractive financing terms offered by these bonds. Approximately 70% of Build America Bonds were issued with maturities of at least 30 years. Even though this significantly reduced the availability of tax-exempt credits with longer maturities and made locating appropriate longer bonds more challenging, we continued to find good opportunities to purchase attractive longer-term bonds for these Funds.
 
 
Cash for new purchases during this period was generated primarily by the proceeds from called and maturing bonds, which we worked to redeploy to keep the Funds fully invested. NUV, in particular, had good cash flows from a number of bond calls. In NMI, we also sold some pre-refunded bonds in order to reduce our position and have the cash to take advantage of opportunities to purchase higher-yielding bonds at attractive prices.
 
 
As of October 31, 2010, all four of these Funds continued to use inverse floating rate securities.1 We employ inverse floaters for a variety of reasons, including leverage, duration management and both income and total return enhancement. During this period, NEV also invested in additional types of derivative instruments2 designed to help shorten its duration. These derivatives remained in place at period end.
 
 
How did the Funds perform?
 
 
Individual results for these Funds, as well as relevant index, average and peer group information, are presented in the accompanying table.
 
                   
Average Annual Total Returns on Net Asset Value 
                 
For periods ended 10/31/10 
                 
Fund 
 
1-Year
   
5-Year
   
10-Year
 
NUV 
    8.44 %      4.42 %      5.34 % 
NUW 
    9.91 %      N/A       N/A  
NMI 
    10.12 %      5.07 %      5.21 % 
Standard & Poor’s (S&P) National Municipal Bond Index3 
    8.06 %      4.98 %      5.58 % 
Lipper General and Insured Unleveraged Municipal Debt Funds Average4 
    6.11 %      3.96 %      4.65 % 
NEV5 
    14.73 %      N/A       N/A  
Standard & Poor’s (S&P) National Municipal Bond Index3 
    8.06 %      4.98 %      5.58 % 
Lipper General Leveraged Municipal Debt Funds Average4 
    13.81 %      4.87 %      6.36 % 
 
4 Nuveen Investments
 

 
 
 

 
 
For the twelve months ended October 31, 2010, the total returns on net asset value (NAV) for NUV, NUW and NMI exceeded the return on the Standard & Poor’s (S&P) National Municipal Bond Index as well as the average return for the Lipper General and Insured Unleveraged Municipal Debt Funds Average. For this same period, NEV outperformed both the Standard & Poor’s (S&P) National Municipal Bond Index and the Lipper General Leveraged Municipal Debt Funds Average.
 
 
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, the use of derivatives, credit exposure and sector allocation. In addition, NEV’s use of leverage was an important positive factor in its performance and the chief reason behind NEV’s outperformance of the other Funds in this report for the twelve-month period. The impact of leverage is discussed in more detail on page six.
 
 
During this period, municipal bonds with longer maturities generally outperformed those with shorter maturities, with credits at the longest end of the municipal yield curve posting the strongest returns. The outperformance of longer term bonds was due in part to the decline in interest rates, particularly in the intermediate and longer segments of the curve. The scarcity of tax-exempt bonds with longer maturities also drove up the prices of these bonds. In general, the greater a Fund’s exposure to the outperforming longer part of the yield curve, the greater the positive impact on the Fund’s return. Both NUW and NEV had the longer durations typically associated with newer Funds that have been recently invested, which benefited their returns. On the other hand, NUV and NMI had more exposure to bonds at the underperforming short end of the yield curve, including pre-refunded bonds with short call dates, which detracted from their relative performance during this period.
 
 
As mentioned earlier, our duration strategies in NEV included using derivative positions to synthetically reduce the duration of this Fund and moderate its interest rate risk. During this period, these derivatives performed poorly and had a negative impact on NEV’s total return performance.
 
 
Credit exposure also played a role in performance. The demand for municipal bonds increased during this period driven by a variety of factors, including concerns about potential tax increases, the need to rebalance portfolio allocations and a growing appetite for higher yields and additional risk. At the same time, the supply of new tax-exempt municipal paper declined, due largely to Build America Bond issuance. As investors bid up municipal bond prices, bonds rated BBB or below generally outperformed those rated AAA. All of these Funds, especially NMI and NEV, benefited from their allocations to lower-rated bonds. However, this positive impact was offset to some degree in NUV by the relatively heavier weighting in bonds rated AAA.
 
 
Holdings that generally contributed positively to the Funds’ returns during this period included industrial development revenue and health care bonds. In general, all of these Funds had strong weightings in health care, which added to their performances. Revenue bonds as a whole performed well, with transportation, housing, leasing and special tax credits among the other sectors that outperformed the general municipal market. Zero coupon bonds and credits backed by the 1998 master tobacco settlement agreement also were among the strongest performers. As of October 31, 2010, these Funds held approximately 4% to 6% of their portfolios in lower-rated tobacco bonds.
 
 
Nuveen Investments 5
 
 
 
 

 

 
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities continued to perform poorly during this period. While these securities continued to provide attractive tax-free income, the underperformance of these bonds can be attributed primarily to the price declines associated with their shorter effective maturities and higher credit quality. Although allocations of pre-refunded bonds fell in both NUV and NMI over the period due to bond calls and sales, NUV continued to hold a heavier weighting of pre-refunded bonds than NMI. (As relatively new Funds, NUW held less than 0.1% of its portfolio in pre-refunded bonds, while NEV did not hold any of these bonds at period end.) Among the revenue sectors, resource recovery trailed the overall municipal market by the widest margin, and water and sewer bonds turned in a relatively weaker performance. General obligation and other tax-supported bonds also struggled to keep pace with the overall municipal market return during these twelve months.
 
 
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
 
 
One important factor impacting the return of NEV relative to the comparative indexes was the Fund’s use of financial leverage through investments in inverse floating rate securities. This Fund uses leverage because its managers believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, use of leverage also can expose shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on net asset value and total return is magnified by the use of leverage. Conversely, leverage may enhance returns during periods when the prices of securities held by a Fund generally are rising.
 
 
Leverage made a positive contribution to the performance of NEV over this reporting period.
 
 
6 Nuveen Investments
 
 
 
 

 

 
Dividend and
Share Price Information
 
 
During the twelve-month reporting period ended October 31, 2010, NMI had one monthly dividend increase, while the dividends of NUV, NUW and NEV remained stable throughout the period.
 
 
Due to normal portfolio activity, shareholders of the following Funds received capital gains and/or net ordinary income distributions at the end of December 2009 as follows:
 
     
   
Short-Term Capital Gains 
 
Long-Term Capital Gains 
and/or Ordinary Income 
Fund 
(per share) 
(per share) 
NUV 
$0.0051 
$0.0019 
NUW 
— 
$0.0097 
NEV 
— 
$0.0009 
 
 
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of October 31, 2010, NUV, NMI and NEV had positive UNII balances for both financial reporting and tax purposes, while NUW had a positive UNII balance for tax purposes and a negative UNII balance for financial reporting purposes.
 
 
SHARE REPURCHASES AND SHARE PRICE INFORMATION
 
 
Since the inception of the Funds’ repurchase program, the Funds have not repurchased any of their outstanding shares.
 
 
Shelf Equity Program
 
 
On December 8, 2010, a registration statement filed by NUV with the Securities and Exchange Commission became effective authorizing the Fund to issue 19,600,000 shares through a shelf offering. Under this equity shelf program, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offer methods at a net price at or above the Fund’s NAV per share.
 
 
As of October 31, 2010, the Funds’ share prices were trading at (+) premiums or (-) discounts to their NAVs as shown in the accompanying table.
 
       
 
10/31/10 
12-Month Average 
Fund 
(+)Premium/(-)Discount 
(+)Premium/(-)Discount 
NUV 
+2.04% 
+2.37% 
NUW 
+4.27% 
+1.30% 
NMI 
+3.69% 
+5.13% 
NEV 
-1.49% 
-0.47% 
 
Nuveen Investments   7
 
 

 
 
 
     
 
NUV 
Nuveen Municipal 
   
Value Fund, Inc. 
 
Performance 
 
 
OVERVIEW 
 
   
as of October 31, 2010 
 
 

     
Fund Snapshot 
   
Share Price 
 
$10.02 
Net Asset Value (NAV) 
 
$9.82 
Premium/(Discount) to NAV 
 
2.04% 
Market Yield 
 
4.67% 
Taxable-Equivalent Yield1 
 
6.49% 
Net Assets ($000) 
 
$1,944,094 
Average Effective Maturity 
   
on Securities (Years) 
 
17.85 
Modified Duration 
 
6.47 
 
Average Annual Total Return 
   
(Inception 6/17/87) 
   
 
On Share Price 
On NAV 
1-Year 
6.18% 
8.44% 
5-Year 
6.14% 
4.42% 
10-Year 
7.21% 
5.34% 
 
States4 
   
(as a % of total investments) 
   
California 
 
13.2% 
Illinois 
 
13.0% 
Texas 
 
7.9% 
New York 
 
7.0% 
New Jersey 
 
5.1% 
Michigan 
 
4.4% 
Florida 
 
4.4% 
Washington 
 
4.1% 
Colorado 
 
4.0% 
Missouri 
 
3.5% 
South Carolina 
 
2.9% 
Louisiana 
 
2.8% 
Puerto Rico 
 
2.6% 
Ohio 
 
2.5% 
Wisconsin 
 
2.3% 
Indiana 
 
2.0% 
Other 
 
18.3% 
 
Portfolio Composition4 
   
(as a % of total investments) 
   
Health Care 
 
19.1% 
Tax Obligation/Limited 
 
18.7% 
U.S. Guaranteed 
 
17.8% 
Transportation 
 
11.8% 
Tax Obligation/General 
 
8.6% 
Utilities 
 
6.8% 
Consumer Staples 
 
6.1% 
Other 
 
11.1% 
 
 
 

   
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
The Fund paid shareholders capital gains and net ordinary income distributions in December 2009 of $0.0070 per share.
3     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4     
Holdings are subject to change.
 
8 Nuveen Investments
 
 
 
 

 

   
NUW
Nuveen Municipal Value Fund 2
Performance
 
OVERVIEW 
 
 
as of October 31, 2010 
 
 
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
The Fund paid shareholders a net ordinary income distribution in December 2009 of $0.0097 per share.
3     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4     
Holdings are subject to change.

     
Fund Snapshot 
   
Share Price 
 
$17.57 
Net Asset Value (NAV) 
 
$16.85 
Premium/(Discount) to NAV 
 
4.27% 
Market Yield 
 
5.12% 
Taxable-Equivalent Yield1 
 
7.11% 
Net Assets ($000) 
 
$216,146 
Average Effective Maturity 
   
on Securities (Years) 
 
26.12 
Modified Duration 
 
9.44 
 
Average Annual Total Return 
   
(Inception 2/25/09) 
   
 
On Share Price 
On NAV 
1-Year 
17.22% 
9.91% 
Since Inception 
15.85% 
16.08% 
 
States4 
   
(as a % of total investments) 
   
Illinois 
 
11.9% 
California 
 
10.6% 
Florida 
 
8.7% 
Wisconsin 
 
8.1% 
Louisiana 
 
7.6% 
Texas 
 
6.2% 
Ohio 
 
5.9% 
Indiana 
 
5.4% 
Colorado 
 
5.2% 
Puerto Rico 
 
5.2% 
Nevada 
 
4.4% 
Arizona 
 
3.5% 
Other 
 
17.3% 
 
Portfolio Composition4 
   
(as a % of total investments) 
   
Health Care 
 
24.1% 
Tax Obligation/Limited 
 
22.5% 
Transportation 
 
12.2% 
Tax Obligation/General 
 
10.9% 
Utilities 
 
8.9% 
Consumer Staples 
 
6.6% 
Water and Sewer 
 
5.1% 
Other 
 
9.7% 
 
 
Nuveen Investments 9
 
 
 
 
 

 

     
 
NMI 
Nuveen Municipal 
   
Income Fund, Inc. 
 
Performance 
 
 
OVERVIEW 
 
   
as of October 31, 2010 
 
     
Fund Snapshot 
   
Share Price 
 
$11.24 
Net Asset Value (NAV) 
 
$10.84 
Premium/(Discount) to NAV 
 
3.69% 
Market Yield 
 
5.07% 
Taxable-Equivalent Yield1 
 
7.04% 
Net Assets ($000) 
 
$89,008 
Average Effective Maturity 
   
on Securities (Years) 
 
15.40 
Modified Duration 
 
5.80 
     
Average Annual Total Return 
   
(Inception 4/20/88) 
   
 
On Share Price 
On NAV 
1-Year 
11.14% 
10.12% 
5-Year 
6.49% 
5.07% 
10-Year 
5.42% 
5.21% 
 
States3 
   
(as a % of total investments) 
   
California 
 
18.2% 
Texas 
 
10.4% 
Illinois 
 
9.6% 
Colorado 
 
6.1% 
New York 
 
5.8% 
Missouri 
 
5.0% 
Indiana 
 
4.3% 
South Carolina 
 
4.2% 
Florida 
 
3.5% 
Michigan 
 
3.0% 
Kentucky 
 
2.9% 
Virginia 
 
2.8% 
Maryland 
 
2.5% 
Tennessee 
 
2.4% 
Alabama 
 
2.4% 
Other 
 
16.9% 
 
Portfolio Composition3 
   
(as a % of total investments) 
   
Health Care 
 
19.6% 
U.S. Guaranteed 
 
12.9% 
Utilities 
 
12.6% 
Tax Obligation/Limited 
 
11.5% 
Tax Obligation/General 
 
9.3% 
Education and Civic Organizations 
 
6.7% 
Transportation 
 
5.9% 
Materials 
 
5.4% 
Water and Sewer 
 
5.3% 
Other 
 
10.8% 
 
    
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
 
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing the Fund to invest- ments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
3     
Holdings are subject to change.
 
10 Nuveen Investments
 
 
 

 

   
NEV
Nuveen Enhanced
Municipal Value Fund
Performance
 
OVERVIEW 
 
 
    as of October 31, 2010 
 
 
 
   
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this Fund’s Performance Overview page.
1     
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28%. When comparing the Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower.
2     
The Fund paid shareholders a net ordinary income distribution in December 2009 of $0.0009 per share.
3     
Ratings shown are the highest of Standard & Poor’s Group, Moody’s Investor Service, Inc. or Fitch, Inc. AAA includes bonds with an implied AAA rating since they are backed by U.S. Government or agency securities. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below-investment grade. Holdings designated N/R are not rated by any of these national rating agencies.
4     
Holdings are subject to change
5     
Excluding investments in derivatives.

     
Fund Snapshot 
   
Share Price 
 
$14.56 
Net Asset Value (NAV) 
 
$14.78 
Premium/(Discount) to NAV 
 
-1.49% 
Market Yield 
 
6.26% 
Taxable-Equivalent Yield1 
 
8.69% 
Net Assets ($000) 
 
$284,682 
Average Effective Maturity 
   
on Securities (Years) 
 
22.97 
Modified Duration 
 
9.52 
     
Average Annual Total Return 
   
(Inception 9/25/09) 
   
 
On Share Price 
On NAV 
1-Year 
3.52% 
14.73% 
Since Inception 
3.19% 
9.01% 
 
States4,5 
   
(as a % of total investments) 
   
California 
 
15.5% 
Florida 
 
9.0% 
Illinois 
 
7.6% 
Michigan 
 
7.0% 
Ohio 
 
6.5% 
Pennsylvania 
 
6.4% 
Colorado 
 
5.0% 
Arizona 
 
4.8% 
Massachusetts 
 
4.1% 
Texas 
 
3.9% 
Wisconsin 
 
3.5% 
Indiana 
 
3.4% 
Georgia 
 
2.7% 
New York 
 
2.6% 
Other 
 
18.0% 
 
Portfolio Composition4,5 
   
(as a % of total investments) 
   
Health Care 
 
22.5% 
Tax Obligation/Limited 
 
17.8% 
Education and Civic Organizations 
 
10.9% 
Tax Obligation/General 
 
8.6% 
Transportation 
 
8.3% 
Utilities 
 
8.1% 
Consumer Staples 
 
5.0% 
Housing/Single Family 
 
4.9% 
Other 
 
13.9% 
 
 
Nuveen Investments 11
 
 
 
 

 
 

   
NUV 
Shareholder Meeting Report 
NUW 
The annual meeting of shareholders was held on July 27, 2010, in the Lobby Conference Room, 333 
NMI 
West Wacker Drive, Chicago, IL  60606; at this meeting the shareholders were asked to vote on the 
NEV
election of Board Members. 
   
 
         
 
NUV      
NUW       
NMI        
NEV      
 
Common Shares 
Common Shares 
Common Shares 
Common Shares 
Approval of the Board Members was reached 
       
as follows: 
       
William C. Hunter 
       
For 
159,112,192 
11,654,135 
6,784,150 
14,458,251 
Withhold 
2,729,181 
304,673 
126,731 
161,550 
Total 
161,841,373 
11,958,808 
6,910,881 
14,619,801 
Judith M. Stockdale 
       
For 
158,971,814 
11,641,448 
6,785,487 
14,439,555 
Withhold 
2,869,559 
317,360 
125,394 
180,246 
Total 
161,841,373 
11,958,808 
6,910,881 
14,619,801 
Carole E. Stone 
       
For 
159,057,543 
11,644,207 
6,788,053 
14,448,341 
Withhold 
2,783,830 
314,601 
122,828 
171,460 
Total 
161,841,373 
11,958,808 
6,910,881 
14,619,801 
 
12     
Nuveen Investments
 
 
 
 

 

 
Report of Independent
Registered Public Accounting Firm
 
 
The Board of Directors/Trustees and Shareholders
Nuveen Municipal Value Fund, Inc.
Nuveen Municipal Value Fund 2
Nuveen Municipal Income Fund, Inc.
Nuveen Enhanced Municipal Value Fund
 
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Municipal Value Fund, Inc., Nuveen Municipal Value Fund 2, Nuveen Municipal Income Fund, Inc. and Nuveen Enhanced Municipal Value Fund (the “Funds”) as of October 31, 2010, and the related statements of operations, changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
 
We conducted our audits in accordance with the Standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.
 
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Nuveen Municipal Value Fund, Inc., Nuveen Municipal Value Fund 2, Nuveen Municipal Income Fund, Inc. and Nuveen Enhanced Municipal Value Fund at October 31, 2010, the results of their operations, the changes in their net assets and the financial highlights for each of the periods indicated therein in conformity with U.S. generally accepted accounting principles.
 
 
Chicago, Illinois
December 28, 2010
 
 
Nuveen Investments 13
 
 
 
 

 
 
 
   
Nuveen Municipal Value Fund, Inc. 
     
NUV 
 
Portfolio of Investments 
   
     
October 31, 2010 
 
         
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 0.1% 
     
$ 1,750 
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2001A, 5.750%, 6/01/31 
6/11 at 101.00 
A1 (4) 
$ 1,824,270 
   
(Pre-refunded 6/01/11) 
     
   
Alaska – 0.6% 
     
3,335 
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 
12/14 at 100.00 
AA 
3,448,090 
   
12/01/30 – FGIC Insured 
     
5,000 
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%, 
6/15 at 100.00 
AA 
5,170,450 
   
12/01/30 – NPFG Insured 
     
3,000 
 
Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded 
9/13 at 100.00 
AA (4) 
3,365,370 
   
9/01/13) – FGIC Insured 
     
11,335 
 
Total Alaska 
   
11,983,910 
   
Arizona – 0.7% 
     
1,400 
 
Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Children’s 
2/12 at 101.00 
N/R (4) 
1,520,512 
   
Hospital, Series 2002A, 6.250%, 2/15/21 (Pre-refunded 2/15/12) 
     
2,500 
 
Phoenix, Arizona, Civic Improvement Corporation, Senior Lien Airport Revenue Bonds, Series 
7/18 at 100.00 
AA– 
2,575,275 
   
2008A, 5.000%, 7/01/38 
     
2,575 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 
12/17 at 102.00 
N/R 
2,485,184 
   
2008, 7.000%, 12/01/27 
     
5,600 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A
5,290,488 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
     
1,000 
 
Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale 
9/13 at 100.00 
A– 
1,017,050 
   
Healthcare, Series 2008A, 5.250%, 9/01/30 
     
13,075 
 
Total Arizona 
   
12,888,509 
   
Arkansas – 0.1% 
     
2,000 
 
University of Arkansas, Fayetteville, Various Facilities Revenue Bonds, Series 2002, 5.000%, 
12/12 at 100.00 
Aa2 
2,044,860 
   
12/01/32 – FGIC Insured 
     
   
California – 13.3% 
     
   
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A: 
     
10,000 
 
5.125%, 5/01/19 (Pre-refunded 5/01/12) 
5/12 at 101.00 
Aaa 
10,806,700 
10,000 
 
5.250%, 5/01/20 (Pre-refunded 5/01/12) 
5/12 at 101.00 
Aaa 
10,825,400 
   
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+ 
5,132,250 
6,000 
 
5.000%, 4/01/37 
4/16 at 100.00 
A+ 
5,956,260 
6,830 
 
California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone 
10/11 at 101.00 
A– 
6,783,693 
   
Institutes, Series 2001, 5.250%, 10/01/34 
     
2,335 
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 
7/20 at 100.00 
Baa1 
2,372,874 
   
2010A, 5.750%, 7/01/40 
     
1,500 
 
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric 
6/17 at 100.00 
A3 
1,503,135 
   
Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax) 
     
10,390 
 
California Statewide Community Development Authority, Certificates of Participation, Internext 
4/11 at 100.00 
BBB 
10,452,132 
   
Group, Series 1999, 5.375%, 4/01/17 
     
3,500 
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
Aa2 
4,053,420 
   
Project, Series 2009, 6.750%, 2/01/38 
     
3,600 
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, 
7/18 at 100.00 
AA– 
3,759,768 
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured 
     
   
California, General Obligation Bonds, Series 2003: 
     
14,600 
 
5.250%, 2/01/28 
8/13 at 100.00 
A1 
14,994,784 
11,250 
 
5.000%, 2/01/33 
8/13 at 100.00 
A1 
11,296,463 
16,000 
 
California, Various Purpose General Obligation Bonds, Series 2007, 5.000%, 6/01/37 
6/17 at 100.00 
A1 
16,057,120 
5,000 
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 
8/18 at 100.00 
AA+ 
4,349,450 
   
2006C, 0.000%, 8/01/32 – AGM Insured 
     
 
 
14 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
California (continued) 
     
$  16,045 
 
Desert Community College District, Riverside County, California, General Obligation Bonds, 
8/17 at 42.63 
AA+ 
$   3,954,932 
   
Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured 
     
30,000 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 
No Opt. Call 
AAA 
21,345,000 
   
1995A, 0.000%, 1/01/22 (ETM) 
     
21,150 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/13 at 100.00 
AAA 
23,484,326 
   
Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured 
     
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
     
   
Asset-Backed Revenue Bonds, Series 2005A: 
     
5,280 
 
5.000%, 6/01/38 – FGIC Insured 
6/15 at 100.00 
A2 
5,066,213 
10,000 
 
5.000%, 6/01/45 
6/15 at 100.00 
A2 
9,495,900 
3,540 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
AAA 
4,089,373 
   
Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
     
   
Bonds, Series 2007A-1: 
     
7,550 
 
5.000%, 6/01/33 
6/17 at 100.00 
BBB 
6,249,060 
1,500 
 
5.125%, 6/01/47 
6/17 at 100.00 
BBB 
1,081,065 
4,500 
 
Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 
8/16 at 102.00 
AA+ 
4,671,630 
   
2008B, 5.125%, 8/01/37 – AGC Insured 
     
9,000 
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Refunding Bonds, 
7/11 at 100.00 
AA 
9,077,760 
   
Series 2001A, 5.125%, 7/01/41 
     
4,000 
 
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los 
12/12 at 102.00 
B– 
4,072,520 
   
Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 
     
   
7.500%, 12/01/24 (Alternative Minimum Tax) 
     
   
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– 
1,244,050 
2,555 
 
0.000%, 8/01/24 – FGIC Insured 
No Opt. Call 
AA– 
1,193,619 
2,365 
 
Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
A+ 
854,356 
   
Series 2004, 0.000%, 8/01/27 – FGIC Insured 
     
3,550 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 
No Opt. Call 
A
4,165,677 
   
6.500%, 11/01/39 
     
4,900 
 
Ontario, California, Certificates of Participation, Water System Improvement Project, 
7/14 at 100.00 
AA– 
5,010,887 
   
Refunding Series 2004, 5.000%, 7/01/29 – NPFG Insured 
     
2,350 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Baa3 
2,595,058 
   
6.750%, 11/01/39 
     
8,000 
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/14 at 100.00 
Baa1 (4) 
9,367,040 
   
Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14) 
     
15,505 
 
Riverside Public Financing Authority, California, University Corridor Tax Allocation Bonds, 
8/17 at 100.00 
A
13,590,443 
   
Series 2007C, 5.000%, 8/01/37 – NPFG Insured 
     
   
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 
1,260,694 
2,660 
 
0.000%, 8/01/25 – FGIC Insured 
No Opt. Call 
AA 
1,224,026 
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
     
   
Refunding Bonds, Series 1997A: 
     
10,000 
 
0.000%, 1/15/25 – NPFG Insured 
No Opt. Call 
A
3,469,200 
14,605 
 
0.000%, 1/15/35 – NPFG Insured 
No Opt. Call 
A
2,285,244 
5,000 
 
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured 
3/17 at 100.00 
A
5,276,450 
   
(Alternative Minimum Tax) 
     
13,220 
 
San Mateo County Community College District, California, General Obligation Bonds, Series 
No Opt. Call 
Aaa 
5,336,914 
   
2006A, 0.000%, 9/01/28 – NPFG Insured 
     
709 
 
Yuba County Water Agency, California, Yuba River Development Revenue Bonds, Pacific Gas and 
3/11 at 100.00 
Baa1 
694,714 
   
