|
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.
|
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 | % |
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
|
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%
|
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.
|
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%
|
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.
|
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%
|
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
|
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
|
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 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
|
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 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
|
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 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
|
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 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
|
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 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
|
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 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
|
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.
|
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
|
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 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.
|
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
|
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 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
|
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 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.
|
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
|
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 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)
|
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 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
|
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 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)
|
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 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.
|
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
|
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 |
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 | ) |
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 |
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
|
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%
|
Enhanced
|
|
Municipal
|
|
Value (NEV)
|
|
Average notional amount of forward interest rate swap contracts outstanding*
|
$10,450,000
|
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 |
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 |
Enhanced
|
||
Municipal
|
Municipal
|
|
Income
|
Value
|
|
(NMI)
|
(NEV)
|
|
Level 3 net unrealized appreciation (depreciation)
|
$254,805
|
$(28,410)
|
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.
|
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)
|
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
|
—
|
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
|
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
|
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.
|
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.
|
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
|
Municipal
|
|
Income
|
|
(NMI)
|
|
Utilized capital loss carryforwards
|
$65,358
|
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
|
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
|
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 |
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%.
|
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 |
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.
|
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.
|
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.
|
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
|
|
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.
|
·
|
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.
|
·
|
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 |
Common Shares
|
|
Fund
|
Repurchased
|
NUV
NUW
NMI
NEV
|
—
—
—
—
|
Distributed by
|
Nuveen Investments, LLC
|
333 West Wacker Drive
|
Chicago, IL 60606
|
www.nuveen.com
|
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.
|
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
|
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.
|
Name
|
Fund
|
THOMAS SPALDING
|
Nuveen Municipal Value Fund, Inc.
|
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.
|
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
|
(a)
|
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
(b)
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
|
(a)(1)
|
Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable because the code is posted on registrant's website at www.nuveen.com/CEF/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)
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Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.
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(b)
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If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Ex-99.906 CERT attached hereto.
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