Washington, D.C. 20549
Kevin J. McCarthy
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
LIFE IS COMPLEX.
Nuveen makes things e-simple.
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
Free e-Reports right to your e-mail!
www.investordelivery.com
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.
OR
www.nuveen.com/accountaccess
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Table of Contents
| Chairman’s Letter to Shareholders | 4 |
| | |
| Portfolio Managers’ Comments | 5 |
| | |
| Fund Leverage | 10 |
| | |
| Share Information | 11 |
| | |
| Risk Considerations | 13 |
| | |
| Performance Overview and Holding Summaries | 15 |
| | |
| Portfolios of Investments | 19 |
| | |
| Statement of Assets and Liabilities | 57 |
| | |
| Statement of Operations | 58 |
| | |
| Statement of Changes in Net Assets | 59 |
| | |
| Financial Highlights | 62 |
| | |
| Notes to Financial Statements | 66 |
| | |
| Reinvest Automatically, Easily and Conveniently | 77 |
| | |
| Glossary of Terms Used in this Report | 79 |
| | |
| Additional Fund Information | 83 |
Chairman’s
Letter to Shareholders
Dear Shareholders,
After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.
My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.
Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.
The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.
As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.
Very sincerely,
Robert P. Bremner
Chairman of the Board
June 21, 2013
Portfolio Managers’ Comments
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen AMT-Free Municipal Value Fund (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
Portfolio managers Tom Spalding, Chris Drahn and Steve Hlavin discuss key investment strategies and the six-month performance of these four national Funds. Tom has managed NUV since its inception in 1987, adding NUW at its inception in 2009, Chris assumed portfolio management responsibility for NMI in January 2011 and Steve has been involved in the management of NEV since its inception in 2009, taking on full portfolio management responsibility for this Fund in 2010.
What key strategies were used to manage these Funds during this six-month reporting period ended April 30, 2013?
In an environment characterized by tight supply, strong demand and lower yields, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as individual credits that had the potential to perform well over the long term. During this period, NUV and NUW found value in health care and broad-based essential services bonds backed by taxes or other revenues. We also purchased tobacco credits when we found attractive valuation levels, which resulted in an increase in our allocation to these bonds, in NUV, NUW and NEV. NMI also emphasized health care bonds (especially hospitals), toll roads and prepaid gas credits, as well as a number of education-related names. In NEV, we added broad-based essential services bonds backed by taxes or other revenues which included Oak Park Mall in Overland, Kansas. We also purchased transportation bonds, including Ohio River Bridge toll way bonds, two charter school bonds in Florida, as well as MuniMae bonds, tax-exempt bonds for the multi-family housing segment.
During this reporting period, each of these Funds took steps to enhance its positioning relative to risk, including credit risk and interest rate risk. In NUV and NUW, this involved purchasing higher credit quality bonds, with the goal of positioning the Funds slightly more defensively. NMI emphasized bonds with longer maturities in the A rated category to take advantage of more attractive yields at the longer end of the municipal yield curve. In NEV, we worked to reduce the interest rate risk of the Fund by allowing its duration to migrate lower until it was positioned neutrally relative to its benchmark. This was accomplished by
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein, are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s, Moody’s Investors Service, Inc., or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
taking advantage of opportunities to reinvest the proceeds from sales, bond calls and matured bonds in segments of the yield curve other than the long end.
In NUV, NUW and NMI, cash for new purchases was generated primarily by the proceeds from an increased number of bond calls resulting from the growth in refinancings. During this reporting period, we worked to redeploy these proceeds as well as those from maturing bonds to keep the Funds as fully invested as possible.
NEV experienced several bond calls, as well as reinvestment proceeds from the Fund’s secondary shelf offering. Overall, selling in all of the Funds was rather limited because the bonds in our portfolios generally offered higher yields than those available in the current marketplace.
As of April 30, 2013, all four of these Funds continued to use inverse floating rate securities. We employ inverse floaters for a variety of reasons, including duration management and income and total return enhancement. As part of our duration management strategies, NEV also invested in forward interest rates swaps to help reduce the duration of the Fund’s portfolio. During the reporting period as the Fund’s duration mitigated lower, we reduced our interest rate swaps. During this period, these swaps had a mildly positive impact on performance. NEV still had swaps in place at period end.
How did the Funds perform during the six-month reporting period ended April 30, 2013?
The tables in each Fund’s Performance Overview and Holding Summaries section of this report provide total returns for the Funds for the six-month, one-year, five-year, ten-year and since inception periods ended April 30, 2013. Each Fund’s total returns are compared with the performance of a corresponding market index and Lipper classification average.
For the six-months ended April 30, 2013, the total returns on net asset value (NAV) for NUV, NUW and NMI exceeded the return on the S&P Municipal Bond Index. NUV and NMI also outperformed the average return for the Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average, while NUW trailed this Lipper average by a narrow margin. For the same period, NEV outperformed the S&P Municipal Bond Index and the Lipper General & Insured Leveraged Municipal Debt Funds Classification Average.
Key management factors that influenced the Funds’ returns during this period included duration and yield curve positioning, the use of derivatives in NEV, credit exposure and sector allocation. In addition, NEV’s use of leverage was an important
positive factor in its performance during this period. Leverage is discussed in more detail later in this report.
Municipal bonds with longer maturities generally outperformed those with shorter maturities during this reporting period. Overall, credits at the longest end of the municipal yield curve posted the strongest returns, while bonds at the shortest end produced the weakest results. For this period, duration and yield curve positioning was a major positive contributor to the performance of these Funds. Overall, NEV was the most advantageously positioned in terms of duration and yield curve, with the longest duration among these Funds. All of the Funds tended to be overweight in the longer segments of the yield curve that performed well and underweight at the shorter end of the curve that underperformed. In particular, the Funds benefited from their holdings of long duration bonds, many of which had zero percent coupons, which generally outperformed the market. During this period, NUV, NUW and NMI were overweight in zero coupon bonds.
Although NEV benefited from its longer duration, this Fund used forward interest rate swaps to reduce duration and moderate interest rate risk, as previously described. Because the interest rate swaps were used to hedge against a potential rise in interest rates, the swaps performed well and had a positive impact on NEV’s total return performance for the period, which was offset by the Fund’s overall duration and yield curve positioning and the strong performance of its municipal bond holdings.
Credit exposure was another important factor in the Funds’ performance during these six months, as lower quality bonds generally outperformed higher quality bonds. This outperformance was due in part to the greater demand for lower rated bonds as investors looked for investment vehicles offering higher yields. As investors became more comfortable taking on additional investment risk, credit spreads or the difference in yield spreads between U.S. Treasury securities and comparable investments such as municipal bonds, narrowed through a variety of rating categories. As a result of this spread compression, all of these Funds benefited from their holdings of lower rated credits, especially NMI, which held the largest allocation of bonds rated BBB and the fewest combined AAA and AA rated bonds. Heavier weightings of AAA rated bonds in NUV and AA rated bonds in NEV detracted from these Funds’ performance, although this was offset to a large degree in NEV by the Fund’s strong exposure to non-rated and subinvestment grade credits.
During this reporting period, revenue bonds as a whole outperformed the general municipal market. Holdings that generally made positive contributions to the Funds’ returns included health care (together with hospitals), transportation, education, water and sewer and industrial development revenue (IDR) bonds. All of these Funds benefited from their overweighting in health care, with NUV, NUW and NMI having the
heaviest weightings. In addition, NUV, NUW and NEV had good weightings in transportation, especially toll roads in NEV. NEV also was helped by its overweighting in higher education and IDRs. Tobacco credits backed by the 1998 master tobacco settlement agreement also performed extremely well, helped in part by their longer effective durations. These bonds also benefited from market developments, including increased demand for higher yielding investments by investors who had become less risk averse. In addition, based on recent data showing that cigarette sales had fallen less steeply than anticipated, the 46 states participating in the agreement stand to receive increased payments from the tobacco companies. As of April 30, 2013, all of these Funds, especially NUV and NUW, were overweight in tobacco bonds, which boosted their performance as tobacco credits rallied.
NEV’s performance also benefited from improvement in one distressed holding: American Airlines bonds. This issue recovered meaningfully during the period, which was advantageous for the Fund’s overall performance.
In contrast, pre-refunded bonds, which are often backed by U.S. Treasury securities, were the poorest performing market segment during this period. The underperformance of these bonds can be attributed primarily to their shorter effective maturities and higher credit quality. Although their exposure to pre-refunded bonds declined over this reporting period, NUV held a significantly heavier weighting of pre-refunded bonds than NMI. As newer Funds, NUW and NEV had substantially smaller allocations of pre-refunded bonds. General obligation (GO) bonds and housing and utilities (e.g., resource recovery, public power) credits also lagged the performance of the general municipal market for this period. All four of these Funds had relatively lighter exposures to GOs, which lessened the impact of these holdings.
Shareholders also should be aware of issues impacting some of the Funds’ non-state holdings. In December 2012, Moody’s down-graded Puerto Rico GO bonds to Baa3 from Baa1 based on Puerto Rico’s ongoing economic problems, unfunded pension liabilities, elevated debt levels and structural budget gaps. In addition, during July 2012, bonds issued by the Puerto Rico Sales Tax Financing Corporation (COFINA) also were downgraded by Moody’s to Aa3 from Aa2. The downgrade of the COFINA bonds was due mainly to the performance of Puerto Rico’s economy and its impact on the projected growth of sales tax revenues, and not to any sector or structural issues. In addition, the COFINA bonds were able to maintain a higher rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales taxes supporting the COFINA bonds cannot be diverted and used to support the commonwealth’s GO bonds. All of these Funds have exposure to Puerto Rico bonds, the majority of which are the dedicated sales tax bonds issued by COFINA.
During this period, we also added to our Puerto Rico holdings in NUV and NUW based on the credit strength of these bonds. These holdings were generally purchased as part of our efforts to keep the Funds fully invested and to provide higher yields, added diversification and triple exemption (i.e., exemption from federal, state, and local taxes). For the reporting period ended April 30, 2013, Puerto Rico paper generally underperformed the market as whole. Because most of our holdings were the COFINA bonds, the overall impact on performance was minimal, differing from Fund to Fund in line with the type and amount of its holdings. As we continue to emphasize Puerto Rico’s stronger credits, we view the COFINA bonds as potentially long-term holdings and note that the commonwealth recently introduced various sales tax enforcement initiatives aimed at improving future collections.
Fund Leverage
IMPACT OF THE FUNDS’ LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the returns of NEV, relative to its comparative index was its use of leverage. This was also a factor, although less significantly, for NUV, NUW and NMI because their use of leverage is more modest. The Funds use leverage because their managers believe that, over time, leveraging provides opportunities for additional income and total return for shareholders. However, use of leverage also can expose shareholders to additional volatility. For example, as the prices of securities held by a Fund decline, the negative impact of these valuation changes on net asset value and shareholder total return is magnified by the use of leverage. Conversely, leverage may enhance share returns during periods when the prices of securities held by a Fund generally are rising. Leverage made a positive contribution to the performance of the Funds over this reporting period.
As of April 30, 2013, the Funds’ percentages of effective leverage are shown in the accompanying table.
| | | Effective | |
| | | Leverage | * |
| NUV | | 1.78% | |
| NUW | | 6.99% | |
| NMI | | 8.77% | |
| NEV | | 31.96% | |
| * | Effective Leverage is a Fund’s effective economic leverage, and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values. |
Share Information
DIVIDEND INFORMATION
During the current reporting period ended April 30, 2013, the Funds’ monthly dividends to shareholders were as shown in the accompanying table.
| | | | Per Common Share Amounts | |
| | | | NUV | | | NUW | | | NMI | | | NEV | |
| November | | $ | 0.0370 | | $ | 0.0670 | | $ | 0.0475 | | $ | 0.0800 | |
| December | | | 0.0370 | | | 0.0670 | | | 0.0475 | | | 0.0800 | |
| January | | | 0.0370 | | | 0.0670 | | | 0.0475 | | | 0.0800 | |
| February | | | 0.0370 | | | 0.0670 | | | 0.0475 | | | 0.0800 | |
| March | | | 0.0370 | | | 0.0670 | | | 0.0475 | | | 0.0800 | |
| April | | | 0.0370 | | | 0.0670 | | | 0.0475 | | | 0.0800 | |
| | | | | | | | | | | | | | |
| Long-Term Capital Gain* | | $ | — | | $ | 0.0090 | | $ | — | | $ | — | |
| Ordinary Income Distribution* | | $ | 0.0035 | | $ | — | | $ | 0.0016 | | $ | 0.0031 | |
| | | | | | | | | | | | | | |
| Market Yield** | | | 4.27% | | | 4.58% | | | 4.59% | | | 5.91% | |
| Taxable-Equivalent Yield** | | | 5.93% | | | 6.36% | | | 6.38% | | | 8.21% | |
| * | Distribution paid in December 2012. |
| ** | Market Yield is based on the Fund’s current annualized monthly dividend divided by the Fund’s current market price as of the end of the reporting period. Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is based on a federal income tax rate of 28.0%. When comparing a Fund to investments that generate qualified dividend income, the Taxable-Equivalent Yield is lower. |
All of the Funds in this report seek to pay stable dividends at rates that reflect each Fund’s past results and projected future performance. During certain periods, each Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If a Fund has cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the Fund’s NAV. Conversely, if a Fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the Fund’s NAV. Each Fund will, over time, pay all of its net investment income as dividends to shareholders. As of April 30, 2013, all of the Funds in this report had positive UNII balances, based on our best estimate, for tax purposes and positive UNII balances for financial reporting purposes.
SHARE EQUITY SHELF PROGRAMS
NUV, NUW and NEV have each filed a registration statement with the Securities and Exchange Commission (SEC) authorizing each Fund to issue an additional 19.6 million, 1.2 million and 1.9 million shares, respectively, through a equity shelf program. Under these equity shelf programs, the Funds, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net price at or above each Fund’s NAV per share.
During the current reporting period, NUV, NUW and NEV sold shares through their equity shelf program at a weighted average premium to NAV per share as shown in the accompanying table.
| | | | Weighted Average |
| | Shares Sold through | | Premium to NAV |
| Fund | Equity Shelf Program | | Per Share Sold |
| NUV | 1,027,916 | | 1.18% |
| NUW | 163,893 | | 1.71% |
| NEV | 1,535,527 | | 2.74% |
Refer to Notes to Financial Statements, Footnote 1 — General Information and Significant Accounting Policies for further details on the Funds’ equity shelf programs.
SHARE REPURCHASES
During November 2012, the Nuveen Funds’ Board of Directors/Trustees reauthorized the Funds’ open-market share repurchase program, allowing each Fund to repurchase an aggregate of up to approximately 10% of its outstanding shares.
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding shares.
OTHER SHARE INFORMATION
As of April 30, 2013, and during the current reporting period, the share prices of the Funds were trading at a premium/(discount) to their NAVs as shown in the accompanying table.
| | | | NUV | | NUW | | NMI | | NEV |
| NAV | | $ | 10.40 | | $ | 17.81 | | $ | 11.75 | | $ | 16.04 | |
| Share Price | | $ | 10.39 | | $ | 17.57 | | $ | 12.41 | | $ | 16.24 | |
| Premium/(Discount) to NAV | | | -0.10 | % | | -1.35 | % | | 5.62 | % | | 1.25 | % |
| 6-Month Average | | | | | | | | | | | | | |
| Premium/(Discount) to NAV | | | -0.07 | % | | 0.85 | % | | 5.83 | % | | 2.48 | % |
Risk Considerations
Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation. Past performance is no guarantee of future results. Fund shares are subject to a variety of risks, including:
Investment, Market and Price Risk. An investment in shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in shares represents an indirect investment in the municipal securities owned by the Fund, which generally trade in the over-the-counter markets. Shares of closed-end investment companies like these Funds frequently trade at a discount to their net asset value (NAV). Your shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.
Tax Risk. The tax treatment of Fund distributions may be affected by new IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations.
Issuer Credit Risk. This is the risk that a security in a Fund’s portfolio will fail to make dividend or interest payments when due.
Interest Rate Risk. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise.
Reinvestment Risk. If market interest rates decline, income earned from a Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
Call Risk or Prepayment Risk. Issuers may exercise their option to prepay principal earlier than scheduled, forcing a Fund to reinvest in lower-yielding securities.
Inverse Floater Risk. The Funds may invest in inverse floaters. Due to their leveraged nature, these investments can greatly increase a Fund’s exposure to interest rate risk and credit risk. In addition, investments in inverse floaters involve the risk that the Fund could lose more than its original principal investment.
Leverage Risk. Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.
Derivatives Strategy Risk: Derivative securities, such as calls, puts, warrants, swaps and forwards, carry risks different from, and possibly greater than, the risks associated with the underlying investments.
Nuveen Municipal Value Fund, Inc. (NUV)
Performance Overview and Holding Summaries as of April 30, 2013
Average Annual Total Returns as of April 30, 2013
| | | | Cumulative | | | Average Annual | |
| | | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
| NUV at NAV | | | 3.08% | | | 8.15% | | 6.53% | | 5.64% |
| NUV at Share Price | | | 2.39% | | | 6.67% | | 6.04% | | 6.58% |
| S&P Municipal Bond Index | | | 2.01% | | | 5.74% | | 6.08% | | 5.16% |
| Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average | | | 2.67% | | | 7.79% | | 5.89% | | 5.09% |
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
Portfolio Composition1 | | | | |
| (as a % of total investments) | | | | |
| Tax Obligation/Limited | | | 22.0 | % |
| Health Care | | | 19.5 | % |
| U.S. Guaranteed | | | 11.9 | % |
| Transportation | | | 11.6 | % |
| Tax Obligation/General | | | 9.9 | % |
| Consumer Staples | | | 7.8 | % |
| Utilities | | | 6.1 | % |
| Other | | | 11.2 | % |
Credit Quality1,2,3 | | | | |
| (as a % of total investment exposure) | | | | |
| AAA/U.S. Guaranteed | | | 19.8 | % |
| AA | | | 28.8 | % |
| A | | | 23.7 | % |
| BBB | | | 15.9 | % |
| BB or Lower | | | 7.0 | % |
| N/R | | | 2.3 | % |
States1 | | | | |
| (as a % of total investments) | | | | |
| California | | | 14.4 | % |
| Illinois | | | 13.9 | % |
| Texas | | | 9.0 | % |
| New York | | | 6.7 | % |
| Florida | | | 4.8 | % |
| Colorado | | | 4.8 | % |
| Washington | | | 4.5 | % |
| Michigan | | | 4.0 | % |
| Ohio | | | 3.3 | % |
| Wisconsin | | | 3.2 | % |
| Puerto Rico | | | 3.2 | % |
| Louisiana | | | 3.1 | % |
| New Jersey | | | 2.9 | % |
| Indiana | | | 2.1 | % |
| Pennsylvania | | | 1.9 | % |
| Other | | | 18.2 | % |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
| 1 | Holdings are subject to change. |
| 2 | Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies. |
| 3 | Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table. |
Nuveen AMT-Free Municipal Value Fund (NUW)
Performance Overview and Holding Summaries as of April 30, 2013
Average Annual Total Returns as of April 30, 2013
| | | | Cumulative | | | Average Annual | |
| | | | 6-Month | | | 1-Year | | Since Inception4 | |
| NUW at NAV | | | 2.50% | | | 8.53% | | 10.98% |
| NUW at Share Price | | | (3.64)% | | | 8.28% | | 9.45% |
| S&P Municipal Bond Index | | | 2.01% | | | 5.74% | | 7.53% |
| Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average | | | 2.67% | | | 7.79% | | 8.32% |
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
Portfolio Composition1 | | | | |
| (as a % of total investments) | | | | |
| Health Care | | | 22.5 | % |
| Tax Obligation/Limited | | | 21.0 | % |
| Transportation | | | 11.2 | % |
| Tax Obligation/General | | | 10.4 | % |
| Utilities | | | 8.6 | % |
| Consumer Staples | | | 8.5 | % |
| Water and Sewer | | | 6.1 | % |
| Other | | | 11.7 | % |
Credit Quality1,2,3 | | | | |
| (as a % of total investment exposure) | | | | |
| AAA/U.S. Guaranteed | | | 5.4 | % |
| AA | | | 32.8 | % |
| A | | | 36.7 | % |
| BBB | | | 16.1 | % |
| BB or Lower | | | 6.5 | % |
| N/R | | | 1.1 | % |
States1 | | | | |
| (as a % of total investments) | | | | |
| Illinois | | | 10.7 | % |
| California | | | 10.0 | % |
| Florida | | | 8.2 | % |
| Wisconsin | | | 7.6 | % |
| Louisiana | | | 7.4 | % |
| Ohio | | | 6.7 | % |
| Texas | | | 5.9 | % |
| Indiana | | | 5.6 | % |
| Colorado | | | 5.2 | % |
| Puerto Rico | | | 4.8 | % |
| Michigan | | | 4.4 | % |
| Arizona | | | 4.2 | % |
| Other | | | 19.3 | % |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
| 1 | Holdings are subject to change. |
| 2 | Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies. |
| 3 | Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table. |
| 4 | Since inception returns are from 2/25/09. |
Nuveen Municipal Income Fund, Inc. (NMI)
Performance Overview and Holding Summaries as of April 30, 2013
Average Annual Total Returns as of April 30, 2013
| | | | Cumulative | | | Average Annual | |
| | | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
| NMI at NAV | | | 3.26% | | | 9.02% | | 7.76% | | 6.31% |
| NMI at Share Price | | | 0.41% | | | 10.73% | | 8.92% | | 6.56% |
| S&P Municipal Bond Index | | | 2.01% | | | 5.74% | | 6.08% | | 5.16% |
| Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average | | | 2.67% | | | 7.79% | | 5.89% | | 5.09% |
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
Portfolio Composition1 | | | | |
| (as a % of total investments) | | | | |
| Health Care | | | 20.7 | % |
| Tax Obligation/Limited | | | 17.1 | % |
| Education and Civic Organizations | | | 12.9 | % |
| Tax Obligation/General | | | 10.6 | % |
| Transportation | | | 6.7 | % |
| Utilities | | | 6.5 | % |
| Water and Sewer | | | 6.2 | % |
| U.S. Guaranteed | | | 5.9 | % |
| Other | | | 13.4 | % |
Credit Quality1,2,3 | | | | |
| (as a % of total investment exposure) | | | | |
| AAA/U.S. Guaranteed | | | 9.8 | % |
| AA | | | 24.1 | % |
| A | | | 30.6 | % |
| BBB | | | 23.5 | % |
| BB or Lower | | | 5.0 | % |
| N/R | | | 5.5 | % |
States1 | | | | |
| (as a % of total investments) | | | | |
| California | | | 19.5 | % |
| Illinois | | | 10.8 | % |
| Texas | | | 8.7 | % |
| Colorado | | | 8.5 | % |
| Missouri | | | 7.2 | % |
| Wisconsin | | | 5.0 | % |
| New York | | | 4.7 | % |
| Florida | | | 4.3 | % |
| Ohio | | | 4.1 | % |
| Pennsylvania | | | 3.8 | % |
| Kentucky | | | 2.8 | % |
| Indiana | | | 1.9 | % |
| Other | | | 18.7 | % |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
| 1 | Holdings are subject to change. |
| 2 | Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies. |
| 3 | Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table. |
Nuveen Enhanced Municipal Value Fund (NEV)
Performance Overview and Holding Summaries as of April 30, 2013
Average Annual Total Returns as of April 30, 2013
| | | | Cumulative | | | Average Annual | |
| | | | 6-Month | | | 1-Year | | Since Inception5 | |
| NEV at NAV | | | 4.49% | | | 12.36% | | 9.89% |
| NEV at Share Price | | | 3.56% | | | 12.72% | | 8.95% |
| S&P Municipal Bond Index | | | 2.01% | | | 5.74% | | 5.90% |
| Lipper General & Insured Leveraged Municipal Debt Funds Classification Average | | | 3.21% | | | 10.58% | | 9.83% |
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. Comparative index and Lipper return information is provided for the Fund’s shares at NAV only. Indexes and Lipper averages are not available for direct investment.