Electric Company, Series 1966A, 4.000%, 3/01/16 
     
309,064 
 
Total California 
   
258,499,600 
   
Colorado – 4.0% 
     
5,000 
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – 
10/16 at 100.00 
BBB 
4,849,400 
   
SYNCORA GTY Insured 
     
 
 
Nuveen Investments 15
 

 
 

 
 
   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Colorado (continued) 
     
$ 1,800 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/11 at 100.00 
AAA 
$ 1,904,166 
   
Peak-to-Peak Charter School, Series 2001, 7.625%, 8/15/31 (Pre-refunded 8/15/11) 
     
5,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
9/16 at 100.00 
AA 
4,860,450 
   
Series 2006A, 4.500%, 9/01/38 
     
11,825 
 
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of 
No Opt. Call 
AA 
12,086,096 
   
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
     
2,100 
 
Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 
3/12 at 100.00 
Aa2 (4) 
2,231,103 
   
2002A, 5.500%, 3/01/32 (Pre-refunded 3/02/12) 
     
750 
 
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 
12/16 at 100.00 
Baa2 
715,905 
   
5.000%, 12/01/23 – RAAI Insured 
     
1,700 
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health System, Series 
9/18 at 102.00 
AA+ 
1,754,196 
   
2005C, 5.250%, 3/01/40 – AGM Insured 
     
500 
 
Colorado Health Facilities Authority, Revenue Bonds, Vail Valley Medical Center, Series 2001, 
1/12 at 100.00 
BBB+ 
505,360 
   
5.750%, 1/15/22 
     
18,915 
 
Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 – 
11/13 at 100.00 
A+ 
19,073,697 
   
SYNCORA GTY Insured 
     
   
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
     
24,200 
 
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
A
6,203,670 
17,000 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
A
4,047,870 
7,600 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 
9/26 at 52.09 
A
960,108 
   
9/01/39 – NPFG Insured 
     
10,000 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 3/01/36 – 
9/20 at 41.72 
A
1,695,700 
   
NPFG Insured 
     
5,000 
 
Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 
12/17 at 100.00 
N/R 
3,953,450 
   
5.350%, 12/01/37 – RAAI Insured 
     
1,450 
 
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001A, 
6/11 at 102.00 
N/R (4) 
1,521,877 
   
5.500%, 6/15/19 (Pre-refunded 6/15/11) – AMBAC Insured 
     
7,000 
 
Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 
6/16 at 100.00 
N/R (4) 
8,088,220 
   
0.000%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured 
     
3,750 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
7/20 at 100.00 
Baa3 
3,967,350 
   
Activity Bonds, Series 2010, 6.000%, 1/15/41 
     
123,590 
 
Total Colorado 
   
78,418,618 
   
Connecticut – 0.2% 
     
8,670 
 
Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 
11/17 at 100.00 
N/R 
3,993,142 
   
2007A, 5.750%, 9/01/34 
     
   
District of Columbia – 0.5% 
     
10,000 
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax 
10/16 at 100.00 
A1 
10,000,700 
   
Revenue Bonds, Series 2007A, 4.500%, 10/01/30 – AMBAC Insured 
     
   
Florida – 4.4% 
     
4,000 
 
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit 
11/12 at 101.00 
Aa1 
4,153,720 
   
Group, Series 2002C, 5.750%, 11/15/32 
     
10,000 
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 
6/15 at 101.00 
AAA 
10,031,500 
   
6/01/35 (UB) 
     
1,750 
 
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa 
10/16 at 100.00 
A3 
1,751,680 
   
General Hospital, Series 2006, 5.250%, 10/01/41 
     
10,690 
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2001, 5.000%, 
10/11 at 100.00 
Aa2 
10,778,299 
   
10/01/30 – AMBAC Insured 
     
3,000 
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured 
4/15 at 100.00 
AA+ 
3,070,920 
4,880 
 
Lee County, Florida, Airport Revenue Bonds, Series 2000A, 6.000%, 10/01/32 – AGM Insured 
4/11 at 101.00 
AA+ 
4,934,022 
   
(Alternative Minimum Tax) 
     
5,000 
 
Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, 
10/17 at 100.00 
A3 
4,877,150 
   
Series 2007, 5.000%, 10/01/34 
     
4,000 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 
7/20 at 100.00 
A
4,079,680 
   
5.000%, 7/01/40 
     
 
 
16 Nuveen Investments
 

 
 

 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Florida (continued) 
     
$ 4,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
A2 
$    4,118,120 
   
5.000%, 10/01/29 
     
8,250 
 
Orange County School Board, Florida, Certificates of Participation, Series 2002A, 5.000%, 
8/12 at 100.00 
AA– 
8,360,055 
   
8/01/27 – NPFG Insured 
     
2,900 
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – 
10/16 at 100.00 
A+ 
2,955,680 
   
SYNCORA GTY Insured 
     
9,250 
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, 
7/17 at 100.00 
A
8,977,958 
   
Series 2007, 5.000%, 7/01/40 – NPFG Insured 
     
2,500 
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 5.250%, 10/01/27 
10/17 at 100.00 
BBB 
2,424,925 
14,730 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA 
14,906,613 
   
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) 
     
84,950 
 
Total Florida 
   
85,420,322 
   
Georgia – 1.0% 
     
10,240 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 – 
5/11 at 100.00 
A1 
10,247,782 
   
FGIC Insured 
     
2,500 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – 
5/12 at 100.00 
A1 
2,542,025 
   
NPFG Insured 
     
4,000 
 
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – 
10/14 at 100.00 
AA+ 
4,181,920 
   
AGM Insured 
     
2,250 
 
Royston Hospital Authority, Georgia, Revenue Anticipation Certificates, Ty Cobb Healthcare 
1/11 at 101.00 
N/R 
2,116,890 
   
System Inc., Series 1999, 6.500%, 7/01/27 
     
18,990 
 
Total Georgia 
   
19,088,617 
   
Hawaii – 1.1% 
     
7,140 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric 
10/12 at 101.00 
A
7,341,562 
   
Company Inc., Series 1997A, 5.650%, 10/01/27 – NPFG Insured 
     
12,325 
 
Honolulu City and County, Hawaii, General Obligation Bonds, Series 2003A, 5.250%, 3/01/28 – 
3/13 at 100.00 
Aa1 
13,190,215 
   
NPFG Insured 
     
19,465 
 
Total Hawaii 
   
20,531,777 
   
Illinois – 13.1% 
     
2,060 
 
Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 6.375%, 1/01/20 
1/11 at 100.00 
A+ 
2,064,882 
17,205 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
Aa2 
8,509,421 
   
Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured 
     
400 
 
Chicago Greater Metropolitan Sanitary District, Illinois, General Obligation Capital 
No Opt. Call 
Aaa 
404,248 
   
Improvement Bonds, Series 1991, 7.000%, 1/01/11 (ETM) 
     
5,000 
 
Chicago Housing Authority, Illinois, Revenue Bonds, Capital Fund Program, Series 2001, 5.375%, 
7/12 at 100.00 
Aaa 
5,414,550 
   
7/01/18 (Pre-refunded 7/01/12) 
     
285 
 
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured 
7/12 at 100.00 
AA– 
300,424 
9,715 
 
Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 (Pre-refunded 
7/12 at 100.00 
AA– (4) 
10,555,833 
   
7/01/12) – AMBAC Insured 
     
2,575 
 
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Bonds, O’Hare International 
1/11 at 101.00 
A2 
2,583,678 
   
Airport, Series 2001C, 5.100%, 1/01/26 – AMBAC Insured (Alternative Minimum Tax) 
     
2,825 
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, 
1/14 at 100.00 
AA+ 
2,874,692 
   
Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax) 
     
3,020 
 
Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, 
12/16 at 100.00 
AA+ 
3,397,953 
   
Series 2004, 5.000%, 12/01/19 – AGM Insured 
     
8,875 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 
11/20 at 100.00 
AA 
9,511,781 
3,260 
 
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
BB– 
3,394,671 
   
Corporation Project, Series 2010, 6.500%, 10/15/40 
     
385 
 
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, 
11/13 at 100.00 
Aa2 
424,405 
   
Series 2003B, 5.250%, 11/01/20 – AGM Insured 
     
1,615 
 
DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, 
11/13 at 100.00 
Aa2 (4) 
1,830,118 
   
Series 2003B, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured 
     
 
 
Nuveen Investments 17
 
 
 

 
 

   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
     
$ 5,000 
 
Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke 
11/13 at 101.00 
A1 
$ 5,133,450 
   
Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) – AMBAC Insured (Alternative 
     
   
Minimum Tax) 
     
28,030 
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and 
No Opt. Call 
Aa3 
20,789,851 
   
DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured 
     
1,800 
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and 
No Opt. Call 
Aa3 
1,320,372 
   
Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured 
     
3,180 
 
Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation, 
12/12 at 100.00 
N/R (4) 
3,534,824 
   
Series 2002A, 6.250%, 12/01/32 (Pre-refunded 12/01/12) 
     
1,450 
 
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 
9/11 at 100.00 
BBB+ 
1,430,846 
   
2001, 5.125%, 9/01/35 – AMBAC Insured 
     
6,550 
 
Illinois Development Finance Authority, Revenue Bonds, Illinois Wesleyan University, Series 
9/11 at 100.00 
BBB+ (4) 
6,796,935 
   
2001, 5.125%, 9/01/35 (Pre-refunded 9/01/11) – AMBAC Insured 
     
1,875 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 
11/19 at 100.00 
AA 
1,996,856 
   
5.500%, 11/01/39 
     
5,245 
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond 
No Opt. Call 
Aa1 
5,607,325 
   
Trust 1137, 9.032%, 7/01/15 (IF) 
     
5,000 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 
8/14 at 100.00 
N/R (4) 
5,818,350 
   
5.500%, 8/15/43 (Pre-refunded 8/15/14) 
     
5,030 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
A
5,325,714 
   
6.000%, 5/15/39 
     
4,800 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
BBB+ 
5,624,976 
3,975 
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 
8/17 at 100.00 
BBB 
3,839,691 
   
5.500%, 8/01/37 
     
15,000 
 
Illinois Health Facilities Authority, Revenue Bonds, Edward Hospital Obligated Group, Series 
2/11 at 101.00 
AA+ (4) 
15,370,200 
   
2001B, 5.250%, 2/15/34 (Pre-refunded 2/15/11) – AGM Insured 
     
8,180 
 
Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 
2/11 at 100.00 
BBB 
8,179,509 
   
5.250%, 8/01/22 – AMBAC Insured 
     
3,985 
 
Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 
No Opt. Call 
N/R (4) 
4,785,945 
   
7.000%, 2/15/18 (ETM) 
     
5,000 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – 
6/15 at 101.00 
A
5,303,100 
   
AMBAC Insured 
     
5,000 
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel 
1/16 at 100.00 
B– 
3,342,550 
   
Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured 
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
     
   
Project, Series 1992A: 
     
18,955 
 
0.000%, 6/15/17 – FGIC Insured 
No Opt. Call 
A
14,751,350 
12,830 
 
0.000%, 6/15/18 – FGIC Insured 
No Opt. Call 
A
9,390,277 
   
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 
5,306,275 
3,385 
 
0.000%, 6/15/21 – NPFG Insured 
No Opt. Call 
AAA 
2,022,538 
5,190 
 
0.000%, 6/15/28 – NPFG Insured 
No Opt. Call 
AAA 
1,950,350 
11,610 
 
0.000%, 6/15/29 – FGIC Insured 
No Opt. Call 
AAA 
4,067,912 
   
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 
7,822,300 
21,375 
 
0.000%, 6/15/34 – NPFG Insured 
No Opt. Call 
AAA 
5,251,624 
21,000 
 
0.000%, 12/15/35 – NPFG Insured 
No Opt. Call 
AAA 
4,673,760 
21,070 
 
0.000%, 6/15/36 – NPFG Insured 
No Opt. Call 
AAA 
4,528,575 
10,375 
 
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
AAA 
2,164,018 
25,825 
 
0.000%, 6/15/39 – NPFG Insured 
No Opt. Call 
AAA 
4,610,537 
8,460 
 
5.250%, 6/15/42 – NPFG Insured 
6/12 at 101.00 
AAA 
8,545,192 
16,700 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
No Opt. Call 
A
9,685,499 
   
Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured 
     
1,650 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
11/10 at 100.00 
A2 (4) 
1,654,340 
   
Expansion Project, Series 1996A, 5.250%, 6/15/27 (Pre-refunded 11/18/10) – AMBAC Insured 
     
 
 
18 Nuveen Investments
 

 
 

 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place 
     
   
Expansion Project, Series 2002B: 
     
$    3,775 
 
0.000%, 6/15/20 – NPFG Insured 
6/17 at 101.00 
AAA 
$   3,784,626 
5,715 
 
0.000%, 6/15/21 – NPFG Insured 
6/17 at 101.00 
AAA 
5,644,934 
1,000 
 
Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, 
3/17 at 100.00 
AA+ 
1,007,520 
   
Series 2007, 4.700%, 3/01/33 – AGC Insured 
     
1,050 
 
Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding 
No Opt. Call 
N/R 
915,957 
   
Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax) 
     
1,575 
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School 
No Opt. Call 
N/R 
1,134,252 
   
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured 
     
720 
 
Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School 
No Opt. Call 
N/R (4) 
603,763 
   
Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM) 
     
375,830 
 
Total Illinois 
   
254,982,749 
   
Indiana – 2.0% 
     
300 
 
Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 
4/14 at 100.00 
N/R 
299,094 
   
5.000%, 10/01/24 
     
8,010 
 
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19 
2/13 at 101.00 
N/R (4) 
8,910,885 
   
(Pre-refunded 2/01/13) (Alternative Minimum Tax) 
     
1,990 
 
Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2001A, 5.375%, 2/01/19 
2/13 at 101.00 
AAA 
2,172,583 
3,000 
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., 
3/14 at 100.00 
A
3,026,640 
   
Series 2004A, 5.375%, 3/01/34 – AMBAC Insured 
     
4,450 
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – 
1/17 at 100.00 
A+ 
4,542,026 
   
NPFG Insured 
     
   
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
     
12,500 
 
0.000%, 2/01/21 – AMBAC Insured 
No Opt. Call 
AA 
8,664,250 
14,595 
 
0.000%, 2/01/27 – AMBAC Insured 
No Opt. Call 
AA 
7,426,228 
4,425 
 
Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development 
7/20 at 100.00 
N/R 
4,512,748 
   
Project, Series 2010, 6.750%, 1/15/32 
     
49,270 
 
Total Indiana 
   
39,554,454 
   
Iowa – 1.0% 
     
4,115 
 
Iowa Finance Authority, Single Family Mortgage Revenue Bonds, Series 2007B, 4.800%, 1/01/37 
7/16 at 100.00 
AAA 
4,128,909 
   
(Alternative Minimum Tax) 
     
3,500 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Wartburg 
10/12 at 100.00 
N/R (4) 
3,829,735 
   
College, Series 2002, 5.500%, 10/01/33 (Pre-refunded 10/01/12) – ACA Insured 
     
7,000 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
6/15 at 100.00 
BBB 
5,475,330 
   
5.625%, 6/01/46 
     
6,160 
 
Iowa Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 
6/11 at 101.00 
AAA 
6,411,082 
   
2001B, 5.600%, 6/01/35 (Pre-refunded 6/01/11) 
     
20,775 
 
Total Iowa 
   
19,845,056 
   
Kansas – 0.6% 
     
10,000 
 
Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22 
3/14 at 100.00 
AAA 
11,083,700 
   
Kentucky – 0.1% 
     
1,035 
 
Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue 
1/11 at 100.00 
A
1,036,449 
   
Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured 
     
1,000 
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
6/18 at 100.00 
AA+ 
1,081,800 
   
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured 
     
2,035 
 
Total Kentucky 
   
2,118,249 
   
Louisiana – 2.8% 
     
1,000 
 
East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, Georgia Pacific Corporation 
1/11 at 100.00 
Ba3 
1,000,340 
   
Project, Series 1998, 5.350%, 9/01/11 (Alternative Minimum Tax) 
     
2,310 
 
Louisiana Local Government Environment Facilities and Community Development Authority, Revenue 
No Opt. Call 
BBB- 
2,457,771 
   
Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 (Mandatory 
     
   
put 8/01/20) 
     
 
 
 
Nuveen Investments 19
 
 
 
 

 

   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Louisiana (continued) 
     
$ 12,000 
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue 
11/17 at 100.00 
BB+ 
$ 12,767,040 
   
Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 
     
5,150 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
8/15 at 100.00 
A+ 
5,175,544 
   
Lady Health System, Series 2005A, 5.250%, 8/15/32 
     
4,515 
 
Louisiana Public Facilities Authority, Hospital Revenue Refunding Bonds, Southern Baptist 
5/10 at 100.00 
AAA 
4,781,791 
   
Hospital, Series 1986, 8.000%, 5/15/12 (ETM) 
     
27,890 
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
5/11 at 101.00 
BBB 
28,156,907 
   
Series 2001B, 5.875%, 5/15/39 
     
52,865 
 
Total Louisiana 
   
54,339,393 
   
Maryland – 0.4% 
     
3,500 
 
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 
1/11 at 100.00 
N/R 
3,502,030 
   
7.400%, 9/01/19 (Alternative Minimum Tax) 
     
4,600 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, 
8/14 at 100.00 
A2 
4,721,348 
   
Series 2004, 5.500%, 8/15/33 
     
8,100 
 
Total Maryland 
   
8,223,378 
   
Massachusetts – 2.0% 
     
10,000 
 
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2002A, 
7/12 at 100.00 
AAA 
10,766,700 
   
5.000%, 7/01/32 (Pre-refunded 7/01/12) 
     
1,720 
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill 
12/10 at 100.00 
BBB 
1,722,236 
   
Associates, Series 1998B, 5.100%, 12/01/12 (Alternative Minimum Tax) 
     
4,340 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care 
11/11 at 101.00 
BBB 
4,163,796 
   
Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured 
     
500 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., 
7/18 at 100.00 
A3 
498,860 
   
Series 2008E-1 &2, 5.125%, 7/01/38 
     
2,000 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire 
7/14 at 100.00 
CCC 
1,036,200 
   
Community Services Inc., Series 2004A, 6.375%, 7/01/34 
     
   
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire 
     
   
Community Services Inc., Series 2004B: 
     
1,340 
 
6.250%, 7/01/24 
7/14 at 100.00 
CCC 
694,254 
1,000 
 
6.375%, 7/01/34 
7/14 at 100.00 
CCC 
518,100 
2,300 
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
2,439,104 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
     
12,650 
 
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 
12/18 at 100.00 
AA– 
13,079,594 
4,250 
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 
8/11 at 100.00 
AAA 
4,307,630 
   
5.500%, 8/01/30 
     
40,100 
 
Total Massachusetts 
   
39,226,474 
   
Michigan – 4.5% 
     
12,300 
 
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 
11/10 at 100.00 
B– 
6,936,339 
   
5.500%, 5/01/21 
     
5,000 
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Series 2006D, 
7/16 at 100.00 
AA+ 
4,935,650 
   
4.625%, 7/01/32 – AGM Insured 
     
8,000 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A1 
7,898,880 
   
7/01/35 – NPFG Insured 
     
5,240 
 
Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Refunding Bonds, Series 
10/12 at 100.00 
AAA 
5,637,035 
   
2002, 5.250%, 10/01/19 
     
   
Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of 
     
   
Arts and Sciences Charter School, Series 2001A: 
     
600 
 
7.500%, 10/01/12 
10/11 at 100.00 
B1 
604,386 
5,000 
 
7.900%, 10/01/21 
4/11 at 102.00 
B1 
5,006,950 
3,500 
 
8.000%, 10/01/31 
4/11 at 102.00 
B1 
3,492,580 
8,460 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 
10/15 at 100.00 
Aa3 
8,859,650 
   
10/15/22 – AMBAC Insured 
     
22,235 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Detroit Medical Center 
2/11 at 100.00 
BB– 
20,795,506 
   
Obligated Group, Series 1998A, 5.250%, 8/15/28 
     
 
 
20 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Michigan (continued) 
     
$ 350 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Detroit Medical 
1/11 at 100.00 
BB– 
$ 334,912 
   
Center Obligated Group, Series 1997A, 5.250%, 8/15/27 – AMBAC Insured 
     
   
Michigan State Hospital Finance Authority, Revenue Refunding Bonds, Detroit Medical Center 
     
   
Obligated Group, Series 1993A: 
     
895 
 
6.250%, 8/15/13 
2/11 at 100.00 
BB– 
895,331 
12,925 
 
6.500%, 8/15/18 
2/11 at 100.00 
BB– 
12,924,612 
7,200 
 
Michigan Strategic Fund, Limited Obligation Resource Recovery Revenue Refunding Bonds, Detroit 
12/12 at 100.00 
Baa1 
7,249,176 
   
Edison Company, Series 2002D, 5.250%, 12/15/32 – SYNCORA GTY Insured 
     
1,150 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
1,386,498 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
     
92,855 
 
Total Michigan 
   
86,957,505 
   
Minnesota – 0.6% 
     
1,750 
 
Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 
5/14 at 100.00 
AA 
1,804,968 
   
5.000%, 5/01/30 
     
6,375 
 
Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare 
11/18 at 100.00 
A
7,299,184 
   
Services, Series 2008A, 6.625%, 11/15/28 
     
355 
 
Minnesota Housing Finance Agency, Rental Housing Bonds, Series 1995D, 5.900%, 8/01/15 – 
2/11 at 100.00 
AA+ 
356,509 
   
NPFG Insured 
     
2,000 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facilities Revenue 
11/16 at 100.00 
A3 
1,950,520 
   
Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 
     
10,480 
 
Total Minnesota 
   
11,411,181 
   
Missouri – 3.5% 
     
6,000 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales 
10/13 at 100.00 
AA+ 
6,096,660 
   
Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 
     
   
10/01/32 – AGM Insured 
     
40,000 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series 
5/13 at 100.00 
AA 
40,807,200 
   
2003, 5.250%, 5/15/32 (UB) 
     
12,000 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, 
6/20 at 100.00 
AA– 
12,548,280 
   
Series 2010B, 5.000%, 6/01/30 
     
4,000 
 
Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., 
6/13 at 101.00 
BBB– 
3,841,520 
   
Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax) 
     
   
West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, 
     
   
Ozark Medical Center, Series 1997: 
     
760 
 
5.500%, 11/15/12 
11/10 at 100.00 
B+ 
760,099 
1,000 
 
5.600%, 11/15/17 
11/10 at 100.00 
B+ 
986,040 
3,175 
 
West Plains Industrial Development Authority, Missouri, Hospital Facilities Revenue Bonds, 
11/10 at 100.00 
B+ 
3,174,619 
   
Ozark Medical Center, Series 1999, 6.750%, 11/15/24 
     
66,935 
 
Total Missouri 
   
68,214,418 
   
Montana – 0.2% 
     
3,750 
 
Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound 
3/13 at 101.00 
A– 
3,780,113 
   
Energy, Series 2003A, 5.000%, 3/01/31 – AMBAC Insured 
     
   
Nebraska – 0.3% 
     
5,000 
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 
2/18 at 100.00 
Aa1 
5,492,700 
   
5.500%, 2/01/39 
     
   
Nevada – 1.0% 
     
2,500 
 
Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%, 
9/13 at 100.00 
BBB 
2,410,575 
   
9/01/29 – RAAI Insured 
     
5,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
Aa3 
5,383,300 
   
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas 
     
   
Monorail Project, First Tier, Series 2000: 
     
15,095 
 
0.000%, 1/01/24 – AMBAC Insured 
No Opt. Call 
D
1,482,329 
11,000 
 
0.000%, 1/01/25 – AMBAC Insured 
No Opt. Call 
D
1,017,060 
4,000 
 
5.625%, 1/01/32 – AMBAC Insured (5) 
1/12 at 100.00 
N/R 
840,760 
22,010 
 
5.375%, 1/01/40 – AMBAC Insured (5) 
1/11 at 100.00 
N/R 
4,624,961 
 
 
Nuveen Investments 21
 
 
 
 

 

   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Nevada (continued) 
     
$ 2,500 
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, 
7/17 at 100.00 
AA+ 
$ 2,983,300 
   
Trust 2634, 18.114%, 7/01/31 – BHAC Insured (IF) 
     
1,500 
 
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax 
6/18 at 100.00 
Ba3 
1,448,970 
   
Revenue Bonds Series 2008A, 6.750%, 6/15/28 
     
63,605 
 
Total Nevada 
   
20,191,255 
   
New Hampshire – 0.1% 
     
1,500 
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group 
10/19 at 100.00 
BBB+ 
1,554,630 
   
Issue, Series 2009A, 6.125%, 10/01/39 
     
   
New Jersey – 5.1% 
     
23,625 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
3/11 at 100.50 
B
23,278,421 
   
Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax) 
     
9,000 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
11/10 at 101.00 
B
9,059,670 
   
Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax) 
     
4,740 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health 
1/17 at 41.49 
BBB– 
876,236 
   
Care System, Series 2006A, 0.000%, 7/01/34 
     
7,500 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 
6/13 at 100.00 
AAA 
8,450,175 
   
5.500%, 6/15/24 (Pre-refunded 6/15/13) 
     
   
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: 
     
30,000 
 
0.000%, 12/15/31 – FGIC Insured 
No Opt. Call 
AA– 
9,201,000 
27,000 
 
0.000%, 12/15/32 – AGM Insured 
No Opt. Call 
AA+ 
8,063,010 
310 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured 
No Opt. Call 
A+ 
376,173 
   
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: 
     
105 
 
6.500%, 1/01/16 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
131,477 
1,490 
 
6.500%, 1/01/16 – NPFG Insured (ETM) 
No Opt. Call 
A+ (4) 
1,704,411 
27,185 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
AAA 
29,641,980 
   
Series 2002, 6.125%, 6/01/42 (Pre-refunded 6/01/12) 
     
7,165 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/13 at 100.00 
AAA 
8,191,745 
   
Series 2003, 6.250%, 6/01/43 (Pre-refunded 6/01/13) 
     
138,120 
 
Total New Jersey 
   
98,974,298 
   
New Mexico – 0.6% 
     
1,500 
 
University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21 
No Opt. Call 
AA 
1,800,075 
9,600 
 
University of New Mexico, Subordinate Lien Revenue Refunding and Improvement Bonds, Series 
6/12 at 100.00 
AA 
9,733,440 
   
2002A, 5.000%, 6/01/32 
     
11,100 
 
Total New Mexico 
   
11,533,515 
   
New York – 7.0% 
     
8,500 
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida 
2/14 at 100.00 
AAA 
8,941,065 
   
Health, Series 2004, 5.050%, 2/15/25 
     
15,500 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A, 
9/11 at 100.00 
AAA 
16,164,485 
   
5.375%, 9/01/25 (Pre-refunded 9/01/11) 
     
2,000 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 
6/16 at 100.00 
A– 
2,065,820 
   
5.000%, 12/01/35 
     
1,510 
 
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn 
12/16 at 100.00 
BB+ 
1,314,304 
   
College of Aeronautics, Series 2006B, 5.000%, 12/01/31 
     
10,000 
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK 
8/12 at 101.00 
B– 
10,406,100 
   
Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) 
     
5,500 
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue 
12/14 at 100.00 
AAA 
5,758,940 
   
Bonds, Series 2004B, 5.000%, 6/15/36 – AGM Insured (UB) 
     
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 1997E, 6.000%, 8/01/16 
1/11 at 100.00 
AA 
5,022 
   
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 
AA (4) 
1,633,121 
385 
 
5.500%, 6/01/22 (Pre-refunded 6/01/13) 
6/13 at 100.00 
AA (4) 
433,622 
 
 
22 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: 
     
$ 8,000 
 
5.250%, 8/15/24 
8/14 at 100.00 
AA 
$ 8,890,400 
6,000 
 
5.250%, 8/15/25 
8/14 at 100.00 
AA 
6,632,760 
10,000 
 
New York Dorm Authority, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 
8/16 at 100.00 
AAA 
9,558,400 
   
2006, 4.700%, 2/15/35 
     
   
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and 
     
   
State Contingency Contract-Backed Bonds, Series 2003A-1: 
     
10,000 
 
5.500%, 6/01/17 
6/11 at 100.00 
AA– 
10,234,800 
11,190 
 
5.500%, 6/01/18 
6/12 at 100.00 
AA– 
11,844,167 
28,810 
 
5.500%, 6/01/19 
6/13 at 100.00 
AA– 
31,463,401 
2,500 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
No Opt. Call 
A
2,506,325 
   
Terminal LLC, Sixth Series 1997, 6.250%, 12/01/10 – NPFG Insured (Alternative Minimum Tax) 
     
8,500 
 
Power Authority of the State of New York, General Revenue Bonds, Series 2000A, 5.250%, 11/15/40 
11/10 at 100.00 
Aa2 
8,528,220 
129,850 
 
Total New York 
   
136,380,952 
   
North Carolina – 0.6% 
     
1,500 
 
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, 
6/13 at 100.00 
AA+ 
1,539,645 
   
Series 2003G, 5.000%, 6/01/33 
     
3,000 
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
AA– 
3,080,130 
   
Bonds, Series 2008A, 5.000%, 1/15/47 
     
2,500 
 
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 
1/13 at 100.00 
A– 
2,562,525 
   
2003D, 5.125%, 1/01/26 
     
1,500 
 
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional 
2/14 at 100.00 
AA+ 
1,657,140 
   
Facilities, Series 2004A, 5.000%, 2/01/20 
     
2,000 
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s 
10/17 at 100.00 
AA 
1,991,880 
   
Health System, Series 2007, 4.500%, 10/01/31 
     
10,500 
 
Total North Carolina 
   
10,831,320 
   
Ohio – 2.6% 
     
10,000 
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
2/18 at 100.00 
A1 
10,379,400 
   
Series 2008A, 5.250%, 2/15/43 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
2,860 
 
5.375%, 6/01/24 
6/17 at 100.00 
BBB 
2,558,098 
475 
 
5.125%, 6/01/24 
6/17 at 100.00 
BBB 
415,065 
5,500 
 
5.875%, 6/01/30 
6/17 at 100.00 
BBB 
4,634,190 
17,165 
 
5.750%, 6/01/34 
6/17 at 100.00 
BBB 
13,688,744 
3,100 
 
6.000%, 6/01/42 
6/17 at 100.00 
BBB 
2,439,235 
11,785 
 
5.875%, 6/01/47 
6/17 at 100.00 
BBB 
9,018,589 
9,150 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/22 at 100.00 
Baa3 
6,350,924 
   
Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37 
     
60,035 
 
Total Ohio 
   
49,484,245 
   
Oklahoma – 0.8% 
     
9,955 
 
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 
2/14 at 100.00 
A
10,054,849 
   
5.125%, 2/15/31 
     
5,045 
 
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 
2/14 at 100.00 
AAA 
5,749,080 
   
5.125%, 2/15/31 (Pre-refunded 2/15/14) 
     
15,000 
 
Total Oklahoma 
   
15,803,929 
   
Oregon – 0.3% 
     
2,600 
 
Clackamas County Hospital Facility Authority, Oregon, Revenue Refunding Bonds, Legacy Health 
5/11 at 101.00 
A+ 
2,650,648 
   
System, Series 2001, 5.250%, 5/01/21 
     
2,860 
 
Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 
10/17 at 100.00 
A
2,889,887 
   
5.000%, 10/01/32 
     
5,460 
 
Total Oregon 
   
5,540,535 
   
Pennsylvania – 1.8% 
     
10,300 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn 
11/17 at 100.00 
BB– 
8,216,104 
   
Allegheny Health System, Series 2007A, 5.000%, 11/15/28 
     
 
 
Nuveen Investments 23
 
 
 
 

 

   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Pennsylvania (continued) 
     
$ 6,500 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – 
12/14 at 100.00 
Aa3 
$ 7,025,525 
   
AMBAC Insured 
     
8,000 
 
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D, 5.125%, 
6/14 at 100.00 
Aa2 (4) 
9,164,960 
   
6/01/34 (Pre-refunded 6/01/14) – FGIC Insured 
     
10,075 
 
State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School 
6/13 at 100.00 
AAA 
11,179,220 
   
District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured 
     
34,875 
 
Total Pennsylvania 
   
35,585,809 
   
Puerto Rico – 2.6% 
     
8,340 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa1 
8,914,625 
   
6.000%, 7/01/44 
     
13,000 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 
No Opt. Call 
A3 
13,450,970 
   
7/01/39 – FGIC Insured 
     
5,450 
 
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities 
12/10 at 101.00 
Baa3 
5,487,714 
   
Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26 
     
   
(Alternative Minimum Tax) 
     
11,000 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/26 at 100.00 
A+ 
9,381,900 
   
2009A, 0.000%, 8/01/32 
     
4,310 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/20 at 100.00 
A+ 
4,507,226 
   
2010C, 5.250%, 8/01/41 
     
70,300 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
Aa2 
4,514,666 
   
8/01/54 – AMBAC Insured 
     
5,000 
 
Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/01/19 – NPFG Insured 
1/11 at 100.00 
A
5,006,200 
117,400 
 
Total Puerto Rico 
   
51,263,301 
   
Rhode Island – 1.3% 
     
6,250 
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, 
11/10 at 100.00 
A
6,251,813 
   
Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – NPFG Insured 
     
19,195 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
19,216,497 
   
Series 2002A, 6.250%, 6/01/42 
     
25,445 
 
Total Rhode Island 
   
25,468,310 
   
South Carolina – 3.0% 
     
7,000 
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, 
12/14 at 100.00 
AA– 
7,353,710 
   
GROWTH, Series 2004, 5.250%, 12/01/29 
     
3,000 
 
Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A, 
6/14 at 100.00 
A+ 
3,016,980 
   
5.000%, 6/01/36 – FGIC Insured 
     
11,550 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 
No Opt. Call 
AA+ 
4,839,681 
   
0.000%, 1/01/28 – AMBAC Insured 
     
8,475 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Refunding Bonds, Series 
1/11 at 100.00 
A– 
8,481,611 
   
1986, 5.000%, 1/01/25 
     
4,320 
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, 
11/12 at 100.00 
A3 (4) 
4,759,042 
   
Bon Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12) 
     
16,430 
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, 
11/12 at 100.00 
A– 
16,661,826 
   
Bon Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 
     
8,000 
 
South Carolina JOBS Economic Development Authority, Hospital Revenue Bonds, Palmetto Health 
12/10 at 102.00 
Baa2 (4) 
8,232,720 
   
Alliance, Series 2000A, 7.375%, 12/15/21 (Pre-refunded 12/15/10) 
     
4,215 
 
Spartanburg Sanitary Sewer District, South Carolina, Sewer System Revenue Bonds, Series 2003B, 
3/14 at 100.00 
AA– 
4,287,245 
   
5.000%, 3/01/38 – NPFG Insured 
     
62,990 
 
Total South Carolina 
   
57,632,815 
   
Tennessee – 1.1% 
     
10,300 
 
Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital 
4/18 at 100.00 
A+ 
10,572,640 
   
Project, Series 2008, 5.625%, 4/01/38 
     
 
 
24 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Tennessee (continued) 
     
   
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
     
   
Bonds, Baptist Health System of East Tennessee Inc., Series 2002: 
     
$ 3,000 
 
6.375%, 4/15/22 
4/12 at 101.00 
A1 
$ 3,224,430 
2,605 
 
6.500%, 4/15/31 
4/12 at 101.00 
A1 
2,775,940 
2,000 
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
3/13 at 100.00 
N/R 
1,924,980 
   
Wellmont Health System, Refunding Series 2006A, 5.440%, 9/01/32 
     
3,000 
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, 
9/16 at 100.00 
BBB+ 
2,949,780 
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36 
     
20,905 
 
Total Tennessee 
   
21,447,770 
   
Texas – 7.9% 
     
5,000 
 
Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., 
12/12 at 100.00 
CCC+ 
3,846,600 
   
Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) 
     
2,000 
 
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier 
1/17 at 100.00 
BB 
1,940,080 
   
Series 2006B, 5.750%, 1/01/34 
     
5,110 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
4/13 at 101.00 
Ca 
1,895,452 
   
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) 
     
   
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue 
     
   
Bonds, Series 2005: 
     
4,000 
 
5.000%, 1/01/35 – FGIC Insured 
1/15 at 100.00 
A
3,847,760 
31,550 
 
5.000%, 1/01/45 – FGIC Insured 
1/15 at 100.00 
A
29,729,250 
11,850 
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H, 
No Opt. Call 
A
3,422,991 
   
0.000%, 11/15/27 – NPFG Insured 
     
2,950 
 
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Bonds, Series 2001G, 
11/11 at 100.00 
A
2,901,443 
   
5.250%, 11/15/30 – NPFG Insured 
     
13,270 
 
Harris County-Houston Sports Authority, Texas, Third Lien Revenue Bonds, Series 2004-A3., 
11/24 at 59.10 
A
2,368,297 
   
0.000%, 11/15/33 – NPFG Insured 
     
24,660 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
No Opt. Call 
A2 
8,429,528 
   
Project, Series 2001B, 0.000%, 9/01/29 – AMBAC Insured 
     
10,045 
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.875%, 7/01/16 – 
1/11 at 100.00 
AA+ 
10,283,368 
   
AGM Insured (Alternative Minimum Tax) 
     
3,470 
 
Irving Independent School District, Texas, Unlimited Tax School Building Bonds, Series 1997, 
No Opt. Call 
AAA 
3,466,079 
   
0.000%, 2/15/11 
     
5,000 
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
No Opt. Call 
BBB– 
4,766,100 
   
Memorial Hospital Project, Series 2005, 5.375%, 8/15/35 
     
22,060 
 
Leander Independent School District, Williamson and Travis Counties, Texas, Unlimited Tax 
1/11 at 34.37 
AAA 
7,512,312 
   
School Building and Refunding Bonds, Series 2000, 0.000%, 8/15/27 
     
   
North Texas Thruway 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+ 
25,373,100 
5,220 
 
0.000%, 1/01/43 
1/25 at 100.00 
A2 
4,284,418 
15,450 
 
North Texas Thruway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation 
No Opt. Call 
AA+ 
4,090,233 
   
Series 2008, 0.000%, 1/01/36 – AGC Insured 
     
4,650 
 
Port Corpus Christi Industrial Development Corporation, Texas, Revenue Refunding Bonds, Valero 
4/11 at 100.00 
BBB 
4,650,047 
   
Refining and Marketing Company, Series 1997A, 5.400%, 4/01/18 
     
5,000 
 
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, 
12/13 at 100.00 
Baa2 
5,012,200 
   
Series 2004, 6.000%, 12/01/34 
     
2,000 
 
Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
7/13 at 101.00 
CCC 
701,700 
   
Company, Series 2003A, 5.800%, 7/01/22 
     
3,000 
 
San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured 
5/15 at 100.00 
Aa1 
3,055,740 
11,585 
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
2/17 at 100.00 
AA– 
11,707,569 
   
Texas Health Resources Trust 1201, 9.031%, 2/15/30 (IF) 
     
4,810 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
8/20 at 100.00 
A1 
4,893,405 
   
Bonds, Scott & White HealthCare Project, Series 2010, 5.500%, 8/15/45 
     
5,000 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding 
1/19 at 100.00 
AA+ 
5,573,950 
   
Bonds, Christus Health, Series 2008, 6.500%, 7/01/37 – AGC Insured 
     
227,680 
 
Total Texas 
   
153,751,622 
 
 
Nuveen Investments 25
 
 
 
 

 

   
 
Nuveen Municipal Value Fund, Inc. (continued) 
NUV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Utah – 0.4% 
     
$ 3,260 
 
Eagle Mountain, Utah, Gas and Electric Revenue Bonds, Series 2005, 5.000%, 6/01/24 – 
6/15 at 100.00 
N/R 
$ 3,291,784 
   
RAAI Insured 
     
390 
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%, 
1/11 at 100.75 
AAA 
392,172 
   
7/01/30 (Alternative Minimum Tax) 
     
3,700 
 
Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%, 
4/14 at 100.00 
AA (4) 
4,187,993 
   
4/01/35 (Pre-refunded 4/01/14) – NPFG Insured 
     
7,350 
 
Total Utah 
   
7,871,949 
   
Virgin Islands – 0.1% 
     
2,500 
 
Virgin Islands Public Finance Authority, Revenue Bonds, Refinery Project – Hovensa LLC, Series 
1/14 at 100.00 
Baa3 
2,535,974 
   
2003, 6.125%, 7/01/22 (Alternative Minimum Tax) 
     
   
Virginia – 0.7% 
     
3,000 
 
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage 
10/17 at 100.00 
N/R 
2,978,880 
   
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 
     
4,125 
 
Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2002A, 
10/12 at 100.00 
AA– 
4,459,578 
   
5.750%, 10/01/16 – FGIC Insured (Alternative Minimum Tax) 
     
10,000 
 
Metropolitan Washington D.C. Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, 
10/28 at 100.00 
BBB+ 
6,458,400 
   
Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44 
     
17,125 
 
Total Virginia 
   
13,896,858 
   
Washington – 4.1% 
     
6,400 
 
Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds, 
9/14 at 100.00 
A1 
6,477,504 
   
Series 2004, 5.000%, 9/01/34 – FGIC Insured 
     
12,500 
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Columbia Generating Station – 
7/12 at 100.00 
Aaa 
13,587,250 
   
Nuclear Project 2, Series 2002B, 6.000%, 7/01/18 – AMBAC Insured 
     
4,000 
 
Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 
7/13 at 100.00 
Aaa 
4,459,880 
   
2003A, 5.500%, 7/01/17 – SYNCORA GTY Insured 
     
8,200 
 
Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 
No Opt. Call 
Aaa 
7,762,120 
   
1989B, 0.000%, 7/01/14 
     
2,500 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
No Opt. Call 
N/R 
2,124,700 
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 
     
5,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care 
10/16 at 100.00 
AA 
5,039,750 
   
Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured 
     
2,815 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical 
8/17 at 100.00 
A
2,732,352 
   
Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured 
     
7,685 
 
Washington State Housing Finance Commission, Single Family Program Bonds, 2006 Series 3A, 
12/15 at 100.00 
Aaa 
7,777,527 
   
5.000%, 12/01/37 (Alternative Minimum Tax) 
     
19,240 
 
Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/13 at 100.00 
BBB 
19,541,490 
   
Series 2002, 6.625%, 6/01/32 
     
   
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C: 
     
9,000 
 
0.000%, 6/01/29 – NPFG Insured 
No Opt. Call 
AA+ 
3,998,790 
16,195 
 
0.000%, 6/01/30 – NPFG Insured 
No Opt. Call 
AA+ 
6,766,757 
93,535 
 
Total Washington 
   
80,268,120 
   
Wisconsin – 2.4% 
     
   
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed 
     
   
Bonds, Series 2002: 
     
4,365 
 
6.125%, 6/01/27 (Pre-refunded 6/01/12) 
6/12 at 100.00 
AAA 
4,650,078 
14,750 
 
6.375%, 6/01/32 (Pre-refunded 6/01/12) 
6/12 at 100.00 
AAA 
16,119,095 
6,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
9/13 at 100.00 
BBB+ (4) 
6,838,020 
   
Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13) 
     
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/16 at 100.00 
BBB+ 
1,048,690 
   
Series 2006A, 5.000%, 2/15/17 
     
10,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, 
6/20 at 100.00 
AA– 
10,456,900 
   
Series 2010, 5.000%, 6/01/30 
     
 
 
26 Nuveen Investments
 
 
 
 

 

         
Principal 
 
Optional Call 
   
Amount (000) 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
Wisconsin (continued) 
     
$ 3,750 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
2/12 at 101.00 
AAA 
$ 4,039,913 
 
Services Inc., Series 2002, 5.750%, 8/15/30 (Pre-refunded 2/15/12) 
     
2,590 
Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, Series 
9/14 at 100.00 
AA 
2,595,671 
 
2005C, 4.875%, 3/01/36 (Alternative Minimum Tax) 
     
42,455 
Total Wisconsin 
   
45,748,367 
 
Wyoming – 0.1% 
     
2,035 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power 
7/19 at 100.00 
A+ 
2,249,692 
 
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 
     
$ 2,430,349 
Total Investments (cost $1,891,176,876) – 100.7% 
   
1,957,938,961 
 
Floating Rate Obligations – (2.0)% 
   
(38,250,000) 
 
Other Assets Less Liabilities – 1.3% 
   
24,405,486 
 
Net Assets – 100% 
   
$ 1,944,094,447 
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets.
 
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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. Such investments are normally considered to be equivalent to AAA rated securities.
 
(5)
The Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
 
N/R
Not rated.
 
(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.
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 27
 
 
 
 
 

 

           
   
Nuveen Municipal Value Fund 2 
     
NUW 
 
Portfolio of Investments 
   
     
October 31, 2010 
 
         
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alaska – 0.1% 
     
$         155 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
6/14 at 100.00 
Baa3 
$     108,939 
   
Series 2006A, 5.000%, 6/01/46 
     
   
Arizona – 3.4% 
     
4,000 
 
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El 
2/19 at 100.00 
BBB 
4,605,160 
   
Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40 
     
2,995 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A
2,829,466 
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
     
6,995 
 
Total Arizona 
   
7,434,626 
   
California – 10.4% 
     
11,000 
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
AA+ 
1,697,190 
   
Capital Appreciation Series 2009B, 0.000%, 8/01/41 – AGC Insured 
     
2,500 
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services 
4/19 at 100.00 
A2 
2,704,525 
   
Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34 
     
500 
 
California, General Obligation Bonds, Tender Option Bond Trust 3162, 19.445%, 3/01/18 – 
No Opt. Call 
AA+ 
622,020 
   
AGM Insured (IF) 
     
1,800 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/15 at 100.00 
A2 
1,709,262 
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/45 
     
2,400 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
BBB 
1,986,456 
   
Bonds, Series 2007A-1, 5.000%, 6/01/33 
     
450 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A
528,044 
   
2009A, 6.500%, 11/01/39 
     
   
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A: 
     
9,320 
 
0.000%, 8/01/33 – AGC Insured 
No Opt. Call 
AA+ 
2,379,862 
10,200 
 
0.000%, 8/01/38 – AGC Insured 
8/29 at 100.00 
AA+ 
6,718,332 
   
Poway Unified School District, San Diego County, California, School Facilities Improvement 
     
   
District 2007-1 General Obligation Bonds, Series 2009A: 
     
8,000 
 
0.000%, 8/01/32 
No Opt. Call 
Aa2 
2,179,600 
8,000 
 
0.000%, 8/01/33 
No Opt. Call 
Aa2 
2,040,960 
54,170 
 
Total California 
   
22,566,251 
   
Colorado – 5.1% 
     
5,000 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 
11/15 at 100.00 
A+ 
5,261,250 
   
11/15/25 – SYNCORA GTY Insured 
     
3,605 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – 
9/20 at 67.94 
A
1,245,924 
   
NPFG Insured 
     
4,000 
 
Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, 
No Opt. Call 
AA+ 
4,523,960 
   
Series 2009, 6.375%, 12/01/37 – AGC Insured 
     
12,605 
 
Total Colorado 
   
11,031,134 
   
Florida – 8.5% 
     
9,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 
10/19 at 100.00 
A2 
9,890,165 
   
5.500%, 10/01/41 
     
   
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 
2,813,325 
2,000 
 
5.625%, 7/01/38 
7/18 at 100.00 
Aa2 
2,156,580 
4,500 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 
5/18 at 100.00 
N/R 
3,557,790 
   
6.450%, 5/01/23 
     
18,500 
 
Total Florida 
   
18,417,860 
 
 
28 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Georgia – 0.8% 
     
$     500 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A, Remarketed, 
1/19 at 100.00 
N/R 
$    524,470 
   
7.500%, 1/01/31 
     
1,000 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air 
6/20 at 100.00 
CCC+ 
1,160,150 
   
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
     
1,500 
 
Total Georgia 
   
1,684,620 
   
Illinois – 11.7% 
     
5,000 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 
8/19 at 100.00 
AA+ 
5,585,550 
   
6.000%, 8/15/39 
     
3,500 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 
5/19 at 100.00 
A
3,957,380 
   
7.125%, 11/15/37 
     
5,000 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
11/18 at 100.00 
A– 
5,709,950 
   
Series 2009A, 7.250%, 11/01/38 
     
3,990 
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., 
5/17 at 100.00 
Baa3 
3,798,680 
   
Refunding Series 2007A, 5.250%, 5/01/34 
     
28,000 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
AAA 
6,231,680 
   
Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured 
     
45,490 
 
Total Illinois 
   
25,283,240 
   
Indiana – 5.3% 
     
5,000 
 
Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 
3/19 at 100.00 
A
5,529,250 
   
2009A, 6.750%, 3/01/39 
     
3,650 
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest 
3/17 at 100.00 
BBB 
3,678,835 
   
Indiana, Series 2007, 5.500%, 3/01/37 
     
2,000 
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 
1/19 at 100.00 
A+ 
2,203,100 
   
6.000%, 1/01/39 
     
10,650 
 
Total Indiana 
   
11,411,185 
   
Iowa – 1.1% 
     
3,025 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 
6/15 at 100.00 
BBB 
2,504,035 
   
5.375%, 6/01/38 
     
   
Louisiana – 7.4% 
     
5,000 
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 
6/18 at 100.00 
AA+ 
5,640,150 
   
6.125%, 6/01/25 – AGC Insured 
     
   
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 
6,899,200 
275 
 
5.500%, 5/15/47 
5/17 at 100.00 
Baa1 
272,297 
3,255 
 
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 
6/17 at 100.00 
BBB+ 
3,241,720 
   
5.125%, 6/01/37 
     
15,530 
 
Total Louisiana 
   
16,053,367 
   
Maine – 1.8% 
     
3,335 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, 
7/19 at 100.00 
Aa2 
3,944,805 
   
Tender Option Bond Trust 2009-5B, 12.822%, 7/01/39 (IF) 
     
   
Massachusetts – 0.6% 
     
1,000 
 
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond 
8/19 at 100.00 
AAA 
1,236,820 
   
Trust 2989, 13.035%, 8/01/38 (IF) 
     
   
Michigan – 2.3% 
     
5,000 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 
7/15 at 100.00 
A1 
4,936,800 
   
7/01/35 – NPFG Insured 
     
 
 
Nuveen Investments 29
 
 
 
 
 

 
 

   
 
Nuveen Municipal Value Fund 2 (continued)
NUW 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Nevada – 4.3% 
     
   
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 11823: 
     
$   750 
 
20.005%, 1/01/18 (IF) 
No Opt. Call 
Aa3 
$   979,980 
1,250 
 
20.005%, 1/01/36 (IF) 
1/20 at 100.00 
Aa3 
1,633,300 
250 
 
Clark County, Nevada, Senior Lien Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/40 – 
No Opt. Call 
Aa2 
251,950 
   
AMBAC Insured 
     
5,415 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 
6/19 at 100.00 
A
6,420,511 
   
8.000%, 6/15/30 
     
7,665 
 
Total Nevada 
   
9,285,741 
   
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 
Baa1 
2,530,146 
3,000 
 
7.500%, 12/01/32 
6/19 at 100.00 
Baa1 
3,489,840 
5,135 
 
Total New Jersey 
   
6,019,986 
   
New York – 1.5% 
     
3,000 
 
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 
No Opt. Call 
A1 
3,270,270 
   
2007, 5.500%, 10/01/37 
     
   
North Carolina – 1.5% 
     
3,000 
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 
1/13 at 100.00 
A
3,226,770 
   
1/01/19 – NPFG Insured 
     
   
Ohio – 5.8% 
     
5,000 
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project 
2/19 at 100.00 
AA+ 
5,449,600 
   
Series 2009A, 5.750%, 2/15/39 – AGC Insured 
     
5,885 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/17 at 100.00 
BBB 
4,944,989 
   
Bonds, Senior Lien, Series 2007A-2, 6.500%, 6/01/47 
     
2,000 
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University 
1/15 at 100.00 
A
2,146,920 
   
Hospitals Health System, Series 2009, 6.750%, 1/15/39 
     
12,885 
 
Total Ohio 
   
12,541,509 
   
Puerto Rico – 5.1% 
     
4,390 
 
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 
7/18 at 100.00 
Baa1 
4,692,471 
   
6.000%, 7/01/44 
     
3,000 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 
8/19 at 100.00 
A+ 
3,354,690 
   
2009A, 6.000%, 8/01/42 
     
2,500 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bonds 
No Opt. Call 
Aa2 
2,943,300 
   
Trust 11851, 18.236%, 2/01/16 (IF) 
     
9,890 
 
Total Puerto Rico 
   
10,990,461 
   
Rhode Island – 3.1% 
     
3,000 
 
Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, 
5/19 at 100.00 
A– 
3,384,060 
   
Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39 
     
3,240 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
3,259,958 
   
Series 2002A, 6.125%, 6/01/32 
     
6,240 
 
Total Rhode Island 
   
6,644,018 
   
Texas – 6.1% 
     
13,510 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/17 at 27.35 
AAA 
2,626,344 
   
Bonds, Series 2008, 0.000%, 8/15/39 
     
5,300 
 
North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008, 
1/18 at 100.00 
A3 
5,595,528 
   
5.750%, 1/01/38 
     
5,000 
 
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, 
12/13 at 100.00 
Baa2 
5,012,200 
   
Series 2004, 6.000%, 12/01/34 
     
23,810 
 
Total Texas 
   
13,234,072 
 
30      Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Virgin Islands – 0.5% 
     
$     1,000 
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, 
10/19 at 100.00 
BBB 
$    1,127,590 
   
Series 2009A, 6.750%, 10/01/37 
     
   
Virginia – 1.1% 
     
2,000 
 
Washington County Industrial Development Authority , Virginia, Hospital Revenue Bonds, 
1/19 at 100.00 
BBB+ 
2,312,760 
   
Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38 
     
   
Wisconsin – 8.0% 
     
160 
 
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed 
6/12 at 100.00 
AAA 
170,450 
   
Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12) 
     
5,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., 
4/13 at 100.00 
BBB+ 
5,146,100 
   
Series 2003, 6.400%, 4/15/33 
     
1,500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. 
2/19 at 100.00 
A+ 
1,653,000 
   
Obligated Group, Series 2009, 6.625%, 2/15/39 
     
9,000 
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 
5/19 at 100.00 
AA– 
10,255,588 
   
6.000%, 5/01/36 
     
15,660 
 
Total Wisconsin 
   
17,225,138 
$ 268,240 
 
Total Investments (cost $180,101,427) – 98.3% 
   
212,491,997 
   
Other Assets Less Liabilities – 1.7% 
   
3,653,864 
   
Net Assets – 100% 
   
$ 216,145,861 
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets.
 