Portfolio Composition1,4 | | | | |
| (as a % of total investments) | | | | |
| Tax Obligation/Limited | | | 21.9 | % |
| Health Care | | | 15.2 | % |
| Transportation | | | 14.2 | % |
| Education and Civic Organizations | | | 11.6 | % |
| Tax Obligation/General | | | 9.9 | % |
| Consumer Staples | | | 6.4 | % |
| Long-Term Care | | | 4.7 | % |
| Housing/Multifamily | | | 3.9 | % |
| Other | | | 12.2 | % |
Credit Quality1,2,3 | | | | |
| (as a % of total investment exposure) | | | | |
| AAA | | | 51.2 | % |
| AA | | | 13.7 | % |
| A | | | 12.0 | % |
| BBB | | | 11.3 | % |
| BB or Lower | | | 10.8 | % |
States1 | | | | |
| (as a % of total investments) | | | | |
| California | | | 18.0 | % |
| Illinois | | | 12.4 | % |
| Florida | | | 6.5 | % |
| Georgia | | | 5.9 | % |
| Ohio | | | 5.7 | % |
| Pennsylvania | | | 5.3 | % |
| Wisconsin | | | 5.1 | % |
| Michigan | | | 4.9 | % |
| Colorado | | | 3.9 | % |
| Arizona | | | 3.7 | % |
| Texas | | | 3.5 | % |
| New York | | | 3.3 | % |
| Washington | | | 2.0 | % |
| Other | | | 19.8 | % |
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this page.
| 1 | Holdings are subject to change. |
| 2 | Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poor’s Group, Moody’s Investors Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies. |
| 3 | Percentage may not add to 100% due to the exclusion of Other Assets Less Liabilities from the table. |
| 4 | Excluding investments in derivatives. |
| 5 | Since inception returns are from 9/25/09. |
| | | Nuveen Municipal Value Fund, Inc. |
| NUV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Municipal Bonds – 98.2% | | | | | | |
| | | | Alaska – 0.9% | | | | | | |
| $ | 3,335 | | Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%, 12/01/30 – FGIC Insured | 12/14 at 100.00 | AA+ | | $ | 3,534,833 | |
| | 5,000 | | Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005B-2, 5.250%, 12/01/30 – NPFG Insured | 6/15 at 100.00 | AA+ | | | 5,198,950 | |
| | 3,000 | | Anchorage, Alaska, General Obligation Bonds, Series 2003B, 5.000%, 9/01/23 (Pre-refunded 9/01/13) – FGIC Insured | 9/13 at 100.00 | AA+ (4) | | | 3,048,120 | |
| | 5,405 | | CivicVentures, Alaska, Anchorage Convention Center Revenue Bonds, Series 2006, 5.000%, 9/01/34 – NPFG Insured | 9/15 at 100.00 | A1 | | | 5,819,618 | |
| | 2,500 | | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/32 | 6/14 at 100.00 | B+ | | | 2,339,275 | |
| | 19,240 | | Total Alaska | | | | | 19,940,796 | |
| | | | Arizona – 0.6% | | | | | | |
| | 2,500 | | Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38 | 7/18 at 100.00 | AA– | | | 2,830,425 | |
| | 2,575 | | Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27 | 12/17 at 102.00 | CCC | | | 2,291,596 | |
| | 5,600 | | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | No Opt. Call | A– | | | 6,291,320 | |
| | 1,000 | | Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2008A, 5.250%, 9/01/30 | 9/13 at 100.00 | A2 | | | 1,005,360 | |
| | 11,675 | | Total Arizona | | | | | 12,418,701 | |
| | | | Arkansas – 0.1% | | | | | | |
| | 1,150 | | Benton Washington Regional Public Water Authority, Arkansas, Water Revenue Bonds, Refunding & Improvement Series 2007, 4.750%, 10/01/33 – SYNCORA GTY Insured | 10/17 at 100.00 | A– | | | 1,239,010 | |
| | | | California – 14.1% | | | | | | |
| | 6,235 | | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Gold Country Settlement Funding Corporation, Series 2006, 0.000%, 6/01/33 | 6/13 at 100.00 | CCC | | | 1,602,395 | |
| | | | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Series 2006: | | | | | | |
| | 5,000 | | 5.000%, 4/01/37 – BHAC Insured | 4/16 at 100.00 | AA+ | | | 5,486,350 | |
| | 6,000 | | 5.000%, 4/01/37 | 4/16 at 100.00 | A+ | | | 6,533,280 | |
| | 2,335 | | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 2010A, 5.750%, 7/01/40 | 7/20 at 100.00 | Baa2 | | | 2,588,137 | |
| | 2,130 | | California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax) | 6/17 at 100.00 | A3 | | | 2,381,276 | |
| | 2,500 | | California State Public Works Board, Lease Revenue Bonds, Department of Corrections, Series 2003C, 5.500%, 6/01/22 (Pre-refunded 12/01/13) | 12/13 at 100.00 | AAA | | | 2,575,575 | |
| | | | California State, General Obligation Bonds, Series 2003: | | | | | | |
| | 7,450 | | 5.250%, 2/01/28 | 8/13 at 100.00 | A1 | | | 7,534,632 | |
| | 2,235 | | 5.000%, 2/01/33 | 8/13 at 100.00 | A1 | | | 2,257,663 | |
| | | | California State, General Obligation Bonds, Series 2003: | | | | | | |
| | 5,360 | | 5.250%, 2/01/28 (Pre-refunded 8/01/13) | 8/13 at 100.00 | Aaa | | | 5,427,429 | |
| | 1,790 | | 5.250%, 2/01/28 (Pre-refunded 8/01/13) | 8/13 at 100.00 | Aaa | | | 1,812,518 | |
| | 8,425 | | 5.000%, 2/01/33 (Pre-refunded 8/01/13) | 8/13 at 100.00 | Aaa | | | 8,527,364 | |
| | 590 | | 5.000%, 2/01/33 (Pre-refunded 8/01/13) | 8/13 at 100.00 | Aaa | | | 597,045 | |
| | 16,000 | | California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37 | 6/17 at 100.00 | A1 | | | 17,295,200 | |
| | 5,000 | | California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41 | 10/21 at 100.00 | A1 | | | 5,571,650 | |
| | 6,480 | | California Statewide Community Development Authority, Certificates of Participation, Internext Group, Series 1999, 5.375%, 4/01/17 | 10/13 at 100.00 | BBB | | | 6,500,153 | |
| | | Nuveen Municipal Value Fund, Inc. (continued) |
| NUV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | California (continued) | | | | | | |
| $ | 3,125 | | California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital Project, Series 2009, 6.750%, 2/01/38 | 8/19 at 100.00 | Aa2 | | $ | 3,851,563 | |
| | 3,600 | | California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured | 7/18 at 100.00 | AA– | | | 4,164,948 | |
| | 5,000 | | Coast Community College District, Orange County, California, General Obligation Bonds, Series 2006C, 0.000%, 8/01/32 – AGM Insured | 8/18 at 100.00 | Aa1 | | | 5,425,000 | |
| | 4,505 | | Covina-Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2003B, 0.000%, 6/01/28 – FGIC Insured | No Opt. Call | A+ | | | 2,260,068 | |
| | 16,045 | | Desert Community College District, Riverside County, California, General Obligation Bonds, Election 2004 Series 2007C, 0.000%, 8/01/33 – AGM Insured | 8/17 at 42.63 | Aa2 | | | 5,709,292 | |
| | 30,000 | | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM) | No Opt. Call | Aaa | | | 25,452,900 | |
| | 21,150 | | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B, 5.000%, 6/01/38 (Pre-refunded 6/01/13) – AMBAC Insured | 6/13 at 100.00 | Aaa | | | 21,236,292 | |
| | | | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A: | | | | | | |
| | 11,830 | | 5.000%, 6/01/38 – FGIC Insured | 6/15 at 100.00 | A2 | | | 12,396,420 | |
| | 15,000 | | 5.000%, 6/01/45 | 6/15 at 100.00 | A2 | | | 15,652,950 | |
| | 3,540 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) | 6/13 at 100.00 | Aaa | | | 3,559,789 | |
| | | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | | | | | | |
| | 11,060 | | 4.500%, 6/01/27 | 6/17 at 100.00 | B | | | 10,789,030 | |
| | 7,870 | | 5.000%, 6/01/33 | 6/17 at 100.00 | B | | | 7,259,918 | |
| | 1,500 | | 5.125%, 6/01/47 | 6/17 at 100.00 | B | | | 1,306,440 | |
| | 4,500 | | Hemet Unified School District, Riverside County, California, General Obligation Bonds, Series 2008B, 5.125%, 8/01/37 – AGC Insured | 8/16 at 102.00 | AA– | | | 5,057,865 | |
| | 6,280 | | Los Angeles County Metropolitan Transportation Authority, California, Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2003A, 5.000%, 7/01/17 (Pre-refunded 7/01/13) – AGM Insured | 7/13 at 100.00 | AAA | | | 6,330,868 | |
| | 4,000 | | Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002C, 7.500%, 12/01/24 (Alternative Minimum Tax) | 12/13 at 101.00 | N/R | | | 4,086,760 | |
| | | | Merced Union High School District, Merced County, California, General Obligation Bonds, Series 1999A: | | | | | | |
| | 2,500 | | 0.000%, 8/01/23 – FGIC Insured | No Opt. Call | AA– | | | 1,734,525 | |
| | 2,555 | | 0.000%, 8/01/24 – FGIC Insured | No Opt. Call | AA– | | | 1,661,235 | |
| | 2,365 | | Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2004, 0.000%, 8/01/27 – FGIC Insured | No Opt. Call | A+ | | | 1,246,379 | |
| | 4,405 | | Moreland School District, Santa Clara County, California, General Obligation Bonds, Series 2004D, 0.000%, 8/01/32 – FGIC Insured | No Opt. Call | AA+ | | | 1,559,018 | |
| | 3,550 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009C, 6.500%, 11/01/39 | No Opt. Call | A | | | 4,853,560 | |
| | 7,200 | | Napa Valley Community College District, Napa and Sonoma Counties, California, General Obligation Bonds, Election 2002 Series 2007C, 0.000%, 8/01/29 – NPFG Insured | 8/17 at 54.45 | Aa2 | | | 3,345,480 | |
| | 3,600 | | New Haven Unified School District, Alameda County, California, General Obligation Bonds, Series 2004A, 0.000%, 8/01/28 – NPFG Insured | No Opt. Call | Aa3 | | | 1,680,516 | |
| | 4,900 | | Ontario, California, Certificates of Participation, Water System Improvement Project, Refunding Series 2004, 5.000%, 7/01/29 – NPFG Insured | 7/14 at 100.00 | AA | | | 5,119,030 | |
| | 2,350 | | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 | 11/19 at 100.00 | Baa3 | | | 2,662,926 | |
| | 10,150 | | Placer Union High School District, Placer County, California, General Obligation Bonds, Series 2004C, 0.000%, 8/01/33 – AGM Insured | No Opt. Call | AA | | | 4,028,637 | |
| | 2,780 | | Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation, Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured | 7/15 at 102.00 | Baa2 | | | 2,910,326 | |
| | 8,000 | | Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical Center, Series 2004, 5.625%, 7/01/34 (Pre-refunded 7/01/14) | 7/14 at 100.00 | Baa2 (4) | �� | | 8,498,400 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | California (continued) | | | | | | |
| $ | 15,505 | | Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor, Series 2007C, 5.000%, 8/01/37 – NPFG Insured | 8/17 at 100.00 | BBB+ | | $ | 15,903,479 | |
| | | | San Bruno Park School District, San Mateo County, California, General Obligation Bonds, Series 2000B: | | | | | | |
| | 2,575 | | 0.000%, 8/01/24 – FGIC Insured | No Opt. Call | AA | | | 1,773,274 | |
| | 2,660 | | 0.000%, 8/01/25 – FGIC Insured | No Opt. Call | AA | | | 1,721,605 | |
| | 250 | | San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 7.000%, 8/01/41 | 2/21 at 100.00 | BBB | | | 291,035 | |
| | | | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Refunding Bonds, Series 1997A: | | | | | | |
| | 11,990 | | 0.000%, 1/15/25 – NPFG Insured | No Opt. Call | Baa2 | | | 6,943,889 | |
| | 14,740 | | 0.000%, 1/15/35 – NPFG Insured | No Opt. Call | Baa2 | | | 4,971,212 | |
| | 5,000 | | San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured (Alternative Minimum Tax) | 3/17 at 100.00 | A2 | | | 5,671,200 | |
| | 13,220 | | San Mateo County Community College District, California, General Obligation Bonds, Series 2006A, 0.000%, 9/01/28 – NPFG Insured | No Opt. Call | Aaa | | | 7,770,716 | |
| | 5,000 | | San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election of 2000, Series 2002B, 0.000%, 9/01/24 – FGIC Insured | No Opt. Call | Aa1 | | | 3,609,650 | |
| | 2,000 | | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2005A-2, 5.400%, 6/01/27 | 6/17 at 100.00 | B+ | | | 2,004,620 | |
| | 1,300 | | University of California, General Revenue Bonds, Refunding Series 2009O, 5.250%, 5/15/39 | 5/19 at 100.00 | Aa1 | | | 1,519,544 | |
| | 355,130 | | Total California | | | | | 302,711,026 | |
| | | | Colorado – 4.7% | | | | | | |
| | 5,000 | | Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – SYNCORA GTY Insured | 10/16 at 100.00 | BBB– | | | 5,097,600 | |
| | 5,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2006A, 4.500%, 9/01/38 | 9/16 at 100.00 | AA– | | | 5,222,450 | |
| | 1,700 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005C, 5.250%, 3/01/40 – AGM Insured | 9/18 at 102.00 | AA– | | | 1,928,446 | |
| | 15,925 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | 1/20 at 100.00 | AA | | | 17,408,414 | |
| | 750 | | Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2006B, 5.000%, 12/01/23 – RAAI Insured | 12/16 at 100.00 | Baa2 | | | 779,565 | |
| | 2,000 | | Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2012A, 5.000%, 3/01/41 | 3/22 at 100.00 | Aa2 | | | 2,289,180 | |
| | 18,915 | | Denver, Colorado, Airport System Revenue Refunding Bonds, Series 2003B, 5.000%, 11/15/33 (Pre-refunded 11/15/13) – SYNCORA GTY Insured | 11/13 at 100.00 | A+ (4) | | | 19,406,223 | |
| | | | E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: | | | | | | |
| | 24,200 | | 0.000%, 9/01/31 – NPFG Insured | No Opt. Call | Baa2 | | | 10,042,032 | |
| | 17,000 | | 0.000%, 9/01/32 – NPFG Insured | No Opt. Call | Baa2 | | | 6,623,030 | |
| | 7,600 | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Refunding Series 2006B, 0.000%, 9/01/39 – NPFG Insured | 9/26 at 52.09 | Baa2 | | | 1,957,000 | |
| | | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B: | | | | | | |
| | 7,500 | | 0.000%, 9/01/27 – NPFG Insured | 9/20 at 67.94 | Baa2 | | | 3,677,325 | |
| | 10,075 | | 0.000%, 3/01/36 – NPFG Insured | 9/20 at 41.72 | Baa2 | | | 2,891,525 | |
| | 5,000 | | Ebert Metropolitan District, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.350%, 12/01/37 – RAAI Insured | 12/17 at 100.00 | N/R | | | 4,992,950 | |
| | 7,000 | | Northwest Parkway Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2001C, 5.700%, 6/15/21 (Pre-refunded 6/15/16) – AMBAC Insured | 6/16 at 100.00 | N/R (4) | | | 8,110,480 | |
| | 5,000 | | Rangely Hospital District, Rio Blanco County, Colorado, General Obligation Bonds, Refunding Series 2011, 6.000%, 11/01/26 | 11/21 at 100.00 | Baa1 | | | 5,994,450 | |
| | 3,750 | | Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds, Series 2010, 6.000%, 1/15/41 | 7/20 at 100.00 | Baa3 | | | 4,377,488 | |
| | 136,415 | | Total Colorado | | | | | 100,798,158 | |
| | | Nuveen Municipal Value Fund, Inc. (continued) |
| NUV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Connecticut – 0.3% | | | | | | |
| $ | 1,500 | | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford Healthcare, Series 2011A, 5.000%, 7/01/41 | 7/21 at 100.00 | A | | $ | 1,632,465 | |
| | 8,670 | | Mashantucket Western Pequot Tribe, Connecticut, Subordinate Special Revenue Bonds, Series 2007A, 5.750%, 9/01/34 (5) | 11/17 at 100.00 | N/R | | | 4,085,998 | |
| | 10,170 | | Total Connecticut | | | | | 5,718,463 | |
| | | | District of Columbia – 0.5% | | | | | | |
| | 10,000 | | Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured | 10/16 at 100.00 | A1 | | | 10,185,200 | |
| | | | Florida – 4.7% | | | | | | |
| | 3,000 | | Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – AGM Insured | 10/21 at 100.00 | AA– | | | 3,385,080 | |
| | 4,285 | | Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit Group, Series 2002C, 5.750%, 11/15/32 | 11/13 at 100.00 | AA+ | | | 4,343,790 | |
| | 10,000 | | Florida State Board of Education, Public Education Capital Outlay Bonds, Series 2005E, 4.500%, 6/01/35 (UB) | 6/15 at 101.00 | AAA | | | 10,736,900 | |
| | 2,650 | | Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa General Hospital, Series 2006, 5.250%, 10/01/41 | 10/16 at 100.00 | A3 | | | 2,773,331 | |
| | 3,000 | | JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM Insured | 4/15 at 100.00 | Aa2 | | | 3,191,760 | |
| | 1,995 | | JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/21 – FGIC Insured | 10/13 at 100.00 | AA | | | 2,035,399 | |
| | 5,000 | | Marion County Hospital District, Florida, Revenue Bonds, Munroe Regional Medical Center, Series 2007, 5.000%, 10/01/34 | 10/17 at 100.00 | A– | | | 5,360,600 | |
| | 4,090 | | Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A, 5.000%, 7/01/40 | 7/20 at 100.00 | A– | | | 4,471,761 | |
| | 9,500 | | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 6.000%, 8/01/46 | 8/21 at 100.00 | A | | | 11,275,170 | |
| | 4,000 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/29 | 10/20 at 100.00 | A | | | 4,538,480 | |
| | 9,340 | | Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2010, 5.000%, 10/01/39 – AGM Insured | 10/20 at 100.00 | Aa2 | | | 10,537,668 | |
| | 2,900 | | Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – SYNCORA GTY Insured | 10/16 at 100.00 | AA– | | | 3,195,974 | |
| | 3,250 | | Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Jupiter Medical Center, Series 2013A, 5.000%, 11/01/43 (WI/DD, Settling 5/07/13) | 11/22 at 100.00 | BBB+ | | | 3,435,023 | |
| | 9,250 | | Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/40 – NPFG Insured | 7/17 at 100.00 | Baa2 | | | 9,737,660 | |
| | 2,500 | | Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27 | 10/17 at 100.00 | BBB– | | | 2,698,125 | |
| | 14,730 | | South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) | 8/17 at 100.00 | AA | | | 16,140,545 | |
| | 3,300 | | Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 5.000%, 11/15/33 | 5/22 at 100.00 | Aa2 | | | 3,764,508 | |
| | 92,790 | | Total Florida | | | | | 101,621,774 | |
| | | | Georgia – 0.8% | | | | | | |
| | 10,240 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.000%, 11/01/38 – FGIC Insured | 5/13 at 100.00 | A1 | | | 10,272,051 | |
| | 2,500 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2001A, 5.000%, 11/01/33 – NPFG Insured | 5/13 at 100.00 | A1 | | | 2,507,750 | |
| | 4,400 | | Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – AGM Insured | 10/14 at 100.00 | AA– | | | 4,663,824 | |
| | 17,140 | | Total Georgia | | | | | 17,443,625 | |
| | | | Hawaii – 0.3% | | | | | | |
| | 7,140 | | Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric Company Inc., Series 1997A, 5.650%, 10/01/27 – NPFG Insured | 10/13 at 100.00 | Baa2 | | | 7,218,897 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Illinois – 13.6% | | | | | | |
| $ | 17,205 | | Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax Revenues, Series 1998B-1, 0.000%, 12/01/24 – FGIC Insured | No Opt. Call | A+ | | $ | 11,363,214 | |
| | 1,500 | | Chicago Park District, Illinois, General Obligation Bonds, Limited Tax Series 2011A, 5.000%, 1/01/36 | 1/22 at 100.00 | AAA | | | 1,714,530 | |
| | | | Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A: | | | | | | |
| | 2,585 | | 4.750%, 1/01/30 – AGM Insured | 1/16 at 100.00 | AA– | | | 2,758,738 | |
| | 5,000 | | 4.625%, 1/01/31 – AGM Insured | 1/16 at 100.00 | AA– | | | 5,324,350 | |
| | 285 | | Chicago, Illinois, General Obligation Bonds, Series 2002A, 5.625%, 1/01/39 – AMBAC Insured | 7/13 at 100.00 | Aa3 | | | 286,089 | |
| | 2,825 | | Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax) | 1/14 at 100.00 | AA– | | | 2,894,947 | |
| | 3,320 | | Cook and DuPage Counties Combined School District 113A Lemont, Illinois, General Obligation Bonds, Series 2002, 0.000%, 12/01/20 – FGIC Insured | No Opt. Call | BBB | | | 2,408,959 | |
| | 3,020 | | Cook County High School District 209, Proviso Township, Illinois, General Obligation Bonds, Series 2004, 5.000%, 12/01/19 – AGM Insured | 12/16 at 100.00 | AA– | | | 3,291,981 | |
| | 8,875 | | Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 | 11/20 at 100.00 | AA | | | 10,120,518 | |
| | 3,260 | | Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40 | 10/20 at 100.00 | B3 | | | 3,573,971 | |
| | | | DuPage County Community School District 200, Wheaton, Illinois, General Obligation Bonds, Series 2003B: | | | | | | |
| | 1,615 | | 5.250%, 11/01/20 (Pre-refunded 11/01/13) – AGM Insured | 11/13 at 100.00 | Aa3 (4) | | | 1,655,730 | |
| | 385 | | 5.250%, 11/01/20 (Pre-refunded 1/01/14) – AGM Insured | 1/14 at 100.00 | AA (4) | | | 397,932 | |
| | 5,000 | | Illinois Development Finance Authority, Gas Supply Revenue Bonds, Peoples Gas, Light and Coke Company, Series 2003E, 4.875%, 11/01/38 (Mandatory put 11/01/18) – AMBAC Insured (Alternative Minimum Tax) | 11/13 at 101.00 | A1 | | | 5,158,300 | |
| | 28,030 | | Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/19 – AGM Insured | No Opt. Call | Aa3 | | | 24,422,259 | |
| | 1,800 | | Illinois Development Finance Authority, Local Government Program Revenue Bonds, Winnebago and Boone Counties School District 205 – Rockford, Series 2000, 0.000%, 2/01/19 – AGM Insured | No Opt. Call | A2 | | | 1,564,092 | |
| | 1,875 | | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39 | 11/19 at 100.00 | AA | | | 2,166,600 | |
| | 3,000 | | Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 | 11/19 at 100.00 | AA | | | 3,386,070 | |
| | 5,245 | | Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond Trust 1137, 9.266%, 7/01/15 (IF) | No Opt. Call | Aa1 | | | 6,451,035 | |
| | 5,000 | | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded 8/15/14) | 8/14 at 100.00 | N/R (4) | | | 5,331,550 | |
| | 4,845 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 6.000%, 5/15/39 | 5/20 at 100.00 | A | | | 5,629,502 | |
| | 4,800 | | Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 | 8/19 at 100.00 | BBB+ | | | 6,169,632 | |
| | 4,260 | | Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 8/01/37 | 8/17 at 100.00 | BBB | | | 4,661,548 | |
| | 2,500 | | Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 2011C, 5.500%, 8/15/41 | 2/21 at 100.00 | AA– | | | 2,846,500 | |
| | 3,000 | | Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical Centers, Series 2008A, 5.500%, 8/15/30 | 8/18 at 100.00 | BBB+ | | | 3,237,750 | |
| | 8,435 | | Illinois Health Facilities Authority, Revenue Bonds, Sherman Health Systems, Series 1997, 5.250%, 8/01/22 – AMBAC Insured | 8/13 at 100.00 | BBB | | | 8,450,858 | |
| | 2,735 | | Illinois Health Facilities Authority, Revenue Bonds, South Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM) | No Opt. Call | N/R (4) | | | 3,207,717 | |
| | 5,000 | | Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 5.500%, 6/15/30 – AMBAC Insured | 6/15 at 101.00 | A | | | 5,446,800 | |
| | 655 | | Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/25 | 8/22 at 100.00 | A2 | | | 744,349 | |
| | 5,590 | | Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (WI/DD, Settling 5/16/13) | 1/23 at 100.00 | AA– | | | 6,333,861 | |
| | 5,000 | | Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured | 1/16 at 100.00 | CCC | | | 3,282,650 | |
| | | Nuveen Municipal Value Fund, Inc. (continued) |
| NUV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | |
| | | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A: | | | | | | |
| $ | 12,320 | | 0.010%, 6/15/17 – FGIC Insured | No Opt. Call | A3 | | $ | 11,626,507 | |
| | 9,270 | | 0.010%, 6/15/18 – FGIC Insured | No Opt. Call | AAA | | | 8,495,584 | |
| | | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1993A: | | | | | | |
| | 7,010 | | 0.000%, 6/15/17 – FGIC Insured (ETM) | No Opt. Call | A (4) | | | 6,783,086 | |
| | 3,800 | | 0.000%, 6/15/18 – FGIC Insured (ETM) | No Opt. Call | N/R (4) | | | 3,607,036 | |
| | | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 1994B: | | | | | | |
| | 7,250 | | 0.000%, 6/15/18 – NPFG Insured | No Opt. Call | AAA | | | 6,644,335 | |
| | 3,385 | | 0.000%, 6/15/21 – NPFG Insured | No Opt. Call | AAA | | | 2,757,523 | |
| | 5,190 | | 0.000%, 6/15/28 – NPFG Insured | No Opt. Call | AAA | | | 2,819,571 | |
| | 11,670 | | 0.000%, 6/15/29 – FGIC Insured | No Opt. Call | AAA | | | 5,956,135 | |
| | | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion Project, Series 2002A: | | | | | | |
| | 10,000 | | 0.000%, 6/15/24 – NPFG Insured | 6/22 at 101.00 | AAA | | | 9,606,600 | |
| | 4,950 | | 0.000%, 12/15/32 – NPFG Insured | No Opt. Call | AAA | | | 2,117,115 | |
| | 21,375 | | 0.000%, 6/15/34 – NPFG Insured | No Opt. Call | AAA | | | 8,392,253 | |
| | 21,000 | | 0.000%, 12/15/35 – NPFG Insured | No Opt. Call | AAA | | | 7,630,560 | |
| | 21,970 | | 0.000%, 6/15/36 – NPFG Insured | No Opt. Call | AAA | | | 7,718,500 | |
| | 10,375 | | 0.000%, 12/15/36 – NPFG Insured | No Opt. Call | AAA | | | 3,563,501 | |
| | 25,825 | | 0.000%, 6/15/39 – NPFG Insured | No Opt. Call | AAA | | | 7,624,057 | |
| | 16,800 | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured | No Opt. Call | AA– | | | 13,444,872 | |
| | | | Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place Expansion Project, Series 2002B: | | | | | | |
| | 3,775 | | 5.500%, 6/15/20 – NPFG Insured | 6/17 at 101.00 | AAA | | | 4,391,722 | |
| | 5,715 | | 5.550%, 6/15/21 – NPFG Insured | 6/17 at 101.00 | AAA | | | 6,615,341 | |
| | 6,095 | | Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, Illinois, General Obligation Bonds, Series 2002A, 6.000%, 7/01/32 – NPFG Insured | No Opt. Call | AA | | | 8,256,043 | |
| | 1,160 | | Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood Grove Special Service Area 4, Series 2007, 4.700%, 3/01/33 – AGC Insured | 3/17 at 100.00 | AA– | | | 1,190,334 | |
| | 3,000 | | Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 – NPFG Insured | 3/17 at 100.00 | A | | | 3,260,640 | |
| | 4,900 | | Springfield, Illinois, Electric Revenue Bonds, Series 2006, 5.000%, 3/01/26 – NPFG Insured | 3/16 at 100.00 | A | | | 5,182,142 | |
| | 550 | | Tri-City Regional Port District, Illinois, Port and Terminal Facilities Revenue Refunding Bonds, Delivery Network Project, Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax) | No Opt. Call | BBB | | | 520,531 | |
| | 1,575 | | Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured | No Opt. Call | N/R | | | 1,357,697 | |
| | 720 | | Will County Community School District 161, Summit Hill, Illinois, Capital Appreciation School Bonds, Series 1999, 0.000%, 1/01/18 – FGIC Insured (ETM) | No Opt. Call | N/R (4) | | | 688,349 | |