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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.
 
N/R
Not rated.
 
(IF)
Inverse floating rate investment.
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 31
 
 
 
 
 

 

           
   
Nuveen Municipal Income Fund, Inc. 
     
NMI 
 
Portfolio of Investments 
   
     
October 31, 2010 
 
         
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 2.4% 
     
$ 1,000 
 
Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International 
6/15 at 100.00 
BBB 
$ 991,880 
   
Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax) 
     
500 
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, 
1/14 at 100.00 
AA+ 
489,320 
   
Series 2004A, 5.250%, 1/01/23 – AGM Insured 
     
690 
 
Phenix City Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, 
5/12 at 100.00 
BBB 
680,526 
   
MeadWestvaco Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative Minimum Tax) 
     
2,190 
 
Total Alabama 
   
2,161,726 
   
Arizona – 0.6% 
     
500 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
A
505,815 
   
Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28 
     
   
California – 18.5% 
     
5,530 
 
Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 
No Opt. Call 
A+ 
2,908,061 
   
1997A, 0.000%, 9/01/22 – NPFG Insured 
     
500 
 
Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue 
8/12 at 100.00 
N/R 
440,200 
   
Bonds, Series 2002A, 5.000%, 8/01/32 – AMBAC Insured 
     
   
Brea Olinda Unified School District, California, General Obligation Bonds, Series 1999A: 
     
2,000 
 
0.000%, 8/01/21 – FGIC Insured 
No Opt. Call 
Aa2 
1,258,840 
2,070 
 
0.000%, 8/01/22 – FGIC Insured 
No Opt. Call 
Aa2 
1,231,174 
2,120 
 
0.000%, 8/01/23 – FGIC Insured 
No Opt. Call 
Aa2 
1,163,859 
500 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
12/18 at 100.00 
Baa3 
469,110 
   
Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21 
     
250 
 
California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 
2/17 at 100.00 
A
216,820 
   
4.800%, 8/01/37 (Alternative Minimum Tax) 
     
3,000 
 
California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, 
6/14 at 100.00 
A2 
3,012,090 
   
Coalinga State Hospital, Series 2004A, 5.000%, 6/01/25 
     
375 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB– 
382,238 
   
of the West, Series 2010, 6.000%, 10/01/29 
     
1,000 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
7/15 at 100.00 
BBB 
882,430 
   
Health System, Series 2005A, 5.000%, 7/01/39 
     
2,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/13 at 100.00 
AAA 
2,310,380 
   
Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) 
     
1,000 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/17 at 100.00 
BBB 
799,850 
   
Bonds, Series 2007A-1, 5.750%, 6/01/47 
     
500 
 
Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds, 
10/13 at 102.00 
N/R 
507,075 
   
Series 2003H, 6.375%, 10/01/33 
     
250 
 
Madera County, California, Certificates of Participation, Children’s Hospital Central 
3/20 at 100.00 
A– 
251,723 
   
California, Series 2010, 5.375%, 3/15/36 
     
300 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A
369,285 
   
2009A, 7.000%, 11/01/34 
     
250 
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– 
255,090 
   
Bonds, Refunding Series 2010, 6.125%, 6/30/37 
     
21,645 
 
Total California 
   
16,458,225 
 
 
32 Nuveen Investments
 
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Colorado – 6.2% 
     
$     700 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Douglas 
7/12 at 100.00 
BBB 
$   706,251 
   
County School District RE-1 – DCS Montessori School, Series 2002A, 6.000%, 7/15/22 
     
360 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/11 at 100.00 
AAA 
379,548 
   
Peak-to-Peak Charter School, Series 2001, 7.500%, 8/15/21 (Pre-refunded 8/15/11) 
     
1,000 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld 
6/11 at 100.00 
N/R (4) 
1,040,850 
   
County School District 6 – Frontier Academy, Series 2001, 7.375%, 6/01/31 
     
   
(Pre-refunded 6/01/11) 
     
1,000 
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan 
6/16 at 100.00 
A– 
990,180 
   
Society, Series 2005, 5.000%, 6/01/35 
     
1,640 
 
Denver City and County, Colorado, Airport System Revenue Refunding Bonds, Series 2000A, 
11/10 at 100.00 
A+ 
1,646,084 
   
6.000%, 11/15/16 – AMBAC Insured (Alternative Minimum Tax) 
     
520 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A
576,602 
   
Utilities, Series 2008, 6.125%, 11/15/23 
     
250 
 
Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 
12/17 at 100.00 
N/R 
220,195 
   
2007, 5.250%, 12/01/34 – RAAI Insured 
     
5,470 
 
Total Colorado 
   
5,559,710 
   
Connecticut – 2.0% 
     
1,480 
 
Capitol Region Education Council, Connecticut, Revenue Bonds, Series 1995, 6.750%, 10/15/15 
4/11 at 100.00 
BBB 
1,484,514 
330 
 
Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator 
1/11 at 100.00 
BBB 
331,073 
   
Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax) 
     
1,810 
 
Total Connecticut 
   
1,815,587 
   
Florida – 3.6% 
     
120 
 
Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy 
12/10 at 100.00 
N/R 
118,300 
   
Residential Services Inc., Series 1995, 8.000%, 6/01/22 
     
1,250 
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, 
12/10 at 100.00 
BB+ 
1,275,000 
   
Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax) 
     
600 
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue 
12/10 at 100.00 
BB+ 
612,000 
   
Refunding Bonds, Indiantown Cogeneration LP, Series 1995B, 8.050%, 12/15/25 (Alternative 
     
   
Minimum Tax) 
     
640 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
AA+ 
657,363 
   
5.000%, 10/01/35 – AGM Insured 
     
655 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
5/14 at 101.00 
N/R 
529,450 
   
5.400%, 5/01/37 
     
3,265 
 
Total Florida 
   
3,192,113 
   
Georgia – 0.9% 
     
500 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – 
11/19 at 100.00 
AA+ 
528,270 
   
AGM Insured 
     
300 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007B, 5.000%, 3/15/22 
No Opt. Call 
A
308,058 
800 
 
Total Georgia 
   
836,328 
   
Illinois – 9.8% 
     
920 
 
Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero Redevelopment Project, Series 
1/11 at 100.00 
N/R 
921,159 
   
1998, 7.000%, 1/01/14 
     
1,500 
 
Illinois Development Finance Authority, Pollution Control Revenue Refunding Bonds – 
1/11 at 100.00 
BBB– 
1,500,330 
   
CIPS Debt, Series 1993C-2, 5.950%, 8/15/26 
     
500 
 
Illinois Development Finance Authority, Revenue Bonds, Chicago Charter School Foundation, 
12/12 at 100.00 
N/R (4) 
554,500 
   
Series 2002A, 6.125%, 12/01/22 (Pre-refunded 12/01/12) 
     
1,000 
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Tender Option Bond 
No Opt. Call 
AA+ 
1,180,400 
   
Trust 2008-1098, 18.116%, 8/15/15 – AGC Insured (IF) (5) 
     
250 
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 
5/20 at 100.00 
N/R 
252,153 
   
5.125%, 5/15/35 
     
 
 
Nuveen Investments 33
 
 
 
 
 

 
 

   
 
Nuveen Municipal Income Fund, Inc. (continued) 
NMI 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Illinois (continued) 
     
$ 250 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
No Opt. Call 
A– 
$ 274,123 
   
Series 2009C, 6.375%, 11/01/29 
     
500 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 
8/19 at 100.00 
BBB 
559,830 
   
2009, 7.000%, 8/15/44 
     
250 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA+ 
263,665 
   
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 
     
600 
 
Illinois Health Facilities Authority, Revenue Bonds, Condell Medical Center, Series 2002, 
5/12 at 100.00 
Aaa 
644,508 
   
5.500%, 5/15/32 (Pre-refunded 5/15/12) 
     
1,000 
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, 
1/13 at 100.00 
Baa1 
1,006,010 
   
Series 2002, 5.500%, 1/01/22 
     
250 
 
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel 
1/16 at 100.00 
B– 
173,103 
   
Revenue Bonds, Series 2005B, 5.250%, 1/01/36 
     
1,305 
 
North Chicago, Illinois, General Obligation Bonds, Series 2005B, 5.000%, 11/01/25 – 
11/15 at 100.00 
A
1,372,129 
   
FGIC Insured 
     
8,325 
 
Total Illinois 
   
8,701,910 
   
Indiana – 4.3% 
     
525 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
BBB– 
564,207 
   
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 
     
2,000 
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Riverview Hospital, 
8/12 at 101.00 
Baa1 
2,022,700 
   
Series 2002, 6.125%, 8/01/31 
     
250 
 
Indianapolis, Indiana, Multifamily Housing Revenue Bonds, GMF-Berkley Commons Apartments, 
7/20 at 100.00 
A+ 
260,878 
   
Series 2010A, 6.000%, 7/01/40 
     
1,030 
 
Whitley County, Indiana, Solid Waste and Sewerage Disposal Revenue Bonds, Steel Dynamics Inc., 
11/10 at 102.00 
N/R 
1,016,033 
   
Series 1998, 7.250%, 11/01/18 (Alternative Minimum Tax) 
     
3,805 
 
Total Indiana 
   
3,863,818 
   
Kansas – 0.6% 
     
500 
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park 
1/17 at 100.00 
BBB– 
495,020 
   
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 
     
   
Kentucky – 2.9% 
     
500 
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
No Opt. Call 
Baa2 
533,770 
   
Medical Health System, Series 2010A, 6.500%, 3/01/45 
     
465 
 
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2010C, 4.625%, 7/01/33 
1/20 at 100.00 
AAA 
471,747 
1,500 
 
Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue 
2/18 at 100.00 
A– 
1,600,560 
   
Bonds, Jewish Hospital & Saint Mary’s HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 
     
2,465 
 
Total Kentucky 
   
2,606,077 
   
Louisiana – 2.0% 
     
500 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
1/19 at 100.00 
AA+ 
533,675 
   
Revenue Refunding Bonds, City of Shreveport Airport System Project, Series 2008A, 5.750%, 
     
   
1/01/28 – AGM Insured 
     
   
Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care 
     
   
Corporation Project, Series 1994: 
     
105 
 
11.000%, 2/01/14 (ETM) 
No Opt. Call 
N/R (4) 
122,746 
950 
 
11.000%, 2/01/14 (ETM) 
No Opt. Call 
N/R (4) 
1,110,560 
1,555 
 
Total Louisiana 
   
1,766,981 
   
Maryland – 2.5% 
     
1,000 
 
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation 
6/20 at 100.00 
Baa3 
1,044,900 
   
Facilities Project, Series 2010A, 5.750%, 6/01/35 
     
1,000 
 
Maryland Energy Financing Administration, Revenue Bonds, AES Warrior Run Project, Series 1995, 
1/11 at 100.00 
N/R 
1,000,580 
   
7.400%, 9/01/19 (Alternative Minimum Tax) 
     
210 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park 
7/20 at 100.00 
BBB– 
217,438 
   
Public Charter School Issue, Series 2010, 6.000%, 7/01/40 
     
2,210 
 
Total Maryland 
   
2,262,918 
 
 
34 Nuveen Investments
 
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Massachusetts – 0.6% 
     
$     250 
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill 
12/10 at 101.00 
BBB 
$  254,058 
   
Associates, Series 1999A, 6.700%, 12/01/14 (Alternative Minimum Tax) 
     
270 
 
Massachusetts Industrial Finance Agency, Resource Recovery Revenue Refunding Bonds, Ogden 
12/10 at 100.00 
BBB 
270,510 
   
Haverhill Project, Series 1998A, 5.450%, 12/01/12 (Alternative Minimum Tax) 
     
520 
 
Total Massachusetts 
   
524,568 
   
Michigan – 3.0% 
     
1,000 
 
Delta County Economic Development Corporation, Michigan, Environmental Improvement Revenue 
4/12 at 100.00 
AAA 
1,087,570 
   
Refunding Bonds, MeadWestvaco Corporation – Escanaba Paper Company, Series 2002B, 6.450%, 
     
   
4/15/23 (Pre-refunded 4/15/12) (Alternative Minimum Tax) 
     
1,590 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Sinai Hospital, 
1/11 at 100.00 
BB 
1,590,477 
   
Series 1995, 6.625%, 1/01/16 
     
2,590 
 
Total Michigan 
   
2,678,047 
   
Mississippi – 0.6% 
     
500 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
4/11 at 100.00 
BBB 
502,500 
   
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
     
   
Missouri – 5.1% 
     
265 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, 
10/19 at 100.00 
A– 
276,954 
   
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
     
4,450 
 
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue 
12/16 at 100.00 
AA+ 
4,243,698 
   
Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured 
     
   
(Alternative Minimum Tax) (UB) 
     
4,715 
 
Total Missouri 
   
4,520,652 
   
Montana – 1.3% 
     
1,200 
 
Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 
7/11 at 100.50 
B
1,125,096 
   
2000, 8.000%, 7/01/20 (Alternative Minimum Tax) 
     
   
Nebraska – 1.2% 
     
1,000 
 
Washington County, Nebraska, Wastewater Facilities Revenue Bonds, Cargill Inc., Series 2002, 
11/12 at 101.00 
A
1,033,570 
   
5.900%, 11/01/27 (Alternative Minimum Tax) 
     
   
New York – 5.8% 
     
630 
 
Brooklyn Areba Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
No Opt. Call 
BBB– 
684,111 
   
Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 
     
1,000 
 
Dormitory Authority of the State of New York, Revenue Bonds, Brooklyn Law School, Series 
7/13 at 100.00 
BBB+ 
1,074,890 
   
2003A, 5.500%, 7/01/15 – RAAI Insured 
     
3,380 
 
Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage 
2/11 at 101.00 
N/R 
3,447,600 
   
Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41 
     
5,010 
 
Total New York 
   
5,206,601 
   
Ohio – 2.1% 
     
520 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/17 at 100.00 
BBB 
397,935 
   
Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47 
     
1,000 
 
Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center 
8/16 at 100.00 
A– 
963,700 
   
Project, Series 2006, 5.250%, 8/15/46 
     
500 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
513,315 
   
Refunding & improvement Series 2010, 6.375%, 4/01/30 
     
2,020 
 
Total Ohio 
   
1,874,950 
   
Pennsylvania – 1.8% 
     
1,080 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn 
11/10 at 102.00 
AAA 
1,105,888 
   
Allegheny Health System, Series 2000B, 9.250%, 11/15/30 (Pre-refunded 11/15/10) 
     
460 
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R 
486,114 
   
Ministries Project, Series 2009, 6.125%, 1/01/29 
     
1,540 
 
Total Pennsylvania 
   
1,592,002 
 
 
Nuveen Investments 35
 
 
 
 
 

 

   
 
Nuveen Municipal Income Fund, Inc. (continued) 
NMI 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Rhode Island – 1.1% 
     
$     1,000 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/12 at 100.00 
BBB 
$ 1,001,119 
   
Series 2002A, 6.250%, 6/01/42 
     
   
South Carolina – 4.3% 
     
1,500 
 
Greenville County School District, South Carolina, Installment Purchase Revenue Bonds, Series 
12/12 at 101.00 
AA 
1,661,160 
   
2002, 5.500%, 12/01/13 
     
475 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 
No Opt. Call 
AAA 
623,566 
   
1/01/19 – FGIC Insured (ETM) 
     
1,105 
 
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon 
11/12 at 100.00 
A– 
1,120,592 
   
Secours Health System Inc., Series 2002B, 5.625%, 11/15/30 
     
395 
 
Tobacco Settlement Revenue Management Authority, South Carolina, Tobacco Settlement 
5/11 at 101.00 
BBB (4) 
406,877 
   
Asset-Backed Bonds, Series 2001B, 6.000%, 5/15/22 (Pre-refunded 5/15/11) 
     
3,475 
 
Total South Carolina 
   
3,812,195 
   
Tennessee – 2.5% 
     
1,000 
 
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
4/12 at 101.00 
A1 
1,074,810 
   
Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22 
     
   
Shelby County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue 
     
   
Bonds, Methodist Healthcare, Series 2002: 
     
375 
 
6.500%, 9/01/26 (Pre-refunded 9/01/12) 
9/12 at 100.00 
AAA 
416,260 
625 
 
6.500%, 9/01/26 (Pre-refunded 9/01/12) 
9/12 at 100.00 
AAA 
693,769 
63 
 
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding 
11/17 at 100.00 
N/R 
26,021 
   
Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/37 (6), (7) 
     
2,063 
 
Total Tennessee 
   
2,210,860 
   
Texas – 10.6% 
     
25 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
No Opt. Call 
CCC 
23,761 
   
Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 
     
1,500 
 
Cameron Education Finance Corporation, Texas, Charter School Revenue Bonds, Faith Family 
8/16 at 100.00 
BBB– 
1,377,045 
   
Academy Charter School, Series 2006A, 5.250%, 8/15/36 – ACA Insured 
     
2,000 
 
Gulf Coast Waste Disposal Authority, Texas, Sewerage and Solid Waste Disposal Revenue Bonds, 
4/12 at 100.00 
BBB+ 
2,023,340 
   
Anheuser Busch Company, Series 2002, 5.900%, 4/01/36 (Alternative Minimum Tax) 
     
1,000 
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston 
10/13 at 101.00 
A
1,040,750 
   
Light and Power Company, Series 1995, 4.000%, 10/15/15 – NPFG Insured 
     
   
North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond, 
     
   
Trust 2903: 
     
150 
 
17.178%, 1/01/30 (IF) 
1/18 at 100.00 
A3 
205,086 
850 
 
17.080%, 1/01/38 (IF) 
1/18 at 100.00 
A3 
1,140,156 
270 
 
SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 
No Opt. Call 
A
289,308 
   
2007, 5.500%, 8/01/27 
     
405 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE 
12/19 at 100.00 
Baa2 
440,992 
   
Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 
     
   
6.875%, 12/31/39 
     
770 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ 
6/20 at 100.00 
Baa3 
839,955 
   
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40 
     
500 
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public 
8/17 at 100.00 
BBB 
461,840 
   
School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured 
     
   
Weslaco Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Knapp 
     
   
Medical Center, Series 2002: 
     
1,000 
 
6.250%, 6/01/25 (Pre-refunded 6/01/12) 
6/12 at 100.00 
N/R (4) 
1,085,330 
50 
 
6.250%, 6/01/32 (Pre-refunded 6/01/12) 
6/12 at 100.00 
N/R (4) 
54,267 
1,000 
 
West Texas Independent School District, McLennan and Hill Counties, General Obligation 
8/13 at 51.84 
AAA 
465,270 
   
Refunding Bonds, Series 1998, 0.000%, 8/15/25 
     
9,520 
 
Total Texas 
   
9,447,100 
   
Virgin Islands – 0.5% 
     
420 
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, 
10/19 at 100.00 
BBB 
473,587 
   
Series 2009A, 6.750%, 10/01/37 
     
 
   
36  Nuveen Investments 
 
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Virginia – 2.9% 
     
$ 1,000 
 
Chesterfield County Industrial Development Authority, Virginia, Pollution Control Revenue 
11/10 at 102.00 
Baa1 
$  1,022,540 
   
Bonds, Virginia Electric and Power Company, Series 1987A, 5.875%, 6/01/17 
     
1,500 
 
Mecklenburg County Industrial Development Authority, Virginia, Revenue Bonds, UAE Mecklenburg 
10/12 at 100.00 
Baa1 
1,521,374 
   
Cogeneration LP, Series 2002, 6.500%, 10/15/17 (Alternative Minimum Tax) 
     
2,500 
 
Total Virginia 
   
2,543,914 
   
Washington – 0.5% 
     
500 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
No Opt. Call 
N/R 
424,940 
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 
     
   
Wisconsin – 1.4% 
     
250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
N/R 
244,820 
   
Inc., Series 2010B, 5.000%, 4/01/30 
     
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Carroll College Inc., 
10/11 at 100.00 
BBB 
1,016,770 
   
Series 2001, 6.250%, 10/01/21 
     
1,250 
 
Total Wisconsin 
   
1,261,590 
$ 94,363 
 
Total Investments (cost $85,976,152) – 101.6% 
   
90,459,519 
   
Floating Rate Obligations – (3.7)% 
   
(3,335,000)
   
Other Assets Less Liabilities – 2.1% 
   
1,883,941 
   
Net Assets – 100% 
   
$ 89,008,460 
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets.
 
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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. Such investments are normally considered to be equivalent to AAA rated securities.
 
(5)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
 
(6)
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
 
(7)
The Fund’s Adviser has concluded this issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
 
N/R
Not rated.
 
(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.
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 37
 
 
 
 
 

 

           
   
Nuveen Enhanced Municipal Value Fund 
     
NEV 
 
Portfolio of Investments 
   
     
October 31, 2010 
 
         
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 0.8% 
     
$      355 
 
Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International 
6/15 at 100.00 
BBB 
$     352,117 
   
Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax) 
     
2,000 
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, 
1/14 at 100.00 
AA+ 
1,957,280 
   
Series 2004A, 5.250%, 1/01/23 – AGM Insured 
     
2,355 
 
Total Alabama 
   
2,309,397 
   
Arizona – 4.7% 
     
2,000 
 
Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured 
10/19 at 100.00 
AA+ 
2,121,220 
2,500 
 
Festival Ranch Community Facilities District, Town of Buckeye, Arizona, District General 
7/19 at 100.00 
BBB+ 
2,542,875 
   
Obligation Bonds, Series 2009, 6.500%, 7/15/31 
     
2,600 
 
Nogales Municipal Development Authority, Inc., Arizona, Municipal Facilities Revenue Bonds, 
6/19 at 100.00 
AA 
2,632,838 
   
Series 2009, 4.750%, 6/01/39 
     
2,000 
 
Pima County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, Tucson 
No Opt. Call 
BBB– 
2,122,300 
   
Electric Power Company, San Juan Project, Series 2009A, 4.950%, 10/01/20 
     
320 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 
12/17 at 102.00 
N/R 
308,838 
   
2008, 7.000%, 12/01/27 
     
   
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
48,502 
2,120 
 
5.000%, 12/01/37 
No Opt. Call 
A
2,002,828 
1,927 
 
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 
7/16 at 100.00 
N/R 
1,623,208 
   
2005, 6.000%, 7/01/30 
     
13,517 
 
Total Arizona 
   
13,402,609 
   
Arkansas – 0.4% 
     
1,100 
 
Little River County, Arkansas, Revenue Refunding Bonds, Georgia-Pacific Corporation, Series 
4/11 at 100.00 
Ba3 
1,068,155 
   
1998, 5.600%, 10/01/26 (Alternative Minimum Tax) 
     
   
California – 15.3% 
     
1,000 
 
Bay Area Governments Association, California, BART SFO Extension, Airport Premium Fare Revenue 
8/12 at 100.00 
N/R 
880,400 
   
Bonds, Series 2002A, 5.000%, 8/01/32 – AMBAC Insured 
     
1,000 
 
California Infrastructure Economic Development Bank, Revenue Bonds, J. David Gladstone 
10/11 at 101.00 
A– 
993,220 
   
Institutes, Series 2001, 5.250%, 10/01/34 
     
1,000 
 
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 
11/19 at 100.00 
Baa1 
1,054,510 
   
2009, 8.000%, 11/01/29 
     
500 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB– 
506,060 
   
of the West, Series 2010, 5.750%, 10/01/25 
     
4,600 
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 
8/18 at 100.00 
AA+ 
4,750,742 
   
2004C, 5.050%, 8/15/38 – AGM Insured 
     
5,875 
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series 
8/18 at 100.00 
AA+ 
6,067,523 
   
2004D, 5.050%, 8/15/38 – AGM Insured 
     
275 
 
Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates 
7/16 at 100.00 
AA 
286,902 
   
of Participation, Series 2006A, 5.000%, 7/01/32 – NPFG Insured 
     
490 
 
Etiwanda School District, California, Coyote Canyon Community Facilties District 2004-1 
9/19 at 100.00 
N/R 
508,267 
   
Improvement Area 2 Special Tax Bonds, Series 2009, 6.500%, 9/01/32 
     
845 
 
Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 
9/17 at 100.00 
N/R 
852,250 
   
2007A, 5.000%, 9/01/23 – AMBAC Insured 
     
880 
 
Folsom Public Financing Authority, California, Subordinate Special Tax Revenue Bonds, Series 
9/20 at 100.00 
A– 
899,272 
   
2010A, 5.250%, 9/01/24 
     
3,030 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/15 at 100.00 
AA+ 
3,031,091 
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – AGC Insured 
     
 
 
38 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
California (continued) 
     
   
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 
BBB 
$   3,243,392 
1,000 
 
5.125%, 6/01/47 
6/17 at 100.00 
BBB 
720,710 
200 
 
Jurupa Public Financing Authority, California,Superior Lien Revenue Bonds, Series 2010A, 
9/20 at 100.00 
AA+ 
202,860 
   
5.000%, 9/01/33 
     
525 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/20 at 100.00 
AA 
553,933 
   
Airport, Senior Lien Series 2010A, 5.000%, 5/15/31 
     
100 
 
Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los 
12/12 at 102.00 
B– 
101,813 
   
Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002B, 
     
   
7.500%, 12/01/24 (Alternative Minimum Tax) 
     
1,500 
 
Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, 
No Opt. Call 
BB 
1,494,495 
   
Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25 
     
265 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Baa3 
292,634 
   
6.750%, 11/01/39 
     
5,445 
 
Peralta Community College District, Alameda County, California, General Obligation Bonds, 
8/19 at 100.00 
AA– 
5,702,057 
   
Election of 2006, Series 2009C, 5.000%, 8/01/39 
     
250 
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– 
255,090 
   
Bonds, Refunding Series 2010, 6.125%, 6/30/37 
     
2,170 
 
San Marcos Public Facilities Authority, California, Tax Allocation Bonds, Project Areas 2 and 3, 
8/15 at 102.00 
AA+ 
2,539,768 
   
Tender Option Bond Trust 3116, 21.368%, 8/01/38 – AGM Insured (IF) 
     
1,000 
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
12/19 at 100.00 
AA– 
1,033,530 
   
California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 
     
2,400 
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
No Opt. Call 
AA– 
2,893,080 
   
California, Revenue Bonds, Tender Option Bond Trust 3584, 21.709%, 6/01/17 (IF) (4) 
     
3,110 
 
Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, 
8/17 at 100.00 
AA+ 
3,248,302 
   
Series 2007, 5.000%, 8/01/31 – AGM Insured 
     
500 
 
Tustin Community Redevelopment Agency, California, MCAS Project Area Tax Allocation Bonds, 
9/18 at 102.00 
A
485,770 
   
Series 2010, 5.000%, 9/01/35 (WI/DD, Settling 11/10/10) 
     
1,020 
 
Western Placer Unified School District, Placer County, California, Certificates of 
8/19 at 100.00 
AA+ 
1,042,542 
   
Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured 
     
43,035 
 
Total California 
   
43,640,213 
   
Colorado – 4.9% 
     
1,000 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Crown 
7/19 at 100.00 
N/R 
965,930 
   
Pointe Academy of Westminster Project, Chartered Through Adams County School District 50, 
     
   
Series 2009, 5.000%, 7/15/39 
     
2,120 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of 
12/15 at 100.00 
N/R 
1,905,838 
   
Evergreen, Series 2005A, 6.500%, 12/01/35 
     
750 
 
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of Leavenworth 
No Opt. Call 
AA 
959,250 
   
Health Services Corporation, Tender Option Bond Trust 3702, 18.420%, 1/01/18 (IF) (4) 
     
1,000 
 
Colorado Housing and Finance Authority, Multifamily Housing Revenue Senior Bonds, Castle 
12/10 at 100.00 
N/R 
899,200 
   
Highlands Apartments Project, Series 2000A-1, 5.900%, 12/01/20 – AMBAC Insured (Alternative 
     
   
Minimum Tax) 
     
250 
 
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 
No Opt. Call 
N/R 
189,235 
   
2007, 6.200%, 4/01/16 (Alternative Minimum Tax) (5) 
     
2,000 
 
Conservatory Metropolitan District, Arapahoe County, Colorado, General Obligation Limited Tax 
12/17 at 100.00 
N/R 
1,591,880 
   
Bonds, Series 2007, 5.125%, 12/01/37 – RAAI Insured 
     
   
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 
1,039,350 
500 
 
7.700%, 12/01/17 
6/14 at 101.00 
N/R 
520,590 
   
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
538,926 
3,880 
 
6.500%, 11/15/38 
No Opt. Call 
A
4,562,143 
 
 
Nuveen Investments 39
 
 
 
 

 
 

   
 
Nuveen Enhanced Municipal Value Fund (continued) 
NEV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Colorado (continued) 
     
815 
 
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax 
12/20 at 100.00 
N/R 
$ 833,492 
   
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 
     
13,790 
 
Total Colorado 
   
14,005,834 
   
Connecticut – 0.7% 
     
915 
 
Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, 
1/20 at 100.00 
N/R 
998,256 
   
7.750%, 1/01/43 
     
1,000 
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue 
4/20 at 100.00 
N/R 
1,069,630 
   
Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 
     
1,915 
 
Total Connecticut 
   
2,067,886 
   
District of Columbia – 0.1% 
     
400 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
5/11 at 101.00 
BBB 
400,440 
   
Series 2001, 6.750%, 5/15/40 
     
   
Florida – 8.8% 
     
1,970 
 
Ave Maria Stewardship Community Development District, Florida, Capital Improvement Revenue 
5/16 at 100.00 
N/R 
1,510,143 
   
Bonds, Series 2006A, 5.125%, 5/01/38 
     
1,000 
 
Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 
5/13 at 101.00 
N/R 
1,004,790 
   
6.625%, 5/01/34 
     
4,235 
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2009-2, 
7/19 at 100.00 
AA+ 
4,353,495 
   
4.650%, 7/01/29 
     
3,160 
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Tender Option Bond Trust 11801, 
1/11 at 100.00 
Aa2 
3,161,106 
   
20.352%, 4/01/35 – NPFG Insured (IF) 
     
2,400 
 
Miami-Dade County School Board, Florida, Certificates of Participation, Tender Option Bond 
11/16 at 100.00 
AA+ 
2,908,080 
   
Trust 3118, 21.349%, 11/01/31 – AGM Insured (IF) 
     
1,625 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/20 at 100.00 
A2 
1,692,145 
   
2010A-1, 5.375%, 10/01/35 
     
1,460 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
AA+ 
1,499,610 
   
5.000%, 10/01/35 – AGM Insured 
     
3,660 
 
Miami-Dade County, Florida, Capital Asset Acquisition Special Obligation Bonds, Series 2009A, 
4/19 at 100.00 
AA+ 
3,803,143 
   
5.125%, 4/01/34 – AGC Insured 
     
10 
 
Orange County Health Facilities Authority, Florida, Revenue Bonds, Nemours Foundation, Series 
1/19 at 100.00 
AA+ 
10,369 
   
2009A, 5.000%, 1/01/39 
     
470 
 
Poinciana West Community Development District, Florida, Special Assessment Bonds, Series 2007, 
5/17 at 100.00 
N/R 
444,456 
   
5.875%, 5/01/22 
     
1,000 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA 
1,064,160 
   
Obligation Group, Tender Option Bond Trust 3119, 17.266%, 8/15/37 (IF) 
     
2,500 
 
Tallahassee, Florida, Energy System Revenue Bonds, Tender Option Bond Trust 09-30W, 21.144%, 
10/15 at 100.00 
AA 
2,800,500 
   
10/01/35 – NPFG Insured (IF) 
     
1,200 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007, 
5/18 at 100.00 
N/R 
887,028 
   
6.650%, 5/01/40 
     
24,690 
 
Total Florida 
   
25,139,025 
   
Georgia – 2.6% 
     
750 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 
1/19 at 100.00 
N/R 
786,705 
   
7.500%, 1/01/31 
     
1,000 
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 
1/19 at 100.00 
N/R 
1,046,470 
   
6.750%, 1/01/20 
     
1,000 
 
Augusta, Georgia, Airport Revenue Bonds, Series 2005A, 5.150%, 1/01/35 
1/15 at 100.00 
Baa2 
957,680 
1,250 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air 
6/20 at 100.00 
CCC+ 
1,450,188 
   
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 
     
2,500 
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air 
6/15 at 100.00 
CCC+ 
2,730,900 
   
Lines, Inc. Project, Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax) 
     
 
 
40 Nuveen Investments
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Georgia (continued) 
     
$      250 
 
Effingham County Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ft. James 
1/11 at 100.00 
BBB– 
$     247,450 
   
Project, Series 1998, 5.625%, 7/01/18 (Alternative Minimum Tax) 
     
150 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26 
No Opt. Call 
A
157,302 
90 
 
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007B, 5.000%, 3/15/22 
No Opt. Call 
A
92,417 
6,990 
 
Total Georgia 
   
7,469,112 
   
Illinois – 7.5% 
     
2,500 
 
CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, 
1/11 at 100.00 
N/R 
2,525,000 
   
7.500%, 6/15/23 
     
2,000 
 
Chicago, Illinois, Chicago O’Hare International Airport Special Facility Revenue Refunding 
12/12 at 100.00 
Caa2 
1,684,560 
   
Bonds, American Air Lines, Inc. Project, Series 2007, 5.500%, 12/01/30 
     
1,460 
 
Hoffman Estates, Illinois, General Obligation Bonds, Tender Option Bond Trust 09-28W, 25.182%, 
12/18 at 100.00 
AA+ 
1,859,398 
   
12/01/38 (IF) 
     
1,000 
 
Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 
5/20 at 100.00 
N/R 
995,340 
   
6.125%, 5/15/27 
     
4,000 
 
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 
4/16 at 100.00 
Baa2 
3,619,840 
   
2006A, 5.000%, 4/01/36 
     
500 
 
Illinois Finance Authority, Revenue Bonds, Little Company of Mary Hospital and Health Care 
No Opt. Call 
A+ 
493,005 
   
Centers, Series 2010, 5.250%, 8/15/36 
     
1,000 
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 
5/20 at 100.00 
N/R 
1,008,610 
   
5.125%, 5/15/35 
     
500 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
AA+ 
527,330 
   
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 
     
1,000 
 
Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, 
5/19 at 100.00 
BBB+ 
1,041,640 
   
Series 2009, 6.125%, 5/15/25 
     
500 
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, 
1/13 at 100.00 
Baa1 
503,005 
   
Series 2002, 5.500%, 1/01/22 
     
   
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 
B– 
1,912,526 
1,000 
 
5.250%, 1/01/36 
1/16 at 100.00 
B– 
692,410 
1,500 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/20 at 100.00 
AAA 
1,502,190 
   
Project, Capital Appreciation Refunding Series 2010B-1, 5.000%, 6/15/50 
     
447 
 
Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 1 – Cambridge 
No Opt. Call 
N/R 
434,819 
   
Lakes Project, Series 2005-1, 5.250%, 3/01/15 
     
1,500 
 
Southwestern Illinois Development Authority, Illinois, Saint Clair County Comprehensive Mental 
6/17 at 103.00 
N/R 
1,431,195 
   
Health Center, Series 2007, 6.625%, 6/01/37 
     
1,000 
 
Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special 
3/17 at 102.00 
N/R 
1,045,440 
   
Assessment Bonds, Series 2009, 7.875%, 3/01/32 
     
22,592 
 
Total Illinois 
   
21,276,308 
   
Indiana – 3.4% 
     
5,810 
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services, 
11/19 at 100.00 
Aa3 
6,068,428 
   
Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 
     
1,395 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
BBB– 
1,485,396 
   
Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29 
     
2,000 
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation 
2/16 at 100.00 
A+ 
2,003,500 
   
Group, Series 2006A, 5.250%, 2/15/40 
     
9,205 
 
Total Indiana 
   
9,557,324 
   
Kansas – 0.5% 
     
1,500 
 
Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park 
1/17 at 100.00 
BBB– 
1,485,060 
   
Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured 
     
 
 
Nuveen Investments 41
 
 
 
 
 

 

   
 
Nuveen Enhanced Municipal Value Fund (continued) 
NEV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Louisiana – 0.6% 
     
$    1,000 
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue 
11/17 at 100.00 
BB+ 
$   1,063,920 
    
Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 
     
555 
 
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
5/11 at 101.00 
BBB 
560,311 
   
Series 2001B, 5.875%, 5/15/39 
     
1,555 
 
Total Louisiana 
   
1,624,231 
   
Maine – 0.8% 
     
2,000 
 
Maine State Housing Authority, Single Family Mortgage Purchase Bonds, Tender Option Bond Trust 
No Opt. Call 
AA+ 
2,346,400 
   
3597, 21.593%, 11/15/16 (IF) (4) 
     
   
Massachusetts – 4.0% 
     
625 
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 
1/20 at 100.00 
AA 
683,050 
   
2010A, 5.500%, 1/01/22 
     
1,000 
 
Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 
1/20 at 100.00 
AA 
1,046,460 
   
2010B, 5.500%, 1/01/23 
     
3,000 
 
Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center 
1/18 at 100.00 
N/R 
2,820,720 
   
Issue, Series 2008A, 6.250%, 1/15/28 
     
1,710 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston College, 
6/13 at 100.00 
AA– 
2,340,631 
   
Tender Option Bond Trust 3115, 15.454%, 6/01/37 (IF) 
     
2,385 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, 
8/15 at 100.00 
N/R 
2,081,843 
   
Series 2005E, 5.000%, 8/15/35 – RAAI Insured 
     
2,300 
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
2,439,104 
   
University Issue, Series 2009A, 5.750%, 7/01/39 
     
11,020 
 
Total Massachusetts 
   
11,411,808 
   
Michigan – 6.9% 
     
9,650 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2005, 
No Opt. Call 
AA+ 
10,387,257 
   
5.250%, 5/01/27 – AGM Insured (4) 
     
2,865 
 
Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
AA+ 
2,968,713 
   
Series 2007, 5.000%, 5/01/32 – AGM Insured 
     
4,600 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A1 
4,773,834 
   
Refunding Series 2009, 5.750%, 11/15/39 
     
1,730 
 
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Detroit Medical 
1/11 at 100.00 
BB– 
1,655,420 
   
Center Obligated Group, Series 1997A, 5.250%, 8/15/27 – AMBAC Insured 
     
18,845 
 
Total Michigan 
   
19,785,224 
   
Mississippi – 1.1% 
     
500 
 
Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, Roberts Hotel 
2/21 at 102.00 
N/R 
512,665 
   
of Jackson, LLC Project, Series 2010, 8.500%, 2/01/30 
     
500 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
4/11 at 100.00 
BBB 
502,500 
   
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
     
2,000 
 
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company 
5/20 at 100.00 
BBB 
2,107,500 
   
Project, Series 2010A, 5.800%, 5/01/34 
     
3,000 
 
Total Mississippi 
   
3,122,665 
   
Missouri – 0.6% 
     
1,000 
 
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior 
2/14 at 100.00 
N/R 
1,001,680 
   
Services – Heisinger Project, Series 2004, 5.500%, 2/01/35 
     
640 
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village 
9/17 at 100.00 
N/R 
646,694 
   
of West County, Series 2007A, 5.375%, 9/01/21 
     
1,640 
 
Total Missouri 
   
1,648,374 
   
Nebraska – 1.8% 
     
5,000 
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 
2/17 at 100.00 
Aa1 
5,249,999 
   
5.000%, 2/01/43 
     
 
 
42 Nuveen Investments
 
 
 
 

 
 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Nevada – 0.7% 
     
$ 2,000 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
Aa3 
$ 2,081,980 
   
International Airport, Series 2010A, 5.000%, 7/01/30 
     
   
New Jersey – 0.8% 
     
355 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
3/11 at 100.50 
B
349,792 
   
Airlines Inc., Series 1999, 6.250%, 9/15/29 (Alternative Minimum Tax) 
     
1,750 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 
12/19 at 100.00 
AA 
1,803,410 
   
5.000%, 12/01/26 
     
2,105 
 
Total New Jersey 
   
2,153,202 
   
New York – 2.6% 
     
   
Brooklyn Areba 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– 
1,180,311 
1,225 
 
6.250%, 7/15/40 
No Opt. Call 
BBB– 
1,330,215 
2,000 
 
6.375%, 7/15/43 
No Opt. Call 
BBB– 
2,179,860 
2,500 
 
New York City Industrial Development Agency, New York, American Airlines-JFK International 
8/16 at 101.00 
B– 
2,658,800 
   
Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) 
     
6,825 
 
Total New York 
   
7,349,186 
   
North Carolina – 2.1% 
     
3,485 
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University 
6/19 at 100.00 
AA 
3,638,166 
   
Health System, Series 2009A, 5.000%, 6/01/42 
     
2,000 
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University 
6/19 at 100.00 
AA 
2,439,500 
   
Health System, Tender Option Bond Trust 11808, 21.518%, 6/01/35 (IF) 
     
5,485 
 
Total North Carolina 
   
6,077,666 
   
Ohio – 6.4% 
     
150 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Healthcare Partners, Series 
6/20 at 100.00 
AA– 
152,277 
   
2010A, 5.000%, 6/01/38 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
3,000 
 
5.750%, 6/01/34 
6/17 at 100.00 
BBB 
2,392,440 
3,500 
 
6.500%, 6/01/47 
6/17 at 100.00 
BBB 
2,940,945 
3,000 
 
5.875%, 6/01/47 
6/17 at 100.00 
BBB 
2,295,780 
1,000 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.750%, 
11/20 at 100.00 
BBB+ 
1,005,280 
   
11/01/40 (WI/DD, Settling 11/04/10) 
     
760 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB 
778,156 
   
Services, Improvement Series 2010A, 5.625%, 7/01/26 
     
2,000 
 
Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Series 2009, 
4/19 at 100.00 
A
2,064,840 
   
5.375%, 4/01/34 
     
1,000 
 
Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, 
4/20 at 100.00 
BBB– 
1,026,630 
   
Refunding & improvement Series 2010, 6.375%, 4/01/30 
     
1,200 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation 
No Opt. Call 
BBB– 
1,304,700 
   
Project, Series 2009E, 5.625%, 10/01/19 
     
1,970 
 
Ohio Housing Finance Agency, Residential Mortgage Revenue Bonds, Mortgage-Backed Securities 
9/18 at 100.00 
Aaa 
2,331,200 
   
Program, Tender Option Bond Trust 09-35W, 21.264%, 3/01/40 (IF) 
     
500 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
1/14 at 100.00 
Aa2 
518,485 
   
Obligated Group, Series 2009B, 5.500%, 1/01/34 
     
1,000 
 
Ohio State, Hospital Facility Revenue Refunding Bonds, Cleveland Clinic Health System 
No Opt. Call 
Aa2 
1,318,960 
   
Obligated Group, Tender Option Bond Trust 3591, 19.862%, 1/01/17 (IF) 
     
19,080 
 
Total Ohio 
   
18,129,693 
   
Oklahoma – 0.4% 
     
1,155 
 
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1992, 
1/11 at 100.00 
B– 
1,155,543 
   
7.350%, 12/01/11 
     
 
 
Nuveen Investments 43
 
 
 
 

 

   
 
Nuveen Enhanced Municipal Value Fund (continued) 
NEV 
Portfolio of Investments October 31, 2010 
 
           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Oregon – 0.7% 
     
$    185 
 
Oregon, Economic Development Revenue Bonds, Georgia Pacific Corp., Series 1995CLVII, 6.350%, 
1/11 at 100.00 
BBB– 
$   184,991 
   
8/01/25 (Alternative Minimum Tax) 
     
370 
 
Oregon, Economic Development Revenue Refunding Bonds, Georgia Pacific Corp., Series 1997-183, 
1/11 at 100.00 
Ba3 
368,350 
   
5.700%, 12/01/25 
     
1,500 
 
Port Astoria, Oregon, Pollution Control Revenue Bonds, James River Project, Series 1993, 
1/11 at 100.00 
BBB– 
1,501,140 
   
6.550%, 2/01/15 
     
2,055 
 
Total Oregon 
   
2,054,481 
   
Pennsylvania – 6.3% 
     
1,000 
 
Allegheny Country Industrial Development Authority, Allegheny County, Pennsylvania, 
No Opt. Call 
BB 
1,104,280 
   
Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding 
     
   
Series 2009, 6.750%, 11/01/24 
     
1,335 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley 
4/15 at 100.00 
Ba2 
1,149,582 
   
General Hospital, Series 2005A, 5.125%, 4/01/35 
     
1,500 
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R 
1,585,155 
   
Ministries Project, Series 2009, 6.125%, 1/01/29 
     
2,000 
 
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, 
12/19 at 100.00 
N/R 
2,034,720 
   
Series 2009, 7.750%, 12/15/27 
     
   
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage 
     
   
Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B: 
     
1,125 
 
17.530%, 8/01/38 (IF) 
8/20 at 100.00 
AA 
1,402,673 
255 
 
19.040%, 8/01/38 (IF) 
8/20 at 100.00 
AA 
313,132 
25 
 
Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds, 
2/13 at 102.00 
N/R 
25,260 
   
NHS Youth Services Inc., Series 2002, 7.500%, 2/15/29 
     
1,000 
 
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG 
12/10 at 101.00 
B+ 
973,680 
   
Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 
     
1,000 
 
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, 
1/20 at 100.00 
Baa3 
1,083,330 
   
Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 
     
1,200 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
7/20 at 100.00 
BBB– 
1,248,528 
   
Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 
     
525 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2010-110A, 
10/19 at 100.00 
AA+ 
532,613 
   
4.750%, 10/01/25 
     
4,000 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond 
4/19 at 100.00 
AA+ 
4,239,360 
   
Trust 4657, 15.732%, 10/01/29 (IF) (4) 
     
3,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 
12/27 at 100.00 
A– 
2,261,940 
   
0.000%, 12/01/30 
     
17,965 
 
Total Pennsylvania 
   
17,954,253 
   
Puerto Rico – 0.4% 
     
1,000 
 
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 
No Opt. Call 
A3 
1,084,430 
   
5.500%, 7/01/27 – AMBAC Insured 
     
   
Tennessee – 1.0% 
     
1,000 
 
Maury County Industrial Development Board, Tennessee, Multi-Modal Interchangeable Rate 
3/11 at 100.00 
C
995,920 
   
Pollution Control Revenue Refunding Bonds, Saturn Corporation, Series 1994, 6.500%, 9/01/24 
     
500 
 
Memphis Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing 
12/20 at 100.00 
A– 
499,975 
   
Revenue Bonds, Goodwill Village Apartments, Series 2010A, 5.500%, 12/01/30 
     
50 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/24 
No Opt. Call 
BB+ 
51,690 
1,000 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26 
No Opt. Call 
N/R 
1,014,080 
155 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24 
No Opt. Call 
A
160,157 
2,705 
 
Total Tennessee 
   
2,721,822 
   
Texas – 3.8% 
     
3,000 
 
La Vernia Higher Education Financing Corporation, Texas, Charter School Revenue Bonds, Kipp 
8/19 at 100.00 
BBB 
3,180,690 
   
Inc., Series 2009A, 6.250%, 8/15/39 
     
500 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
No Opt. Call 
CCC 
475,225 
   
Company, Series 2001C, 5.750%, 5/01/36 (Mandatory put 11/01/11) (Alternative Minimum Tax) 
     
 
 
44 Nuveen Investments
 
 
 
 
 

 

           
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Texas (continued) 
     
$       255 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. – 
1/11 at 100.00 
B3 
$    249,115 
   
Airport Improvement Project, Series 1997C, 6.125%, 7/15/27 (Alternative Minimum Tax) 
     
1,250 
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC 
No Opt. Call 
CCC 
1,188,063 
   
Project, Series 2001B, 5.750%, 5/01/30 (Mandatory put 11/01/11) (Alternative Minimum Tax) 
     
1,000 
 
Tarrant County Cultural and Educational Facilities Finance Corporation, Texas, Retirement 
11/11 at 100.00 
N/R 
1,004,550 
   
Facility Revenue Bonds, C.C. Young Memorial Home Project, Series 2009-B2, 6.500%, 2/15/14 
     
455 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
A
512,021 
   
Lien Series 2008D, 6.250%, 12/15/26 
     
810 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE 
12/19 at 100.00 
Baa2 
881,985 
   
Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 
     
   
6.875%, 12/31/39 
     
1,000 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ 
6/20 at 100.00 
Baa3 
1,097,070 
   
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34 
     
1,500 
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public 
8/17 at 100.00 
BBB 
1,385,520 
   
School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured 
     
5,000 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, Second Tier Series 
8/12 at 22.71 
BBB+ 
922,050 
   
2002, 0.000%, 8/15/37 – AMBAC Insured 
     
14,770 
 
Total Texas 
   
10,896,289 
   
Utah – 1.4% 
     
2,400 
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Tender Option Bonds Trust 
8/19 at 100.00 
AA+ 
2,910,720 
   
3602, 22.102%, 2/15/35 (IF) 
     