| | 3,680 | | Will County Community Unit School District 201U, Crete-Monee, Will County, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/16 – FGIC Insured | No Opt. Call | A+ | | | 3,501,778 | |
| | 2,945 | | Will County School District 86, Joliet, Illinois, General Obligation Bonds, Series 2002, 0.000%, 11/01/15 – AGM Insured | No Opt. Call | AA– | | | 2,865,956 | |
| | 372,950 | | Total Illinois | | | | | 290,899,800 | |
| | | | Indiana – 2.0% | | | | | | |
| | 300 | | Anderson, Indiana, Economic Development Revenue Bonds, Anderson University, Series 2007, 5.000%, 10/01/24 | 4/14 at 100.00 | BB+ | | | 295,377 | |
| | 2,525 | | Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 2012A, 5.000%, 5/01/42 | 5/23 at 100.00 | A | | | 2,800,705 | |
| | 1,640 | | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax) | 7/23 at 100.00 | BBB | | | 1,725,378 | |
| | 3,000 | | Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34 (Pre-refunded 3/01/14) – AMBAC Insured | 3/14 at 100.00 | A+ (4) | | | 3,126,570 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Indiana (continued) | | | | | | |
| $ | 2,000 | | Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 | 3/17 at 100.00 | A– | | $ | 2,179,440 | |
| | 6,735 | | Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – NPFG Insured | 1/17 at 100.00 | A+ | | | 7,337,446 | |
| | | | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: | | | | | | |
| | 12,500 | | 0.000%, 2/01/21 – AMBAC Insured | No Opt. Call | AA | | | 10,634,875 | |
| | 2,400 | | 0.000%, 2/01/25 – AMBAC Insured | No Opt. Call | AA | | | 1,727,448 | |
| | 14,595 | | 0.000%, 2/01/27 – AMBAC Insured | No Opt. Call | AA | | | 9,566,731 | |
| | 4,230 | | Whiting Redevelopment District, Indiana, Tax Increment Revenue Bonds, Lakefront Development Project, Series 2010, 6.750%, 1/15/32 | 7/20 at 100.00 | N/R | | | 4,595,726 | |
| | 49,925 | | Total Indiana | | | | | 43,989,696 | |
| | | | Iowa – 0.3% | | | | | | |
| | 7,000 | | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.625%, 6/01/46 | 6/15 at 100.00 | B+ | | | 6,865,670 | |
| | | | Kansas – 1.0% | | | | | | |
| | 10,000 | | Kansas Department of Transportation, Highway Revenue Bonds, Series 2004A, 5.000%, 3/01/22 (Pre-refunded 3/01/14) | 3/14 at 100.00 | AAA | | | 10,397,500 | |
| | 17,010 | | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 | No Opt. Call | BBB+ | | | 11,453,513 | |
| | 27,010 | | Total Kansas | | | | | 21,851,013 | |
| | | | Kentucky – 0.1% | | | | | | |
| | 910 | | Greater Kentucky Housing Assistance Corporation, FHA-Insured Section 8 Mortgage Revenue Refunding Bonds, Series 1997A, 6.100%, 1/01/24 – NPFG Insured | 7/13 at 100.00 | Baa2 | | | 912,220 | |
| | 1,750 | | Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/38 – AGC Insured | 6/18 at 100.00 | AA– | | | 1,916,723 | |
| | 2,660 | | Total Kentucky | | | | | 2,828,943 | |
| | | | Louisiana – 3.1% | | | | | | |
| | 2,310 | | Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2009A, 6.500%, 8/01/29 | 8/13 at 100.00 | BBB– | | | 2,804,779 | |
| | 5,450 | | Louisiana Local Government Environment Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35 | 11/20 at 100.00 | BBB– | | | 6,552,535 | |
| | 12,000 | | Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 | 11/17 at 100.00 | BBB– | | | 13,735,320 | |
| | 5,150 | | Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 5.250%, 8/15/32 | 8/15 at 100.00 | A+ | | | 5,340,190 | |
| | | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A: | | | | | | |
| | 3,620 | | 5.250%, 5/15/38 | 5/17 at 100.00 | Baa1 | | | 3,811,426 | |
| | 1,900 | | 5.375%, 5/15/43 | 5/17 at 100.00 | Baa1 | | | 2,009,288 | |
| | 5,000 | | Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology, Series 2006, 5.250%, 3/01/37 – NPFG Insured | No Opt. Call | A+ | | | 5,501,600 | |
| | 26,095 | | Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39 | 5/13 at 100.00 | A– | | | 26,238,783 | |
| | 61,525 | | Total Louisiana | | | | | 65,993,921 | |
| | | | Maine – 0.1% | | | | | | |
| | 1,050 | | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, MaineGeneral Medical Center, Series 2011, 6.750%, 7/01/41 | 7/21 at 100.00 | Baa3 | | | 1,273,535 | |
| | | | Maryland – 0.5% | | | | | | |
| | 2,500 | | Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.875%, 9/01/39 | 9/16 at 100.00 | Ba2 | | | 2,574,375 | |
| | | Nuveen Municipal Value Fund, Inc. (continued) |
| NUV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Maryland (continued) | | | | | | |
| $ | 1,500 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A, 6.125%, 1/01/36 | 1/22 at 100.00 | Baa2 | | $ | 1,797,750 | |
| | 5,600 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33 | 8/14 at 100.00 | A2 | | | 5,890,584 | |
| | 9,600 | | Total Maryland | | | | | 10,262,709 | |
| | | | Massachusetts – 1.3% | | | | | | |
| | 4,595 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Health Care Inc., Series 2001C, 5.250%, 11/15/31 – RAAI Insured | 5/13 at 100.50 | BBB+ | | | 4,621,835 | |
| | 500 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., Series 2008E-1 &2, 5.125%, 7/01/38 | 7/18 at 100.00 | A– | | | 560,350 | |
| | 3,000 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, Series 2005C, 5.000%, 7/15/35 | No Opt. Call | AAA | | | 3,273,690 | |
| | 1,359 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012A, 6.000%, 2/15/43 | 8/13 at 100.00 | D | | | 1,164,538 | |
| | 1,072 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012B, 6.375%, 2/15/43 | 8/13 at 100.00 | D | | | 107,134 | |
| | 1,608 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire Community Services Inc., Series 2012C, 6.625%, 2/15/43 | 8/13 at 100.00 | D | | | 16 | |
| | 2,300 | | Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk University Issue, Series 2009A, 5.750%, 7/01/39 | 7/19 at 100.00 | BBB | | | 2,601,829 | |
| | 12,100 | | Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40 | 12/18 at 100.00 | AA– | | | 13,060,498 | |
| | 1,630 | | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2000-6, 5.500%, 8/01/30 | 8/13 at 100.00 | Aaa | | | 1,636,487 | |
| | 28,164 | | Total Massachusetts | | | | | 27,026,377 | |
| | | | Michigan – 3.9% | | | | | | |
| | 9,910 | | Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A, 5.500%, 5/01/21 | 11/13 at 100.00 | B– | | | 9,220,165 | |
| | 1,415 | | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | 7/22 at 100.00 | A+ | | | 1,546,737 | |
| | 5,000 | | Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D, 4.625%, 7/01/32 – AGM Insured | 7/16 at 100.00 | AA– | | | 5,001,150 | |
| | 2,500 | | Detroit Water Supply System, Michigan, Water Supply System Revenue Refunding Second Lien Bonds, Series 2006C, 5.000%, 7/01/33 – AGM Insured | No Opt. Call | AA– | | | 2,548,600 | |
| | 3,700 | | Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010, 4.500%, 11/01/23 | 11/20 at 100.00 | AA | | | 4,132,234 | |
| | 1,760 | | Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/16 – NPFG Insured | 10/13 at 100.00 | Baa2 | | | 1,745,850 | |
| | | | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A: | | | | | | |
| | 8,000 | | 5.000%, 7/01/35 – NPFG Insured | 7/15 at 100.00 | A | | | 8,090,400 | |
| | 3,000 | | 4.500%, 7/01/35 – NPFG Insured | 7/15 at 100.00 | A | | | 2,911,710 | |
| | 1,250 | | Detroit, Michigan, Second Lien Water Supply System Revenue Bonds, Series 2003B, 5.000%, 7/01/34 – NPFG Insured | 7/13 at 100.00 | A | | | 1,250,075 | |
| | 3,000 | | Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2003A, 5.000%, 7/01/26 (Pre-refunded 7/01/13) – AGM Insured | 7/13 at 100.00 | AA+ (4) | | | 3,024,030 | |
| | 3,395 | | Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 7/01/36 – BHAC Insured | 7/18 at 100.00 | AA+ | | | 3,863,883 | |
| | 7,445 | | Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001C-2, 5.250%, 7/01/29 – FGIC Insured | 7/18 at 100.00 | AA+ | | | 8,421,412 | |
| | 1,265 | | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2005B, 4.750%, 7/01/34 – BHAC Insured | No Opt. Call | AA+ | | | 1,330,261 | |
| | 3,000 | | Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.750%, 7/01/37 | 7/21 at 100.00 | A+ | | | 3,386,040 | |
| | 2,000 | | Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured | 5/20 at 100.00 | A2 | | | 2,242,580 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Michigan (continued) | | | | | | |
| $ | 4,500 | | Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 5.000%, 12/01/39 | 12/21 at 100.00 | AA | | $ | 5,012,640 | |
| | | | Michigan Municipal Bond Authority, Public School Academy Revenue Bonds, Detroit Academy of Arts and Sciences Charter School, Series 2001A: | | | | | | |
| | 5,000 | | 7.900%, 10/01/21 | 10/13 at 100.00 | Caa2 | | | 4,449,350 | |
| | 3,500 | | 8.000%, 10/01/31 | 10/13 at 100.00 | Caa2 | | | 3,114,545 | |
| | 8,460 | | Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005I, 5.000%, 10/15/22 – AMBAC Insured | 10/15 at 100.00 | Aa3 | | | 9,306,169 | |
| | 1,150 | | Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont Hospital, Refunding Series 2009V, 8.250%, 9/01/39 | 9/18 at 100.00 | A1 | | | 1,475,036 | |
| | 2,090 | | Troy Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Development & Refunding Series 2001, 5.500%, 11/01/15 – NPFG Insured | 5/13 at 100.00 | Baa2 | | | 2,112,363 | |
| | 81,340 | | Total Michigan | | | | | 84,185,230 | |
| | | | Minnesota – 0.9% | | | | | �� | |
| | 1,750 | | Breckenridge, Minnesota, Revenue Bonds, Catholic Health Initiatives, Series 2004A, 5.000%, 5/01/30 | 5/14 at 100.00 | AA– | | | 1,815,118 | |
| | 6,375 | | Minneapolis Health Care System, Minnesota, Revenue Bonds, Fairview Hospital and Healthcare Services, Series 2008A, 6.625%, 11/15/28 | 11/18 at 100.00 | A | | | 7,824,611 | |
| | 2,300 | | Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien Series 2005C, 5.000%, 1/01/31 – FGIC Insured | 1/15 at 100.00 | A | | | 2,423,763 | |
| | 6,730 | | Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, HealthPartners Obligated Group, Series 2006, 5.250%, 5/15/36 | 11/16 at 100.00 | A– | | | 7,065,221 | |
| | 17,155 | | Total Minnesota | | | | | 19,128,713 | |
| | | | Missouri – 1.3% | | | | | | |
| | 6,000 | | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Metrolink Cross County Extension Project, Series 2002B, 5.000%, 10/01/32 – AGM Insured | 10/13 at 100.00 | AA– | | | 6,098,760 | |
| | 12,000 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, SSM Health Care System, Series 2010B, 5.000%, 6/01/30 | 6/20 at 100.00 | AA– | | | 13,550,160 | |
| | 3,465 | | Missouri State Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A, 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | | | 3,737,384 | |
| | 4,000 | | Sugar Creek, Missouri, Industrial Development Revenue Bonds, Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37 (Alternative Minimum Tax) | 6/13 at 101.00 | BB+ | | | 4,058,040 | |
| | 25,465 | | Total Missouri | | | | | 27,444,344 | |
| | | | Montana – 0.2% | | | | | | |
| | 3,750 | | Forsyth, Rosebud County, Montana, Pollution Control Revenue Refunding Bonds, Puget Sound Energy, Series 2003A, 5.000%, 3/01/31 – AMBAC Insured | 3/14 at 100.00 | A– | | | 3,793,275 | |
| | | | Nebraska – 0.3% | | | | | | |
| | 5,000 | | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2008A, 5.500%, 2/01/39 | 2/18 at 100.00 | Aa1 | | | 5,747,000 | |
| | | | Nevada – 1.1% | | | | | | |
| | 2,500 | | Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe Hospital, Series 2003A, 5.125%, 9/01/29 (Pre-refunded 9/01/13) – RAAI Insured | 9/13 at 100.00 | N/R (4) | | | 2,540,300 | |
| | 5,000 | | Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 | 1/20 at 100.00 | A+ | | | 5,883,150 | |
| | 10,000 | | North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured | 5/16 at 100.00 | A | | | 10,253,300 | |
| | 2,500 | | Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust 2634, 18.608%, 7/01/31 – BHAC Insured (IF) (6) | 7/17 at 100.00 | AA+ | | | 3,744,700 | |
| | 1,500 | | Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A, 6.750%, 6/15/28 | 6/18 at 100.00 | B2 | | | 1,552,875 | |
| | 21,500 | | Total Nevada | | | | | 23,974,325 | |
| | | Nuveen Municipal Value Fund, Inc. (continued) |
| NUV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | New Hampshire – 0.1% | | | | | | |
| $ | 1,500 | | New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group Issue, Series 2009A, 6.125%, 10/01/39 | 10/19 at 100.00 | Baa1 | | $ | 1,683,795 | |
| | | | New Jersey – 2.8% | | | | | | |
| | 9,000 | | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax) | 5/13 at 100.00 | B | | | 9,034,020 | |
| | 3,300 | | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 7/18 at 100.00 | BB+ | | | 3,593,601 | |
| | 4,740 | | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2006B, 0.000%, 7/01/34 | 1/17 at 41.49 | BBB+ | | | 1,674,405 | |
| | 7,500 | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2003C, 5.500%, 6/15/24 (Pre-refunded 6/15/13) | 6/13 at 100.00 | Aaa | | | 7,549,875 | |
| | | | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C: | | | | | | |
| | 30,000 | | 0.000%, 12/15/30 – FGIC Insured | No Opt. Call | A+ | | | 14,136,600 | |
| | 27,000 | | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | AA– | | | 11,459,610 | |
| | 205 | | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, 6.500%, 1/01/16 – NPFG Insured | No Opt. Call | A+ | | | 236,152 | |
| | | | New Jersey Turnpike Authority, Revenue Bonds, Series 1991C: | | | | | | |
| | 105 | | 6.500%, 1/01/16 – NPFG Insured (ETM) | No Opt. Call | A (4) | | | 121,882 | |
| | 105 | | 6.500%, 1/01/16 – NPFG Insured (ETM) | No Opt. Call | A+ (4) | | | 121,974 | |
| | 930 | | 6.500%, 1/01/16 – NPFG Insured (ETM) | No Opt. Call | A+ (4) | | | 1,001,861 | |
| | 7,165 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2003, 6.250%, 6/01/43 (Pre-refunded 6/01/13) | 6/13 at 100.00 | Aaa | | | 7,202,473 | |
| | 5,345 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34 | 6/17 at 100.00 | B2 | | | 4,708,357 | |
| | 95,395 | | Total New Jersey | | | | | 60,840,810 | |
| | | | New Mexico – 0.1% | | | | | | |
| | 1,365 | | University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21 | No Opt. Call | AA | | | 1,617,416 | |
| | | | New York – 6.6% | | | | | | |
| | 10,000 | | Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35 | 8/16 at 100.00 | AAA | | | 10,590,200 | |
| | 8,500 | | Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida Health, Series 2004, 5.050%, 2/15/25 (Pre-refunded 2/15/14) | 2/14 at 100.00 | AAA | | | 8,818,665 | |
| | 3,400 | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%, 2/15/47 – FGIC Insured | 2/17 at 100.00 | A | | | 3,614,506 | |
| | 2,000 | | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006B, 5.000%, 12/01/35 | 6/16 at 100.00 | A | | | 2,183,320 | |
| | 12,855 | | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 | 5/21 at 100.00 | A | | | 14,157,726 | |
| | 1,510 | | New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vaughn College of Aeronautics, Series 2006B, 5.000%, 12/01/31 | 12/16 at 100.00 | BB+ | | | 1,570,672 | |
| | 10,000 | | New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, JFK Airport – American Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative Minimum Tax) | 8/13 at 100.50 | N/R | | | 11,007,200 | |
| | 9,850 | | New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006, 4.750%, 3/01/46 – NPFG Insured | 9/16 at 100.00 | BBB | | | 10,101,077 | |
| | 5,500 | | New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue Bonds, Series 2004B, 5.000%, 6/15/36 – AGM Insured (UB) | 12/14 at 100.00 | AAA | | | 5,854,640 | |
| | 5,000 | | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal Series 2007B, 4.750%, 11/01/27 | 5/17 at 100.00 | AAA | | | 5,624,600 | |
| | | | New York City, New York, General Obligation Bonds, Fiscal Series 2003J: | | | | | | |
| | 1,450 | | 5.500%, 6/01/21 (Pre-refunded 6/01/13) | 6/13 at 100.00 | AAA | | | 1,456,612 | |
| | 385 | | 5.500%, 6/01/22 (Pre-refunded 6/01/13) | 6/13 at 100.00 | AAA | | | 386,756 | |
| | | | New York City, New York, General Obligation Bonds, Fiscal Series 2004C: | | | | | | |
| | 190 | | 5.250%, 8/15/24 | 8/14 at 100.00 | AA | | | 201,822 | |
| | 255 | | 5.250%, 8/15/25 | 8/14 at 100.00 | AA | | | 270,728 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | New York (continued) | | | | | | |
| | | | New York City, New York, General Obligation Bonds, Fiscal Series 2004C: | | | | | | |
| $ | 7,810 | | 5.250%, 8/15/24 (Pre-refunded 8/15/14) | 8/14 at 100.00 | Aa2 (4) | | $ | 8,309,840 | |
| | 5,745 | | 5.250%, 8/15/25 (Pre-refunded 8/15/14) | 8/14 at 100.00 | Aa2 (4) | | | 6,112,680 | |
| | 10,355 | | New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution Series 2012A, 2.000%, 6/15/13 | No Opt. Call | AAA | | | 10,379,852 | |
| | 820 | | New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1C, 5.500%, 6/01/18 | 6/13 at 100.00 | AA– | | | 823,616 | |
| | 28,810 | | New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and State Contingency Contract-Backed Bonds, Series 2003A-1, 5.500%, 6/01/19 | 6/13 at 100.00 | AA– | | | 28,940,509 | |
| | 8,575 | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | BBB– | | | 10,065,164 | |
| | 133,010 | | Total New York | | | | | 140,470,185 | |
| | | | North Carolina – 0.6% | | | | | | |
| | 1,500 | | Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects, Series 2003G, 5.000%, 6/01/33 | 6/13 at 100.00 | AA+ | | | 1,505,355 | |
| | 3,000 | | Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47 | 1/18 at 100.00 | AA– | | | 3,221,610 | |
| | 1,500 | | Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A, 5.125%, 1/15/37 | 1/21 at 100.00 | AA– | | | 1,682,190 | |
| | 1,500 | | North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A, 5.000%, 2/01/20 (Pre-refunded 2/01/14) | 2/14 at 100.00 | AA+ (4) | | | 1,553,415 | |
| | 2,000 | | North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s Health System, Series 2007, 4.500%, 10/01/31 | 10/17 at 100.00 | AA– | | | 2,107,580 | |
| | 2,010 | | North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2010A, 5.000%, 6/01/42 | 6/20 at 100.00 | AA | | | 2,289,330 | |
| | 11,510 | | Total North Carolina | | | | | 12,359,480 | |
| | | | North Dakota – 0.5% | | | | | | |
| | 7,820 | | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31 | 11/21 at 100.00 | A+ | | | 9,791,657 | |
| | | | Ohio – 3.3% | | | | | | |
| | 10,000 | | American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2008A, 5.250%, 2/15/43 | 2/18 at 100.00 | A1 | | | 11,249,900 | |
| | | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | | | | | | |
| | 5,745 | | 5.375%, 6/01/24 | 6/17 at 100.00 | B– | | | 5,417,018 | |
| | 1,775 | | 5.125%, 6/01/24 | 6/17 at 100.00 | B– | | | 1,647,733 | |
| | 5,805 | | 5.875%, 6/01/30 | 6/17 at 100.00 | B | | | 5,207,491 | |
| | 17,165 | | 5.750%, 6/01/34 | 6/17 at 100.00 | B | | | 15,056,280 | |
| | 3,520 | | 6.000%, 6/01/42 | 6/17 at 100.00 | BB+ | | | 3,193,626 | |
| | 11,940 | | 5.875%, 6/01/47 | 6/17 at 100.00 | B | | | 10,668,032 | |
| | 16,415 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 | 6/22 at 100.00 | B | | | 15,332,923 | |
| | 1,730 | | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 | 11/21 at 100.00 | AA | | | 2,104,666 | |
| | 74,095 | | Total Ohio | | | | | 69,877,669 | |
| | | | Oklahoma – 0.8% | | | | | | |
| | 1,400 | | Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 | 8/21 at 100.00 | N/R | | | 1,546,300 | |
| | 9,955 | | Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 5.125%, 2/15/31 | 2/14 at 100.00 | A | | | 10,101,139 | |
| | 5,045 | | Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004, 5.125%, 2/15/31 (Pre-refunded 2/15/14) | 2/14 at 100.00 | AA+ (4) | | | 5,240,796 | |
| | 16,400 | | Total Oklahoma | | | | | 16,888,235 | |
| | | Nuveen Municipal Value Fund, Inc. (continued) |
| NUV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Oregon – 0.3% | | | | | | |
| $ | 3,000 | | Oregon Department of Administrative Services, Certificates of Participation, Series 2010A, 5.000%, 5/01/13 | No Opt. Call | AA | | $ | 3,000,420 | |
| | 2,860 | | Oregon State Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 10/01/32 | 10/17 at 100.00 | A | | | 3,066,263 | |
| | 5,860 | | Total Oregon | | | | | 6,066,683 | |
| | | | Pennsylvania – 1.8% | | | | | | |
| | 7,500 | | Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special Revenue, Series 2013A, 5.000%, 12/01/43 | 12/22 at 100.00 | AA | | | 8,341,425 | |
| | 5,000 | | Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Subordinate Lien Series 2003B, 5.000%, 12/01/21 – NPFG Insured | No Opt. Call | A+ | | | 5,136,500 | |
| | 6,500 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 – AMBAC Insured | 12/14 at 100.00 | A+ | | | 6,948,955 | |
| | 8,000 | | Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2004D, 5.125%, 6/01/34 (Pre-refunded 6/01/14) – FGIC Insured | 6/14 at 100.00 | AA (4) | | | 8,414,800 | |
| | 10,075 | | State Public School Building Authority, Pennsylvania, Lease Revenue Bonds, Philadelphia School District, Series 2003, 5.000%, 6/01/33 (Pre-refunded 6/01/13) – AGM Insured | 6/13 at 100.00 | AA+ (4) | | | 10,116,610 | |
| | 37,075 | | Total Pennsylvania | | | | | 38,958,290 | |
| | | | Puerto Rico – 3.2% | | | | | | |
| | 8,340 | | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44 | 7/18 at 100.00 | BBB– | | | 8,496,542 | |
| | | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005K: | | | | | | |
| | 6,130 | | 5.000%, 7/01/20 | 7/15 at 100.00 | BBB | | | 6,214,471 | |
| | 1,410 | | 5.000%, 7/01/21 | 7/15 at 100.00 | BBB | | | 1,419,264 | |
| | 13,000 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/39 – FGIC Insured | No Opt. Call | BBB | | | 12,736,360 | |
| | 5,450 | | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Co-Generation Facility Revenue Bonds, Series 2000A, 6.625%, 6/01/26 (Alternative Minimum Tax) | 6/13 at 100.00 | Ba1 | | | 5,449,946 | |
| | 1,000 | | Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2007M, 6.250%, 7/01/23 | No Opt. Call | BBB– | | | 1,104,500 | |
| | | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A: | | | | | | |
| | 3,960 | | 5.500%, 8/01/28 | No Opt. Call | A+ | | | 4,309,470 | |
| | 11,000 | | 0.000%, 8/01/32 | 8/26 at 100.00 | A+ | | | 11,641,410 | |
| | 4,985 | | 6.000%, 8/01/42 | 8/19 at 100.00 | A+ | | | 5,463,510 | |
| | 4,310 | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010C, 5.250%, 8/01/41 | 8/20 at 100.00 | A+ | | | 4,492,960 | |
| | 76,485 | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/54 – AMBAC Insured | No Opt. Call | AA– | | | 6,625,896 | |
| | 136,070 | | Total Puerto Rico | | | | | 67,954,329 | |
| | | | Rhode Island – 1.2% | | | | | | |
| | 6,250 | | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group, Series 1996, 5.250%, 5/15/26 – NPFG Insured | 5/13 at 100.00 | Baa1 | | | 6,258,938 | |
| | 19,205 | | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 | 6/13 at 100.00 | BBB– | | | 19,661,311 | |
| | 25,455 | | Total Rhode Island | | | | | 25,920,249 | |
| | | | South Carolina – 1.3% | | | | | | |
| | 7,000 | | Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds, GROWTH, Series 2004, 5.250%, 12/01/29 | 12/14 at 100.00 | AA– | | | 7,457,870 | |
| | 3,000 | | Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A, 5.000%, 6/01/36 – FGIC Insured | 6/14 at 100.00 | A+ | | | 3,118,470 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | South Carolina (continued) | | | | | | |
| | | | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: | | | | | | |
| $ | 12,560 | | 0.000%, 1/01/28 – AMBAC Insured | No Opt. Call | AA– | | $ | 7,415,047 | |
| | 9,535 | | 0.000%, 1/01/29 – AMBAC Insured | No Opt. Call | AA– | | | 5,355,810 | |
| | 4,215 | | Spartanburg Sanitary Sewer District, South Carolina, Sewer System Revenue Bonds, Series 2003B, 5.000%, 3/01/38 (Pre-refunded 3/01/14) – NPFG Insured | 3/14 at 100.00 | AA– (4) | | | 4,379,638 | |
| | 36,310 | | Total South Carolina | | | | | 27,726,835 | |
| | | | Tennessee – 0.7% | | | | | | |
| | 10,300 | | Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital Project, Series 2008, 5.625%, 4/01/38 | 4/18 at 100.00 | A+ | | | 11,610,675 | |
| | 3,000 | | Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36 | 9/16 at 100.00 | BBB+ | | | 3,204,270 | |
| | 13,300 | | Total Tennessee | | | | | 14,814,945 | |
| | | | Texas – 8.9% | | | | | | |
| | 5,000 | | Alliance Airport Authority, Texas, Special Facilities Revenue Bonds, American Airlines Inc., Series 2007, 5.250%, 12/01/29 (Alternative Minimum Tax) (7) | 6/13 at 100.00 | N/R | | | 5,512,500 | |
| | 2,000 | | Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%, 1/01/34 | 1/17 at 100.00 | Ba2 | | | 2,091,460 | |
| | 5,560 | | Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds, Series 2008, 5.000%, 2/15/38 | 2/17 at 100.00 | AAA | | | 6,203,236 | |
| | 5,110 | | Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) | 4/14 at 100.00 | C | | | 408,851 | |
| | | | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005: | | | | | | |
| | 4,000 | | 5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured | 1/15 at 100.00 | Baa2 (4) | | | 4,279,720 | |
| | 31,550 | | 5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured | 1/15 at 100.00 | Baa2 (4) | | | 33,756,279 | |
| | 5,000 | | Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 – NPFG Insured | 2/17 at 100.00 | AA+ | | | 5,567,650 | |
| | 11,900 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 0.000%, 11/15/27 – NPFG Insured | No Opt. Call | Baa2 | | | 5,632,865 | |
| | 3,880 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 5.250%, 11/15/30 – NPFG Insured | 5/13 at 100.00 | BBB | | | 3,904,172 | |
| | 14,355 | | Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 0.000%, 11/15/33 – NPFG Insured | 11/24 at 59.10 | Baa2 | | | 4,550,679 | |
| | | | Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment Project, Series 2001B: | | | | | | |
| | 24,755 | | 0.000%, 9/01/29 – AMBAC Insured | No Opt. Call | A2 | | | 11,918,047 | |
| | 10,000 | | 0.000%, 9/01/31 – AMBAC Insured | No Opt. Call | A2 | | | 4,277,800 | |
| | 5,000 | | Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson Memorial Hospital Project, Series 2005, 5.375%, 8/15/35 | 2/16 at 100.00 | BBB– | | | 5,177,550 | |
| | 2,000 | | Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds, Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%, 11/01/28 (Alternative Minimum Tax) | 11/22 at 100.00 | BBB– | | | 2,193,280 | |
| | 1,750 | | Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 2011A, 7.250%, 4/01/36 | 4/21 at 100.00 | BBB | | | 1,993,758 | |
| | | | North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation Series 2008I: | | | | | | |
| | 30,000 | | 0.000%, 1/01/42 – AGC Insured | 1/25 at 100.00 | AA– | | | 33,222,900 | |
| | 5,220 | | 0.000%, 1/01/43 | 1/25 at 100.00 | A2 | | | 5,911,702 | |
| | 6,320 | | North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008A, 5.750%, 1/01/40 – BHAC Insured | 1/18 at 100.00 | AA+ | | | 7,357,554 | |
| | 15,450 | | North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Series 2008D, 0.000%, 1/01/36 – AGC Insured | No Opt. Call | AA– | | | 5,935,272 | |
| | 5,000 | | Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/34 | 12/13 at 100.00 | A+ | | | 5,087,650 | |
| | | Nuveen Municipal Value Fund, Inc. (continued) |
| NUV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Texas (continued) | | | | | | |
| $ | 2,000 | | Sabine River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2003A, 5.800%, 7/01/22 | 7/13 at 101.00 | CC | | $ | 147,520 | |
| | 3,000 | | San Antonio, Texas, Water System Revenue Bonds, Series 2005, 4.750%, 5/15/37 – NPFG Insured | 5/15 at 100.00 | AA+ | | | 3,226,230 | |
| | 11,585 | | Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, Texas Health Resources Trust 1201, 9.265%, 2/15/30 (IF) | 2/17 at 100.00 | AA– | | | 13,628,594 | |
| | 4,810 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45 | 8/20 at 100.00 | AA– | | | 5,529,239 | |
| | 5,000 | | Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding Bonds, Christus Health, Series 2008, 6.500%, 7/01/37 – AGC Insured | 1/19 at 100.00 | AA– | | | 5,901,600 | |
| | 1,600 | | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/32 | No Opt. Call | A3 | | | 1,715,632 | |
| | 2,250 | | Texas State University System, Financing Revenue Bonds, Refunding Series 2006, 5.000%, 3/15/27 – AGM Insured | No Opt. Call | Aa2 | | | 2,494,845 | |
| | 1,905 | | Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier Refunding Series 2012A, 5.000%, 8/15/41 | 8/22 at 100.00 | A– | | | 2,080,108 | |
| | 226,000 | | Total Texas | | | | | 189,706,693 | |
| | | | Utah – 0.3% | | | | | | |
| | 3,260 | | Eagle Mountain, Utah, Gas and Electric Revenue Bonds, Series 2005, 5.000%, 6/01/24 – RAAI Insured | 6/15 at 100.00 | N/R | | | 3,368,754 | |
| | 15 | | Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 1998G-2, Class I, 5.200%, 7/01/30 (Alternative Minimum Tax) | 7/13 at 100.00 | Aaa | | | 15,017 | |
| | 3,700 | | Utah State Board of Regents, Utah State University, Revenue Bonds, Series 2004, 5.000%, 4/01/35 (Pre-refunded 4/01/14) – NPFG Insured | 4/14 at 100.00 | AA (4) | | | 3,860,432 | |
| | 6,975 | | Total Utah | | | | | 7,244,203 | |
| | | | Virginia – 1.2% | | | | | | |
| | 1,500 | | Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42 | 10/17 at 100.00 | BBB | | | 1,589,190 | |
| | 10,000 | | Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44 | 10/28 at 100.00 | BBB+ | | | 8,967,100 | |
| | 975 | | Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/36 | No Opt. Call | BBB– | | | 318,455 | |
| | 6,675 | | Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 – SYNCORA GTY Insured | 2/17 at 100.00 | N/R | | | 6,979,647 | |
| | | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012: | | | | | | |
| | 1,180 | | 5.250%, 1/01/32 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | | | 1,301,752 | |
| | 1,650 | | 6.000%, 1/01/37 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | | | 1,905,090 | |
| | 3,770 | | 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | | | 4,115,558 | |
| | 25,750 | | Total Virginia | | | | | 25,176,792 | |
| | | | Washington – 4.4% | | | | | | |
| | 6,750 | | Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds, Series 2004, 5.000%, 9/01/34 – FGIC Insured | 9/14 at 100.00 | A1 | | | 7,074,540 | |
| | 4,000 | | Energy Northwest, Washington, Electric Revenue Refunding Bonds, Nuclear Project 3, Series 2003A, 5.500%, 7/01/17 (Pre-refunded 7/01/13) – SYNCORA GTY Insured | 7/13 at 100.00 | Aa1 (4) | | | 4,036,120 | |
| | 2,200 | | King County, Washington, Sewer Revenue Bonds, Refunding Series 2003A, 5.000%, 1/01/23 (Pre-refunded 7/01/13) – FGIC Insured | 7/13 at 100.00 | AA+ (4) | | | 2,217,820 | |
| | 3,475 | | Port of Seattle, Washington, General Obligation Bonds, Series 2004B, 5.000%, 11/01/19 (Pre-refunded 11/01/13) – AGM Insured (Alternative Minimum Tax) | 11/13 at 100.00 | AAA | | | 3,554,717 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Washington (continued) | | | | | | |
| $ | 3,780 | | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.625%, 1/01/35 | 1/21 at 100.00 | A | | $ | 4,244,373 | |
| | 2,400 | | Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, Series 2010, 5.375%, 12/01/33 | 12/20 at 100.00 | Baa3 | | | 2,596,872 | |
| | 12,000 | | Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, Series 2012A, 5.000%, 10/01/33 | 10/22 at 100.00 | AA | | | 13,844,520 | |
| | 8,200 | | Washington Public Power Supply System, Revenue Refunding Bonds, Nuclear Project 3, Series 1989B, 0.000%, 7/01/14 | No Opt. Call | Aa1 | | | 8,165,068 | |
| | 2,500 | | Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 | 12/17 at 100.00 | N/R | | | 2,630,350 | |
| | 5,000 | | Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured | 10/16 at 100.00 | AA | | | 5,282,100 | |
| | 2,580 | | Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical Center, Series 2007B, 5.000%, 2/15/27 – NPFG Insured | 8/17 at 100.00 | BBB | | | 2,696,461 | |
| | 23,185 | | Washington State Tobacco Settlement Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2002, 6.625%, 6/01/32 | 6/13 at 100.00 | Baa1 | | | 23,648,236 | |
| | | | Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C: | | | | | | |
| | 9,100 | | 0.000%, 6/01/29 – NPFG Insured | No Opt. Call | AA+ | | | 5,632,081 | |
| | 16,195 | | 0.000%, 6/01/30 – NPFG Insured | No Opt. Call | AA+ | | | 9,582,420 | |
| | 101,365 | | Total Washington | | | | | 95,205,678 | |
| | | | Wisconsin – 3.2% | | | | | | |
| | 7,115 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ascension Health, Senior Credit Group, Series 2010E, 5.000%, 11/15/33 | 11/19 at 100.00 | AA+ | | | 8,084,276 | |
| | 6,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of Christian Charity Healthcare Ministry, Series 2003A, 5.875%, 9/01/33 (Pre-refunded 9/01/13) | 9/13 at 100.00 | BBB+ (4) | | | 6,110,760 | |
| | 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2006A, 5.000%, 2/15/17 | 2/16 at 100.00 | A– | | | 1,105,130 | |
| | 2,375 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, Series 2012B, 5.000%, 2/15/40 | 2/22 at 100.00 | A– | | | 2,576,020 | |
| | 4,390 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., Series 2012, 5.000%, 6/01/39 | 6/22 at 100.00 | A2 | | | 4,828,605 | |
| | 2,500 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2009, 6.000%, 12/01/38 | 12/18 at 100.00 | A+ | | | 2,842,375 | |
| | | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A: | | | | | | |
| | 3,500 | | 5.750%, 5/01/35 | 5/21 at 100.00 | A+ | | | 4,121,670 | |
| | 5,000 | | 6.000%, 5/01/41 | 5/21 at 100.00 | A+ | | | 5,929,200 | |
| | 6,600 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Ministry Health Care, Inc., Refunding 2012C, 5.000%, 8/15/32 | 8/22 at 100.00 | A+ | | | 7,376,424 | |
| | 10,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, SSM Healthcare System, Series 2010, 5.000%, 6/01/30 | 6/20 at 100.00 | AA– | | | 11,116,100 | |
| | | | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A: | | | | | | |
| | 2,490 | | 5.750%, 5/01/33 | 5/19 at 100.00 | AA– | | | 2,976,023 | |
| | 8,945 | | 6.250%, 5/01/37 | 5/19 at 100.00 | AA– | | | 10,991,527 | |
| | 59,915 | | Total Wisconsin | | | | | 68,058,110 | |
| | | Nuveen Municipal Value Fund, Inc. (continued) |
| NUV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Wyoming – 0.2% | | | | | | |
| $ | 2,035 | | Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 | 7/19 at 100.00 | A1 | | $ | 2,330,523 | |
| | 1,850 | | West Park Hospital District, Wyoming, Hospital Revenue Bonds, Series 2011A, 7.000%, 6/01/40 | 6/21 at 100.00 | BBB | | | 2,232,266 | |
| | 3,885 | | Total Wyoming | | | | | 4,562,789 | |
| $ | 2,393,999 | | Total Municipal Bonds (cost $1,892,351,064) – 98.2% | | | | | 2,099,485,044 | |
| | Principal | | | | | | | | | |
| | Amount (000) | | Description (1) | Coupon | Maturity | Ratings (3) | | | Value | |
| | | | Corporate Bonds - 0.0% | | | | | | | |
| | | | Transportation - 0.0% | | | | | | | |
| $ | 764 | | Las Vegas Monorail Company, Senior Interest Bonds (8), (9) | 5.500% | 7/15/19 | N/R | | $ | 191,084 | |
| | 224 | | Las Vegas Monorail Company, Senior Interest Bonds (8), (9) | 3.000% | 7/15/55 | N/R | | | 44,735 | |
| $ | 988 | | Total Corporate Bonds (cost $18,793) | | | | | | 235,819 | |
| | | | Total Investments (cost $1,892,369,857) – 98.2% | | | | | | 2,099,720,863 | |
| | | | Floating Rate Obligations – (0.7)% | | | | | | (14,380,000 | ) |
| | | | Other Assets Less Liabilities – 2.5% | | | | | | 53,125,295 | |
| | | | Net Assets – 100% | | | | | $ | 2,138,466,158 | |
| (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | | On April 13, 2012, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its entire obligation on this security, and therefore reduced the security’s interest rate of accrual from 5.75% to 4.26%. Additionally, the Adviser instructed the Fund’s custodian to reduce any corresponding current and past due receivable balances by an equal percentage amount. |
| (6) | | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| (7) | | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (8) | | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
| (9) | | During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two senior interest corporate bonds: the first with an interest rate of 5.500% maturing on July 15, 2019 and the second with an interest rate of 3.000% (5.500% after December 31, 2015) maturing on July 15, 2055. The custodian is not accruing income on the Fund’s records for either senior interest corporate bond. |
| N/R | | Not rated. |
| WI/DD | | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
| (ETM) | | Escrowed to maturity. |
| (IF) | | Inverse floating rate investment. |
| (UB) | | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information. |
| 144A | | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
See accompanying notes to financial statements.
| | | Nuveen AMT-Free Municipal Value Fund |
| NUW | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Alaska – 0.6% | | | | | | |
| | | | Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, Series 2006A: | | | | | | |
| $ | 1,045 | | 4.625%, 6/01/23 | 6/14 at 100.00 | Ba1 | | $ | 1,049,023 | |
| | 350 | | 5.000%, 6/01/46 | 6/14 at 100.00 | B+ | | | 313,695 | |
| | 1,395 | | Total Alaska | | | | | 1,362,718 | |
| | | | Arizona – 4.1% | | | | | | |
| | 1,520 | | Arizona School Facilities Board, Certificates of Participation, Series 2003A, 5.000%, 9/01/13 – NPFG Insured | No Opt. Call | A+ | | | 1,544,654 | |
| | 4,000 | | Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds, El Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40 | 2/19 at 100.00 | BBB | | | 4,753,400 | |
| | 3,045 | | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 | No Opt. Call | A– | | | 3,420,905 | |
| | 8,565 | | Total Arizona | | | | | 9,718,959 | |
| | | | California – 9.8% | | | | | | |
| | 2,500 | | California State Public Works Board, Lease Revenue Bonds, Department of General Services Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34 | 4/19 at 100.00 | A2 | | | 3,038,500 | |
| | 500 | | California State, General Obligation Bonds, Tender Option Bond Trust 3162, 19.050%, 3/01/18 – AGM Insured (IF) | No Opt. Call | AA– | | | 846,680 | |
| | | | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A: | | | | | | |
| | 2,365 | | 5.000%, 6/01/45 | 6/15 at 100.00 | A2 | | | 2,467,948 | |
| | 1,290 | | 5.000%, 6/01/45 – AMBAC Insured | 6/15 at 100.00 | A2 | | | 1,346,154 | |
| | 3,635 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33 | 6/17 at 100.00 | B | | | 3,353,215 | |
| | 1,750 | | Lodi Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2002 Series 2004, 5.000%, 8/01/29 (Pre-refunded 8/01/13) – AGM Insured | 8/13 at 100.00 | AA– (4) | | | 1,771,123 | |
| | 450 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 6.500%, 11/01/39 | No Opt. Call | A | | | 615,240 | |
| | 10,200 | | Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – AGC Insured | 8/29 at 100.00 | AA– | | | 9,173,676 | |
| | 700 | | Victor Elementary School District, San Bernardino County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/24 – FGIC Insured | No Opt. Call | Aa3 | | | 459,172 | |
| | 23,390 | | Total California | | | | | 23,071,708 | |
| | | | Colorado – 5.1% | | | | | | |
| | 5,000 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%, 11/15/25 – SYNCORA GTY Insured | 11/15 at 100.00 | A+ | | | 5,486,750 | |
| | 3,605 | | E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27 – NPFG Insured | 9/20 at 67.94 | Baa2 | | | 1,767,568 | |
| | 4,000 | | Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds, Series 2009, 6.375%, 12/01/37 – AGC Insured | 12/19 at 100.00 | AA– | | | 4,677,480 | |
| | 12,605 | | Total Colorado | | | | | 11,931,798 | |
| | | | Florida – 8.1% | | | | | | |
| | 9,500 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A, 5.500%, 10/01/41 | 10/19 at 100.00 | A | | | 10,976,205 | |
| | | | Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series 2009-B1: | | | | | | |
| | 2,500 | | 6.000%, 7/01/38 | 7/18 at 100.00 | Aa2 | | | 2,953,050 | |
| | 2,000 | | 5.625%, 7/01/38 | 7/18 at 100.00 | Aa2 | | | 2,315,460 | |
| | 300 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 | 5/17 at 100.00 | N/R | | | 229,425 | |
| | 865 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 | 5/19 at 100.00 | N/R | | | 541,490 | |
| | | Nuveen AMT-Free Municipal Value Fund (continued) |
| NUW | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Florida (continued) | | | | | | |
| $ | 375 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 | 5/22 at 100.00 | N/R | | $ | 174,750 | |
| | 525 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.450%, 5/01/23 (5) | 5/18 at 100.00 | N/R | | | 5 | |
| | 70 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.450%, 5/01/23 (5) | 5/18 at 100.00 | N/R | | | 38,544 | |
| | 910 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.450%, 5/01/23 | 5/17 at 100.00 | N/R | | | 899,271 | |
| | 2,120 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.450%, 5/01/23 (5) | 5/18 at 100.00 | N/R | | | 852,219 | |
| | 19,165 | | Total Florida | | | | | 18,980,419 | |
| | | | Georgia – 0.8% | | | | | | |
| | 485 | | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 | 1/19 at 100.00 | A2 | | | 606,449 | |
| | 1,000 | | Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 | 6/20 at 100.00 | B– | | | 1,269,990 | |
| | 1,485 | | Total Georgia | | | | | 1,876,439 | |
| | | | Illinois – 10.6% | | | | | | |
| | 3,000 | | Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/37 – FGIC Insured | No Opt. Call | Aa3 | | | 990,960 | |
| | 260 | | Cook and DuPage Counties High School District 210 Lemont, Illinois, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/26 – NPFG Insured | 1/16 at 100.00 | Aa2 | | | 284,760 | |
| | 465 | | Cook and DuPage Counties High School District 210 Lemont, Illinois, General Obligation Bonds, Refunding Series 2006, 5.000%, 1/01/26 (Pre-refunded 1/01/16) – NPFG Insured | 1/16 at 100.00 | Aa2 (4) | | | 521,274 | |
| | 1,885 | | Cook County Township High School District 225 Northfield, Illinois, General Obligation Bonds, Capital Appreciation Refunding Series 2002B, 0.000%, 12/01/15 – NPFG Insured | No Opt. Call | AAA | | | 1,845,754 | |
| | 5,035 | | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A, 6.000%, 8/15/39 | 8/19 at 100.00 | AA+ | | | 5,979,063 | |
| | 3,500 | | Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A, 7.125%, 11/15/37 | 5/19 at 100.00 | A | | | 4,385,710 | |
| | 5,000 | | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009A, 7.250%, 11/01/38 | 11/18 at 100.00 | A | | | 6,255,250 | |
| | 3,960 | | Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., Refunding Series 2007A, 5.250%, 5/01/34 | 5/17 at 100.00 | BBB+ | | | 4,184,928 | |
| | 560 | | Will County Community Unit School District 201U, Crete-Monee, Will County, Illinois, General Obligation Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/23 – FGIC Insured | No Opt. Call | A+ | | | 392,599 | |
| | 23,665 | | Total Illinois | | | | | 24,840,298 | |
| | | | Indiana – 5.5% | | | | | | |
| | 5,000 | | Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series 2009A, 6.750%, 3/01/39 | 3/19 at 100.00 | A+ | | | 5,942,200 | |
| | 3,650 | | Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest Indiana, Series 2007, 5.500%, 3/01/37 | 3/17 at 100.00 | A– | | | 3,977,478 | |
| | 2,000 | | Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B, 6.000%, 1/01/39 | 1/19 at 100.00 | A+ | | | 2,378,860 | |
| | 1,000 | | Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 – AMBAC Insured | No Opt. Call | AA | | | 719,770 | |
| | 11,650 | | Total Indiana | | | | | 13,018,308 | |
| | | | Iowa – 1.2% | | | | | | |
| | 3,025 | | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.375%, 6/01/38 | 6/15 at 100.00 | B+ | | | 2,917,915 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Kansas – 0.3% | | | | | | |
| $ | 955 | | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21 | No Opt. Call | BBB+ | | $ | 643,040 | |
| | | | Louisiana – 7.3% | | | | | | |
| | 5,000 | | Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3, 6.125%, 6/01/25 – AGC Insured | 6/18 at 100.00 | AA– | | | 6,077,450 | |
| | | | Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A: | | | | | | |
| | 7,000 | | 5.375%, 5/15/43 | 5/17 at 100.00 | Baa1 | | | 7,402,640 | |
| | 275 | | 5.500%, 5/15/47 | 5/17 at 100.00 | Baa1 | | | 292,443 | |
| | 3,255 | | St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 5.125%, 6/01/37 | 6/17 at 100.00 | BBB | | | 3,457,201 | |
| | 15,530 | | Total Louisiana | | | | | 17,229,734 | |
| | | | Maine – 2.0% | | | | | | |
| | 3,335 | | Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College, Tender Option Bond Trust 2009-5B, 13.500%, 7/01/39 (IF) (6) | 7/19 at 100.00 | Aa2 | | | 4,691,478 | |
| | | | Massachusetts – 0.6% | | | | | | |
| | 1,000 | | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Tender Option Bond Trust 2989, 13.340%, 8/01/38 (IF) | 8/19 at 100.00 | AAA | | | 1,479,310 | |
| | | | Michigan – 4.4% | | | | | | |
| | 3,100 | | Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding Senior Lien Series 2006D, 5.000%, 7/01/32 – AGM Insured | 7/16 at 100.00 | AA– | | | 3,163,922 | |
| | 5,000 | | Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%, 7/01/35 – NPFG Insured | 7/15 at 100.00 | A | | | 5,056,500 | |
| | 1,050 | | Huron Valley School District, Oakland and Livingston Counties, Michigan, General Obligation Bonds, Refunding Series 2008, 5.000%, 5/01/13 – AGM Insured | No Opt. Call | Aa2 | | | 1,050,137 | |
| | 1,750 | | Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/26 – AGM Insured | 10/16 at 61.33 | AA– | | | 1,006,845 | |
| | 10,900 | | Total Michigan | | | | | 10,277,404 | |
| | | | Nevada – 3.3% | | | | | | |
| | 1,000 | | Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A, 5.250%, 7/01/34 | 7/19 at 100.00 | AAA | | | 1,193,160 | |
| | 250 | | Clark County, Nevada, Senior Lien Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/40 – AMBAC Insured | 7/15 at 100.00 | Aa2 | | | 266,915 | |
| | 5,415 | | Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 6/15/30 | 6/19 at 100.00 | BBB– | | | 6,207,269 | |
| | 6,665 | | Total Nevada | | | | | 7,667,344 | |
| | | | New Jersey – 2.8% | | | | | | |
| | | | New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine and Dentistry of New Jersey, Series 2009B: | | | | | | |
| | 2,135 | | 7.125%, 12/01/23 | 6/19 at 100.00 | A– | | | 2,737,497 | |
| | 3,000 | | 7.500%, 12/01/32 | 6/19 at 100.00 | A– | | | 3,737,280 | |
| | 5,135 | | Total New Jersey | | | | | 6,474,777 | |
| | | | New York – 1.6% | | | | | | |
| | 3,000 | | Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 | No Opt. Call | A | | | 3,699,870 | |
| | 130 | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | BBB– | | | 152,591 | |
| | 3,130 | | Total New York | | | | | 3,852,461 | |
| | | Nuveen AMT-Free Municipal Value Fund (continued) |
| NUW | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Ohio – 6.6% | | | | | | |
| $ | 5,000 | | American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project Series 2009A, 5.750%, 2/15/39 – AGC Insured | 2/19 at 100.00 | AA– | | $ | 5,718,650 | |
| | | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | | | | | | |
| | 2,115 | | 5.875%, 6/01/30 | 6/17 at 100.00 | B | | | 1,897,303 | |
| | 5,910 | | 6.500%, 6/01/47 | 6/17 at 100.00 | B | | | 5,744,106 | |
| | 2,000 | | Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University Hospitals Health System, Series 2009, 6.750%, 1/15/39 (Pre-refunded 1/15/15) | 1/15 at 100.00 | A (4) | | | 2,217,540 | |
| | 15,025 | | Total Ohio | | | | | 15,577,599 | |
| | | | Puerto Rico – 4.8% | | | | | | |
| | 4,390 | | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44 | 7/18 at 100.00 | BBB– | | | 4,472,400 | |
| | 500 | | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.000%, 7/01/22 – FGIC Insured | No Opt. Call | BBB | | | 502,530 | |
| | 3,000 | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42 | 8/19 at 100.00 | A+ | | | 3,287,970 | |
| | 2,500 | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bonds Trust 11851, 18.702%, 2/01/16 (IF) | No Opt. Call | AA– | | | 2,901,200 | |
| | 10,390 | | Total Puerto Rico | | | | | 11,164,100 | |
| | | | Rhode Island – 2.9% | | | | | | |
| | 3,000 | | Rhode Island Health and Educational Building Corporation, Hospital Financing Revenue Bonds, Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39 | 5/19 at 100.00 | A– | | | 3,512,940 | |
| | 3,240 | | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32 | 6/13 at 100.00 | BBB+ | | | 3,272,076 | |
| | 6,240 | | Total Rhode Island | | | | | 6,785,016 | |
| | | | South Carolina – 1.3% | | | | | | |
| | 5,435 | | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 0.000%, 1/01/29 – AMBAC Insured | No Opt. Call | AA– | | | 3,052,840 | |
| | | | Texas – 5.8% | | | | | | |
| | 3,550 | | Ennis Independent School District, Ellis County, Texas, General Obligation Bonds, Series 2006, 0.000%, 8/15/31 | 8/16 at 46.64 | Aaa | | | 1,551,421 | |
| | 5,400 | | North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F, 5.750%, 1/01/38 | 1/18 at 100.00 | A3 | | | 6,081,156 | |
| | 5,000 | | Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center, Series 2004, 6.000%, 12/01/34 | 12/13 at 100.00 | A+ | | | 5,087,650 | |
| | 1,000 | | Texas State, General Obligation Bonds, Public Financing Authority, Refunding Series 2011, 4.000%, 10/01/13 | No Opt. Call | Aaa | | | 1,016,160 | |
| | 14,950 | | Total Texas | | | | | 13,736,387 | |
| | | | Virgin Islands – 0.5% | | | | | | |
| | 1,000 | | Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37 | 10/19 at 100.00 | BBB | | | 1,176,260 | |
| | | | Virginia – 1.1% | | | | | | |
| | 2,000 | | Washington County Industrial Development Authority , Virginia, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38 | 1/19 at 100.00 | BBB+ | | | 2,472,380 | |
| | | | Wisconsin – 7.5% | | | | | | |
| | 5,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc., Series 2003, 6.400%, 4/15/33 | 10/13 at 100.00 | A | | | 5,012,750 | |
| | 1,500 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. Obligated Group, Series 2009, 6.625%, 2/15/39 | 2/19 at 100.00 | A+ | | | 1,757,864 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Wisconsin (continued) | | | | | | |
| $ | 9,000 | | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A, 6.000%, 5/01/36 | 5/19 at 100.00 | AA– | | $ | 10,888,020 | |
| | 15,500 | | Total Wisconsin | | | | | 17,658,634 | |
| $ | 222,135 | | Total Investments (cost $187,164,584) – 98.6% | | | | | 231,657,326 | |
| | | | Other Assets Less Liabilities – 1.4% | | | | | 3,295,486 | |
| | | | Net Assets – 100% | | | | $ | 234,952,812 | |
| (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (6) | | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| N/R | | Not rated. |
| (IF) | | Inverse floating rate investment. |
See accompanying notes to financial statements.