1,000 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
7/20 at 100.00 
BBB– 
1,024,000 
   
School, Series 2010A, 6.250%, 7/15/30 
     
3,400 
 
Total Utah 
   
3,934,720 
   
Virgin Islands – 0.1% 
     
250 
 
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate 
10/19 at 100.00 
Baa3 
264,303 
   
Lien Series 2009A, 6.000%, 10/01/39 
     
   
Virginia – 1.2% 
     
105 
 
Bedford County Industrial Development Authority, Virginia, Industrial Development Revenue 
12/10 at 100.50 
Ba3 
105,123 
   
Refunding Bonds, Nekoosa Packaging Corporation, Series 1999, 6.300%, 12/01/25 (Alternative 
     
   
Minimum Tax) 
     
2,000 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
6/17 at 100.00 
BBB 
1,411,660 
   
Series 2007B1, 5.000%, 6/01/47 
     
1,640 
 
Virginia State Housing Development Authority, Rental Housing Revenue Bonds, Tender Option 
No Opt. Call 
AA+ 
1,848,772 
   
Bonds Trust 11799, 20.624%, 4/01/17 (IF) 
     
3,745 
 
Total Virginia 
   
3,365,555 
   
Washington – 1.5% 
     
2,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A
2,104,680 
   
Research Center, Series 2009A, 6.000%, 1/01/33 
     
2,000 
 
Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, 
10/19 at 100.00 
Baa1 
2,048,500 
   
Series 2009, 5.625%, 10/01/40 
     
4,000 
 
Total Washington 
   
4,153,180 
   
West Virginia – 0.2% 
     
585 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., 
10/18 at 100.00 
N/R 
581,233 
   
Series 2008, 6.500%, 10/01/38 
     
   
Wisconsin – 3.5% 
     
1,225 
 
Milwaukee Redevelopment Authority, Wisconsin, Schlitz Park Mortgage Revenue Refunding Bonds, 
1/11 at 100.00 
N/R 
1,212,297 
   
Series 1998A, 5.500%, 1/01/17 (Alternative Minimum Tax) 
     
1,670 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Tender 
No Opt. Call 
Aa1 
2,121,885 
   
Option Bond Trust Series 2010- 3158, 25.657%, 1/15/17 (IF) 
     
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 
6/15 at 100.00 
Baa2 
1,048,970 
   
2010A, 6.000%, 6/01/30 
     
 
 
Nuveen Investments 45
 
 
 
 

 

   
 
Nuveen Enhanced Municipal Value Fund (continued) 
NEV 
Portfolio of Investments October 31, 2010 
 
           
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, 
4/20 at 100.00 
N/R 
$ 489,640 
   
Inc., Series 2010B, 5.000%, 4/01/30 
     
   
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community 
     
   
Health, Inc. Obligated Group, Tender Option Bond Trust 3592: 
     
1,000 
 
21.843%, 4/01/17 (IF) 
No Opt. Call 
AA– 
1,173,450 
1,000 
 
23.094%, 4/01/17 (IF) 
No Opt. Call 
AA– 
1,274,650 
2,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/16 at 100.00 
BBB+ 
2,048,980 
   
Healthcare System, Series 2006, 5.250%, 8/15/21 
     
500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan 
8/16 at 100.00 
BBB+ 
481,015 
   
Services Inc., Series 2006B, 5.125%, 8/15/30 
     
8,895 
 
Total Wisconsin 
   
9,850,887 
$ 280,169 
 
Total Investments (cost $267,650,483) – 98.6% 
   
280,818,487 
   
Other Assets Less Liabilities – 1.4% 
   
3,863,482 
   
Net Assets – 100% 
   
$ 284,681,969 
 
 
 
                 
Investments in Derivatives 
             
Forward Swaps outstanding at October 31, 2010: 
             
   
Fund 
   
Fixed Rate 
   
Unrealized 
 
Notional 
Pay/Receive 
Floating Rate 
Fixed Rate 
Payment 
Effective 
Termination 
Appreciation 
Counterparty 
Amount 
Floating Rate 
Index 
(Annualized) 
Frequency 
Date (6) 
Date 
(Depreciation) 
Barclays Bank PLC 
$5,000,000 
Receive 
3-Month USD-LIBOR 
4.705% 
Semi-Annually 
2/11/11 
2/11/40 
$ (926,346)
JPMorgan Chase & Company 
3,000,000 
Receive 
3-Month USD-LIBOR 
4.758    
Semi-Annually 
1/14/11 
1/14/40 
(594,831)
Morgan Stanley 
3,250,000 
Receive 
3-Month USD-LIBOR 
4.698    
Semi-Annually 
1/28/11 
1/28/40 
(602,985)
               
$(2,124,162)
 
 
(1)
All percentages shown in the Portfolio of Investments are based on net assets.
 
(2)
Optional Call Provisions (not covered by the report of independent registered public accounting firm): Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns.
 
(3)
Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investor 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)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions.
 
(5)
For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information.
 
(6)
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.
 
WI/DD
Purchased on a when-issued or delayed delivery basis.
 
(IF)
Inverse floating rate investment.
 
USD-LIBOR
United States Dollar-London Inter-Bank Offered Rate.
 
 
See accompanying notes to financial statements.
 
 
46 Nuveen Investments
 

 
 
 

 

                         
Statement of 
                       
Assets & Liabilities
           
October 31, 2010
       
                Enhanced  
           Municipal      Municipal     Municipal  
   
Municipal Value
   
 Value 2
   
 Income
   
 Value
 
   
(NUV)
   
(NUW)
   
(NMI)
   
(NEV)
 
Assets 
                       
Investments, at value (cost $1,891,176,876, $180,101,427, $85,976,152 
                       
and $267,650,483, respectively) 
  $ 1,957,938,961     $ 212,491,997     $ 90,459,519     $ 280,818,487  
Cash 
    2,320,432       473,094       311,435       2,662,926  
Receivables: 
                               
Interest 
    29,424,895       4,078,754       1,572,891       6,466,182  
Investments sold 
    563,440             420,000        
Other assets 
    437,362       2,521       2,254       3,418  
Total assets 
    1,990,685,090       217,046,366       92,766,099       289,951,013  
Liabilities 
                               
Floating rate obligations 
    38,250,000             3,335,000        
Unrealized depreciation on forward swaps 
                      2,124,162  
Payables: 
                               
Dividends 
    6,445,572       740,668       335,672       1,341,183  
Interest 
                      38,219  
Investments purchased 
                      1,484,755  
Accrued expenses: 
                               
Management fees 
    856,694       117,753       48,018       226,363  
Other 
    1,038,377       42,084       38,949       54,362  
Total liabilities 
    46,590,643       900,505       3,757,639       5,269,044  
Net assets 
  $ 1,944,094,447     $ 216,145,861     $ 89,008,460     $ 284,681,969  
Shares outstanding 
    197,881,125       12,829,838       8,213,659       19,256,862  
Net asset value per share outstanding 
  $ 9.82     $ 16.85     $ 10.84     $ 14.78  
Net assets consist of: 
                               
Shares, $.01 par value per share 
  $ 1,978,811     $ 128,298     $ 82,137     $ 192,569  
Paid-in surplus 
    1,865,044,485       183,623,605       91,856,091       275,084,547  
Undistributed (Over-distribution of) net investment income 
    10,460,022       (280,802 )      922,772       1,307,825  
Accumulated net realized gain (loss) 
    (150,956 )      284,190       (8,335,907 )      (2,946,814 ) 
Net unrealized appreciation (depreciation) 
    66,762,085       32,390,570       4,483,367       11,043,842  
Net assets 
  $ 1,944,094,447     $ 216,145,861     $ 89,008,460     $ 284,681,969  
Authorized shares 
    350,000,000    
Unlimited
      200,000,000    
Unlimited
 
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 47
 
 
 
 

 
 

                         
Statement of 
                       
Operations 
             Year Ended October 31, 2010        
           
Enhanced
 
           Municipal      Municipal    
Municipal
 
   
Municipal Value
   
 Value 2
   
 Income
   
 Value
 
   
(NUV)
   
(NUW)
   
(NMI)
   
(NEV)
 
Investment Income 
  $ 108,095,258     $ 13,029,325     $ 5,418,586     $ 21,069,374  
Expenses 
                               
Management fees 
    10,156,707       1,313,968       554,064       2,640,745  
Shareholders’ servicing agent fees and expenses 
    335,949       298       17,872       224  
Interest expense 
    185,252             14,722       109,704  
Custodian’s fees and expenses 
    311,503       38,326       22,867       57,066  
Directors’/Trustees’ fees and expenses 
    46,594       5,079       2,119       9,225  
Professional fees 
    257,031       23,816       13,557       43,929  
Shareholders’ reports – printing and mailing expenses 
    230,031       34,064       24,103       28,854  
Stock exchange listing fees 
    70,381       7,831       9,238       7,570  
Other expenses 
    71,552       22,145       6,864       20,691  
Total expenses before custodian fee credit 
    11,665,000       1,445,527       665,406       2,918,008  
Custodian fee credit 
    (10,649 )      (1,256 )      (1,279 )      (5,261 ) 
Net expenses 
    11,654,351       1,444,271       664,127       2,912,747  
Net investment income 
    96,440,907       11,585,054       4,754,459       18,156,627  
Realized and Unrealized Gain (Loss) 
                               
Net realized gain (loss) from: 
                               
Investments 
    3,976,235       284,334       55,664       (2,117,482 ) 
Forward swaps 
                      (858,333 ) 
Change in net unrealized appreciation (depreciation) of: 
                               
Investments 
    55,534,861       7,974,062       3,560,727       23,896,826  
Forward swaps 
                      (2,124,162 ) 
Net realized and unrealized gain (loss) 
    59,511,096       8,258,396       3,616,391       18,796,849  
Net increase (decrease) in net assets from operations 
  $ 155,952,003     $ 19,843,450     $ 8,370,850     $ 36,953,476  
 
 
See accompanying notes to financial statements.
 
48      Nuveen Investments
 
 
 

 

                         
Statement of 
                       
Changes in Net Assets
             
   
Municipal Value (NUV)
   
Municipal Value 2 (NUW)
 
                     
For the
 
                     
Period 2/25/09
 
                     
(commencement
 
   
Year Ended
   
Year Ended
   
Year Ended
   
of operations)
 
   
10/31/10
   
10/31/09
   
10/31/10
   
through 10/31/09
 
Operations 
                       
Net investment income 
  $ 96,440,907     $ 96,541,783     $ 11,585,054     $ 6,262,135  
Net realized gain (loss) from: 
                               
Investments 
    3,976,235       29,365       284,334       123,012  
Forward swaps 
                       
Futures contracts 
                       
Change in net unrealized appreciation (depreciation) of: 
                               
Investments 
    55,534,861       173,519,317       7,974,062       24,416,508  
Forward swaps 
                       
Futures contracts 
                       
Net increase (decrease) in net assets from operations 
    155,952,003       270,090,465       19,843,450       30,801,655  
Distributions to Shareholders 
                               
From net investment income 
    (92,765,935 )      (92,292,691 )      (11,478,612 )      (6,649,379 ) 
From accumulated net realized gains 
    (1,004,873 )            (123,156 )       
Decrease in net assets from distributions to shareholders 
    (93,770,808 )      (92,292,691 )      (11,601,768 )      (6,649,379 ) 
Capital Share Transactions 
                               
Proceeds from sale of shares, net of offering costs 
                      180,117,000  
Net proceeds from shares issued 
                               
to shareholders due to 
                               
reinvestment of distributions 
    9,881,917       9,815,879       2,195,521       1,339,107  
Net increase (decrease) in net assets 
                               
from capital share transactions 
    9,881,917       9,815,879       2,195,521       181,456,107  
Net increase (decrease) in net assets 
    72,063,112       187,613,653       10,437,203       205,608,383  
Net assets at the beginning of period 
    1,872,031,335       1,684,417,682       205,708,658       100,275  
Net assets at the end of period 
  $ 1,944,094,447     $ 1,872,031,335     $ 216,145,861     $ 205,708,658  
Undistributed (Over-distribution of) 
                               
net investment income at the end of period 
  $ 10,460,022     $ 6,984,529     $ (280,802 )    $ (387,244 ) 
 
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 49
 
 
 
 
 

 

                         
Statement of 
                       
Changes in Net Assets (continued) 
                       
               
Enhanced Municipal
 
   
Municipal Income (NMI)
   
Value (NEV)
 
                     
For the
 
                     
Period 9/25/09
 
                     
(commencement
 
   
Year Ended
   
Year Ended
   
Year Ended
   
of operations)
 
   
10/31/10
   
10/31/09
   
10/31/10
   
through 10/31/09
 
Operations 
                       
Net investment income 
  $ 4,754,459     $ 4,646,271     $ 18,156,627     $ 718,295  
Net realized gain (loss) from: 
                               
Investments 
    55,664       (587,919 )      (2,117,482 )      17,480  
Forward swaps 
                (858,333 )       
Futures contracts 
          196,281              
Change in net unrealized appreciation (depreciation) of: 
                               
Investments 
    3,560,727       8,919,687       23,896,826       (10,728,822 ) 
Forward swaps 
                (2,124,162 )       
Futures contracts 
          100,144              
Net increase (decrease) in net assets from operations 
    8,370,850       13,274,464       36,953,476       (9,993,047 ) 
Distributions to Shareholders 
                               
From net investment income 
    (4,643,516 )      (4,316,357 )      (17,538,148 )       
From accumulated net realized gains 
                (17,298 )       
Decrease in net assets from distributions to shareholders 
    (4,643,516 )      (4,316,357 )      (17,555,446 )       
Capital Share Transactions 
                               
Proceeds from sale of shares, net of offering costs 
                20,013,000       254,451,000  
Net proceeds from shares issued 
                               
to shareholders due to 
                               
reinvestment of distributions 
    398,065       371,854       712,711        
Net increase (decrease) in net assets 
                               
from capital share transactions 
    398,065       371,854       20,725,711       254,451,000  
Net increase (decrease) in net assets 
    4,125,399       9,329,961       40,123,741       244,457,953  
Net assets at the beginning of period 
    84,883,061       75,553,100       244,558,228       100,275  
Net assets at the end of period 
  $ 89,008,460     $ 84,883,061     $ 284,681,969     $ 244,558,228  
Undistributed (Over-distribution of) 
                               
net investment income at the end of period 
  $ 922,772     $ 823,990     $ 1,307,825     $ 718,295  
 
 
See accompanying notes to financial statements.
 
 
50 Nuveen Investments
 
 
 
 

 
 

 
Notes to
 
 
Financial Statements
 
 
1. General Information and Significant Accounting Policies
 
 
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are Nuveen Municipal Value Fund, Inc. (NUV), Nuveen Municipal Value Fund 2 (NUW), Nuveen Municipal Income Fund, Inc. (NMI) and Nuveen Enhanced Municipal Value Fund (NEV) (collectively, the “Funds”). The Funds are registered under the Investment Company Act of 1940, as amended, as closed-end, registered investment companies.
 
 
Prior to the commencement of operations, Municipal Value 2 (NUW) and Enhanced Municipal Value (NEV) had no operations other than those related to organizational matters, the initial capital contribution for each Fund of $100,275 by Nuveen Asset Management (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), and the recording of each Fund’s organization expense ($15,000 for each Fund) and their reimbursement by Nuveen Investments, LLC, also a wholly-owned subsidiary of Nuveen.
 
 
Each Fund’s primary investment objective is to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
 
 
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
 
 
Investment Valuation
Prices of municipal bonds and forward swap contracts are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2. When price quotes are not readily available (which is usually the case for municipal bonds) the pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information provided by the Adviser in establishing a fair valuation for the security. These securities are generally classified as Level 2 or Level 3, depending on the priority of the significant inputs.
 
 
Futures contracts are valued using the closing settlement price or, in the absence of such a price, at the mean of the bid and ask prices. Futures contracts are generally classified as Level 1.
 
 
Temporary investments in securities that have variable rate and demand features qualifying them as short-term investments are valued at amortized cost, which approximates market value. These securities are generally classified as Level 1 or Level 2, which is usually the case for municipal bonds.
 
 
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
 
 
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
 
 
Nuveen Investments 51
 
 
 
 

 
 

 
Notes to
 
Financial Statements (continued)
 
 
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to segregate assets with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. At October 31, 2010, Enhanced Municipal Value (NEV) had outstanding when-issued/delayed delivery purchase commitments of $1,484,755. There were no such outstanding purchase commitments in any of the other Funds.
 
 
Investment Income
Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
 
 
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders.
 
 
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
 
 
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
 
 
Dividends and Distributions to Shareholders
Dividends from tax-exempt net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
 
 
Distributions to shareholders of tax-exempt net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
 
 
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
 
 
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of
 
 
52 Nuveen Investments
 
 
 

 

 
the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense on the Statement of Operations.
 
 
During the fiscal year ended October 31, 2010, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
 
 
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
 
         
At October 31, 2010, each Fund’s maximum exposure to externally-deposited Recourse Trusts is as follows: 
     
       
Enhanced 
 
Municipal 
Municipal 
Municipal 
Municipal 
 
Value (NUV) 
Value 2 (NUW) 
Income (NMI) 
Value (NEV) 
Maximum exposure to Recourse Trusts 
$7,500,000 
$23,665,000 
$3,485,000 
$129,860,000 
 
 
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the fiscal year ended October 31, 2010, were as follows:
 
     
 
Municipal 
Municipal 
 
Value (NUV) 
Income (NMI) 
Average floating rate obligations outstanding 
$38,250,000 
$3,335,000 
Average annual interest rate and fees 
0.48% 
0.44% 
 
 
Forward Swap Contracts
Each Fund is authorized to enter into forward interest rate swap contracts consistent with its investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).
 
 
Each Fund’s use of forward interest rate swap transactions is intended to help a Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align a Fund’s interest rate sensitivity with that of the broader market. Forward interest rate swap transactions involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). The value of a Fund’s swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap’s termination date increases or decreases. Forward interest rate swap contracts are valued daily. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on forward swaps” with the change during the fiscal period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of forward swaps.”
 
 
Each Fund may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the fiscal period are recognized on the Statement of Operations as a component of “Net realized gain (loss) from forward swaps.” Each Fund intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination.
 
 
The following Fund invested in forward interest rate swap transactions during the fiscal year ended October 31, 2010. The average notional amount of forward interest rate swap contracts outstanding during the fiscal year ended October 31, 2010, was as follows:
 
   
 
Enhanced 
 
Municipal 
 
Value (NEV) 
Average notional amount of forward interest rate swap contracts outstanding* 
$10,450,000 
 
 
* 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.
 
 
Refer to Footnote 3 — Derivative Instruments and Hedging Activities for further details on forward interest rate swap contract activity.
 
 
Nuveen Investments 53
 
 
 
 

 
 

 
Notes to
Financial Statements (continued)
 
 
Futures Contracts
Each Fund is authorized to invest in futures contracts. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities, when applicable.
 
 
During the period the futures contract is open, changes in the value of the contract are recorded as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract and is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.
 
 
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices. The Funds did not enter into futures contracts during the fiscal year ended October 31, 2010.
 
 
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
 
 
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
 
 
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
 
 
Organization and Offering Costs
Nuveen Investments, LLC has agreed to reimburse all organization expenses ($15,000 for each Fund) and pay all offering costs (other than the sales load) that exceed $.03 per share of each Municipal Value 2’s (NUW) and Enhanced Municipal Value’s (NEV) shares. Municipal Value 2’s (NUW) and Enhanced Municipal Value’s (NEV) share offering costs ($378,000 and $576,000, respectively) were recorded as reductions of the proceeds from each Fund’s sale of shares.
 
 
Custodian Fee Credit
Each Fund has an arrangement with the custodian bank whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Such deposit arrangements are an alternative to overnight investments. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the custodian bank.
 
 
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be
 
 
54 Nuveen Investments
 
 
 
 

 

 
made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
 
 
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
 
 
2. Fair Value Measurements
 
 
In determining the fair value of each Fund’s investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
 
Level 1 – Quoted prices in active markets for identical securities.
 
 
Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
 
Level 3 – Significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
 
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of October 31, 2010:
 
                         
Municipal Value (NUV) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                       
Municipal Bonds 
  $     $ 1,957,938,961     $     $ 1,957,938,961  
                                 
Municipal Value 2 (NUW) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 212,491,997     $     $ 212,491,997  
                                  
Municipal Income (NMI) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 90,433,498     $ 26,021     $ 90,459,519  
                                 
Enhanced Municipal Value (NEV) 
 
Level 1
   
Level 2
   
Level 3
   
Total
 
Investments: 
                               
Municipal Bonds 
  $     $ 280,629,252     $ 189,235     $ 280,818,487  
Derivatives: 
                               
Forward Swaps* 
          (2,124,162 )            (2,124,162 ) 
Total 
  $     $ 278,505,090     $ 189,235     $ 278,694,325  
* Represents net unrealized appreciation (depreciation).
 
 
The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period:
 
             
         
Enhanced
 
   
Municipal
   
Municipal
 
   
Income (NMI)
   
Value (NEV)
 
   
Level 3
   
Level 3
 
      Municipal     Municipal  
        Bonds    
Bonds
 
Balance at the beginning of year 
  $     $  
Gains (losses): 
               
Net realized gains (losses) 
           
Net change in unrealized appreciation (depreciation) 
           
Net purchases at cost (sales at proceeds) 
           
Net discounts (premiums) 
           
Net transfers in to (out of) at end of year fair value 
    26,021       189,235  
Balance at the end of year 
  $ 26,021     $ 189,235  
 
 
“Change in net unrealized appreciation (depreciation) of investments” presented on the Statement of Operations includes net unrealized appreciation (depreciation) related to securities classified as Level 3 at year end as follows:
 
     
   
Enhanced 
 
Municipal 
Municipal 
 
Income 
Value 
 
(NMI) 
(NEV) 
Level 3 net unrealized appreciation (depreciation) 
$254,805 
$(28,410) 
 
 
Nuveen Investments 55
 
 
 
 

 
 

 
Notes to
Financial Statements (continued)
 
 
3. Derivative Instruments and Hedging Activities
 
 
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 - General Information and Significant Accounting Policies.
 
 
The following table presents the fair value of all derivative instruments held by the Funds as of October 31, 2010, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure. Enhanced Municipal Value (NEV) invested in derivative instruments during the fiscal year ended October 31, 2010.
 
             
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 appreciation 
   
Unrealized depreciation 
 
   
on forward swaps* 
$ — 
 
on forward swaps* 
$2,124,162 
* Represents cumulative unrealized appreciation (depreciation) of swap contracts as reported in the Portfolio of Investments.
 
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended October 31, 2010, on derivative instruments, as well as the primary risk exposure associated with each.
 
   
 
Enhanced
Municipal
Value
Net Realized Gain (Loss) from Forward Swaps
(NEV)
Risk Exposure 
 
Interest Rate 
$(858,333)
 
Enhanced
Municipal
Value
Change in Net Unrealized Appreciation (Depreciation) of Forward Swaps
(NEV)
Risk Exposure 
 
Interest Rate 
$(2,124,162)
 
 
4. Fund Shares
The Funds did not repurchase and retire any of their outstanding shares during the fiscal years ended October 31, 2010, and October 31, 2009.
 
           
Transactions in shares were as follows: 
         
 
Municipal Value (NUV) 
 
Municipal Value 2 (NUW) 
         
For the 
         
Period 2/25/09 
         
(commencement 
 
Year 
Year 
 
Year 
of operations) 
 
Ended 
Ended 
 
Ended 
through 
 
10/31/10 
10/31/09 
 
10/31/10 
10/31/09 
Shares sold 
 
12,600,000 
Shares issued to shareholders 
         
due to reinvestment of distributions 
1,023,405 
1,101,278 
 
133,359 
89,479 
           
       
Enhanced Municipal 
 
Municipal Income (NMI) 
 
Value (NEV) 
         
For the 
         
Period 9/25/09 
         
(commencement 
 
Year 
Year 
 
Year 
of operations) 
 
Ended 
Ended 
 
Ended 
through 
 
10/31/10 
10/31/09 
 
10/31/10 
10/31/09 
Shares sold 
 
1,400,000 
17,800,000 
Shares issued to shareholders 
         
due to reinvestment of distributions 
37,308 
38,222 
 
49,862 
 
 
56 Nuveen Investments
 
 
 
 

 
 

 
5. Investment Transactions
 
Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the fiscal year ended October 31, 2010, were as follows:
 
         
       
Enhanced 
 
Municipal 
Municipal 
Municipal 
Municipal 
 
Value (NUV) 
Value 2 (NUW) 
Income (NMI) 
Value (NEV) 
Purchases 
$161,525,642 
$8,470,205 
$12,497,890 
$126,342,808 
Sales and maturities 
157,843,672 
8,734,044 
12,312,991 
73,690,633 
 
 
6. Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investments transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
 
 
At October 31, 2010, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:
 
         
       
Enhanced 
 
Municipal 
Municipal 
Municipal 
Municipal 
 
Value (NUV) 
Value 2 (NUW) 
Income (NMI) 
Value (NEV) 
Cost of investments 
$1,851,796,094 
$179,680,682 
$82,505,412 
$267,472,278 
Gross unrealized: 
       
Appreciation 
$  142,490,705 
$ 32,811,315 
$ 5,719,186 
  $ 15,151,603 
Depreciation 
(74,597,764) 
(1,100,543) 
(1,805,394) 
Net unrealized appreciation (depreciation) of investments 
$    67,892,941 
$ 32,811,315 
$ 4,618,643 
$ 13,346,209 
Permanent differences, primarily due to federal taxes paid, taxable market discount and distribution character reclassifications, resulted in 
 
reclassifications among the Funds’ components of net assets at October 31, 2010, the Funds’ tax year end, as follows: 
   
       
Enhanced 
 
Municipal 
Municipal 
Municipal 
Municipal 
 
Value 
Value 2 
Income 
Value 
 
(NUV) 
(NUW) 
(NMI) 
(NEV) 
Paid-in-surplus 
$          — 
$ — 
$    2,467 
$      130 
Undistributed (Over-distribution of) net investment income 
(199,479) 
(12,161) 
(28,949) 
Accumulated net realized gain (loss) 
199,479 
9,694 
28,819 
 
 
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains at October 31, 2010, the Funds’ tax year end, were as follows:
 
         
       
Enhanced 
 
Municipal 
Municipal 
Municipal 
Municipal 
 
Value 
Value 2 
Income 
Value 
 
(NUV) 
(NUW) 
(NMI) 
(NEV) 
Undistributed net tax-exempt income * 
$12,606,689 
$257,771 
$1,139,619 
$2,585,881 
Undistributed net ordinary income ** 
131,734 
39,004 
38,025 
7,258 
Undistributed net long-term capital gains 
4,157,153 
248,104 
 
*     
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2010, paid on November 1, 2010.
**     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
 
Nuveen Investments 57
 
 
 
 

 
 
 
Notes to
Financial Statements (continued)
 
 
The tax character of distributions paid during the Funds’ tax years ended October 31, 2010, and October 31, 2009, was designated for purposes of the dividends paid deduction as follows:
 
         
       
Enhanced 
 
Municipal 
Municipal 
Municipal 
Municipal 
 
Value 
Value 2 
Income 
Value 
2010 
(NUV) 
(NUW) 
(NMI) 
(NEV) 
Distributions from net tax-exempt income *** 
$92,351,671 
$11,468,610 
$4,637,655 
$16,074,626 
Distributions from net ordinary income ** 
374,351 
123,156 
17,298 
Distributions from net long-term capital gains **** 
1,004,873 
       
Enhanced 
 
Municipal 
Municipal 
Municipal 
Municipal 
 
Value 
Value 2 
Income 
Value 
2009 
(NUV) 
(NUW)***** 
(NMI) 
(NEV)****** 
Distributions from net tax-exempt income 
$91,855,449 
$5,697,143 
$4,273,870 
$ — 
Distributions from net ordinary income ** 
394,292 
Distributions from net long-term capital gains 
 
**     
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
***     
The Funds hereby designate these amounts paid during the fiscal year ended October 31, 2010, as Exempt Interest Dividends.
****     
The Funds designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852 (b)(3), the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2010.
*****     
For the period February 25, 2009 (commencement of operations) through October 31, 2009.
******     
For the period September 25, 2009 (commencement of operations) through October 31, 2009.
 