| | | Nuveen Municipal Income Fund, Inc. |
| NMI | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Alabama – 1.6% | | | | | | |
| $ | 1,000 | | Courtland Industrial Development Board, Alabama, Solid Waste Revenue Bonds, International Paper Company Project, Series 2005A, 5.200%, 6/01/25 (Alternative Minimum Tax) | 6/15 at 100.00 | BBB | | $ | 1,051,810 | |
| | 500 | | Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured | 1/14 at 100.00 | AA | | | 502,685 | |
| | 1,500 | | Total Alabama | | | | | 1,554,495 | |
| | | | Arizona – 0.6% | | | | | | |
| | 500 | | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007, 5.250%, 12/01/28 | No Opt. Call | A– | | | 589,180 | |
| | | | California – 19.8% | | | | | | |
| | 5,530 | | Adelanto School District, San Bernardino County, California, General Obligation Bonds, Series 1997A, 0.000%, 9/01/22 – NPFG Insured | No Opt. Call | A+ | | | 4,161,541 | |
| | | | Brea Olinda Unified School District, California, General Obligation Bonds, Series 1999A: | | | | | | |
| | 2,000 | | 0.000%, 8/01/21 – FGIC Insured | No Opt. Call | Aa2 | | | 1,603,560 | |
| | 2,070 | | 0.000%, 8/01/22 – FGIC Insured | No Opt. Call | Aa2 | | | 1,567,942 | |
| | 2,120 | | 0.000%, 8/01/23 – FGIC Insured | No Opt. Call | Aa2 | | | 1,514,507 | |
| | 450 | | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.250%, 6/01/21 | 12/18 at 100.00 | B2 | | | 456,278 | |
| | 250 | | California Housing Finance Agency, California, Home Mortgage Revenue Bonds, Series 2007E, 4.800%, 8/01/37 (Alternative Minimum Tax) | 2/17 at 100.00 | BBB | | | 250,485 | |
| | 2,500 | | California State Public Works Board, Lease Revenue Bonds, Department of Mental Health, Coalinga State Hospital, Series 2004A, 5.000%, 6/01/25 (Pre-refunded 6/01/14) | 6/14 at 100.00 | A2 (4) | | | 2,612,250 | |
| | 375 | | California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 6.000%, 10/01/29 | 10/19 at 100.00 | BBB+ | | | 426,510 | |
| | 1,000 | | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A, 5.000%, 7/01/39 | 7/15 at 100.00 | BBB– | | | 1,037,500 | |
| | 1,500 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13) | 6/13 at 100.00 | Aaa | | | 1,508,385 | |
| | 1,000 | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1, 5.750%, 6/01/47 | 6/17 at 100.00 | B | | | 955,470 | |
| | 500 | | Lake Elsinore Public Finance Authority, California, Local Agency Revenue Refunding Bonds, Series 2003H, 6.375%, 10/01/33 | 10/13 at 102.00 | N/R | | | 512,885 | |
| | 250 | | Madera County, California, Certificates of Participation, Children’s Hospital Central California, Series 2010, 5.375%, 3/15/36 | 3/20 at 100.00 | A+ | | | 275,763 | |
| | 300 | | M-S-R Energy Authority, California, Gas Revenue Bonds, Series 2009A, 7.000%, 11/01/34 | No Opt. Call | A | | | 424,023 | |
| | 250 | | Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 | 6/20 at 100.00 | A– | | | 284,053 | |
| | 385 | | San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.000%, 8/01/24 | 2/21 at 100.00 | A– | | | 467,983 | |
| | 1,000 | | Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.000%, 12/01/22 | 12/21 at 100.00 | A | | | 1,207,470 | |
| | 21,480 | | Total California | | | | | 19,266,605 | |
| | | | Colorado – 8.6% | | | | | | |
| | 1,000 | | Adams State College, Colorado, Institutional Enterprise Revenue Bonds, Series 2012, 5.000%, 5/15/37 | 5/22 at 100.00 | Aa2 | | | 1,154,350 | |
| | 1,000 | | Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 | 1/20 at 100.00 | AA | | | 1,093,150 | |
| | 1,000 | | Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2005, 5.000%, 6/01/35 | 6/16 at 100.00 | A– | | | 1,040,960 | |
| | 175 | | Commerce City Northern Infrastructure General Improvement District, Colorado, General Obligation Bonds, Series 2013, 4.000%, 12/01/38 – AGM Insured | 12/22 at 100.00 | AA– | | | 181,564 | |
| | 1,750 | | Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 4.000%, 11/15/43 | 11/22 at 100.00 | A+ | | | 1,802,518 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Colorado (continued) | | | | | | |
| $ | 1,000 | | Denver West Metropolitan District, Jefferson County, Colorado, General Obligation Refunding Bonds, Series 2012A, 4.000%, 12/01/32 – AGM Insured | 12/22 at 100.00 | AA– | | $ | 1,051,360 | |
| | 1,000 | | Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured | 12/20 at 100.00 | AA– | | | 1,175,350 | |
| | 520 | | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008, 6.125%, 11/15/23 | No Opt. Call | A | | | 651,149 | |
| | 250 | | Southlands Metropolitan District 1, Colorado, Limited Tax General Obligation Bonds, Series 2007, 5.250%, 12/01/34 – RAAI Insured | 12/17 at 100.00 | N/R | | | 248,138 | |
| | 7,695 | | Total Colorado | | | | | 8,398,539 | |
| | | | Connecticut – 1.0% | | | | | | |
| | 825 | | Capitol Region Education Council, Connecticut, Revenue Bonds, Series 1995, 6.750%, 10/15/15 | 10/13 at 100.00 | BBB | | | 828,589 | |
| | 95 | | Eastern Connecticut Resource Recovery Authority, Solid Waste Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A, 5.500%, 1/01/14 (Alternative Minimum Tax) | 7/13 at 100.00 | BBB | | | 95,359 | |
| | 920 | | Total Connecticut | | | | | 923,948 | |
| | | | District of Columbia – 0.7% | | | | | | |
| | 570 | | District of Columbia, Revenue Bonds, The Association of American Medical Colleges Issue, Series 2011A, 5.000%, 10/01/30 | 10/23 at 100.00 | A+ | | | 654,565 | |
| | | | Florida – 4.4% | | | | | | |
| | 750 | | Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter Academy, Inc. Project, Series 2013A, 5.000%, 9/01/33 | 9/23 at 100.00 | BBB– | | | 768,210 | |
| | 100 | | Dade County Industrial Development Authority, Florida, Revenue Bonds, Miami Cerebral Palsy Residential Services Inc., Series 1995, 8.000%, 6/01/22 | 6/13 at 100.00 | N/R | | | 100,026 | |
| | 500 | | Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern University, Refunding Series 2011, 6.375%, 4/01/31 | 4/21 at 100.00 | BBB+ | | | 592,580 | |
| | 885 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured | 10/20 at 100.00 | AA– | | | 1,012,369 | |
| | 525 | | Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012, 5.000%, 7/01/42 | 7/22 at 100.00 | AA | | | 592,662 | |
| | 515 | | North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40 | 10/20 at 100.00 | AA– | | | 571,387 | |
| | 590 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 5.400%, 5/01/37 | 5/14 at 101.00 | BB | | | 590,277 | |
| | 3,865 | | Total Florida | | | | | 4,227,511 | |
| | | | Georgia – 0.9% | | | | | | |
| | 500 | | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.250%, 11/01/34 – AGM Insured | 11/19 at 100.00 | AA– | | | 568,705 | |
| | 300 | | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 | No Opt. Call | A | | | 348,588 | |
| | 800 | | Total Georgia | | | | | 917,293 | |
| | | | Illinois – 11.0% | | | | | | |
| | 340 | | Chicago, Illinois, Tax Increment Allocation Bonds, Irving/Cicero Redevelopment Project, Series 1998, 7.000%, 1/01/14 | 7/13 at 100.00 | N/R | | | 340,925 | |
| | 1,500 | | Illinois Development Finance Authority, Pollution Control Revenue Refunding
Bonds – CIPS Debt, Series 1993C-2, 5.950%, 8/15/26 | 8/13 at 100.00 | BBB | | | 1,503,990 | |
| | 1,000 | | Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Tender Option Bond Trust 1098, 18.012%, 8/15/15 – AGC Insured (IF) (6) | No Opt. Call | AA– | | | 1,432,000 | |
| | 250 | | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 | 5/20 at 100.00 | AA– | | | 280,710 | |
| | 450 | | Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, Series 2009C, 6.375%, 11/01/29 | 5/19 at 100.00 | A | | | 546,498 | |
| | 500 | | Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44 | 8/19 at 100.00 | BBB+ | | | 595,070 | |
| | | Nuveen Municipal Income Fund, Inc. (continued) |
| NMI | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | |
| $ | 250 | | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured | 3/20 at 100.00 | AA– | | $ | 279,363 | |
| | 1,000 | | Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/22 | 1/13 at 100.00 | Baa2 | | | 1,003,560 | |
| | 220 | | Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B, 5.250%, 1/01/36 | 1/16 at 100.00 | CCC | | | 102,520 | |
| | 1,500 | | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Refunding Bonds, Series 2012B, 5.000%, 6/15/52 | 6/22 at 100.00 | AAA | | | 1,650,315 | |
| | 1,305 | | North Chicago, Illinois, General Obligation Bonds, Series 2005B, 5.000%,
11/01/25 – FGIC Insured | 11/15 at 100.00 | N/R | | | 1,427,526 | |
| | 450 | | Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana College, Series 2012, 5.000%, 10/01/27 | 10/22 at 100.00 | Baa1 | | | 503,370 | |
| | 800 | | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28 | 6/21 at 100.00 | A– | | | 978,560 | |
| | 9,565 | | Total Illinois | | | | | 10,644,407 | |
| | | | Indiana – 1.9% | | | | | | |
| | 525 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 | 10/19 at 100.00 | BB+ | | | 585,071 | |
| | 605 | | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/44 (Alternative Minimum Tax) | 7/23 at 100.00 | BBB | | | 644,174 | |
| | 500 | | Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 8.000%, 9/01/41 | 9/21 at 100.00 | N/R | | | 614,610 | |
| | 1,630 | | Total Indiana | | | | | 1,843,855 | |
| | | | Iowa – 0.9% | | | | | | |
| | 835 | | Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of Dubuque Project, Refunding Series 2011, 5.625%, 10/01/26 | 10/21 at 100.00 | BBB– | | | 909,357 | |
| | | | Kansas – 0.5% | | | | | | |
| | 480 | | Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured | 1/17 at 100.00 | BB+ | | | 496,824 | |
| | | | Kentucky – 2.9% | | | | | | |
| | 500 | | Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro Medical Health System, Series 2010A, 6.500%, 3/01/45 | 6/20 at 100.00 | BBB+ | | | 602,975 | |
| | 310 | | Kentucky Housing Corporation, Housing Revenue Bonds, Series 2010C, 4.625%, 7/01/33 | 1/20 at 100.00 | AAA | | | 332,859 | |
| | 1,500 | | Louisville-Jefferson County Metropolitan Government, Kentucky, Health Facilities Revenue Bonds, Jewish Hospital & Saint Mary’s HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37 (Pre-refunded 2/01/18) | 2/18 at 100.00 | Aaa | | | 1,877,640 | |
| | 2,310 | | Total Kentucky | | | | | 2,813,474 | |
| | | | Louisiana – 0.9% | | | | | | |
| | 500 | | Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, City of Shreveport Airport System Project, Series 2008A, 5.750%, 1/01/28 – AGM Insured | 1/19 at 100.00 | AA– | | | 562,155 | |
| | | | Louisiana Public Facilities Authority, Extended Care Facilities Revenue Bonds, Comm-Care Corporation Project, Series 1994: | | | | | | |
| | 50 | | 11.000%, 2/01/14 (ETM) | No Opt. Call | N/R (4) | | | 53,754 | |
| | 275 | | 11.000%, 2/01/14 (ETM) | No Opt. Call | N/R (4) | | | 295,537 | |
| | 825 | | Total Louisiana | | | | | 911,446 | |
| | | | Maryland – 1.4% | | | | | | |
| | 1,000 | | Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%, 6/01/35 | 6/20 at 100.00 | Baa3 | | | 1,143,130 | |
| | 210 | | Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010, 6.000%, 7/01/40 | 7/20 at 100.00 | BBB– | | | 225,387 | |
| | 1,210 | | Total Maryland | | | | | 1,368,517 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Michigan – 1.6% | | | | | | |
| $ | 355 | | Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 | 7/22 at 100.00 | A+ | | $ | 388,051 | |
| | 1,025 | | Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 2011-II-A, 5.375%, 10/15/36 | 10/21 at 100.00 | Aa3 | | | 1,189,461 | |
| | 1,380 | | Total Michigan | | | | | 1,577,512 | |
| | | | Mississippi – 0.5% | | | | | | |
| | 500 | | Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 | 10/13 at 100.00 | BBB | | | 501,565 | |
| | | | Missouri – 7.4% | | | | | | |
| | 265 | | Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 | 10/19 at 100.00 | A– | | | 295,576 | |
| | 4,450 | | Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured (Alternative Minimum Tax) (UB) (6) | 12/16 at 100.00 | AA+ | | | 4,635,610 | |
| | 1,000 | | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012, 5.000%, 10/01/33 | 10/22 at 100.00 | BBB– | | | 1,078,220 | |
| | 500 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 1999, 6.000%, 10/01/25 | 10/18 at 103.00 | BBB– | | | 580,945 | |
| | 500 | | Missouri Health and Educational Facilities Authority, Revenue Bonds, Rockhurst University, Series 2011A, 5.250%, 10/01/20 | 10/18 at 103.00 | BBB– | | | 581,340 | |
| | 6,715 | | Total Missouri | | | | | 7,171,691 | |
| | | | Montana – 1.2% | | | | | | |
| | 1,200 | | Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 2000, 8.000%, 7/01/20 (Alternative Minimum Tax) | 7/13 at 100.00 | B | | | 1,204,308 | |
| | | | Nebraska – 0.5% | | | | | | |
| | 400 | | Nebraska Educational Finance Authority, Revenue Bonds, Clarkson College Project, Refunding Series 2011, 5.050%, 9/01/30 | 5/21 at 100.00 | Aa3 | | | 453,812 | |
| | | | New Jersey – 0.5% | | | | | | |
| | 500 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.750%, 6/01/34 | 6/17 at 100.00 | B2 | | | 440,445 | |
| | | | New York – 4.8% | | | | | | |
| | 630 | | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009, 6.250%, 7/15/40 | 1/20 at 100.00 | BBB– | | | 753,757 | |
| | 1,000 | | Dormitory Authority of the State of New York, Revenue Bonds, Brooklyn Law School, Series 2003A, 5.500%, 7/01/15 (Pre-refunded 7/01/13) – RAAI Insured | 7/13 at 100.00 | BBB+ (4) | | | 1,009,010 | |
| | 400 | | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.750%, 2/15/47 | 2/21 at 100.00 | A | | | 475,664 | |
| | 265 | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | BBB– | | | 311,052 | |
| | 2,025 | | Yates County Industrial Development Agency, New York, FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41 | 8/13 at 100.00 | N/R | | | 2,132,690 | |
| | 4,320 | | Total New York | | | | | 4,682,173 | |
| | | | North Dakota – 0.4% | | | | | | |
| | 300 | | Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011, 6.250%, 11/01/31 | 11/21 at 100.00 | A+ | | | 375,639 | |
| | | | Ohio – 4.2% | | | | | | |
| | 520 | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2, 5.875%, 6/01/47 | 6/17 at 100.00 | B | | | 464,604 | |
| | 1,000 | | Erie County, Ohio, Hospital Facilities Revenue Bonds, Firelands Regional Medical Center Project, Series 2006, 5.250%, 8/15/46 | 8/16 at 100.00 | A– | | | 1,059,720 | |
| | | Nuveen Municipal Income Fund, Inc. (continued) |
| NMI | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Ohio (continued) | | | | | | |
| $ | 1,750 | | Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/36 | 8/21 at 100.00 | A2 | | $ | 1,947,208 | |
| | 500 | | Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30 | 4/20 at 100.00 | BBB– | | | 558,810 | |
| | 3,770 | | Total Ohio | | | | | 4,030,342 | |
| | | | Oregon – 1.0% | | | | | | |
| | 850 | | Portland, Oregon, River District Urban Renewal and Redevelopment Bonds, Series 2012C, 5.000%, 6/15/29 | 6/22 at 100.00 | A1 | | | 985,167 | |
| | | | Pennsylvania – 3.9% | | | | | | |
| | 1,000 | | Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical Center Project, Series 2012A, 5.000%, 11/01/40 | 5/22 at 100.00 | AA | | | 1,115,390 | |
| | 1,000 | | Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2012A, 5.000%, 11/15/47 | No Opt. Call | A– | | | 1,058,550 | |
| | 460 | | Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 | 1/19 at 100.00 | BBB+ | | | 521,327 | |
| | 1,000 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/41 | 7/22 at 100.00 | BBB+ | | | 1,081,260 | |
| | 3,460 | | Total Pennsylvania | | | | | 3,776,527 | |
| | | | Puerto Rico – 0.7% | | | | | | |
| | 640 | | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42 | 8/19 at 100.00 | A+ | | | 701,434 | |
| | | | Rhode Island – 1.1% | | | | | | |
| | 1,000 | | Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42 | 6/13 at 100.00 | BBB– | | | 1,023,760 | |
| | | | South Carolina – 0.6% | | | | | | |
| | 475 | | Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1991, 6.750%, 1/01/19 – FGIC Insured (ETM) | No Opt. Call | Baa1 (4) | | | 622,868 | |
| | | | Tennessee – 1.1% | | | | | | |
| | 1,000 | | Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%, 9/01/36 | 9/16 at 100.00 | BBB+ | | | 1,068,090 | |
| | 500 | | Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc., Series 2007, 5.500%, 11/01/37 (5) | 11/17 at 100.00 | N/R | | | 1,245 | |
| | 1,500 | | Total Tennessee | | | | | 1,069,335 | |
| | | | Texas – 8.8% | | | | | | |
| | 1,500 | | Cameron Education Finance Corporation, Texas, Charter School Revenue Bonds, Faith Family Academy Charter School, Series 2006A, 5.250%, 8/15/36 – ACA Insured | 8/16 at 100.00 | BBB– | | | 1,507,515 | |
| | 105 | | Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A, 5.000%, 1/01/43 (WI/DD, Settling 5/16/13) | 1/23 at 100.00 | Baa2 | | | 113,696 | |
| | 350 | | Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, Cosmos Foundation, Inc., Series 2011A, 6.500%, 5/15/31 | 5/21 at 100.00 | BBB | | | 437,231 | |
| | 1,000 | | Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston Light and Power Company, Series 1995, 4.000%, 10/15/15 – NPFG Insured | 10/13 at 101.00 | A | | | 1,022,720 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Texas (continued) | | | | | | |
| | | | North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Tender Option Bond Trust 1015: | | | | | | |
| $ | 850 | | 20.256%, 1/01/38 (IF) (6) | 1/18 at 100.00 | A3 | | $ | 1,386,486 | |
| | 150 | | 20.366%, 1/01/38 (IF) (6) | 1/18 at 100.00 | A3 | | | 248,760 | |
| | 200 | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 0.000%, 9/01/43 | 9/31 at 100.00 | AA | | | 154,896 | |
| | 270 | | SA Energy Acquisition Public Facilities Corporation, Texas, Gas Supply Revenue Bonds, Series 2007, 5.500%, 8/01/27 | No Opt. Call | A | | | 324,524 | |
| | 850 | | Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 2012, 5.000%, 12/15/28 | No Opt. Call | A3 | | | 925,548 | |
| | 770 | | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40 | 6/20 at 100.00 | Baa3 | | | 944,397 | |
| | 405 | | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39 | 12/19 at 100.00 | Baa2 | | | 488,029 | |
| | 500 | | Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured | 8/17 at 100.00 | BBB | | | 521,715 | |
| | 45 | | West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998, 0.000%, 8/15/25 | 8/13 at 51.84 | AAA | | | 23,289 | |
| | 955 | | West Texas Independent School District, McLennan and Hill Counties, General Obligation Refunding Bonds, Series 1998, 0.000%, 8/15/25 (Pre-refunded 8/15/13) | 8/13 at 51.84 | Aaa | | | 494,881 | |
| | 7,950 | | Total Texas | | | | | 8,593,687 | |
| | | | Virgin Islands – 0.5% | | | | | | |
| | 420 | | Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, Series 2009A, 6.750%, 10/01/37 | 10/19 at 100.00 | BBB | | | 494,029 | |
| | | | Virginia – 0.3% | | | | | | |
| | 250 | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 6.000%, 1/01/37 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | | | 288,650 | |
| | | | Washington – 0.5% | | | | | | |
| | 500 | | Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 | 12/17 at 100.00 | N/R | | | 526,070 | |
| | | | Wisconsin – 5.1% | | | | | | |
| | 1,050 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Agnesian HealthCare, Inc., Series 2013B, 5.000%, 7/01/36 | 7/23 at 100.00 | A– | | | 1,179,444 | |
| | 290 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30 | 4/20 at 100.00 | A– | | | 308,540 | |
| | 755 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, Series 2011A, 5.250%, 10/15/39 | 10/21 at 100.00 | A+ | | | 843,675 | |
| | 1,385 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marquette University, Series 2012, 4.000%, 10/01/32 | 10/22 at 100.00 | A2 | | | 1,468,100 | |
| | | Nuveen Municipal Income Fund, Inc. (continued) |
| NMI | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Wisconsin (continued) | | | | | | |
| $ | 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., Series 2011A, 5.500%, 5/01/31 | 5/21 at 100.00 | A+ | | $ | 1,157,810 | |
| | 4,480 | | Total Wisconsin | | | | | 4,957,569 | |
| $ | 94,795 | | Total Investments (cost $87,552,675) – 101.8% | | | | | 98,996,599 | |
| | | | Floating Rate Obligations – (3.4)% | | | | | (3,335,000 | ) |
| | | | Other Assets Less Liabilities – 1.6% | | | | | 1,549,276 | |
| | | | Net Assets – 100% | | | | $ | 97,210,875 | |
| (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. |
| (5) | | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (6) | | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. |
| N/R | | Not rated. |
| WI/DD | | Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. |
| (ETM) | | Escrowed to maturity. |
| (IF) | | Inverse floating rate investment. |
| (UB) | | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information. |
See accompanying notes to financial statements.
| | | Nuveen Enhanced Municipal Value Fund |
| NEV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | National – 1.2% | | | | | | |
| $ | 1,975 | | MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, Series 2013A-5, 5.000%, 1/31/28 (Mandatory put 1/31/18) (Alternative Minimum Tax) | 1/18 at 100.00 | Ba1 | | $ | 1,976,501 | |
| | 2,000 | | MuniMae Tax-Exempt Bond Subsidiary Redeemable Preferred Shares, Multifamily Housing Pool, Series 2000B, 5.750%, 6/30/50 (Mandatory put 9/30/19) (Alternative Minimum Tax) | 11/13 at 100.00 | Ba2 | | | 2,000,480 | |
| | 3,975 | | Total National | | | | | 3,976,981 | |
| | | | Alabama – 1.3% | | | | | | |
| | 2,000 | | Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, Series 2004A, 5.250%, 1/01/23 – AGM Insured | 1/14 at 100.00 | AA | | | 2,010,740 | |
| | 2,950 | | Jefferson County, Alabama, Sewer Revenue Warrants, Refunding Series 2003C-10, 0.000%, 2/01/42 – AGM Insured (4) | 8/13 at 100.00 | AA– | | | 2,212,500 | |
| | 4,950 | | Total Alabama | | | | | 4,223,240 | |
| | | | Arizona – 3.9% | | | | | | |
| | 2,000 | | Arizona State, Certificates of Participation, Series 2010A, 5.250%, 10/01/28 – AGM Insured | 10/19 at 100.00 | AA– | | | 2,304,420 | |
| | 2,500 | | Festival Ranch Community Facilities District, Town of Buckeye, Arizona, District General Obligation Bonds, Series 2009, 6.500%, 7/15/31 | 7/19 at 100.00 | BBB | | | 2,754,500 | |
| | 1,030 | | Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies – Veritas Project, Series 2012, 6.600%, 7/01/47 | 7/21 at 100.00 | BB | | | 1,118,611 | |
| | 320 | | Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 2008, 7.000%, 12/01/27 | 12/17 at 102.00 | CCC | | | 284,781 | |
| | 2,000 | | Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, Series 2012A, 9.750%, 5/01/25 | 5/22 at 100.00 | N/R | | | 2,160,580 | |
| | | | Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007: | | | | | | |
| | 50 | | 5.000%, 12/01/32 | No Opt. Call | A– | | | 56,823 | |
| | 2,000 | | 5.000%, 12/01/37 | No Opt. Call | A– | | | 2,246,900 | |
| | 1,904 | | Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30 | 7/16 at 100.00 | N/R | | | 1,953,961 | |
| | 11,804 | | Total Arizona | | | | | 12,880,576 | |
| | | | California – 18.7% | | | | | | |
| | 5,000 | | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2009F-1, 5.000%, 4/01/34 | 4/19 at 100.00 | AA | | | 5,759,450 | |
| | 920 | | California Educational Facilities Authority, Revenue Bonds, University of Southern California, Tender Option Bond Trust 3144, 19.157%, 10/01/16 (IF) | No Opt. Call | Aa1 | | | 1,549,004 | |
| | 2,040 | | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 3878, 24.342%, 10/01/33 (IF) (5) | 10/19 at 100.00 | AA | | | 3,852,377 | |
| | | | California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option Bond Trust 3248: | | | | | | |
| | 1,700 | | 24.685%, 2/15/23 (IF) (5) | 8/20 at 100.00 | AA– | | | 3,382,745 | |
| | 300 | | 24.685%, 2/15/23 (IF) (5) | 8/20 at 100.00 | AA– | | | 602,490 | |
| | 1,000 | | California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series 2009, 8.000%, 11/01/29 | 11/19 at 100.00 | Baa1 | | | 1,241,940 | |
| | 500 | | California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes of the West, Series 2010, 5.750%, 10/01/25 | 10/19 at 100.00 | BBB+ | | | 567,240 | |
| | 400 | | Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36 | 12/21 at 100.00 | A+ | | | 502,528 | |
| | 275 | | Eastern Municipal Water District, California, Water and Sewerage System Revenue Certificates of Participation, Series 2006A, 5.000%, 7/01/32 – NPFG Insured | 7/16 at 100.00 | AA+ | | | 302,165 | |
| | 490 | | Etiwanda School District, California, Coyote Canyon Community Faculties District 2004-1 Improvement Area 2 Special Tax Bonds, Series 2009, 6.500%, 9/01/32 | 9/19 at 100.00 | N/R | | | 539,500 | |
| | 845 | | Folsom Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2007A, 5.000%, 9/01/23 – AMBAC Insured | 9/17 at 100.00 | N/R | | | 886,870 | |
| | | Nuveen Enhanced Municipal Value Fund (continued) |
| NEV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | California (continued) | | | | | | |
| $ | 880 | | Folsom Public Financing Authority, California, Subordinate Special Tax Revenue Bonds, Series 2010A, 5.250%, 9/01/24 | 9/20 at 100.00 | A– | | $ | 972,532 | |
| | 3,030 | | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – AGC Insured | 6/15 at 100.00 | AA | | | 3,188,348 | |
| | 2,065 | | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011, 21.176%, 6/01/45 – AMBAC Insured (IF) (5) | 6/15 at 100.00 | A2 | | | 2,514,220 | |
| | | | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2007A-1: | | | | | | |
| | 4,055 | | 5.750%, 6/01/47 | 6/17 at 100.00 | B | | | 3,874,431 | |
| | 1,000 | | 5.125%, 6/01/47 | 6/17 at 100.00 | B | | | 870,960 | |
| | 2,550 | | Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 3253, 32.661%, 1/15/19 (IF) (5) | No Opt. Call | Aa2 | | | 6,094,194 | |
| | 200 | | Jurupa Public Financing Authority, California, Superior Lien Revenue Bonds, Series 2010A, 5.000%, 9/01/33 | 9/20 at 100.00 | AA– | | | 217,700 | |
| | 1,710 | | Los Angeles Community College District, Los Angeles County, California, General Obligation Bonds, Tender Option Bond Trust 3237, 24.460%, 8/01/27 (IF) | 8/18 at 100.00 | Aa1 | | | 3,066,406 | |
| | 1,600 | | Los Angeles County, California, Community Development Commission Headquarters Office Building, Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option Bond Trust Series 2011-23B, 22.869%, 9/01/42 (IF) (5) | 9/21 at 100.00 | Aa3 | | | 2,460,880 | |
| | 525 | | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2010A, 5.000%, 5/15/31 | 5/20 at 100.00 | AA | | | 602,427 | |
| | 100 | | Los Angeles Regional Airports Improvement Corporation, California, Sublease Revenue Bonds, Los Angeles International Airport, American Airlines Inc. Terminal 4 Project, Series 2002B, 7.500%, 12/01/24 (Alternative Minimum Tax) | 12/13 at 101.00 | C | | | 101,938 | |
| | 1,080 | | National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 7.000%, 8/01/32 | 8/21 at 100.00 | A– | | | 1,368,792 | |
| | 1,165 | | Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40 | 9/21 at 100.00 | BBB+ | | | 1,372,044 | |
| | 1,335 | | Palm Drive Health Care District, Sonoma County, California, Certificates of Participation, Parcel Tax Secured Financing Program, Series 2010, 7.000%, 4/01/25 | 10/13 at 100.00 | BB | | | 1,367,948 | |
| | 265 | | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 6.750%, 11/01/39 | 11/19 at 100.00 | Baa3 | | | 300,287 | |
| | 250 | | Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation Bonds, Refunding Series 2010, 6.125%, 6/30/37 | 6/20 at 100.00 | A– | | | 284,053 | |
| | | | San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C: | | | | | | |
| | 500 | | 6.500%, 8/01/27 | 2/21 at 100.00 | A– | | | 612,595 | |
| | 700 | | 6.750%, 8/01/33 | 2/21 at 100.00 | A– | | | 868,021 | |
| | 500 | | San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D, 6.625%, 8/01/27 | 2/21 at 100.00 | BBB | | | 585,985 | |
| | 360 | | Santee Community Development Commission, California, Santee Redevelopment Project Tax Allocation Bonds, Series 2011A, 7.000%, 8/01/31 | 2/21 at 100.00 | A | | | 451,980 | |
| | 1,000 | | Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 | 12/19 at 100.00 | AA– | | | 1,118,380 | |
| | 2,400 | | Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, California, Revenue Bonds, Tender Option Bond Trust 3584, 21.754%, 6/01/17 (IF) (5) | No Opt. Call | AA– | | | 3,903,792 | |
| | 3,110 | | Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Series 2007, 5.000%, 8/01/31 – AGM Insured | 8/17 at 100.00 | AA– | | | 3,313,581 | |
| | 1,000 | | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 4.750%, 6/01/23 | 6/15 at 100.00 | B+ | | | 1,001,000 | |
| | 500 | | Tustin Community Redevelopment Agency, California, MCAS Project Area Tax Allocation Bonds, Series 2010, 5.000%, 9/01/35 | 9/18 at 102.00 | A | | | 532,635 | |
| | 1,045 | | Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, Series 2011A, 6.500%, 12/01/28 | 6/21 at 100.00 | A | | | 1,239,004 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | California (continued) | | | | | | |
| $ | 1,020 | | Western Placer Unified School District, Placer County, California, Certificates of Participation, Refunding Series 2009, 5.250%, 8/01/35 – AGM Insured | 8/19 at 100.00 | AA– | | $ | 1,118,512 | |
| | 47,415 | | Total California | | | | | 62,588,954 | |
| | | | Colorado – 4.0% | | | | | | |
| | 2,025 | | Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori School of Evergreen, Series 2005A, 6.500%, 12/01/35 | 12/15 at 100.00 | N/R | | | 2,055,557 | |
| | 805 | | Colorado Housing and Finance Authority, Multifamily Housing Revenue Senior Bonds, Castle Highlands Apartments Project, Series 2000A-1, 5.900%,
12/01/20 – AMBAC Insured (Alternative Minimum Tax) | 6/13 at 100.00 | N/R | | | 805,451 | |
| | | | Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007: | | | | | | |
| | 250 | | 6.200%, 4/01/16 (Alternative Minimum Tax) | No Opt. Call | N/R | | | 250,018 | |
| | 53 | | 5.000%, 9/01/16 (Alternative Minimum Tax) (6) | No Opt. Call | N/R | | | 38,267 | |
| | 2,000 | | Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Series 2007, 5.125%, 12/01/37 – RAAI Insured | 12/17 at 100.00 | N/R | | | 1,800,080 | |
| | | | Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003: | | | | | | |
| | 1,000 | | 7.600%, 12/01/16 | 6/14 at 101.00 | N/R | | | 1,087,410 | |
| | 500 | | 7.700%, 12/01/17 | 6/14 at 101.00 | N/R | | | 544,225 | |
| | | | Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs Utilities, Series 2008: | | | | | | |
| | 475 | | 6.250%, 11/15/28 | No Opt. Call | A | | | 601,816 | |
| | 4,030 | | 6.500%, 11/15/38 | No Opt. Call | A | | | 5,479,833 | |
| | 815 | | Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 | 12/20 at 100.00 | N/R | | | 867,315 | |
| | 11,953 | | Total Colorado | | | | | 13,529,972 | |
| | | | Connecticut – 0.7% | | | | | | |
| | 915 | | Hamden, Connecticut, Facility Revenue Bonds, Whitney Center Project, Series 2009A, 7.750%, 1/01/43 | 1/20 at 100.00 | N/R | | | 999,217 | |
| | 1,165 | | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Series 2010A, 7.000%, 4/01/22 | 4/20 at 100.00 | N/R | | | 1,331,269 | |
| | 2,080 | | Total Connecticut | | | | | 2,330,486 | |
| | | | Delaware – 0.5% | | | | | | |
| | 1,630 | | Wilmington, Delaware, Replacement Housing Factor Fund Securitization Revenue Bonds, Wilmington Housing Authority-Lincoln Towers Project, Series 2011, 5.750%, 7/15/16 | 7/13 at 100.00 | N/R | | | 1,630,815 | |
| | | | District of Columbia – 0.5% | | | | | | |
| | 1,500 | | District of Columbia, Revenue Bonds, Center for Strategic and International Studies, Inc., Series 2011, 6.375%, 3/01/31 | 3/21 at 100.00 | BBB– | | | 1,629,705 | |
| | | | Florida – 6.8% | | | | | | |
| | 1,865 | | Ave Maria Stewardship Community Development District, Florida, Capital Improvement Revenue Bonds, Series 2006A, 5.125%, 5/01/38 | 5/16 at 100.00 | N/R | | | 1,773,018 | |
| | 940 | | Country Greens Community Development District, Florida, Special Assessment Bonds, Series 2003, 6.625%, 5/01/34 | 5/14 at 100.00 | N/R | | | 949,814 | |
| | | | Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance Charter School, Inc. Projects, Series 2011A: | | | | | | |
| | 1,000 | | 6.500%, 6/15/21 | No Opt. Call | BB– | | | 1,168,130 | |
| | 1,000 | | 7.500%, 6/15/33 | 6/21 at 100.00 | BB– | | | 1,198,430 | |
| | 2,400 | | Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2009-2, 4.650%, 7/01/29 | 7/19 at 100.00 | AA+ | | | 2,533,560 | |
| | 1,000 | | Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County Community Charter Schools, Series 2007A, 5.250%, 6/15/27 | 6/17 at 100.00 | BB | | | 1,019,220 | |
| | 1,000 | | Miami-Dade County Health Facility Authority, Florida, Hospital Revenue Bonds, Miami Children’s Hospital, Series 2010A, 6.000%, 8/01/30 | 8/20 at 100.00 | A | | | 1,194,540 | |
| | | Nuveen Enhanced Municipal Value Fund (continued) |
| NEV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Florida (continued) | | | | | | |
| $ | 1,625 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010A-1, 5.375%, 10/01/35 | 10/20 at 100.00 | A | | $ | 1,856,741 | |
| | 1,760 | | Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 5.000%, 10/01/35 – AGM Insured | 10/20 at 100.00 | AA– | | | 2,013,299 | |
| | 3,660 | | Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition Series 2009A, 5.125%, 4/01/34 – AGC Insured | 4/19 at 100.00 | AA– | | | 4,033,979 | |
| | 2,000 | | Mid-Bay Bridge Authority, Florida, Springing Lien Revenue Bonds, Series 2011, 7.250%, 10/01/40 | 10/21 at 100.00 | BBB | | | 2,555,360 | |
| | 1,000 | | North Sumter County Utility Dependent District, Florida, Utility Revenue Bonds, Series 2010, 5.375%, 10/01/40 | 10/20 at 100.00 | AA– | | | 1,109,490 | |
| | 475 | | Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, Series 2007, 5.000%, 7/01/33 – NPFG Insured | 7/17 at 100.00 | Baa2 | | | 503,058 | |
| | 80 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 | 5/17 at 100.00 | N/R | | | 61,180 | |
| | 230 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 | 5/19 at 100.00 | N/R | | | 143,980 | |
| | 95 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 | 5/22 at 100.00 | N/R | | | 44,270 | |
| | 135 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 2007-3, 6.650%, 5/01/40 (4) | 5/18 at 100.00 | N/R | | | 1 | |
| | 20 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 (4) | 5/18 at 100.00 | N/R | | | 10,839 | |
| | 245 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 2012A-1, 6.650%, 5/01/40 | 5/17 at 100.00 | N/R | | | 251,784 | |
| | 565 | | Tolomato Community Development District, Florida, Special Assessment Bonds, Southern/Forbearance Parcel Series 2007-2, 6.650%, 5/01/40 (4) | 5/18 at 100.00 | N/R | | | 226,915 | |
| | 21,095 | | Total Florida | | | | | 22,647,608 | |
| | | | Georgia – 6.1% | | | | | | |
| | 12,000 | | Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010C, 5.250%, 1/01/30 (UB) | 1/21 at 100.00 | AA– | | | 13,850,400 | |
| | 730 | | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31 | 1/19 at 100.00 | A2 | | | 912,799 | |
| | 870 | | Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 6.750%, 1/01/20 | 1/19 at 100.00 | A2 | | | 1,107,962 | |
| | 1,250 | | Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29 | 6/20 at 100.00 | B– | | | 1,587,488 | |
| | 2,500 | | Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax) | 6/15 at 100.00 | B– | | | 2,771,075 | |
| | 90 | | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B, 5.000%, 3/15/22 | No Opt. Call | A | | | 104,576 | |
| | 150 | | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A, 5.500%, 9/15/26 | No Opt. Call | A | | | 183,869 | |
| | 17,590 | | Total Georgia | | | | | 20,518,169 | |
| | | | Illinois – 12.9% | | | | | | |
| | 3,315 | | CenterPoint Intermodal Center Program Trust, Illinois, Series 2004 Class A Certificates, 3.730%, 6/15/23 | 6/13 at 100.00 | N/R | | | 3,315,464 | |
| | 2,000 | | Chicago, Illinois, Chicago O’Hare International Airport Special Facility Revenue Refunding Bonds, American Air Lines, Inc. Project, Series 2007, 5.500%, 12/01/30 (4) | 6/13 at 100.00 | N/R | | | 2,205,000 | |
| | 2,000 | | Grundy County School District 54 Morris, Illinois, General Obligation Bonds, Refunding Series 2005, 6.000%, 12/01/24 – AGM Insured | 12/21 at 100.00 | AA– | | | 2,478,900 | |
| | 1,000 | | Illinois Finance Authority Revenue Bonds, Christian Homes, Inc., Refunding Series 2010, 6.125%, 5/15/27 | 5/20 at 100.00 | BBB– | | | 1,118,710 | |
| | 3,000 | | Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International Corporation Project, Series 2010, 6.500%, 10/15/40 | 10/20 at 100.00 | B3 | | | 3,288,930 | |
| | | | Illinois Finance Authority, Revenue Bonds, Centegra Health System, Tender Option Bond Trust 1122: | | | | | | |
| | 1,605 | | 20.671%, 9/01/38 (IF) (5) | 9/22 at 100.00 | A– | | | 2,220,710 | |
| | 1,540 | | 16.706%, 9/01/38 (IF) (5) | 9/22 at 100.00 | A– | | | 2,013,211 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Illinois (continued) | | | | | | |
| $ | 1,000 | | Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Temps 65 Series 2010D-2, 6.375%, 5/15/17 | 5/13 at 100.00 | N/R | | $ | 1,001,970 | |
| | 1,000 | | Illinois Finance Authority, Revenue Bonds, Friendship Village of Schaumburg, Series 2005A, 5.375%, 2/15/25 | 2/15 at 100.00 | BB– | | | 1,014,910 | |
| | 4,000 | | Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series 2006A, 5.000%, 4/01/36 | 4/16 at 100.00 | Baa3 | | | 3,999,840 | |
| | 1,180 | | Illinois Finance Authority, Revenue Bonds, Little Company of Mary Hospital and Health Care Centers, Series 2010, 5.250%, 8/15/36 | 8/15 at 105.00 | A+ | | | 1,278,837 | |
| | 1,000 | | Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 5.500%, 5/15/26 | 5/17 at 100.00 | N/R | | | 1,048,600 | |
| | | | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Tender Option Bond Trust 4285: | | | | | | |
| | 690 | | 17.853%, 8/15/20 (IF) (5) | No Opt. Call | AA+ | | | 1,090,034 | |
| | 150 | | 17.853%, 8/15/20 (IF) (5) | No Opt. Call | AA+ | | | 229,740 | |
| | 1,975 | | Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Tender Option Bonds Trust 11-16B, 26.942%, 8/15/39 (IF) (5) | 8/19 at 100.00 | AA+ | | | 3,826,563 | |
| | 1,000 | | Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2010C, 5.125%, 5/15/35 | 5/20 at 100.00 | AA– | | | 1,122,840 | |
| | 500 | | Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured | 3/20 at 100.00 | AA– | | | 558,725 | |
| | 455 | | Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 3908, 26.647%, 2/15/19 – AGM Insured (IF) (5) | No Opt. Call | AA– | | | 867,385 | |
| | 1,000 | | Illinois Finance Authority, Revenue Refunding Bonds, Resurrection Health Care Corporation, Series 2009, 6.125%, 5/15/25 | 5/19 at 100.00 | BBB+ | | | 1,150,480 | |
| | 2,235 | | Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois IV LLC, Fullerton Village Project, Series 2004A, 5.000%, 6/01/24 (4) | 6/14 at 100.00 | Ca | | | 1,921,809 | |
| | 500 | | Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/22 | 7/13 at 100.00 | Baa2 | | | 501,780 | |
| | | | Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue Bonds, Series 2005B: | | | | | | |
| | 2,685 | | 5.250%, 1/01/30 | 1/16 at 100.00 | CCC | | | 1,264,608 | |
| | 1,515 | | 5.250%, 1/01/36 | 1/16 at 100.00 | CCC | | | 705,990 | |
| | 1,000 | | Pingree Grove Village, Illinois, Tax Assessment Bonds, Special Service Area 2 – Cambridge Lakes Project, Series 2005-2, 6.000%, 3/01/35 | 3/15 at 102.00 | N/R | | | 1,032,220 | |
| | 1,000 | | Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series 2010, 6.000%, 6/01/28 | 6/21 at 100.00 | A– | | | 1,223,200 | |
| | 1,500 | | Southwestern Illinois Development Authority, Illinois, Saint Clair County Comprehensive Mental Health Center, Series 2007, 6.625%, 6/01/37 | 6/17 at 103.00 | N/R | | | 1,555,125 | |
| | 1,000 | | Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment Bonds, Series 2009, 7.875%, 3/01/32 | 3/17 at 102.00 | N/R | | | 1,080,760 | |
| | 39,845 | | Total Illinois | | | | | 43,116,341 | |
| | | | Indiana – 1.7% | | | | | | |
| | 1,395 | | Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For Educational Excellence, Inc., Series 2009A, 6.625%, 10/01/29 | 10/19 at 100.00 | BB+ | | | 1,539,215 | |
| | 1,500 | | Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing Project, Series 2013A, 5.000%, 7/01/35 (Alternative Minimum Tax) | 7/23 at 100.00 | BBB | | | 1,622,940 | |
| | 2,000 | | Vigo County Hospital Authority, Indiana, Hospital Revenue Bonds, Union Hospital, Inc., Series 2011, 7.750%, 9/01/31 | 9/21 at 100.00 | N/R | | | 2,474,980 | |
| | 4,895 | | Total Indiana | | | | | 5,637,135 | |
| | | | Iowa – 0.2% | | | | | | |
| | 650 | | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, Series 2012, 4.750%, 8/01/42 | 8/22 at 100.00 | BBB– | | | 649,955 | |
| | | Nuveen Enhanced Municipal Value Fund (continued) |
| NEV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Kansas – 1.5% | | | | | | |
| $ | 1,430 | | Overland Park Development Corporation, Kansas, Second Tier Revenue Bonds, Overland Park Convention Center, Series 2007B, 5.125%, 1/01/22 – AMBAC Insured | 1/17 at 100.00 | BB+ | | $ | 1,480,122 | |
| | 3,565 | | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32 | No Opt. Call | N/R | | | 3,575,053 | |
| | 4,995 | | Total Kansas | | | | | 5,055,175 | |
| | | | Louisiana – 1.5% | | | | | | |
| | 2,710 | | Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 7.750%, 12/15/31 | 12/21 at 100.00 | N/R | | | 3,046,799 | |
| | 1,165 | | Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 11899, 17.801%, 5/01/33 (IF) | 5/20 at 100.00 | AA | | | 1,855,810 | |
| | 3,875 | | Total Louisiana | | | | | 4,902,609 | |
| | | | Massachusetts – 1.8% | | | | | | |
| | 1,000 | | Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured | 7/13 at 100.00 | BBB | | | 1,000,110 | |
| | 625 | | Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010A, 5.500%, 1/01/22 | 1/20 at 100.00 | AA | | | 738,031 | |
| | 795 | | Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23 | 1/20 at 100.00 | AA | | | 895,098 | |
| | 3,000 | | Massachusetts Health and Educational Facilities Authority Revenue Bonds, Quincy Medical Center Issue, Series 2008A, 6.250%, 1/15/28 (4) | 1/18 at 100.00 | N/R | | | 15,360 | |
| | 2,385 | | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%, 8/15/35 – RAAI Insured | 8/15 at 100.00 | N/R | | | 2,392,489 | |
| | 1,000 | | Massachusetts Housing Finance Agency, Housing Bonds, Series 2010C, 5.000%, 12/01/30 (Alternative Minimum Tax) | 6/20 at 100.00 | AA– | | | 1,076,800 | |
| | 8,805 | | Total Massachusetts | | | | | 6,117,888 | |
| | | | Michigan – 5.1% | | | | | | |
| | 9,650 | | Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2005, 5.250%, 5/01/27 – AGM Insured (UB) (5) | No Opt. Call | Aa2 | | | 11,445,962 | |
| | 2,865 | | Marysville Public School District, St Claire County, Michigan, General Obligation Bonds, Series 2007, 5.000%, 5/01/32 – AGM Insured | 5/17 at 100.00 | Aa2 | | | 3,184,935 | |
| | 2,100 | | Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2009, 5.750%, 11/15/39 | 11/19 at 100.00 | A | | | 2,395,827 | |
| | 14,615 | | Total Michigan | | | | | 17,026,724 | |
| | | | Mississippi – 0.2% | | | | | | |
| | 485 | | Mississippi Business Finance Corporation, Gulf Opportunity Zone Revenue Bonds, Roberts Hotel of Jackson, LLC Project, Series 2010, 8.500%, 2/01/30 (4) | 2/21 at 102.00 | N/R | | | 96,990 | |
| | 500 | | Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 | 10/13 at 100.00 | BBB | | | 501,565 | |
| | 985 | | Total Mississippi | | | | | 598,555 | |
| | | | Missouri – 0.5% | | | | | | |
| | 1,000 | | Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior Services – Heisinger Project, Series 2004, 5.500%, 2/01/35 | 2/14 at 100.00 | BBB+ | | | 1,010,540 | |
| | 640 | | St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of West County, Series 2007A, 5.375%, 9/01/21 | 9/17 at 100.00 | BBB– | | | 682,502 | |
| | 1,640 | | Total Missouri | | | | | 1,693,042 | |
| | | | Nebraska – 0.3% | | | | | | |
| | 1,000 | | Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A, 5.000%, 2/01/43 | 2/17 at 100.00 | Aa1 | | | 1,113,150 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Nevada – 1.7% | | | | | | |
| $ | 2,000 | | Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran International Airport, Series 2010A, 5.000%, 7/01/30 | 1/20 at 100.00 | A+ | | $ | 2,257,480 | |
| | 1,670 | | Las Vegas, Nevada, General Obligation Bonds, Tender Option Bond Trust 3265, 31.964%, 4/01/17 (IF) | No Opt. Call | AA | | | 3,312,295 | |
| | 3,670 | | Total Nevada | | | | | 5,569,775 | |
| | | | New Hampshire – 0.4% | | | | | | |
| | | | New Hampshire Health and Education Facilities Authority, Revenue Bonds, Rivermead Issue, Series 2011B: | | | | | | |
| | 400 | | 5.550%, 7/01/17 | 7/13 at 100.00 | N/R | | | 400,692 | |
| | 1,100 | | 5.300%, 7/01/17 | 7/13 at 100.00 | N/R | | | 1,101,661 | |
| | 1,500 | | Total New Hampshire | | | | | 1,502,353 | |
| | | | New Jersey – 2.0% | | | | | | |
| | 1,000 | | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.125%, 9/15/23 (Alternative Minimum Tax) | 9/13 at 100.00 | B | | | 1,053,850 | |
| | 1,650 | | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax) | 9/22 at 101.00 | B | | | 1,738,572 | |
| | 1,730 | | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/26 | 12/19 at 100.00 | AA | | | 1,911,114 | |
| | 2,130 | | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2007-1A, 4.500%, 6/01/23 | 6/17 at 100.00 | B1 | | | 2,131,491 | |
| | 6,510 | | Total New Jersey | | | | | 6,835,027 | |
| | | | New York – 3.4% | | | | | | |
| | | | Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009: | | | | | | |
| | 1,100 | | 6.000%, 7/15/30 | 1/20 at 100.00 | BBB– | | | 1,314,236 | |
| | 1,225 | | 6.250%, 7/15/40 | 1/20 at 100.00 | BBB– | | | 1,465,639 | |
| | 2,000 | | 6.375%, 7/15/43 | 1/20 at 100.00 | BBB– | | | 2,393,060 | |
| | 1,000 | | Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher College, Series 2011, 6.000%, 6/01/34 | 6/21 at 100.00 | BBB+ | | | 1,144,970 | |
| | 2,500 | | New York City Industrial Development Agency, New York, American Airlines-JFK International Airport Special Facility Revenue Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum Tax) | 8/16 at 101.00 | N/R | | | 2,836,550 | |
| | 265 | | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 | 12/20 at 100.00 | BBB– | | | 311,052 | |
| | 2,000 | | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/26 | 6/16 at 100.00 | BB– | | | 1,979,100 | |
| | 10,090 | | Total New York | | | | | 11,444,607 | |
| | | | Ohio – 5.9% | | | | | | |
| | | | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien, Series 2007A-2: | | | | | | |
| | 1,000 | | 5.125%, 6/01/24 | 6/17 at 100.00 | B– | | | 928,300 | |
| | 3,000 | | 5.750%, 6/01/34 | 6/17 at 100.00 | B | | | 2,631,450 | |
| | 6,500 | | 5.875%, 6/01/47 | 6/17 at 100.00 | B | | | 5,807,551 | |
| | 760 | | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 | 7/21 at 100.00 | BBB | | | 853,138 | |
| | 3,000 | | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 5.750%, 11/15/31 | 11/21 at 100.00 | AA | | | 3,659,250 | |
| | 1,000 | | Montgomery County, Ohio, Health Care and Multifamily Housing Revenue Bonds, Saint Leonard, Refunding & improvement Series 2010, 6.375%, 4/01/30 | 4/20 at 100.00 | BBB– | | | 1,117,620 | |
| | 1,670 | | Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Tender Option Bond Trust 3260, 29.319%, 5/01/29 (IF) | 5/19 at 100.00 | AA– | | | 3,398,483 | |
| | 1,200 | | Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation Project, Series 2009E, 5.625%, 10/01/19 | No Opt. Call | BBB– | | | 1,425,024 | |
| | 18,130 | | Total Ohio | | | | | 19,820,816 | |
| | | Nuveen Enhanced Municipal Value Fund (continued) |
| NEV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Pennsylvania – 5.5% | | | | | | |
| $ | 1,500 | | Aliquippa Municipal Water Authority, Pennsylvania, Water and Sewer Revenue Bonds, Subordinated Series 2013, 5.000%, 5/15/26 | No Opt. Call | N/R | | $ | 1,498,140 | |
| | 1,000 | | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009, 6.750%, 11/01/24 | 11/19 at 100.00 | BB | | | 1,102,840 | |
| | 1,500 | | Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2011, 6.550%, 12/01/27 | 12/21 at 100.00 | BB | | | 1,673,370 | |
| | 1,335 | | Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%, 4/01/35 | 4/15 at 100.00 | Ba3 | | | 1,278,997 | |
| | 1,500 | | Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social Ministries Project, Series 2009, 6.125%, 1/01/29 | 1/19 at 100.00 | BBB+ | | | 1,699,980 | |
| | 2,000 | | Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%, 12/15/27 | 12/19 at 100.00 | N/R | | | 2,108,780 | |
| | 1,125 | | Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center Project, Tender Option Bond Trust 62B, 17.841%, 8/01/38 (IF) (5) | 8/20 at 100.00 | AA | | | 1,852,706 | |
| | 25 | | Northumberland County Industrial Development Authority, Pennsylvania, Facility Revenue Bonds, NHS Youth Services Inc., Series 2002, 7.500%, 2/15/29 | 2/15 at 100.00 | N/R | | | 18,655 | |
| | 1,000 | | Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) | 6/13 at 100.00 | B– | | | 1,004,060 | |
| | 1,000 | | Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32 | 1/20 at 100.00 | BBB | | | 1,152,300 | |
| | 1,200 | | Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series 2010, 5.800%, 7/01/30 | 7/20 at 100.00 | Baa3 | | | 1,350,120 | |
| | 525 | | Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2010-110A, 4.750%, 10/01/25 | 10/19 at 100.00 | AA+ | | | 559,162 | |
| | 3,000 | | Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/30 | 12/27 at 100.00 | A– | | | 3,131,880 | |
| | 16,710 | | Total Pennsylvania | | | | | 18,430,990 | |
| | | | Puerto Rico – 1.1% | | | | | | |
| | 1,000 | | Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue Refunding Bonds, Ana G. Mendez University System, Series 2006, 5.000%, 3/01/36 | 3/16 at 100.00 | BBB– | | | 994,540 | |
| | 1,000 | | Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005C, 5.500%, 7/01/27 – AMBAC Insured | No Opt. Call | BBB+ | | | 1,029,230 | |
| | 1,500 | | Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.250%, 7/01/15 | No Opt. Call | BBB– | | | 1,571,955 | |
| | 3,500 | | Total Puerto Rico | | | | | 3,595,725 | |
| | | | Tennessee – 0.2% | | | | | | |
| | 500 | | Memphis Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Goodwill Village Apartments, Series 2010A, 5.500%, 12/01/30 | 12/20 at 100.00 | A– | | | 529,835 | |
| | 50 | | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A, 5.250%, 9/01/24 | No Opt. Call | A | | | 59,081 | |
| | 155 | | The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C, 5.000%, 2/01/24 | No Opt. Call | A– | | | 177,404 | |
| | 705 | | Total Tennessee | | | | | 766,320 | |
| | | | Texas – 3.6% | | | | | | |
| | 3,500 | | Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) | 7/18 at 100.00 | CCC | | | 310,660 | |
| | 1,050 | | Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, Cosmos Foundation, Inc., Series 2011A, 6.500%, 5/15/31 | 5/21 at 100.00 | BBB | | | 1,311,692 | |
| | 265 | | Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Airlines Inc. – Airport Improvement Project, Series 1997C, 6.125%, 7/15/27 (Alternative Minimum Tax) | 7/13 at 100.00 | B | | | 266,041 | |
| | 1,800 | | North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 11947, 24.268%, 3/01/19 (IF) | No Opt. Call | AA | | | 3,517,740 | |
| | 1,000 | | Red River Health Facilities Development Corporation, Texas, First Mortgage Revenue Bonds, Eden Home Inc., Series 2012, 7.250%, 12/15/47 | 12/21 at 100.00 | N/R | | | 1,061,840 | |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Texas (continued) | | | | | | |
| $ | 455 | | Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%, 12/15/26 | No Opt. Call | A– | | $ | 573,364 | |
| | 1,000 | | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/34 | 6/20 at 100.00 | Baa3 | | | 1,237,250 | |
| | 810 | | Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 6.875%, 12/31/39 | 12/19 at 100.00 | Baa2 | | | 976,058 | |
| | 1,500 | | Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public School Project, Series 2007A, 5.000%, 8/15/37 – ACA Insured | 8/17 at 100.00 | BBB | | | 1,565,145 | |
| | 5,000 | | Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, Second Tier Series 2002, 0.000%, 8/15/37 – AMBAC Insured | 8/14 at 25.11 | A– | | | 1,180,200 | |
| | 16,380 | | Total Texas | | | | | 11,999,990 | |
| | | | Utah – 0.3% | | | | | | |
| | 1,000 | | Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High School, Series 2010A, 6.250%, 7/15/30 | 7/20 at 100.00 | BBB– | | | 1,086,760 | |
| | | | Vermont – 1.0% | | | | | | |
| | | | Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School Project, Series 2011A: | | | | | | |
| | 1,000 | | 6.125%, 1/01/28 | 1/21 at 100.00 | Baa2 | | | 1,159,860 | |
| | 1,760 | | 6.250%, 1/01/33 | 1/21 at 100.00 | Baa2 | | | 2,019,213 | |
| | 2,760 | | Total Vermont | | | | | 3,179,073 | |
| | | | Virgin Islands – 0.4% | | | | | | |
| | 1,000 | | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 4.000%, 10/01/22 | No Opt. Call | BBB+ | | | 1,078,270 | |
| | 250 | | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2009A, 6.000%, 10/01/39 | 10/19 at 100.00 | Baa3 | | | 277,380 | |
| | 1,250 | | Total Virgin Islands | | | | | 1,355,650 | |
| | | | Virginia – 0.8% | | | | | | |
| | 2,000 | | Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%, 6/01/47 | 6/17 at 100.00 | B2 | | | 1,693,260 | |
| | 1,010 | | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax) | 7/22 at 100.00 | BBB– | | | 1,102,577 | |
| | 3,010 | | Total Virginia | | | | | 2,795,837 | |
| | | | Washington – 2.1% | | | | | | |
| | 2,000 | | Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2011A, 5.375%, 1/01/31 | 1/21 at 100.00 | A | | | 2,219,700 | |
| | 2,000 | | Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research Center, Series 2009A, 6.000%, 1/01/33 | 7/19 at 100.00 | A | | | 2,253,300 | |
| | 2,000 | | Washington State Higher Education Facilities Authority, Revenue Bonds, Whitworth University, Series 2009, 5.625%, 10/01/40 | 10/19 at 100.00 | Baa1 | | | 2,215,120 | |
| | 275 | | Tacoma Consolidated Local Improvement District 65, Washington, Special Assessment Bonds, Series 2013, 5.750%, 4/01/43 | 4/14 at 100.00 | N/R | | | 275,129 | |
| | 6,275 | | Total Washington | | | | | 6,963,249 | |
| | | | West Virginia – 0.2% | | | | | | |
| | 585 | | West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Thomas Health System, Inc., Series 2008, 6.500%, 10/01/38 | 10/18 at 100.00 | N/R | | | 616,537 | |
| | | | Wisconsin – 5.3% | | | | | | |
| | 3,500 | | Oneida Tribe of Indians of Wisconsin, Retail Sales Revenue Bonds, Series 2010, 144A, 6.500%, 2/01/31 | 2/19 at 102.00 | AA– | | | 4,019,715 | |
| | 580 | | Public Finance Authority of Wisconsin, Revenue Bonds, Roseman University of Health Sciences, Series 2012, 5.000%, 4/01/22 | No Opt. Call | BB+ | | | 605,421 | |
| | 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit College, Series 2010A, 6.000%, 6/01/30 | 6/15 at 100.00 | Baa2 | | | 1,159,740 | |
| | | Nuveen Enhanced Municipal Value Fund (continued) |
| NEV | | Portfolio of Investments |
| | | April 30, 2013 (Unaudited) |
| | Principal | | | Optional Call | | | | | |
| | Amount (000) | | Description (1) | Provisions (2) | Ratings (3) | | | Value | |
| | | | Wisconsin (continued) | | | | | | |
| $ | 500 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc., Series 2010B, 5.000%, 4/01/30 | 4/20 at 100.00 | A– | | $ | 531,965 | |
| | 1,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc. Obligated Group, Tender Option Bond Trust 3592, 21.877%, 4/01/17 (IF) (5) | No Opt. Call | AA– | | | 1,522,850 | |
| | 1,290 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. Obligated Group, Tender option Bond Trust 3592, 16.876%, 10/01/20 (IF) (5) | No Opt. Call | AA– | | | 1,317,490 | |
| | 2,000 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Healthcare System, Series 2006A, 5.250%, 8/15/21 | 8/16 at 100.00 | A– | | | 2,241,380 | |
| | 500 | | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan Services Inc., Series 2006B, 5.125%, 8/15/30 | 8/16 at 100.00 | A– | | | 529,420 | |
| | 2,500 | | Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Tender Option Bond Trust 10B, 31.816%, 5/01/36 (IF) (5) | 5/19 at 100.00 | AA– | | | 5,646,700 | |
| | 12,870 | | Total Wisconsin | | | | | 17,574,681 | |
| | | | Wyoming – 0.7% | | | | | | |
| | | | Wyoming Community Development Authority, Student Housing Revenue Bonds, CHF-Wyoming, L.L.C. – University of Wyoming Project, Series 2011: | | | | | | |
| | 500 | | 6.250%, 7/01/31 | 7/21 at 100.00 | BBB | | | 567,270 | |
| | 1,600 | | 6.500%, 7/01/43 | 7/21 at 100.00 | BBB | | | 1,834,512 | |
| | 2,100 | | Total Wyoming | | | | | 2,401,782 | |
| $ | 312,342 | | Total Investments (cost $292,811,686) – 104.0% | | | | | 347,806,252 | |
| | | | Floating Rate Obligations – (5.4)% | | | | | (18,000,000 | ) |
| | | | Other Assets Less Liabilities – 1.4% (7) | | | | | 4,583,275 | |
| | | | Net Assets – 100% | | | | $ | 334,389,527 | |
| Investments in Derivatives as of April 30, 2013 |
Forward Swaps outstanding: |
| | | | | Fund | | | | | | Fixed Rate | | | | | | Unrealized | |
| | | Notional | | Pay/Receive | | Floating Rate | | Fixed Rate | | Payment | | Effective | | Termination | | Appreciation | |
| Counterparty | | Amount | | Floating Rate | | Index | | (Annualized | ) | Frequency | | Date (8 | ) | Date | | (Depreciation) (7 | ) |
| Barclays Bank PLC | | $6,500,000 | | Receive | | 3-Month USD-LIBOR | | 3.322% | | Semi-Annually | | 4/24/14 | | 4/24/34 | | $(546,776) | |
| (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. |
| (3) | | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (4) | | At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records. |
| (5) | | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in derivatives and/or inverse floating rate transactions. |
| (6) | | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
| (7) | | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives as of the end of the reporting period. |
| (8) | | Effective date represents the date on which both the Fund and Counterparty commence interest payment accruals on each forward swap contract. |
| N/R | | Not rated. |
| (IF) | | Inverse floating rate investment. |
| (UB) | | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities for more information. |
| 144A | | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| USD-LIBOR | | United States Dollar-London Inter-Bank Offered Rate. |
See accompanying notes to financial statements.