At October 31, 2010, the Funds’ tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
 
     
   
Enhanced 
 
Municipal 
Municipal 
 
Income 
Value 
 
(NMI) 
(NEV) 
Expiration: 
   
October 31, 2011 
$6,799,386 
$            — 
October 31, 2012 
916,759 
October 31, 2013 
165,764 
October 31, 2016 
164,175 
October 31, 2017 
289,822 
October 31, 2018 
$2,946,811 
Total 
$8,335,906 
$2,946,811 
 
 
During the tax year ended October 31, 2010, the following Fund utilized its capital loss carryforwards as follows:
 
 
   
 
Municipal 
 
Income 
 
(NMI) 
Utilized capital loss carryforwards 
$65,358 
 
 
7. Management Fees and Other Transactions with Affiliates
 
 
Each Fund’s management fee is separated into two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
 
58 Nuveen Investments
 
 
 
 

 
 
 

   
The annual fund-level fee for Municipal Value (NUV), payable monthly, is calculated according to the following schedule: 
 
 
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    
 
 
In addition, Municipal Value (NUV) pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:
 
   
 
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    
 
 
The annual fund level fee for Municipal Value 2 (NUW), Municipal Income (NMI) and Enhanced Municipal Value (NEV), payable monthly, is calculated according to the following schedules:
 
       
   
Municipal Value 2 (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  
       
   
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  
 
 
Nuveen Investments 59
 
 
 
 

 

       
Notes to 
     
Financial Statements (continued) 
     
       
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
 
     
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, with such daily managed assets defined separately for each fund in its management agreement, but excluding assets attributable to investments in other Nuveen funds. As of October 31, 2010, the complex-level fee rate was .1809%.
 
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen advised funds.
 
 
8. Borrowing Arrangements
As part of its investment strategy, Enhanced Municipal Value (NEV) uses borrowings to employ leverage. On May 18, 2010, the Fund entered into a $75 million committed 364-day unsecured line of credit (“Committed Unsecured Line”) with its custodian bank. Interest charged on the used portion of the Committed Unsecured Line is calculated at a rate per annum equal to the higher of the overnight Federal Funds rate or the overnight London Inter-bank Offered Rate (“LIBOR”) plus 1.25%. In addition, the Fund accrues a commitment fee of 0.15% per annum on the unused portion of the Committed Unsecured Line. The Fund also paid a .10% one time closing fee on the Committed Unsecured Line, which was fully expensed during the fiscal year ended October 31, 2010.
 
 
During the period May 18, 2010 through October 31, 2010, the Fund did not utilize its Committed Unsecured Line. Commitment and closing fees incurred on the Committed Unsecured Line are recognized as a component of “Interest expense” on the Statement of Operations.
 
 
9. New Accounting Standards
 
Fair Value Measurements
On January 21, 2010, the Financial Accounting Standards Board issued changes to the authoritative guidance under U.S. GAAP for fair value measurements. The objective of which is to provide guidance on how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment requires reporting entities disclose Level 3 activity for purchases, sales, issuances and settlements in the Level 3 roll-forward on a gross basis rather than as one net number. The effective date of the amendment is for interim and annual periods beginning after December 15, 2010. At this time, management is evaluating the implications of this guidance and the impact it will have to the footnote disclosures, if any.
 
 
10. Subsequent Events
 
Shelf Offering
On December 8, 2010, a registration statement filed by Municipal Value (NUV) with the Securities and Exchange Commission became effective authorizing the Fund to issue an additional 19,600,000 shares through a shelf offering. Under this shelf offering program, the Fund, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offer methods at a net price at or above the Fund’s NAV per share.
 
 
60 Nuveen Investments
 
 
 
 

 

 
Financial
 
 
Highlights
 
 
Nuveen Investments 61
 
 
 
 

 

                                                             
Financial
                                                       
Highlights
                                           
Selected data for a share outstanding throughout each period:
                         
         
Investment Operations
   
Less Distributions
                   
               
Net
                                 
Ending
       
   
Beginning
   
Net
   
Realized/
         
Net
                     
Net
   
Ending
 
   
Net Asset
   
Investment
   
Unrealized
         
Investment
   
Capital
         
Offering
   
Asset
   
Market
 
   
Value
   
Income
   
Gain (Loss)
   
Total
   
Income
   
Gains
   
Total
   
Costs
   
Value
   
Value
 
Municipal Value (NUV) 
                                                           
Year Ended 10/31: 
                                                           
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  
2007 
    10.39       .46       (.23 )      .23       (.47 )      (.03 )      (.50 )            10.12       9.49  
2006 
    10.15       .47       .26       .73       (.47 )      (.02 )      (.49 )            10.39       10.16  
Municipal Value 2 (NUW) 
                                                                               
Year Ended 10/31: 
                                                                               
2010 
    16.20       .91       .65       1.56       (.90 )      (.01 )      (.91 )            16.85       17.57  
2009(e) 
    14.33       .49       1.94       2.43       (.53 )            (.53 )      (.03 )      16.20       15.84  
Municipal Income (NMI) 
                                                                               
Year Ended 10/31: 
                                                                               
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  
2007 
    11.04       .52       (.28 )      .24       (.51 )            (.51 )            10.77       10.49  
2006 
    10.86       .53       .16       .69       (.51 )            (.51 )            11.04       10.50  
Enhanced Municipal Value (NEV) 
                                                                               
Year Ended 10/31: 
                                                                               
2010 
    13.73       .94       1.02       1.96       (.91 )      **      (.91 )      (— )**      14.78       14.56  
2009(f) 
    14.33       .04       (.61 )      (.57 )                        (.03 )      13.73       15.00  
 
 
62 Nuveen Investments
 
 
 
 

 
 

                                       
            Ratios/Supplemental Data  
Total Returns
         
Ratios to Average Net Assets(b)
       
     
Based
                               
Based
   
on
   
Ending
                         
on
   
Net
   
Net
   
Expenses
   
Expenses
   
Net
   
Portfolio
 
Market
   
Asset
   
Assets
   
Including
   
Excluding
   
Investment
   
Turnover
 
Value(a)
   
Value(a)
      (000 )   
Interest(c)(d)
   
Interest
   
Income(d)
   
Rate
 
  6.18 %      8.44 %    $ 1,944,094       .61 %      .60 %      5.05 %      8 % 
  20.68       16.51       1,872,031       .66       .64       5.49       5  
  (3.93 )      (10.51 )      1,684,418       .65       .61       4.86       16  
  (1.90 )      2.22       1,974,535       .62       .59       4.53       10  
  11.51       7.40       2,025,964       .59       .59       4.60       6  
  17.22       9.91       216,146       .69       .69       5.55       4  
  9.27       16.92       205,709       .67 *      .67 *      4.84 *      2  
  11.14       10.12       89,008       .77       .75       5.47       14  
  13.72       18.06       84,883       .81       .78       5.85       10  
  (1.01 )      (9.53 )      75,553       .86       .76       5.08       8  
  4.78       2.23       87,424       .86       .75       4.76       6  
  4.42       6.50       89,605       .76       .76       4.83       6  
  3.52       14.73       284,682       1.07       1.03       6.64       28  
        (4.15 )      244,558       1.02 *      1.02 *      3.25 *      1  
 
(a)     
Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation.
 
Total returns are not annualized.
 
Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized.
(b)     
Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable.
(c)     
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities.
(d)     
Each ratio for Enhanced Municipal Value (NEV) includes the effect of the interest expense paid on borrowings, as described in Footnote 8 – Borrowing Arrangements as follows:

   
 
Ratios of Borrowings Interest 
 
Expense to Average Net Assets 
Enhanced Municipal Value (NEV) 
 
Year Ended 10/31: 
 
2010 
.04%* 
2009(f) 
 
(e)     
For the period February 25, 2009 (commencement of operations) through October 31, 2009.
(f)     
For the period September 25, 2009 (commencement of operations) through October 31, 2009.
*     
Annualized.
**     
Rounds to less than $.01 per share.
 
See accompanying notes to financial statements.
 
 
Nuveen Investments 63
 
 
 
 

 
 
Board Members & Officers(Unaudited)
 
 

 
 
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board Members of the Funds. The number of board members of the Fund is currently set at nine. None of the board members who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the board members and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
 
 

         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
   with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
 
Appointed
Including other
in Fund Complex
   
and Term(1)
Directorships
Overseen by
     
During Past 5 Years
Board Member
Independent Board Members: 
     
ROBERT P. BREMNER(2) 
   
Private Investor and Management Consultant; Treasurer and Director, 
 
8/22/40
Chairman of
 
Humanities Council of Washington, D.C. 
 
333 W. Wacker Drive
the Board
1996
 
206
Chicago, IL 60606
and Board Member
     
         
JACK B. EVANS 
   
President, The Hall-Perrine Foundation, a private philanthropic 
 
10/22/48
   
corporation (since 1996); Director and Chairman, United Fire 
 
333 W. Wacker Drive
Board Member
1999
Group, a publicly held company; President Pro Tem of the Board of 
206
Chicago, IL 60606
   
Regents for the State of Iowa University System; Director, Gazette 
 
     
Companies; Life Trustee of Coe College and the Iowa College Foundation; 
 
     
formerly, Director, Alliant Energy; formerly, Director, Federal 
 
     
Reserve Bank of Chicago; formerly, President and Chief Operating 
 
     
Officer, SCI Financial Group, Inc., a regional financial services firm. 
 
          
WILLIAM C. HUNTER 
   
Dean, Tippie College of Business, University of Iowa (since 
 
3/6/48
   
2006); Director (since 2004) of Xerox Corporation; Director 
 
333 W. Wacker Drive
Board Member
2004
(since 2005), Beta Gamma Sigma International Honor Society; 
206
Chicago, IL 60606
   
formerly, Dean and Distinguished Professor of Finance, School of 
 
     
Business at the University of Connecticut (2003-2006); previously, 
 
     
Senior Vice President and Director of Research at the Federal 
 
     
Reserve Bank of Chicago (1995-2003); formerly, Director 
 
     
(1997-2007), Credit Research Center at Georgetown University. 
 
         
DAVID J. KUNDERT(2) 
   
Director, Northwestern Mutual Wealth Management 
 
10/28/42
   
Company; retired (since 2004) as Chairman, JPMorgan 
 
333 W. Wacker Drive
Board Member
2005
Fleming Asset Management, President and CEO, Banc One 
206
Chicago, IL 60606
   
Investment Advisors Corporation, and President, One Group 
 
     
Mutual Funds; prior thereto, Executive Vice President, Banc One 
 
     
Corporation and Chairman and CEO, Banc One Investment 
 
     
Management Group; Member, Board of Regents, Luther College; 
 
     
member of the Wisconsin Bar Association; member of Board of 
 
     
Directors, Friends of Boerner Botanical Gardens; member of Board 
 
     
of Directors and chair of Investment Committee, Greater 
 
     
Milwaukee Foundation. 
 
       
WILLIAM J. SCHNEIDER(2) 
 
Chairman of Miller-Valentine Partners Ltd., a real estate investment 
 
9/24/44
   
company; formerly, Senior Partner and Chief Operating Officer 
 
333 W. Wacker Drive
Board Member
1997
(retired, 2004) of Miller-Valentine Group; member, University of 
206
Chicago, IL 60606
   
Dayton Business School Advisory Council;member, Mid-America 
 
     
Health System board; formerly, member and chair, Dayton Philharmonic 
 
     
Orchestra Association; formerly, member, Business Advisory Council, 
 
     
Cleveland Federal Reserve Bank. 
 
 
 
64 Nuveen Investments
 
 
 
 

 

         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
with the Funds
Elected or
Occupation(s)
of Portfolios
& Address
 
Appointed
Including other
in Fund Complex
   
and Term(1)
Directorships
Overseen by
     
During Past 5 Years
Board Member
Independent Board Members: 
     
JUDITH M. STOCKDALE 
   
Executive Director, Gaylord and Dorothy Donnelley 
 
12/29/47
   
Foundation (since 1994); prior thereto, Executive Director, 
 
333 W. Wacker Drive
Board Member
1997
Great Lakes Protection Fund (1990-1994). 
206
Chicago, IL 60606
 
     
         
CAROLE E. STONE(2) 
   
Director, Chicago Board Options Exchange (since 2006); Director, 
 
6/28/47
   
C2 Options Exchange, Incorporated (since 2009); formerly, 
 
333 W. Wacker Drive
Board Member
2007
Commissioner, New York State Commission on Public Authority 
206
Chicago, IL 60606
   
Reform (2010); formerly, Chair, New York Racing Association 
 
     
Oversight Board (2005-2007). 
 
TERENCE J. TOTH(2) 
       
9/29/59
   
Director, Legal & General Investment Management America, Inc. 
 
333 W. Wacker Drive
Member
2008
(since 2008); Managing Partner, Promus Capital (since 2008); 
206
Chicago, IL 60606
   
formerly, CEO and President, Northern Trust Global Investments 
 
     
(2004-2007); Executive Vice President, Quantitative Management 
 
     
& Securities Lending (2000-2004); prior thereto, various positions 
 
     
with Northern Trust Company (since 1994); member: Goodman 
 
     
Theatre Board (since 2004), Chicago Fellowship Boards (since 
 
     
2005), University of Illinois Leadership Council Board (since 2007) 
 
     
and Catalyst Schools of Chicago Board (since 2008); formerly, 
 
     
member: Northern Trust Mutual Funds Board (2005-2007), 
 
     
Northern Trust Global Investments Board (2004-2007), Northern 
 
     
Trust Japan Board (2004-2007), Northern Trust Securities Inc. 
 
     
Board (2003-2007) and Northern Trust Hong Kong Board 
 
     
(1997-2004). 
 
Interested Board Member: 
     
JOHN P. AMBOIAN(3) 
   
Chief Executive Officer (since July 2007), Director (since 1999) 
 
6/14/61
   
and Chairman (since 2007) of Nuveen Investments, Inc.; Chief 
 
333 W. Wacker Drive
Board Member
2008
Executive Officer (since 2007) of Nuveen Asset Management, 
206
Chicago, IL 60606
   
Nuveen Investments Advisors, Inc. 
 
         
Officers of the Funds: 
       
GIFFORD R. ZIMMERMAN 
 
Managing Director (since 2002), Assistant Secretary and 
 
9/9/56
Chief
 
Associate General Counsel of Nuveen Investments, LLC; Managing 
 
333 W. Wacker Drive
Administrative
1988
Director (since 2004) and Assistant Secretary (since 1994) of Nuveen 
206
Chicago, IL 60606
Officer
 
Investments, Inc.; Managing Director, Associate General Counsel and 
 
     
Assistant Secretary, of Nuveen Asset Management (since 2002) and of 
 
     
Symphony Asset Management LLC, (since 2003); Vice President and 
 
     
Assistant Secretary of NWQ Investment Management Company, LLC. 
 
     
(since 2002), Nuveen Investments Advisers Inc. (since 2002), 
 
     
Tradewinds Global Investors, LLC, and Santa Barbara Asset 
 
     
Management, LLC (since 2006), Nuveen HydePark Group LLC and 
 
     
Nuveen Investment Solutions, Inc. (since 2007) and of Winslow 
 
     
Capital Management, Inc. (since 2010); Chief Administrative 
 
     
Officer and Chief Compliance Officer (since 2010) of Nuveen 
 
     
Commodities Asset Management, LLC; Chartered Financial Analyst. 
 
 
 
Nuveen Investments 65
 
 
 
 

 

 
Board Members & Officers (Unaudited) (continued)
 
         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
with the Funds
Elected or
Occupation(s)
of Portfolios
and Address
 
Appointed(4)
During Past 5 Years
in Fund Complex
       
Overseen
       
by Officer
         
Officers of the Funds: 
       
WILLIAM ADAMS IV 
   
Executive Vice President of Nuveen Investments, Inc.; Executive 
 
6/9/55
   
Vice President, U.S. Structured Products of Nuveen Investments, 
 
333 W. Wacker Drive
Vice President
2007
LLC, (since 1999), ; Managing Director (since 2010) of Nuveen 
131
Chicago, IL 60606
   
Commodities Asset Management, LLC. 
 
         
MARGO L. COOK 
   
Executive Vice President (since 2008) of Nuveen 
 
4/11/64
   
Investments, Inc.; previously, Head of Institutional Asset 
 
333 W. Wacker Drive
Vice President
2009
Management (2007-2008) of Bear Stearns Asset Management; 
206
Chicago, IL 60606
   
Head of Institutional Asset Management (1986-2007) of Bank 
 
     
of NY Mellon; Chartered Financial Analyst. 
 
         
LORNA C. FERGUSON 
   
Managing Director (since 2004) of Nuveen Investments, LLC and 
 
10/24/45
   
Managing Director (since 2005) of Nuveen Asset Management. 
 
333 W. Wacker Drive
Vice President
1998
 
206
Chicago, IL 60606
 
     
         
STEPHEN D. FOY 
   
Senior Vice President (since 2010), formerly, Vice President (1993- 
 
5/31/54
Vice President
 
2010) and Funds Controller (since 1998) of Nuveen Investments, 
 
333 W. Wacker Drive
and Controller
1998
LLC; Senior Vice President (since 2010), formerly, Vice President 
206
Chicago, IL 60606
   
(2005-2010) of Nuveen Asset Management; Certified Public Accountant. 
 
         
SCOTT S. GRACE 
   
Managing Director, Corporate Finance & Development, Treasurer 
 
8/20/70
Vice President
 
(since 2009) of Nuveen Investments, LLC; Managing Director and 
 
333 W. Wacker Drive
 
2009
Treasurer of Nuveen Asset Management (since 2009); Nuveen 
206
Chicago, IL 60606
   
Investment Solutions, Inc., Nuveen Investments Advisers, Inc., and 
 
     
Nuveen Investments Holdings, Inc.; Vice President and Treasurer of NWQ 
 
     
Investment Management Company, LLC, Tradewinds Global Investors, 
 
     
LLC, Symphony Asset Management LLC and Winslow Capital Management, 
 
     
Inc.; Vice President of Santa Barbara Asset Management, LLC; formerly, 
 
     
Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice 
 
     
President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior 
 
     
Associate in Morgan Stanley’s Global Financial Services Group (2000- 
 
     
2003); Chartered Accountant Designation. 
 
         
WALTER M. KELLY 
   
Senior Vice President (since 2008), Vice President (2006-2008) 
 
2/24/70
Chief Compliance
 
formerly, Assistant Vice President and Assistant General Counsel 
 
333 W. Wacker Drive
   Officer and
2003
(2003-2006) of Nuveen Investments, LLC; Senior Vice President 
206
Chicago, IL 60606
Vice President
 
(since 2008), formerly, Vice President (2006-2008) and Assistant 
 
     
Secretary (since 2008) of Nuveen Asset Management. 
 
         
TINA M. LAZAR 
   
Senior Vice President (since 2009), formerly, Vice President of Nuveen 
 
8/27/61
   
Investments, LLC (1999-2009); Senior Vice President (since 2010), 
 
333 W. Wacker Drive
Vice President
2002
formerly, Vice President (2005-2010) of Nuveen Asset Management. 
206
Chicago, IL 60606
 
     
 
 
66 Nuveen Investments
 
 
 
 

 
 

         
Name,
Position(s) Held
Year First
Principal
Number
Birthdate
with the Funds
Elected or
Occupation(s)
of Portfolios
and Address
 
Appointed(4)
During Past 5 Years
in Fund Complex
       
Overseen
       
by Officer
Officers of the Funds: 
       
KEVIN J. MCCARTHY 
   
Managing Director (since 2008), formerly, Vice President 
 
3/26/66
Vice President
 
(2007-2008), Nuveen Investments, LLC; Managing Director 
 
333 W. Wacker Drive
   and Secretary
2007
(since 2008), formerly, Vice President, and Assistant Secretary, 
206
Chicago, IL 60606
   
Nuveen Asset Management, and Nuveen Investments Holdings, Inc.; 
 
     
Vice President (since 2007) and Assistant Secretary, Nuveen 
 
     
Investment Advisers Inc., NWQ Investment Management Company, 
 
     
LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, 
 
     
Symphony Asset Management LLC, Santa Barbara Asset 
 
     
Management LLC, Nuveen HydePark Group, LLC and Nuveen 
 
     
Investment Solutions, Inc. (since 2007) and of Winslow Capital 
 
     
Management, Inc. (since 2010); Vice President and Secretary (since 2010) 
 
     
of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, 
 
     
Bell, Boyd & Lloyd LLP (1997-2007). 
 
 
(1)     
Board Members serve three year terms. The Board of Trustees is divided into three classes. Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen Complex.
(2)     
Also serves as a trustee of the Nuveen Diversified Commodity Fund, an exchange-traded commodity pool managed by Nuveen Commodities Asset Management, LLC, an affiliate of Nuveen Asset Management.
(3)     
Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds.
(4)     
Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.
 
Nuveen Investments 67
 
 
 
 

 

 
Annual Investment Management Agreement Approval Process(Unaudited)
 
 
The Investment Company Act of 1940, as amended (the “1940 Act”), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund’s board members, including by a vote of a majority of the board members who are not parties to the advisory agreement or “interested persons” of any parties (the “Independent Board Members”), cast in person at a meeting called for the purpose of considering such approval. In connection with such approvals, the fund’s board members must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the advisory agreement. Accordingly, at a meeting held on May 25-26, 2010 (the “May Meeting”), the Boards of Trustees or Directors (as the case may be) (each, a “Board” and each Trustee or Director, a “Board Member”) of the Funds, including a majority of the Independent Board Members, considered and approved the continuation of the advisory agreements (each, an “Advisory Agreement”) between the Nuveen Municipal Value Fund, Inc. (the “Municipal Value Fund”), the Nuveen Municipal Value Fund 2 (the “Municipal Value Fund 2”) and the Nuveen Municipal Income Fund, Inc. (the “Municipal Income Fund” and, together with the Municipal Value Fund and the Municipal Value Fund 2, the “Funds”), respectively, and Nuveen Asset Management (the “Adviser”) for an additional one-year period. In preparation for their considerations at the May Meeting, the Board also held a separate meeting on April 21-22, 2010 (the “April Meeting”). Accordingly, the factors considered and determinations made regarding the renewals by the Independent Board Members include those made at the April Meeting.
 
 
In addition, in evaluating the Advisory Agreements, the Independent Board Members reviewed a broad range of information relating to the Funds and the Adviser, including absolute and comparative performance, fee and expense information for the Funds (as described in more detail below), the profitability of Nuveen for its advisory activities (which includes its wholly owned subsidiaries), and other information regarding the organization, personnel, and services provided by the Adviser. The Independent Board Members also met quarterly as well as at other times as the need arose during the year and took into account the information provided at such meetings and the knowledge gained therefrom. Prior to approving the renewal of the Advisory Agreements, the Independent Board Members reviewed the foregoing information with their independent legal counsel and with management, reviewed materials from independent legal counsel describing applicable law and their duties in reviewing advisory contracts, and met with independent legal counsel in private sessions without management present. The Independent Board Members considered the legal advice provided by independent legal counsel and relied upon their knowledge of the Adviser, its services and the Funds resulting from their meetings and other interactions throughout the year and their own business judgment in determining the factors to be considered in evaluating the
 
 
68 Nuveen Investments
 
 
 
 

 

 
Advisory Agreements. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreement. The Independent Board Members did not identify any single factor as all-important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
 
 
The Nuveen Enhanced Municipal Value Fund (the “Enhanced Municipal Value Fund”) is a new fund. The initial Advisory Agreement between the Adviser and the Enhanced Municipal Value Fund was approved separately at a meeting of its Board held on July 28-29, 2009 and was not up for renewal at the May Meeting. Therefore, the Enhanced Municipal Value Fund is not a “Fund” for purposes of this discussion. The discussion of the approval for the Enhanced Municipal Value Fund was included in its annual report for the period ending October 31, 2009.
 