| | | Statement of |
| | | Assets & Liabilities |
| | | April 30, 2013 (Unaudited) |
| | | | | | | AMT-Free | | | | | | Enhanced | |
| | | | Municipal | | | Municipal | | | Municipal | | | Municipal | |
| | | | Value | | | Value | | | Income | | | Value | |
| | | | (NUV | ) | | (NUW | ) | | (NMI | ) | | (NEV | ) |
| Assets | | | | | | | | | | | | | |
| Investments, at value (cost $1,892,369,857, $187,164,584, $87,552,675 and $292,811,686, respectively) | | $ | 2,099,720,863 | | $ | 231,657,326 | | $ | 98,996,599 | | $ | 347,806,252 | |
| Cash | | | 244,435 | | | 221,620 | | | 671,147 | | | — | |
| Receivables: | | | | | | | | | | | | | |
| Interest | | | 29,619,109 | | | 3,924,410 | | | 1,399,345 | | | 6,976,815 | |
| Investments sold | | | 44,272,950 | | | 10,000 | | | 25,000 | | | 95,000 | |
| Shares sold through shelf offering | | | — | | | — | | | — | | | 365,092 | |
| Deferred offering costs | | | — | | | 112,245 | | | — | | | 26,067 | |
| Other assets | | | 283,445 | | | 331 | | | 6,046 | | | 12,949 | |
| Total assets | | | 2,174,140,802 | | | 235,925,932 | | | 101,098,137 | | | 355,282,175 | |
| Liabilities | | | | | | | | | | | | | |
| Cash overdraft | | | — | | | — | | | — | | | 248,527 | |
| Floating rate obligations | | | 14,380,000 | | | — | | | 3,335,000 | | | 18,000,000 | |
| Unrealized depreciation on swaps | | | — | | | — | | | — | | | 546,776 | |
| Payables: | | | | | | | | | | | | | |
| Dividends | | | 6,600,953 | | | 641,325 | | | 349,070 | | | 1,609,227 | |
| Investment purchased | | | 13,055,267 | | | — | | | 112,275 | | | — | |
| Accrued expenses: | | | | | | | | | | | | | |
| Management fees | | | 842,604 | | | 115,934 | | | 49,045 | | | 241,128 | |
| Directors/Trustees fees | | | 236,320 | | | 1,616 | | | 667 | | | 8,411 | |
| Shelf offering costs | | | 38,410 | | | 125,798 | | | — | | | 128,348 | |
| Other | | | 521,090 | | | 88,447 | | | 41,205 | | | 110,231 | |
| Total liabilities | | | 35,674,644 | | | 973,120 | | | 3,887,262 | | | 20,892,648 | |
| Net assets | | $ | 2,138,466,158 | | $ | 234,952,812 | | $ | 97,210,875 | | $ | 334,389,527 | |
| Shares outstanding | | | 205,566,218 | | | 13,194,175 | | | 8,272,629 | | | 20,852,494 | |
| Net asset value per share outstanding | | $ | 10.40 | | $ | 17.81 | | $ | 11.75 | | $ | 16.04 | |
| Net assets consist of: | | | | | | | | | | | | | |
| Shares, $.01 par value per share | | $ | 2,055,662 | | $ | 131,942 | | $ | 82,726 | | $ | 208,525 | |
| Paid-in surplus | | | 1,942,555,657 | | | 189,896,417 | | | 85,390,640 | | | 300,791,749 | |
| Undistributed (Over-distribution of) net investment income | | | 10,726,540 | | | 433,432 | | | 894,136 | | | 3,703,839 | |
| Accumulated net realized gain (loss) | | | (24,222,707 | ) | | (1,721 | ) | | (600,551 | ) | | (24,762,376 | ) |
| Net unrealized appreciation (depreciation) | | | 207,351,006 | | | 44,492,742 | | | 11,443,924 | | | 54,447,790 | |
| Net assets | | $ | 2,138,466,158 | | $ | 234,952,812 | | $ | 97,210,875 | | $ | 334,389,527 | |
| Authorized shares | | | 350,000,000 | | | Unlimited | | | 200,000,000 | | | Unlimited | |
See accompanying notes to financial statements.
| | | Statement of | |
| | | Operations | |
| | | | Six Months Ended April 30, 2013 (Unaudited) |
| | | | | | | AMT-Free | | | | | | Enhanced | |
| | | | Municipal | | | Municipal | | | Municipal | | | Municipal | |
| | | | Value | | | Value | | | Income | | | Value | |
| | | | (NUV | ) | | (NUW | ) | | (NMI | ) | | (NEV | ) |
| Investment Income | | $ | 51,303,864 | | $ | 6,340,581 | | $ | 2,589,303 | | $ | 11,323,717 | |
| Expenses | | | | | | | | | | | | | |
| Management fees | | | 5,081,643 | | | 699,591 | | | 296,703 | | | 1,400,314 | |
| Shareholder servicing agent fees and expenses | | | 150,252 | | | 178 | | | 7,950 | | | 135 | |
| Interest expense | | | 49,935 | | | — | | | 5,284 | | | 120,208 | |
| Custodian fees and expenses | | | 144,831 | | | 19,012 | | | 12,114 | | | 23,599 | |
| Directors/Trustees fees and expenses | | | 24,820 | | | 2,724 | | | 1,301 | | | 3,877 | |
| Professional fees | | | 10,443 | | | 29,859 | | | 11,300 | | | 47,768 | |
| Shareholder reporting expenses | | | 127,432 | | | 31,610 | | | 1,837 | | | 30,174 | |
| Stock exchange listing fees | | | 39,102 | | | 3,609 | | | 4,276 | | | 4,235 | |
| Investor relations expense | | | 85,952 | | | 8,641 | | | 5,534 | | | 12,686 | |
| Other expenses | | | 33,361 | | | 7,362 | | | 3,708 | | | 5,734 | |
| Total expenses | | | 5,747,771 | | | 802,586 | | | 350,007 | | | 1,648,730 | |
| Net investment income (loss) | | | 45,556,093 | | | 5,537,995 | | | 2,239,296 | | | 9,674,987 | |
| Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | |
| Net realized gain (loss) from: | | | | | | | | | | | | | |
| Investments | | | 990,579 | | | (1,040 | ) | | 19,212 | | | 672,163 | |
| Swaps | | | — | | | — | | | — | | | (105,000 | ) |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | |
| Investments | | | 18,886,333 | | | 197,641 | | | 866,018 | | | 2,782,672 | |
| Swaps | | | — | | | — | | | — | | | 544,570 | |
| Net realized and unrealized gain (loss) | | | 19,876,912 | | | 196,601 | | | 885,230 | | | 3,894,405 | |
| Net increase (decrease) in net assets from operations | | $ | 65,433,005 | | $ | 5,734,596 | | $ | 3,124,526 | | $ | 13,569,392 | |
See accompanying notes to financial statements.
| | | Statement of |
| | | Changes in Net Assets (Unaudited) |
| | | | | | | AMT-Free | |
| | | | Municipal Value (NUV) | | | Municipal Value (NUW) | |
| | | | Six Months | | | | | | Six Months | | | | |
| | | | Ended | | | Year Ended | | | Ended | | | Year Ended | |
| | | | 4/30/13 | | | 10/31/12 | | | 4/30/13 | | | 10/31/12 | |
| Operations | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 45,556,093 | | $ | 93,725,545 | | $ | 5,537,995 | | $ | 10,900,609 | |
| Net realized gain (loss) from: | | | | | | | | | | | | | |
| Investments | | | 990,579 | | | (21,295,343 | ) | | (1,040 | ) | | 154,857 | |
| Swaps | | | — | | | — | | | — | | | — | |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | |
| Investments | | | 18,886,333 | | | 165,538,735 | | | 197,641 | | | 16,545,579 | |
| Swaps | | | — | | | — | | | — | | | — | |
| Net increase (decrease) in net assets from operations | | | 65,433,005 | | | 237,968,937 | | | 5,734,596 | | | 27,601,045 | |
| Distributions to Shareholders | | | | | | | | | | | | | |
| From net investment income | | | (46,272,295 | ) | | (94,812,770 | ) | | (5,269,728 | ) | | (10,684,764 | ) |
| From accumulated net realized gains | | | — | | | (11,399,466 | ) | | (117,111 | ) | | — | |
| Decrease in net assets from distributions to shareholders | | | (46,272,295 | ) | | (106,212,236 | ) | | (5,386,839 | ) | | (10,684,764 | ) |
| Capital Share Transactions | | | | | | | | | | | | | |
| Proceeds from shelf offering, net of offering costs | | | 10,670,833 | | | 47,880,152 | | | 2,924,759 | | | — | |
| Net proceeds from shares issued to shareholders due to reinvestment of distributions | | | 3,311,886 | | | 10,454,655 | | | 540,521 | | | 1,350,059 | |
| Net increase (decrease) in net assets from capital share transactions | | | 13,982,719 | | | 58,334,807 | | | 3,465,280 | | | 1,350,059 | |
| Net increase (decrease) in net assets | | | 33,143,429 | | | 190,091,508 | | | 3,813,037 | | | 18,266,340 | |
| Net assets at the beginning of period | | | 2,105,322,729 | | | 1,915,231,221 | | | 231,139,775 | | | 212,873,435 | |
| Net assets at the end of period | | $ | 2,138,466,158 | | $ | 2,105,322,729 | | $ | 234,952,812 | | $ | 231,139,775 | |
| Undistributed (Over-distribution of) net investment income at the end of period | | $ | 10,726,540 | | $ | 11,442,742 | | $ | 433,432 | | $ | 165,165 | |
See accompanying notes to financial statements.
| | | Statement of |
| | | Changes in Net Assets (Unaudited) (continued) |
| | | | | | | Enhanced Municipal | |
| | | | Municipal Income (NMI) | | | Value (NEV) | |
| | | | Six Months | | | | | | Six Months | | | | |
| | | | Ended | | | Year Ended | | | Ended | | | Year Ended | |
| | | | 4/30/13 | | | 10/31/12 | | | 4/30/13 | | | 10/31/12 | |
| Operations | | | | | | | | | | | | | |
| Net investment income (loss) | | $ | 2,239,296 | | $ | 4,728,364 | | $ | 9,674,987 | | $ | 19,500,297 | |
| Net realized gain (loss) from: | | | | | | | | | | | | | |
| Investments | | | 19,212 | | | 248,877 | | | 672,163 | | | 745,212 | |
| Swaps | | | — | | | — | | | (105,000 | ) | | (6,106,000 | ) |
| Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | |
| Investments | | | 866,018 | | | 7,177,012 | | | 2,782,672 | | | 36,071,836 | |
| Swaps | | | — | | | — | | | 544,570 | | | 4,012,405 | |
| Net increase (decrease) in net assets from operations | | | 3,124,526 | | | 12,154,253 | | | 13,569,392 | | | 54,223,750 | |
| Distributions to Shareholders | | | | | | | | | | | | | |
| From net investment income | | | (2,369,363 | ) | | (4,699,960 | ) | | (9,622,549 | ) | | (18,547,985 | ) |
| From accumulated net realized gains | | | — | | | — | | | — | | | — | |
| Decrease in net assets from distributions to shareholders | | | (2,369,363 | ) | | (4,699,960 | ) | | (9,622,549 | ) | | (18,547,985 | ) |
| Capital Share Transactions | | | | | | | | | | | | | |
| Proceeds from shelf offering, net of offering costs | | | — | | | — | | | 24,797,013 | | | — | |
| Net proceeds from shares issued to shareholders due to reinvestment of distributions | | | 158,111 | | | 355,454 | | | 304,201 | | | 616,205 | |
| Net increase (decrease) in net assets from capital share transactions | | | 158,111 | | | 355,454 | | | 25,101,214 | | | 616,205 | |
| Net increase (decrease) in net assets | | | 913,274 | | | 7,809,747 | | | 29,048,057 | | | 36,291,970 | |
| Net assets at the beginning of period | | | 96,297,601 | | | 88,487,854 | | | 305,341,470 | | | 269,049,500 | |
| Net assets at the end of period | | $ | 97,210,875 | | $ | 96,297,601 | | $ | 334,389,527 | | $ | 305,341,470 | |
| Undistributed (Over-distribution of) net investment income at the end of period | | $ | 894,136 | | $ | 1,024,203 | | $ | 3,703,839 | | $ | 3,651,401 | |
See accompanying notes to financial statements.
THIS PAGE INTENTIONALLY LEFT BLANK
| | | Financial |
| | | Highlights (Unaudited) |
| | | |
| | | Selected data for a share outstanding throughout each period: |
| | | | | Investment Operations | | Less Distributions | | | | | | | | | |
| | | Beginning Net Asset Value | | Net Investment Income (Loss) | | Net Realized/ Unrealized Gain (Loss) | | Total | | From Net Investment Income | | From Accumulated Net Realized Gains | | Total | | Offering Costs | | Premium from Shares Sold through Shelf Offering | | Ending Net Asset Value | | Ending Market Value | |
| Municipal Value (NUV) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2013(d) | | $ | 10.31 | | $ | .22 | | $ | .09 | | $ | .31 | | $ | (.23 | ) | $ | — | | $ | (.23 | ) | $ | — | | $ | .01 | | $ | 10.40 | | $ | 10.39 | |
| 2012 | | | 9.65 | | | .46 | | | .71 | | | 1.17 | | | (.47 | ) | | (.06 | ) | | (.53 | ) | | — | ** | | .02 | | | 10.31 | | | 10.37 | |
| 2011 | | | 9.82 | | | .48 | | | (.16 | ) | | .32 | | | (.47 | ) | | (.02 | ) | | (.49 | ) | | — | | | — | ** | | 9.65 | | | 9.66 | |
| 2010 | | | 9.51 | | | .49 | | | .30 | | | .79 | | | (.47 | ) | | (.01 | ) | | (.48 | ) | | — | | | — | | | 9.82 | | | 10.02 | |
| 2009 | | | 8.60 | | | .49 | | | .89 | | | 1.38 | | | (.47 | ) | | — | | | (.47 | ) | | — | | | — | | | 9.51 | | | 9.91 | |
| 2008 | | | 10.12 | | | .47 | | | (1.49 | ) | | (1.02 | ) | | (.47 | ) | | (.03 | ) | | (.50 | ) | | — | | | — | | | 8.60 | | | 8.65 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| AMT-Free Municipal Value (NUW) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2013(d) | | | 17.78 | | | .42 | | | .01 | | | .43 | | | (.40 | ) | | (.01 | ) | | (.41 | ) | | — | ** | | .01 | | | 17.81 | | | 17.57 | |
| 2012 | | | 16.47 | | | .84 | | | 1.29 | | | 2.13 | | | (.82 | ) | | — | | | (.82 | ) | | — | | | — | | | 17.78 | | | 18.66 | |
| 2011 | | | 16.85 | | | .93 | | | (.39 | ) | | .54 | | | (.90 | ) | | (.02 | ) | | (.92 | ) | | — | | | — | | | 16.47 | | | 17.06 | |
| 2010 | | | 16.20 | | | .91 | | | .65 | | | 1.56 | | | (.90 | ) | | (.01 | ) | | (.91 | ) | | — | | | — | | | 16.85 | | | 17.57 | |
| 2009(c) | | | 14.33 | | | .49 | | | 1.94 | | | 2.43 | | | (.53 | ) | | — | | | (.53 | ) | | (.03 | ) | | — | | | 16.20 | | | 15.84 | |
| | | | Ratios/Supplemental Data | |
| Total Returns | | | | | | Ratios to Average Net Assets | | | | |
| | | | | Based | | | | | | | | | | | | | |
| | Based | | | on | | | Ending | | | | | | | | | | |
| | on | | | Net | | | Net | | | | | | Net | | | Portfolio | |
| | Market | | | Asset | | | Assets | | | | | | Investment | | | Turnover | |
| | Value | (a) | | Value | (a) | | (000 | ) | | Expenses | (b) | | Income (Loss | ) | | Rate | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | 2.39 | % | | 3.08 | % | $ | 2,138,466 | | | .54 | *% | | 4.31 | *% | | 6 | % |
| | 13.15 | | | 12.62 | | | 2,105,323 | | | .60 | | | 4.63 | | | 14 | |
| | 1.61 | | | 3.53 | | | 1,915,231 | | | .65 | | | 5.15 | | | 10 | |
| | 6.18 | | | 8.44 | | | 1,944,094 | | | .61 | | | 5.05 | | | 8 | |
| | 20.68 | | | 16.51 | | | 1,872,031 | | | .66 | | | 5.49 | | | 5 | |
| | (3.93 | ) | | (10.51 | ) | | 1,684,418 | | | .65 | | | 4.86 | | | 16 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | (3.64 | ) | | 2.50 | | | 234,953 | | | .69 | * | | 4.78 | * | | 3 | |
| | 14.73 | | | 13.23 | | | 231,140 | | | .68 | | | 4.90 | | | 10 | |
| | 2.93 | | | 3.61 | | | 212,873 | | | .71 | | | 5.92 | | | 1 | |
| | 17.22 | | | 9.91 | | | 216,146 | | | .69 | | | 5.55 | | | 4 | |
| | 9.27 | | | 16.92 | | | 205,709 | | | .67 | * | | 4.84 | * | | 2 | |
| (a) | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
| | Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| (b) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities as follows: |
| Municipal Value (NUV) | | | | |
| Year Ended 10/31: | | | | |
| 2013(d) | | | .00 | %* |
| 2012 | | | .02 | |
| 2011 | | | .01 | |
| 2010 | | | .01 | |
| 2009 | | | .02 | |
| 2008 | | | .04 | |
| AMT-Free Municipal Value (NUW) | | | | |
| Year Ended 10/31: | | | | |
| 2013(d) | | | — | |
| 2012 | | | — | |
| 2011 | | | — | |
| 2010 | | | — | |
| 2009(c) | | | — | |
| (c) | For the period February 25, 2009 (commencement of operations) through October 31, 2009. |
| (d) | For the six months ended April 30, 2013. |
| * | Annualized. |
| ** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
| | | Financial |
| | | Highlights (Unaudited) (continued) |
| | | |
| | | Selected data for a share outstanding throughout each period: |
| | | | | | Investment Operations | | Less Distributions | | | | | | | | | | | | | |
| | | Beginning Net Asset Value | | Net Investment Income (Loss) | | Net Realized/ Unrealized Gain (Loss) | | Total | | From Net Investment Income | | From Accumulated Net Realized Gains | | Total | | Offering Costs | | Premium from Shares Sold through Shelf Offering | | Ending Net Asset Value | | Ending Market Value | |
| Municipal Income (NMI) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2013(d) | | $ | 11.66 | | $ | .27 | | $ | .11 | | $ | .38 | | $ | (.29 | ) | $ | — | | $ | (.29 | ) | $ | — | | $ | — | | $ | 11.75 | | $ | 12.41 | |
| 2012 | | | 10.75 | | | .57 | | | .91 | | | 1.48 | | | (.57 | ) | | — | | | (.57 | ) | | — | | | — | | | 11.66 | | | 12.66 | |
| 2011 | | | 10.84 | | | .58 | | | (.10 | ) | | .48 | | | (.57 | ) | | — | | | (.57 | ) | | — | | | — | | | 10.75 | | | 11.13 | |
| 2010 | | | 10.38 | | | .58 | | | .45 | | | 1.03 | | | (.57 | ) | | — | | | (.57 | ) | | — | | | — | | | 10.84 | | | 11.24 | |
| 2009 | | | 9.28 | | | .57 | | | 1.06 | | | 1.63 | | | (.53 | ) | | — | | | (.53 | ) | | — | | | — | | | 10.38 | | | 10.66 | |
| 2008 | | | 10.77 | | | .53 | | | (1.52 | ) | | (.99 | ) | | (.50 | ) | | — | | | (.50 | ) | | — | | | — | | | 9.28 | | | 9.89 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Enhanced Municipal Value (NEV) | | | | | | | | | | | | | | | | | | | | | | | | | |
| Year Ended 10/31: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2013(d) | | | 15.82 | | | .47 | | | .16 | | | .63 | | | (.48 | ) | | — | | | (.48 | ) | | (.01 | ) | | .08 | | | 16.04 | | | 16.24 | |
| 2012 | | | 13.97 | | | 1.01 | | | 1.80 | | | 2.81 | | | (.96 | ) | | — | | | (.96 | ) | | — | | | — | | | 15.82 | | | 16.16 | |
| 2011 | | | 14.78 | | | 1.01 | | | (.89 | ) | | .12 | | | (.93 | ) | | — | | | (.93 | ) | | — | | | — | | | 13.97 | | | 13.70 | |
| 2010 | | | 13.73 | | | .94 | | | 1.02 | | | 1.96 | | | (.91 | ) | | — | ** | | (.91 | ) | | — | ** | | — | | | 14.78 | | | 14.56 | |
| 2009(c) | | | 14.33 | | | .04 | | | (.61 | ) | | (.57 | ) | | — | | | — | | | — | | | (.03 | ) | | — | | | 13.73 | | | 15.00 | |
| | | | Ratios/Supplemental Data | |
| Total Returns | | | | | | Ratios to Average Net Assets | | | | |
| | | | | Based | | | | | | | | | | | | | |
| | Based | | | on | | | Ending | | | | | | | | | | |
| | on | | | Net | | | Net | | | | | | Net | | | Portfolio | |
| | Market | | | Asset | | | Assets | | | | | | Investment | | | Turnover | |
| | Value | (a) | | Value | (a) | | (000 | ) | | Expenses | (b) | | Income (Loss | ) | | Rate | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | .41 | % | | 3.26 | % | $ | 97,211 | | | .73 | %* | | 4.66 | %* | | 8 | % |
| | 19.51 | | | 14.05 | | | 96,298 | | | .78 | | | 5.09 | | | 15 | |
| | 4.62 | | | 4.73 | | | 88,488 | | | .77 | | | 5.61 | | | 16 | |
| | 11.14 | | | 10.12 | | | 89,008 | | | .77 | | | 5.47 | | | 14 | |
| | 13.72 | | | 18.06 | | | 84,883 | | | .81 | | | 5.85 | | | 10 | |
| | (1.01 | ) | | (9.53 | ) | | 75,553 | | | .86 | | | 5.08 | | | 8 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | 3.56 | | | 4.49 | | | 334,390 | | | 1.05 | * | | 6.13 | * | | 2 | |
| | 25.68 | | | 20.67 | | | 305,341 | | | 1.12 | | | 6.73 | | | 11 | |
| | 1.02 | | | 1.28 | | | 269,050 | | | 1.17 | | | 7.47 | | | 33 | |
| | 3.52 | | | 14.73 | | | 284,682 | | | 1.07 | | | 6.64 | | | 28 | |
| | — | | | (4.15 | ) | | 244,558 | | | 1.02 | * | | 3.25 | * | | 1 | |
| (a) | Total Return Based on Market Value is the combination of changes in the market price per share and the effect of reinvested dividend income and reinvested capital gains distributions, if any, at the average price paid per share at the time of reinvestment. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last dividend declared in the period may take place over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized. |
| | Total Return Based on Net Asset Value is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. The last dividend declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending net asset value. The actual reinvest price for the last dividend declared in the period may often be based on the Fund’s market price (and not its net asset value), and therefore may be different from the price used in the calculation. Total returns are not annualized. |
| (b) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund and/or the effect of the interest expense and fees paid on borrowings, where applicable, each as described in Footnote 1 – General Information and Significant Accounting Policies, Inverse Floating Rate Securities and Footnote 8 – Borrowing Arrangements, respectively, as follows: |
| Municipal Income (NMI) | | | | |
| Year Ended 10/31: | | | | |
| 2013(d) | | | .01 | %* |
| 2012 | | | .01 | |
| 2011 | | | .01 | |
| 2010 | | | .02 | |
| 2009 | | | .03 | |
| 2008 | | | .10 | |
| | | | | |
| Enhanced Municipal Value (NEV) | | | | |
| Year Ended 10/31: | | | | |
| 2013(d) | | | .08 | * |
| 2012 | | | .09 | |
| 2011 | | | .08 | |
| 2010 | | | .04 | |
| 2009(c) | | | — | |
| (c) | For the period September 25, 2009 (commencement of operations) through October 31, 2009. |
| (d) | For the six months ended April 30, 2013. |
| * | Annualized. |
| ** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
| | | Notes to |
| | | Financial Statements (Unaudited) |
1. General Information and Significant Accounting Policies
General Information
The funds covered in this report and their corresponding New York Stock Exchange symbols are Nuveen Municipal Value Fund, Inc. (NUV), Nuveen AMT-Free Municipal Value Fund (NUW), Nuveen Municipal Income Fund, Inc. (NMI) and Nuveen Enhanced Municipal Value Fund (NEV) (each a “Fund” and collectively, the “Funds”). The Funds are registered under the Investment Company Act of 1940, as amended, as diversified closed-end registered investment companies.
On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisers, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisers, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
Each Fund’s primary investment objective is to provide current income exempt from regular federal income tax by investing primarily in a portfolio of municipal obligations issued by state and local government authorities or certain U.S. territories.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Valuation
Prices of municipal bonds, other fixed income securities and forward swap contracts are provided by a pricing service approved by the Funds’ Board of Directors/Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors/Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors/Trustees or its designee.
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the Funds’ portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of April 30, 2013, Municipal Value (NUV) and Municipal Income (NMI) had outstanding when-issued/delayed delivery purchase commitments of $9,662,905 and $112,275. There were no such outstanding purchase commitments in any of the other Funds.
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also includes paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented in the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal income tax, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared monthly. Net realized capital gains and/or market discount from investment transactions, if any, are distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bond’s par amount or market value, that typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an “inverse floater”) that represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the inverse floater holder bears substantially all of the underlying bond’s downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bond’s value. The price of an inverse floating rate security will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an “externally-deposited inverse floater”), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a “self-deposited inverse floater”). The inverse floater held by a Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust. An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as “(IF) – Inverse floating rate investment.” An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as “(UB) – Underlying bond of an inverse floating rate trust reflected as a financing transaction,” with the Fund accounting for the short-term floating rate certificates issued by the trust,
| | | Notes to |
| | | Financial Statements (Unaudited) (continued) |
at their liquidation value as “Floating rate obligations” on the Statement of Assets and Liabilities. In addition, the Fund reflects in “Investment Income” the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of “Interest expense” on the Statement of Operations.
During the six months ended April 30, 2013, each Fund invested in externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse trust” or “credit recovery swap”) (such agreements referred to herein as “Recourse Trusts”) with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Fund’s potential exposure to losses related to or on inverse floaters may increase beyond the value of a Fund’s inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such shortfall is recognized as “Unrealized depreciation on Recourse Trusts” on the Statement of Assets and Liabilities.
As of April 30, 2013, each Fund’s maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:
| | | | | | | AMT-Free | | | | | | Enhanced | |
| | | | Municipal | | | Municipal | | | Municipal | | | Municipal | |
| | | | Value (NUV | ) | | Value (NUW | ) | | Income (NMI | ) | | Value (NEV | ) |
| Maximum exposure to Recourse Trusts | | $ | 7,500,000 | | $ | 17,665,000 | | $ | 6,005,000 | | $ | 135,025,000 | |
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters during the six months ended April 30, 2013, were as follows:
| | | | | | | | | | | |
| | | | | | | | | | Enhanced | |
| | | | Municipal | | | Municipal | | | Municipal | |
| | | | Value (NUV | ) | | Income (NMI | ) | | Value (NEV | ) |
| Average floating rate obligations outstanding | | $ | 14,380,000 | | $ | 3,335,000 | | $ | 18,00,000 | |
| Average annual interest rate and fees | | | .70 | % | | .32 | % | | .64 | % |
Forward Swap Contracts
Each Fund is authorized to enter into forward interest rate swap contracts consistent with their investment objectives and policies to reduce, increase or otherwise alter its risk profile or to alter its portfolio characteristics (i.e. duration, yield curve positioning and credit quality).
Each Fund’s use of forward interest rate swap transactions is intended to help the Fund manage its overall interest rate sensitivity, either shorter or longer, generally to more closely align the Fund’s interest rate sensitivity with that of the broader market. Forward interest rate swap transactions involve a Fund’s agreement with a counterparty to pay, in the future, a fixed or variable rate payment in exchange for the counterparty paying the Fund a variable or fixed rate payment, the accruals for which would begin at a specified date in the future (the “effective date”). The amount of the payment obligation is based on the notional amount of the swap contract and the termination date of the swap (which is akin to a bond’s maturity). The value of a Fund’s swap commitment would increase or decrease based primarily on the extent to which long-term interest rates for bonds having a maturity of the swap’s termination date increases or decreases. Forward interest rate swap contracts are valued daily. The net amount recorded on these transactions for each counterparty is recognized on the Statement of Assets and Liabilities as a component of “Unrealized appreciation or depreciation on forward swaps (,net)” with the change during the reporting period recognized on the Statement of Operations as a component of “Change in net unrealized appreciation (depreciation) of forward swaps.”
Each Fund may terminate a swap contract prior to the effective date, at which point a realized gain or loss is recognized. When a forward swap is terminated, it ordinarily does not involve the delivery of securities or other underlying assets or principal, but rather is settled in cash on a net basis. Net realized gains and losses during the reporting period are recognized on the Statement of Operations as a component of “Net realized gain (loss) from forward swaps.” Each Fund intends, but is not obligated, to terminate its forward swaps before the effective date. Accordingly, the risk of loss with respect to the swap counterparty on such transactions is limited to the credit risk associated with a counterparty failing to honor its commitment to pay any realized gain to the Fund upon termination.
During the six months ended April 30, 2013, Enhanced Municipal Value (NEV) continued to invest in forward interest rate swap contracts to reduce the duration of its portfolio. The average notional amount of forward interest rate swap contracts outstanding during the six months ended April 30, 2013, was as follows:
| | | | Enhanced | |
| | | | Municipal | |
| | | | Value (NEV | ) |
| Average notional amount of forward interest rate swap contracts outstanding* | | $ | 10,200,000 | |
| * | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearinghouse, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
Zero Coupon Securities
Each Fund is authorized to invest in zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Tax-exempt income to the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Common Shares Shelf Offering and Shelf Offering Costs
Municipal Value (NUV), AMT-Free Municipal Value (NUW) and Enhanced Municipal Value (NEV) have each filed registration statements with the Securities and Exchange Commission (“SEC”) authorizing each Fund to issue additional shares through their equity shelf programs (“Shelf Offering”). Under the Shelf Offering, the Funds, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above the Fund’s net asset value (“NAV”) per Common share.
| | | | | | | AMT-Free | | | Enhanced | |
| | | | Municipal Value (NUV) | | | Municipal Value (NUW) | | | Municipal Value (NEV) | |
| | | | Six Months | | | Six Months | | | Six Months | | | | | | | | | | |
| | | | Ended | | | Year Ended | | | Ended | | | Year Ended | | | Ended | | | Year Ended | |
| | | | 4/30/13 | | | 10/31/12 | | | 4/30/13 | | | 10/31/12 | | | 4/30/13 | | | 10/31/12 | |
| Authorized shares | | | 19,600,000 | | | 19,600,000 | | | 1,200,000 | | | — | | | 1,900,000 | | | — | |
| Shares issued | | | 1,027,916 | | | 4,724,522 | | | 163,893 | | | — | | | 1,535,527 | | | — | |
| Offering proceeds, net of offering costs | | $ | 10,670,833 | | | 47,880,152 | | $ | 2,924,759 | | | — | | $ | 24,797,013 | | | — | |
Costs incurred by the Fund in connection with its initial Shelf Offering are recorded as a deferred charge, which will be amortized over the period such additional Common shares are sold not to exceed the one-year life of the Shelf Offering period. Ongoing Shelf Offering costs, and any additional costs the Fund may incur in connection with this Shelf Offering, are expensed as incurred.
Indemnifications
Under the Funds’ organizational documents, their officers and directors/trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general indemnifications to other parties. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and expect the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
| | | Notes to |
| | | Financial Statements (Unaudited) (continued) |
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| Municipal Value (NUV) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 2,099,485,044 | | $ | — | | $ | 2,099,485,044 | |
| Corporate Bonds | | | — | | | — | | | 235,819 | | | 235,819 | |
| Total | | $ | — | | $ | 2,099,485,044 | | $ | 235,819 | | $ | 2,099,720,863 | |
| | | | | | | | | | | | | | |
| AMT-Free Municipal Value (NUW) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 231,657,326 | | $ | — | | $ | 231,657,326 | |
| | | | | | | | | | | | | | |
| Municipal Income (NMI) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 98,996,599 | | $ | — | | $ | 98,996,599 | |
| | | | | | | | | | | | | | |
| Enhanced Municipal Value (NEV) | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | |
| Municipal Bonds | | $ | — | | $ | 347,767,985 | | $ | 38,267 | | $ | 347,806,252 | |
| Derivatives: | | | | | | | | | | | | | |
| Forward Swaps** | | | — | | | (546,776 | ) | | — | | | (546,776 | ) |
| Total | | $ | — | | $ | 347,221,209 | | $ | 38,267 | | $ | 347,259,476 | |
| * | Refer to the Fund’s Portfolio of Investments for state classifications of Municipal Bonds and a breakdown of Municipal and Corporate Bonds classified as Level 3, where applicable. |
| ** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| | | |
| | (i.) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
| | | |
| | (ii.) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. Derivative Instruments and Hedging Activities
Each Fund is authorized to invest in certain derivative instruments, including futures, options and swap contracts. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 - General Information and Significant Accounting Policies.
The following table presents the fair value of all derivative instruments held by the Funds as of April 30, 2013, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure. The following Fund invested in derivative instruments during the six months ended April 30, 2013.
| Enhanced Municipal Value (NEV) | | | |
| | | | | | | Location on the Statement of Assets and Liabilities | |
| Underlying | | | Derivative | | | Asset Derivatives | | | Liability Derivatives | |
| Risk Exposure | | | Instrument | | | Location | | | Value | | | Location | | | Value | |
| Interest Rate | | | Forward Swaps | | | | | | | | | Unrealized depreciation | | | | |
| | | | | | | — | | $ | — | | | on forward swaps | | $ | 546,776 | |
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2013, on derivative instruments, as well as the primary risk exposure associated with each.
| | | | Enhanced | |
| | | | Municipal | |
| | | | Value | |
| Net Realized Gain (Loss) from Forward Swaps | | | (NEV | ) |
| Risk Exposure | | | | |
| Interest Rate | | $ | (105,000 | ) |
| | | | Enhanced | |
| | | | Municipal | |
| | | | Value | |
| Change in Net Unrealized Appreciation (Depreciation) of Forward Swaps | | | (NEV | ) |
| Risk Exposure | | | | |
| Interest Rate | | $ | 544,570 | |
4. Fund Shares
Since the inception of the Funds’ repurchase programs, the Funds have not repurchased any of their outstanding shares.
Transactions in shares were as follows:
| | | | | | | AMT-Free | |
| | | | Municipal Value (NUV) | | | Municipal Value (NUW) | |
| | | | Six Months | | | | | | Six Months | | | | |
| | | | Ended | | | Year Ended | | | Ended | | | Year Ended | |
| | | | 4/30/13 | | | 10/31/12 | | | 4/30/13 | | | 10/31/12 | |
| Shares sold through shelf offering | | | 1,027,916 | | | 4,724,522 | | | 163,893 | | | — | |
| Shares issued to shareholders due to reinvestment of distributions | | | 318,695 | | | 1,048,793 | | | 30,207 | | | 79,018 | |
| Weighted average premium per shelf offering share sold | | | 1.18 | % | | 1.60 | % | | 1.71 | % | | — | % |
| | | Notes to |
| | | Financial Statements (Unaudited) (continued) |
| | | | | | | Enhanced Municipal | |
| | | | Municipal Income (NMI) | | | Value (NEV) | |
| | | | Six Months | | | | | | Six Months | | | | |
| | | | Ended | | | Year Ended | | | Ended | | | Year Ended | |
| | | | 4/30/13 | | | 10/31/12 | | | 4/30/13 | | | 10/31/12 | |
| Shares sold through shelf offering* | | | — | | | — | | | 1,535,527 | | | — | |
| Shares issued to shareholders due to reinvestment of distributions | | | 13,330 | | | 31,313 | | | 19,039 | | | 41,066 | |
| Weighted average premium per shelf offering share sold* | | | —% | | | —% | | | 2.74% | | | —% | |
| * | Municipal Income (NMI) is not authorized to issue additional shares through a shelf offering at the end of the reporting period. |
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments and derivative transactions, where applicable) during the six months ended April 30, 2013, were as follows:
| | | | | | | AMT-Free | | | | | | Enhanced | |
| | | | Municipal | | | Municipal | | | Municipal | | | Municipal | |
| | | | Value | | | Value | | | Income | | | Value | |
| | | | (NUV | ) | | (NUW | ) | | (NMI | ) | | (NEV | ) |
| Purchases | | $ | 129,480,858 | | $ | 9,458,910 | | $ | 8,317,004 | | $ | 31,396,761 | |
| Sales and maturities | | | 148,626,545 | | | 6,052,069 | | | 7,417,538 | | | 7,300,747 | |
6. Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
As of April 30, 2013, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
| ` | | | | | | AMT-Free | | | | | | Enhanced | |
| | | | Municipal | | | Municipal | | | Municipal | | | Municipal | |
| | | | Value | | | Value | | | Income | | | Value | |
| | | | (NUV | ) | | (NUW | ) | | (NMI | ) | | (NEV | ) |
| Cost of investments | | $ | 1,877,283,211 | | $ | 186,261,260 | | $ | 84,028,554 | | $ | 275,162,221 | |
| Gross unrealized: | | | | | | | | | | | | | |
| Appreciation | | $ | 231,466,845 | | $ | 45,538,426 | | $ | 11,783,879 | | $ | 58,547,587 | |
| Depreciation | | | (23,409,366 | ) | | (142,360 | ) | | (150,484 | ) | | (3,903,559 | ) |
| Net unrealized appreciation (depreciation) of investments | | $ | 208,057,479 | | $ | 45,396,066 | | $ | 11,633,395 | | $ | 54,644,028 | |
Permanent differences, primarily due to expiration of capital loss carryforwards, federal taxes paid, taxable market discount and distribution character reclassifications, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2012, the Funds’ last tax year end, as follows:
| | | | | | | AMT-Free | | | | | | Enhanced | |
| | | | Municipal | | | Municipal | | | Municipal | | | Municipal | |
| | | | Value | | | Value | | | Income | | | Value | |
| | | | (NUV | ) | | (NUW | ) | | (NMI | ) | | (NEV | ) |
| Paid-in-surplus | | $ | 5,062 | | $ | 42 | | $ | (662,788 | ) | $ | — | |
| Undistributed (Over-distribution of) net investment income | | | (426,083 | ) | | (202,742 | ) | | (5,094 | ) | | (1,900 | ) |
| Accumulated net realized gain (loss) | | | 421,021 | | | 202,700 | | | 667,882 | | | 1,900 | |
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of October 31, 2012, the Funds’ last tax year end, were as follows:
| | | | | | | AMT-Free | | | | | | Enhanced | |
| | | | Municipal | | | Municipal | | | Municipal | | | Municipal | |
| | | | Value | | | Value | | | Income | | | Value | |
| | | | (NUV | ) | | (NUW | ) | | (NMI | ) | | (NEV | ) |
| Undistributed net tax-exempt income * | | $ | 13,285,954 | | $ | 271,049 | | $ | 1,190,603 | | $ | 4,711,161 | |
| Undistributed net ordinary income ** | | | 724,419 | | | — | | | 12,943 | | | 59,986 | |
| Undistributed net long-term capital gains | | | — | | | 116,431 | | | — | | | — | |
| * | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividend declared on October 1, 2012, paid on November 1, 2012. |
| ** | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2012, was designated for purposes of the dividends paid deduction as follows:
| | | | | | | AMT-Free | | | | | | Enhanced | |
| | | | Municipal | | | Municipal | | | Municipal | | | Municipal | |
| | | | Value | | | Value | | | Income | | | Value | |
| | | | (NUV | ) | | (NUW | ) | | (NMI | ) | | (NEV | ) |
| Distributions from net tax-exempt income | | $ | 93,396,470 | | $ | 10,782,724 | | $ | 4,698,473 | | $ | 18,504,251 | |
| Distributions from net ordinary income* | | | 2,233,875 | | | 114 | | | — | | | 40,449 | |
| Distributions from net long-term capital gains | | | 10,779,851 | | | — | | | — | | | — | |
| * | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
As of October 31, 2012, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
| | | | | | | Enhanced | |
| | | | Municipal | | | Municipal | |
| | | | Income | | | Value | |
| | | | (NMI | ) | | (NEV | ) |
| Expiration: | | | | | | | |
| October 31, 2013 | | $ | 165,764 | | $ | — | |
| October 31, 2016 | | | 164,175 | | | — | |
| October 31, 2017 | | | 289,822 | | | — | |
| October 31, 2018 | | | — | | | 2,946,811 | |
| October 31, 2019 | | | — | | | 16,146,849 | |
| Total | | $ | 619,761 | | $ | 19,093,660 | |
During the Funds’ last tax year ended October 31, 2012, the following Funds utilized capital loss carryforwards as follows:
| | | | AMT-Free | | | | |
| | | | Municipal | | | Municipal | |
| | | | Value | | | Income | |
| | | | (NUW | ) | | (NMI | ) |
| Utilized capital loss carryforwards | | $ | 241,126 | | $ | 249,645 | |
During the Funds’ last tax year ended October 31, 2012, the following Fund had capital loss carryforwards expire as follows:
| | | | Municipal | |
| | | | Income | |
| | | | (NMI | ) |
| Expired capital loss carryforwards | | $ | 667,114 | |
| | | Notes to |
| | | Financial Statements (Unaudited) (continued) |
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by a Fund after December 31, 2010, will not be subject to expiration. During the Funds’ last tax year ended October 31, 2012, the following funds generated post-enactment capital losses as follows:
| | | | | | | Enhanced | |
| | | | Municipal | | | Municipal | |
| | | | Value | | | Value | |
| | | | (NUV | ) | | (NEV | ) |
| Post-enactment losses: | | | | | | | |
| Short-term | | $ | — | | $ | — | |
| Long-term | | | 20,892,275 | | | 5,358,888 | |
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for Municipal Value (NUV), payable monthly, is calculated according to the following schedule:
| | | | Municipal Value (NUV) |
| Average Daily Net Assets | | | Fund-Level Fee Rate |
| For the first $500 million | | | .1500 | % |
| For the next $500 million | | | .1250 | |
| For net assets over $1 billion | | | .1000 | |
In addition, Municipal Value (NUV) pays an annual management fee, payable monthly, based on gross interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net interest earned on the inverse floater itself) as follows:
| | | | Municipal Value (NUV) |
| Gross Interest Income | | | Gross Income Fee Rate |
| For the first $50 million | | | 4.125 | % |
| For the next $50 million | | | 4.000 | |
| For gross income over $100 million | | | 3.875 | |
The annual fund-level fee for AMT-Free Municipal Value (NUW), Municipal Income (NMI) and Enhanced Municipal Value (NEV), payable monthly, is calculated according to the following schedules:
| | | | AMT-Free Municipal Value (NUW) |
| Average Daily Managed Assets* | | | Fund-Level Fee Rate |
| For the first $125 million | | | .4000 | % |
| For the next $125 million | | | .3875 | |
| For the next $250 million | | | .3750 | |
| For the next $500 million | | | .3625 | |
| For the next $1 billion | | | .3500 | |
| For managed assets over $2 billion | | | .3375 | |
| | | | Municipal Income (NMI) |
| Average Daily Net Assets | | | Fund-Level Fee Rate |
| For the first $125 million | | | .4500 | % |
| For the next $125 million | | | .4375 | |
| For the next $250 million | | | .4250 | |
| For the next $500 million | | | .4125 | |
| For the next $1 billion | | | .4000 | |
| For the next $3 billion | | | .3875 | |
| For net assets over $5 billion | | | .3750 | |
| | | | 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 | |
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 that constitute “eligible assets.” Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. As of April 30, 2013, the complex-level fee rate for these Funds was .1661%. |
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
The Funds pay no compensation directly to those of its directors/trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Funds from the Adviser or its affiliates. The Board of Directors/Trustees has adopted a deferred compensation plan for independent directors/trustees that enables directors/trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
8. Borrowing Arrangements
As part of its investment strategy, Enhanced Municipal Value (NEV) may use borrowings as a means of financial leverage. The Fund has entered into a $100 million (maximum commitment amount) committed, unsecured, 364-day line of credit (“Borrowings”) with its custodian bank. Interest charged on the used portion of the Borrowings is calculated at a rate per annum equal to the higher of (i) the overnight Federal Funds rate plus 1.25% or (ii) the overnight London Inter-bank Offered Rate (“LIBOR”) plus 1.25%. In addition, the Fund accrues a commitment fee of .15% per annum on the unused portion of the Borrowings.
On June 14, 2013 (subsequent to the close of this reporting period), the Enhanced Municipal Value (NEV) renewed its Borrowings, at which time the termination date was extended through June 13, 2014. All the terms of the Borrowings remained unchanged.
| | | Notes to |
| | | Financial Statements (Unaudited) (continued) |
Borrowings outstanding are recognized as “Borrowings” on the Statement of Assets and Liabilities. Interest expense incurred on the borrowed amount and undrawn balance is recognized as a component of “Interest expense” on the Statement of Operations.
During the six months ended April 30, 2013, the Fund did not utilize its Borrowings.
9. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.
Reinvest Automatically,
Easily and Conveniently
Nuveen makes reinvesting easy. A phone call is all it takes to set up your reinvestment account.
Nuveen Closed-End Funds Automatic Reinvestment Plan
Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares.
By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.
Easy and convenient
To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.
How shares are purchased
The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above net asset value at the time of valuation, the Fund will issue new shares at the greater of the net asset value or 95% of the then-current market price. If the shares are trading at less than net asset value, shares for your account will be purchased on the open market. If the Plan Agent begins purchasing Fund shares on the open market while shares are trading below net asset value, but the Fund’s shares subsequently trade at or above their net asset value before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ net asset value or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may
Reinvest Automatically
Easily and Conveniently (continued)
exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Plan participants. These commissions usually will be lower than those charged on individual transactions.
Flexible
You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change.
You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.
Call today to start reinvesting distributions
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial advisor or call us at (800) 257-8787.
Glossary of Terms
Used in this Report
| ■ | Auction Rate Bond: An auction rate bond is a security whose interest payments are adjusted periodically through an auction process, which process typically also serves as a means for buying and selling the bond. Auctions that fail to attract enough buyers for all the shares offered for sale are deemed to have “failed,” with current holders receiving a formula-based interest rate until the next scheduled auction. |
| | |
| ■ | Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or market price and reinvested dividends and capital gains distributions, if any) over the time period being considered. |
| | |
| ■ | Duration: Duration is a measure of the expected period over which a bond’s principal and interest will be paid, and consequently is a measure of the sensitivity of a bond’s or bond Fund’s value to changes when market interest rates change. Generally, the longer a bond’s or Fund’s duration, the more the price of the bond or Fund will change as interest rates change. |
| | |
| ■ | Effective Leverage: Effective leverage is a Fund’s effective economic leverage, and includes both regulatory leverage (see Leverage) and the leverage effects of certain derivative investments in the Fund’s portfolio. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage. |
| | |
| ■ | Forward Interest Rate Swap: A contractual agreement between two counterparties under which one party agrees to make periodic payments to the other for an agreed period of time based on a fixed rate, while the other party agrees to make periodic payments based on a floating rate of interest based on an underlying index. Alternatively, both series of cash flows to be exchanged could be calculated using floating rates of interest but floating rates that are based upon different underlying indexes. |
| | |
| ■ | Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports. |
| | |
| ■ | Inverse Floating Rate Securities: Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an inverse |
Glossary of Terms
Used in this Report (continued)
| | 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. |
| | |
| ■ | Leverage: Using borrowed money to invest in securities or other assets, seeking to increase the return of an investment or portfolio. |
| | |
| ■ | Lipper General & Insured Leveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges. |
| | |
| ■ | Lipper General & Insured Unleveraged Municipal Debt Funds Classification Average: Calculated using the returns of all closed-end funds in this category. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charges. |
| | |
| ■ | Net Asset Value (NAV): The net market value of all securities held in a portfolio. |
| | |
| ■ | Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding. |
| | |
| ■ | Pre-Refunding: Pre-Refunding, also known as advanced refundings or refinancings, is a procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value. |
| | |
| ■ | Regulatory Leverage: Regulatory Leverage consists of preferred shares issued by or borrowings of a Fund. Both of these are part of a Fund’s capital structure. Regulatory leverage is sometimes referred to as “‘40 Act Leverage” and is subject to asset coverage limits set in the Investment Company Act of 1940. |
| | |
| ■ | S&P Municipal Bond Index: An unleveraged, market value-weighted index designed to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. |
| | |
| ■ | Total Investment Exposure: Total investment exposure is a Fund’s assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a Fund’s use of preferred stock and borrowings and investments in |
| | 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. |
| | |
| ■ | Zero Coupon Bond: A zero coupon bond does not pay a regular interest coupon to its holders during the life of the bond. Income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically. |
Notes
Additional Fund Information
| Board of |
| Directors/Trustees |
| John P. Amboian |
| Robert P. Bremner |
| Jack B. Evans |
| William C. Hunter |
| David J. Kundert |
| William J. Schneider |
| Judith M. Stockdale |
| Carole E. Stone |
| Virginia L. Stringer |
| Terence J. Toth |
| |
| Fund Manager |
| Nuveen Fund Advisors, LLC |
| 333 West Wacker Drive |
| Chicago, IL 60606 |
| |
| Custodian |
| State Street Bank |
| & Trust Company |
| Boston, MA |
| |
| Transfer Agent and |
| Shareholder Services |
| State Street Bank & Trust |
| Company |
| Nuveen Funds |
| P.O. Box 43071 |
| Providence, RI 02940-3071 |
| (800) 257-8787 |
| |
| Legal Counsel |
| Chapman and Cutler LLP |
| Chicago, IL |
| |
| Independent Registered |
| Public Accounting Firm |
| Ernst & Young LLP |
| Chicago, IL |
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
Each Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its Chief Executive Officer and Chief Financial Officer required by Section 302 of the Sarbanes-Oxley Act.
Share Information
Each Fund intends to repurchase shares of its own stock in the future at such times and in such amounts as is deemed advisable. During the period covered by this report, the Funds did not repurchase any of their shares.
Any future repurchases will be reported to shareholders in the next annual or semi-annual report.
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management and Gresham Investment Management. In total, Nuveen Investments managed $224 billion as of March 31, 2013.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/cef
Distributed by
Nuveen Securities, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com/cef
ESA-A-0413D
ITEM 2. CODE OF ETHICS.
Not applicable to this filing.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to this filing.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to this filing.
ITEM 6. SCHEDULE OF INVESTMENTS.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable to this filing.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. CONTROLS AND PROCEDURES.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Kevin J. McCarthy
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
Gifford R. Zimmerman
Stephen D. Foy