 
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Adviser’s services, including advisory services and administrative services. The Independent Board Members reviewed materials outlining, among other things, the Adviser’s organization and business; the types of services that the Adviser or its affiliates provide and are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line, including continued activities to refinance auction rate preferred securities, manage leverage during periods of market turbulence and implement an enhanced leverage management process, modify investment mandates in light of market conditions and seek shareholder approval as necessary, maintain the fund share repurchase program and maintain shareholder communications to keep shareholders apprised of Nuveen’s efforts in refinancing preferred shares. In addition to the foregoing, the Independent Board Members also noted the additional services that the Adviser or its affiliates provide to closed-end funds, including, in particular, Nuveen’s continued commitment to supporting the secondary market for the common shares of its closed-end funds through a variety of programs designed to raise investor and analyst awareness and understanding of closed-end funds. These efforts include maintaining an investor relations program to provide timely information and education to financial advisers and investors; providing marketing for the closed-end funds; maintaining and enhancing a closed-end fund website; participating in conferences and having direct communications with analysts and financial advisors.
 
 
As part of their review, the Independent Board Members also evaluated the background, experience and track record of the Adviser’s investment personnel. In this regard, the Independent Board Members considered any changes in the personnel, and the impact on the level of services provided to the Funds, if any. The Independent Board Members also reviewed information regarding portfolio manager compensation arrangements to evaluate the Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an incentive for taking undue risks.
 
 
Nuveen Investments 69
 
 
 
 

 

 
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
 
In addition to advisory services, the Independent Board Members considered the quality of administrative services provided by the Adviser and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support. Given the importance of compliance, the Independent Board Members also considered the Adviser’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures.
 
 
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided (and expected to be provided) to the respective Funds under the Advisory Agreements were satisfactory.
 
 
B. The Investment Performance of the Funds and the Adviser
The Board considered the performance results of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks. In this regard, the Board reviewed each Fund’s total return information compared to its Performance Peer Group for the quarter, one-, three- and five-year periods ending December 31, 2009 and for the same periods ending March 31, 2010 (or for the periods available for the Municipal Value Fund 2, which did not exist for part of the foregoing time frame). In addition, the Board reviewed each Fund’s total return information compared to recognized and/or customized benchmarks for the quarter, one- and three-year periods ending December 31, 2009 and for the same periods ending March 31, 2010 (or for the periods available for the Municipal Value Fund 2, which did not exist for part of the foregoing time frame). Moreover, the Board reviewed the peer ranking of the Nuveen municipal funds advised by the Adviser in the aggregate. The Independent Board Members also reviewed historic premium and discount levels. This information supplemented the Fund performance information provided to the Board at each of its quarterly meetings.
 
 
In reviewing peer comparison information, the Independent Board Members recognized that the Performance Peer Group of certain funds may not adequately represent the objectives and strategies of the funds, thereby limiting the usefulness of comparing a fund’s performance with that of its Performance Peer Group. In this regard, the Independent Board Members considered that the Performance Peer Groups of certain funds (including the Funds) were classified as having significant differences from such funds based on considerations such as special fund objectives, potential investable universe and the composition of the peer set (e.g., the number and size of competing funds and number of competing managers).
 
 
Based on their review, the Independent Board Members determined that each Fund’s investment performance over time had been satisfactory. In this regard, the Independent Board Members noted that although the Municipal Income Fund and the Municipal Value Fund underperformed the performance of their benchmarks in the three-year period, they outperformed the performance of their benchmarks in the one-year period. In addition, the Independent Board Members noted that the Municipal
 
 
70 Nuveen Investments
 
 
 

 

 
Value Fund 2 is a relatively new fund with a performance history that is generally too short for a meaningful assessment of performance.
 
 
 
C.   Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds based on data provided by an independent fund data provider (the “Peer Universe”) and in certain cases, to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
 
 
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and/or Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the asset level of a fund relative to peers; the limited size and particular composition of the Peer Universe or Peer Group; the investment objectives of the peers; expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement; the timing of information used; and the differences in the type and use of leverage may impact the comparative data, thereby limiting the ability to make a meaningful comparison with peers, including for each of the Funds.
 
 
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen (applicable, in particular, for certain closed-end funds launched since 1999). The Independent Board Members recognized that the Municipal Value Fund 2 had net management fees above the peer average; however, the peer set was limited as noted above. In addition, although the net management fees of the Municipal Income Fund and the Municipal Value Fund were above the peer average and the available peer set was limited, their net expense ratios were below or near the peer average.
 
 
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
 
 
2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the nature of services and fee rates offered by the Adviser to other clients, including municipal separately managed accounts and passively managed municipal bond exchange traded funds (ETFs) that are sub-advised by the Adviser. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles,
 
 
Nuveen Investments 71
 
 
 
 

 

 
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
 
account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
 
 
3. Profitability of Nuveen
In conjunction with its review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities (which incorporated Nuveen’s wholly-owned affiliated sub-advisers) and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2009. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they had also appointed an Independent Board Member as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with similar amounts of assets under management and relatively comparable asset composition prepared by Nuveen.
 
 
In reviewing profitability, the Independent Board Members recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that Nuveen’s level of profitability for its advisory activities was reasonable in light of the services provided.
 
 
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to the Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits the Adviser may receive as a result of its relationship with the Funds.
 
 
72 Nuveen Investments
 
 
 
 

 
 

 
Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
 
 
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
 
 
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase. Further, the Independent Board Members noted that although closed-end funds may from time-to-time make additional share offerings, the growth of their assets will occur primarily through the appreciation of such funds’ investment portfolio.
 
 
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base.
 
 
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
 
 
E. Indirect Benefits
 
 
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered any revenues received by affiliates of the Adviser for serving as agent at Nuveen’s trading desk and as co-manager in initial public offerings of new closed-end funds.
 
 
In addition to the above, the Independent Board Members considered whether the Adviser received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Adviser in managing the assets of the Funds and other clients. The Independent Board Members noted that the Adviser does not currently have any soft dollar arrangements; however, to the extent certain bona fide agency transactions that occur on markets that traditionally trade on a principal basis and riskless principal transactions are considered as generating “commissions,” the Adviser intends to comply with the applicable safe harbor provisions.
 
 
Nuveen Investments 73
 
 
 
 

 

 
Annual Investment Management Agreement
Approval Process (Unaudited) (continued)
 
 
Based on their review, the Independent Board Members concluded that any indirect benefits received by the Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
 
 
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of the Advisory Agreements are fair and reasonable, that the Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
 
 
74 Nuveen Investments
 
 
 
 

 

 
Reinvest Automatically
Easily and Conveniently
 
 
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
 
 
Nuveen Closed-End Funds Dividend Reinvestment Plan
 
 
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or capital gains distributions in additional Fund shares.
 
 
By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of tax-free compounding. Just like dividends or distributions in cash, there may be times when income or capital gains taxes may be payable on dividends or distributions that are reinvested.
 
 
It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
 
 
Easy and convenient
 
 
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total dividends and distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
 
 
How shares are purchased
 
 
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Dividends and distributions received to purchase shares in the open market will normally be invested shortly after the dividend payment date. No interest will be paid on dividends and distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price
 
 
Nuveen Investments 75
 
 
 

 

 
Reinvest Automatically
Easily and Conveniently (continued)
 
 
per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the dividend or distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
 
 
Flexible
 
 
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
 
 
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
 
 
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
 
 
Call today to start reinvesting dividends and/or distributions
 
 
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
 
 
76 Nuveen Investments
 
 
 
 

 
 

 
Glossary of Terms
Used in this Report
 
 
·  
Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction.
 
 
·  
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
 
 
·  
Average Effective Maturity: The market-value-weighted average of the effective maturity dates of the individual securities including cash. In the case of a bond that has been advance-refunded to a call date, the effective maturity is the date on which the bond is scheduled to be redeemed using the proceeds of an escrow account. In most other cases the effective maturity is the stated maturity date of the security.
 
 
·  
Duration: A measure of the price sensitivity of a fixed income security or portfolio to changes in interest rates. Duration is stated in years. For example, if a bond has a duration of four years, the price of the bond is expected to change by approximately 4% for every one percentage point change in interest rates. The shorter the duration, the less price variability expected in the security's price due to changes in interest rates.
 
 
·  
Inverse Floaters: Inverse floating rate securities, also known as inverse floaters, are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
 
 
Nuveen Investments 77
 
 
 

 
 

 
Glossary of Terms
Used in this Report (continued)
 
 
·  
Market Yield (also known as Dividend Yield or Current Yield): An investment’s current annualized dividend divided by its current market price.
 
 
·  
Net Asset Value (NAV): A Fund’s NAV is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.
 
 
·  
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.
 
 
·  
Taxable-Equivalent Yield: The yield necessary from a fully taxable investment to equal, on an after-tax basis, the yield of a municipal bond investment.
 
 
·  
Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Tax-exempt 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.
 
78      Nuveen Investments
 
 
 
 

 

 
Notes
 
 
Nuveen Investments 79
 
 
 
 

 

 
Notes
 
 
 
 
 
 
 
80 Nuveen Investments
 
 
 
 
 

 

 
Other Useful Information
 
 
Board of
Directors/Trustees
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
 
 
Fund Manager
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
 
 
Custodian
State Street Bank & Trust
Company
Boston, MA
 
 
Transfer Agent and
Shareholder Services
State Street Bank & Trust
Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
 
 
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
 
 
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, IL
 
 
Quarterly Portfolio of Investments and Proxy Voting Information
 
 
You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
 
 
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public References Section at 100 F Street NE, Washington, D.C. 20549.
 
 
CEO Certification Disclosure
 
 
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
 
 
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
 
 
Common Share Information
 
 
Each Fund intends to repurchase shares of its own common stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds repurchased shares of their common stock as shown in the accompanying table.
 
   
 
Common Shares 
Fund 
Repurchased 
NUV
NUW
NMI
NEV
 
 
Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
 
 
Nuveen Investments 81
 
 
 

 
 

 
Nuveen Investments:
Serving Investors for Generations
 
 
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
 
 
Focused on meeting investor needs.
 
 
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed more than $160 billion of assets on September 30, 2010.
 
 
Find out how we can help you.
 
 
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
 
 
Learn more about Nuveen Funds at: www.nuveen.com/cef
 
 
 

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It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Investments Fund information is ready—no more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
 
 
Free e-Reports right to your e-mail!
 
 
www.investordelivery.com
 
 
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.
 
 
OR
 
 
www.nuveen.com/accountaccess
 
If you receive your Nuveen Fund distributions and statements directly from Nuveen.

 
 
Distributed by 
Nuveen Investments, LLC 
333 West Wacker Drive 
Chicago, IL 60606 
www.nuveen.com 
 
 
EAN-A-1010D
 
 

 


 
 

 
ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the Code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/CEF/Info/Shareholder. (To view the code, click on Fund Governance and then click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's Board of Directors or Trustees ("Board") determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. As of December 30, 2010, the registrant's audit committee financial expert is Jack B. Evans, who is "independent" for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser ("SCI"). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the "CFO") and actively supervised the CFO's preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI's financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Nuveen Municipal Value Fund, Inc.

The following tables show the amount of fees that Ernst & Young LLP, the Fund's auditor, billed to the Fund during the Fund's last two full fiscal years. For engagements with Ernst & Young LLP the Audit Committee approved in advance all audit services and non-audit services that Ernst & Young LLP provided to the Fund, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Fund waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Fund to its accountant during the fiscal year in which the services are provided; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).

SERVICES THAT THE FUND'S AUDITOR BILLED TO THE FUND


   
Audit Fees Billed
   
Audit-Related Fees
   
Tax Fees
   
All Other Fees
 
Fiscal Year Ended
 
to Fund 1
   
Billed to Fund 2
   
Billed to Fund 3
   
Billed to Fund 4
 
October 31, 2010
  $ 70,119     $ 0     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
October 31, 2009
  $ 67,037     $ 0     $ 0     $ 0  
                                 
Percentage approved
    0 %     0 %     0 %     0 %
pursuant to
                               
pre-approval
                               
exception
                               
                                 
1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services
 
provided in connection with statutory and regulatory filings or engagements.
                 
                                 
2 "Audit Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the
 
audit or review of financial statements and are not reported under "Audit Fees".
                 
                                 
3 "Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning.
         
                                 
4 "All Other Fees" are the aggregate fees billed for products and services for agreed upon procedures engagements performed for leveraged funds.
 


SERVICES THAT THE FUND'S AUDITOR BILLED TO THE ADVISER AND AFFILIATED FUND SERVICE PROVIDERS

The following tables show the amount of fees billed by Ernst & Young LLP to Nuveen Fund Advisors, Inc. (formerly Nuveen Asset Management) (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Fund ("Affiliated Fund Service Provider"), for engagements directly related to the Fund's operations and financial reporting, during the Fund's last two full fiscal years.
 
The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid to Ernst & Young LLP by the Fund, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Fund did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Fund's audit is completed.


Fiscal Year Ended
 
Audit-Related Fees
   
Tax Fees Billed to
   
All Other Fees
 
   
Billed to Adviser
   
Adviser and
   
Billed to Adviser
 
   
and Affiliated Fund
   
Affiliated Fund
   
and Affiliated Fund
 
   
Service Providers
   
Service Providers
   
Service Providers
 
October 31, 2010
  $ 0     $ 0     $ 0  
                         
Percentage approved
    0 %     0 %     0 %
pursuant to
                       
pre-approval
                       
exception
                       
                         
October 31, 2009
  $ 0     $ 0     $ 0  
Percentage approved
    0 %     0 %     0 %
pursuant to
                       
pre-approval
                       
exception
                       


NON-AUDIT SERVICES

The following table shows the amount of fees that Ernst & Young LLP billed during the Fund's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that Ernst & Young LLP provides to the Adviser and any Affiliated Fund Services Provider, if the engagement related directly to the Fund's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from Ernst & Young LLP about any non-audit services that Ernst & Young LLP rendered during the Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating Ernst & Young LLP's independence.


Fiscal Year Ended
 
Total Non-Audit Fees
   
   
billed to Adviser and
   
   
Affiliated Fund Service
Total Non-Audit Fees
 
   
Providers (engagements
billed to Adviser and
 
   
related directly to the
Affiliated Fund Service
 
 
Total Non-Audit Fees
operations and financial
Providers (all other
 
 
Billed to Fund
reporting of the Fund)
engagements)
Total
October 31, 2010
 $                            0
 $                                  0
 $                                0
 $                 0
October 31, 2009
 $                            0
 $                                  0
 $                                0
 $                 0
         
"Non-Audit Fees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective
amounts from the previous table.
       


Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Fund by the Fund's independent accountants and (ii) all audit and non-audit services to be performed by the Fund's independent accountants for the Affiliated Fund Service Providers with respect to operations and financial reporting of the Fund. Regarding tax and research projects conducted by the independent accountants for the Fund and Affiliated Fund Service Providers (with respect to operations and financial reports of the Fund) such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The registrant's Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). As of December 30, 2010, the members of the audit committee are Robert P. Bremner, Jack B. Evans, Terence J. Toth, William J. Schneider and David J. Kundert.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

The registrant invests its assets primarily in municipal bonds and cash management securities.  The registrant also may invest in shares of investment companies that in turn invest primarily in municipal bonds.

The registrant has adopted the proxy voting policies and procedures of Nuveen Asset Management to govern the voting of proxies with respect to that fund.  In the event that a municipal issuer were to issue a proxy or that the registrant were to receive a proxy issued by the issuer of a cash management security or municipal bond-oriented investment company, Nuveen Asset Management (as defined below) has approved and adopted the proxy voting policies of an independent third party, Institutional Shareholder Services, Inc. (“ISS”) to determine how the proxy should be voted.  It has also engaged ISS to apprise Nuveen Asset Management of shareholder meeting dates, to provide research on proxy proposals and voting recommendations and to cast the actual proxy votes.  In addition, ISS also serves as Nuveen Asset Management’s proxy voting record keeper.  Nuveen Asset Management’s Investment Policy Committee (“IPC”), comprised of the firm’s most senior investment professionals, is charged with the overall oversight of proxy voting policies and procedures, including the activities of the firm’s Proxy Voting Committee (“PVC”), which is responsible for providing an administrative framework to facilitate and monitor proxy voting, including oversight of the firm’s relationship with ISS.

From time to time, a portfolio manager may initiate action to override an ISS recommendation for a particular vote.  Such override will be reviewed by Nuveen Asset Management’s legal department for material conflicts and if it is determined that no material conflicts exist, the approval of one investment professional on the IPC or Nuveen Asset Management’s Head of Equity Research shall authorize the override.

Nuveen Asset Management recognizes that there are circumstances where it may have a perceived or real conflict of interest in voting proxies and will vote proxies in the best interest of its clients regardless of any such real or perceived conflicts of interest.  By adopting ISS policies, Nuveen Asset Management believes the risk related to conflicts will be minimized.  To further minimize this risk, the IPC will review ISS’ conflict avoidance policy at least annually to ensure that it adequately addresses both the actual and perceived conflicts of interest the proxy voting service may face.

In the event ISS faces a material conflict of interest with respect to a specific vote, the PVC shall direct ISS how to vote after receiving voting direction from the Head of Research, who will seek voting direction from the appropriate investment personnel, after confirming that Nuveen Asset Management faces no material conflicts of its own with respect to the specific proxy vote.  If the PVC concludes that a material conflict does exist, it will recommend to the IPC a course of action designed to address the conflict. Such actions could include, but are not limited to: (1) obtaining instructions from the affected client(s) on how to vote the proxy; (2) disclosing the conflict to the affected client(s) and seeking their consent to permit Nuveen Asset Management to vote the proxy; (3) voting in proportion to the other shareholders; (4) recusing an IPC member from all discussion or consideration of the matter, if the material conflict is due to such person’s actual or potential conflict of interest; or (5) following the recommendation of a different independent third party.

In addition to all of the above-mentioned and other conflicts, members of the IPC and the PVC must notify Nuveen Asset Management’s Chief Compliance Officer of any direct, indirect or perceived improper influence exerted by any employee, officer or director within Nuveen Asset Management, its affiliates or the Fund complex with regard to how Nuveen Asset Management should vote proxies. The Chief Compliance Officer will investigate the allegations and will report the findings to Nuveen Asset Management’s President and the General Counsel. If it is determined that improper influence was attempted, appropriate action shall be taken. Such appropriate action may include disciplinary action, notification of the appropriate senior managers, or notification of the appropriate regulatory authorities. In all cases, the IPC shall not consider any improper influence in determining how to vote proxies, and will vote in the best interests of clients.

On rare occasions the registrant may acquire, directly or through a special purpose vehicle, equity securities of a municipal bond issuer whose bonds the registrant already owns when such bonds have deteriorated or are expected shortly to deteriorate significantly in credit quality.  The purpose of acquiring such equity securities generally will be to acquire control of the municipal bond issuer and to seek to prevent the credit deterioration or facilitate the liquidation or other workout of the distressed issuer’s credit problem.  In the course of exercising control of a distressed municipal issuer, Nuveen Asset Management may pursue the registrant’s interests in a variety of ways, which may entail negotiating and executing consents, agreements and other arrangements, and otherwise influencing the management of the issuer. Neither the registrant nor Nuveen Asset Management considers such control activities proxy voting for purposes of Rule 206(4)-6 under the 1940 Act, but nevertheless provides reports to the registrant’s Board on any such control activities on a quarterly basis.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Nuveen Fund Advisors, Inc. is the registrant's investment adviser (also referred to as the "Adviser").  The Adviser is responsible for the selection and on-going monitoring of the Fund's investment portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and administrative services.  The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio manager at the Sub-Adviser:

The Portfolio Manager

The following individual has primary responsibility for the day-to-day implementation of the registrant’s investment strategies:
 
Name
Fund
THOMAS SPALDING
Nuveen Municipal Value Fund, Inc.

Other Accounts Managed. In addition to managing the registrant, the portfolio manager is also primarily responsible for the day-to-day portfolio management of the following accounts:
 
Portfolio Manager
Type of Account
Managed
Number of
Accounts
Assets
 Thomas Spalding
 Registered Investment Company
20
$  8.55 billion
 
 Other Pooled Investment Vehicles
0
$0
 
 Other Accounts
5
$17.6 million
*
Assets are as of December 31, 2010.  None of the assets in these accounts are subject to an advisory fee based on performance.

Compensation. Each portfolio manager’s compensation consists of three basic elements—base salary, cash bonus and long-term incentive compensation. The compensation strategy is to annually compare overall compensation, including these three elements, to the market in order to create a compensation structure that is competitive and consistent with similar financial services companies. As discussed below, several factors are considered in determining each portfolio manager’s total compensation. In any year these factors may include, among others, the effectiveness of the investment strategies recommended by the portfolio manager’s investment team, the investment performance of the accounts managed by the portfolio manager, and the overall performance of Nuveen Investments, Inc. (the parent company of Nuveen Asset Management). Although investment performance is a factor in determining the portfolio manager’s compensation, it is not necessarily a decisive factor. The portfolio manager’s performance is evaluated in part by comparing manager’s performance against a specified investment benchmark.  This fund-specific benchmark is a customized subset (limited to bonds in each Fund’s specific state and with certain maturity parameters) of the S&P/Investortools Municipal Bond index, an index comprised of bonds held by managed municipal bond fund customers of Standard & Poor’s Securities Pricing, Inc. that are priced daily and whose fund holdings aggregate at least $2 million.  As of October 31, 2010, the S&P/Investortools Municipal Bond index was comprised of 56,510 securities with an aggregate current market value of $1,248 billion.

Base salary. Each portfolio manager is paid a base salary that is set at a level determined by Nuveen Asset Management in accordance with its overall compensation strategy discussed above. Nuveen Asset Management is not under any current contractual obligation to increase a portfolio manager’s base salary.

Cash bonus. Each portfolio manager is also eligible to receive an annual cash bonus. The level of this bonus is based upon evaluations and determinations made by each portfolio manager’s supervisors, along with reviews submitted by his peers. These reviews and evaluations often take into account a number of factors, including the effectiveness of the investment strategies recommended to the Nuveen Asset Management’s investment team, the performance of the accounts for which he serves as portfolio manager relative to any benchmarks established for those accounts, his effectiveness in communicating investment performance to stockholders and their representatives, and his contribution to the Nuveen Asset Management’s investment process and to the execution of investment strategies. The cash bonus component is also impacted by the overall performance of Nuveen Investments, Inc. in achieving its business objectives.

Long-term incentive compensation.    In connection with the acquisition of Nuveen Investments, Inc., by a group of investors lead by Madison Dearborn Partners in November 2007, certain employees, including portfolio managers, received profit interests in Nuveen’s parent.  These profit interests entitle the holders to participate in the appreciation in the value of Nuveen beyond the issue date and vest over five to seven years, or earlier in the case of a liquidity event.  In addition, in July 2009, Nuveen Investments created and funded a trust, as part of a newly-established incentive program, which purchased shares of certain Nuveen Mutual Funds and awarded such shares, subject to vesting, to certain employees, including portfolio managers.

Material Conflicts of Interest. Each portfolio manager’s simultaneous management of the registrant and the other accounts noted above may present actual or apparent conflicts of interest with respect to the allocation and aggregation of securities orders placed on behalf of the Registrant and the other account. Nuveen Asset Management, however, believes that such potential conflicts are mitigated by the fact that the Nuveen Asset Management has adopted several policies that address potential conflicts of interest, including best execution and trade allocation policies that are designed to ensure (1) that portfolio management is seeking the best price for portfolio securities under the circumstances, (2) fair and equitable allocation of investment opportunities among accounts over time and (3) compliance with applicable regulatory requirements. All accounts are to be treated in a non-preferential manner, such that allocations are not based upon account performance, fee structure or preference of the portfolio manager, although the allocation procedures may provide allocation preferences to funds with special characteristics (such as favoring state funds versus national funds for allocations of in-state bonds). In addition, Nuveen Asset Management has adopted a Code of Conduct that sets forth policies regarding conflicts of interest.

Beneficial Ownership of Securities. As of December 31, 2010, the portfolio manager beneficially owned the following dollar range of equity securities issued by the Registrant and other Nuveen Funds managed by Nuveen Asset Management’s municipal investment team.

Name of Portfolio Manager
Fund
 
 
Dollar range of equity
securities beneficially
owned in Fund
Dollar range of equity securities
beneficially owned in the
remainder of Nuveen funds
managed by Nuveen Asset
Management’s municipal
investment team
Thomas Spalding
Nuveen Municipal Value Fund, Inc.
$100,001-$500,000
$100,001 to 500,000

PORTFOLIO MANAGER BIO:

Thomas Spalding, CFA, is Vice President and Senior Investment Officer of Nuveen Investments. He has direct investment responsibility for the National Long Term funds. He joined Nuveen in 1976 as assistant portfolio manager and has been the portfolio manager of the Nuveen Municipal Value Fund, Nuveen's first closed-end exchange traded fund, since its inception in 1987.  Currently, he manages investments for 21 Nuveen-sponsored investment companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this item.

ITEM 11. CONTROLS AND PROCEDURES.

(a)
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b)
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(a)(1)
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/Info/ Shareholder and there were no amendments during the period covered by this report. (To view the code, click on Fund Governance and then Code of Conduct.)

(a)(2)
A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: Ex-99.CERT Attached hereto.

(a)(3)
Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

(b)
If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.


 
 

 

SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Municipal Value Fund, Inc.

By (Signature and Title) /s/ Kevin J. McCarthy
Kevin J. McCarthy
Vice President and Secretary

Date: January 7, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Gifford R. Zimmerman
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)

Date: January 7, 2011
 
By (Signature and Title) /s/ Stephen D. Foy
Stephen D. Foy
Vice President and Controller
(principal financial officer)

Date: January 7, 2011