UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22253
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Nuveen Municipal Value Fund 2
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(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive
Chicago, IL 60606
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
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Date of fiscal year end: October 31
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Date of reporting period: April 30, 2010
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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.
[LOGO]
NUVEEN
INVESTMENTS
Closed-End Funds
--------------------------------------------------------------------------------
Nuveen Investments
Municipal Closed-End Funds
IT'S NOT WHAT YOU EARN, IT'S WHAT YOU KEEP.(R)
Semi-Annual Report
April 30, 2010
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------------------ ------------------ ------------------ ---------------------
NUVEEN MUNICIPAL NUVEEN MUNICIPAL NUVEEN MUNICIPAL NUVEEN ENHANCED
VALUE FUND, INC. VALUE FUND 2 INCOME FUND, INC. MUNICIPAL VALUE FUND
NUV NUW NMI NEV
(APRIL 10)
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[LOGO]
NUVEEN
INVESTMENTS
Chairman's
Letter to Shareholders
[PHOTO OF ROBERT P. BREMNER]
DEAR SHAREHOLDER,
The economic environment in which your Fund operates reflects continuing but
uneven economic recovery. The U.S. and other major industrial countries are
experiencing steady but comparatively low levels of economic growth, while
emerging market countries are seeing a resumption of relatively strong economic
expansion. The potential impact of steps being considered by many governments to
counteract the extraordinary governmental spending and credit expansion to deal
with the recent financial and economic crisis is injecting uncertainty into
global financial markets. The implications for future tax rates, government
spending, interest rates and the pace of economic recovery in the U.S. and other
leading economies are extremely difficult to predict at the present time. The
long term health of the global economy depends on restoring some measure of
fiscal discipline around the world, but since all of the corrective steps
require economic pain, it is not surprising that governments are reluctant to
undertake them.
In the near term, governments remain committed to furthering economic recovery
and realizing a meaningful reduction in their national unemployment rates. Such
an environment should produce continued economic growth and, consequently,
attractive investment opportunities. Over the longer term, the larger
uncertainty mentioned earlier carries the risk of unexpected potholes in the
road to sustained recovery. For this reason, Nuveen's investment management
teams are working hard to balance return and risk by building well-diversified
portfolios, among other strategies. I encourage you to read the following
commentary on the management of your Fund. As always, I also encourage you to
contact your financial consultant if you have any questions about your Nuveen
Fund investment.
On behalf of the other members of your Fund's Board, we look forward to
continuing to earn your trust in the months and years ahead.
Sincerely,
/s/ Robert P. Bremner
Robert P. Bremner
Chairman of the Board
June 21, 2010
Nuveen Investments 1
Portfolio Managers' Comments
Nuveen Municipal Value Fund, Inc. (NUV)
Nuveen Municipal Value Fund 2 (NUW)
Nuveen Municipal Income Fund, Inc. (NMI)
Nuveen Enhanced Municipal Value Fund (NEV)
PORTFOLIO MANAGERS TOM SPALDING AND JOHN WILHELM REVIEW KEY INVESTMENT
STRATEGIES AND THE SIX-MONTH PERFORMANCE OF THESE FOUR NATIONAL FUNDS. WITH 33
YEARS OF INVESTMENT EXPERIENCE AT NUVEEN, TOM HAS MANAGED NUV SINCE ITS
INCEPTION IN 1987, ADDING PORTFOLIO MANAGEMENT RESPONSIBILITY FOR NUW AT ITS
INCEPTION IN FEBRUARY 2009. JOHN, WHO CAME TO NUVEEN IN 2001 WITH 20 YEARS OF
INDUSTRY EXPERIENCE, SERVED AS CO-PORTFOLIO MANAGER OF NMI BEGINNING IN 2007 AND
ASSUMED FULL PORTFOLIO MANAGEMENT RESPONSIBILITY FOR THIS FUND IN MARCH 2009. HE
ASSUMED PORTFOLIO MANAGEMENT RESPONSIBILITY FOR NEV AT ITS INCEPTION IN
SEPTEMBER 2009.
WHAT KEY STRATEGIES WERE USED TO MANAGE THE FUNDS DURING THE SIX-MONTH REPORTING
PERIOD ENDED APRIL 30, 2010?
Municipal market conditions began to show general signs of improvement
throughout most of the period. This trend was bolstered by the reduced issuance
of tax-exempt municipal debt, due in part to the introduction of the Build
America Bond program in April 2009. Build America Bonds are a new class of
taxable municipal debt created as part of the February 2009 economic stimulus
package. These bonds currently offer municipal issuers a federal subsidy equal
to 35% of the bonds' interest payments and therefore provide issuers with an
attractive alternative to traditional tax-exempt debt. For the six-month period
ended April 30, 2010, taxable Build America Bond issuance totaled $48.9 billion,
accounting for almost 24% of new bonds in the municipal marketplace nationwide.
Despite the constrained issuance on tax-exempt municipal bonds, we continued to
find attractive value opportunities, taking a bottom-up approach to discovering
undervalued sectors and individual credits with the potential to perform well
over the long term. In NUV and NUW, we found value in essential services revenue
bonds, including health care credits. NMI and NEV also purchased health care
bonds as well as student loan and
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.
2 Nuveen Investments
housing credits. NMI added land-secured bonds that finance public infrastructure
costs for new developments and continuing care retirement centers (senior
living). In NMI and NEV, we emphasized bonds in a variety of credit
sectors--primarily A, BBB, and below investment grade and non-rated bonds--in
sectors that have not yet fully participated in the market rally. We believe
these bonds offer strong potential for price appreciation as the economy
recovers.
Some of the areas of investment opportunity that we discovered during this
period were created by the parameters of the Build America Bond program. For
example, tax-exempt supply was usually more plentiful in the health care sector
because, as 501(c)(3) (nonprofit) organizations, hospitals generally do not
qualify for the Build America Bond program and must continue to issue bonds in
the tax-exempt municipal market. In addition, health care entities were active
issuers during this period, as they sought to replace variable rate issuance
with fixed rates. Refunding issues also are not covered by the Build America
Bond program, and this resulted in attractive opportunities in additional
sectors. The impact of the Build America Bond program was also evident in the
area of longer-term issuance, as municipal issuers sought to take full advantage
of the attractive financing terms offered by these bonds. Approximately 70% of
Build America Bonds were issued with maturities of at least 30 years, and about
half mature in 40 years or more. Even though this significantly reduced the
availability of tax-exempt bonds with longer maturities, we continued to find
good opportunities to purchase attractive longer-term bonds for these Funds.
Cash for new purchases during this period was generated primarily by the
proceeds from called and matured bonds. In NMI, we also took advantage of
attractive opportunities to sell bonds with less advantageous structures, such
as low embedded yields or short call dates, that had experienced most of their
price appreciation potential.
As of April 30, 2010, all four of these Funds continued to use inverse floating
rate securities.(1) We employ inverse floaters for a variety of reasons,
including leverage, duration management, and both income and total return
enhancement.
(1) An inverse floating rate security, also known as an inverse floater, is a
financial instrument designed to pay long-term tax-exempt interest at a
rate that varies inversely with a short-term tax-exempt interest rate
index. For the Nuveen Funds, the index typically used is the Securities
Industry and Financial Markets (SIFM) Municipal Swap Index (previously
referred to as the Bond Market Association Index or BMA). Inverse
floaters, including those inverse floating rate securities in which the
Funds invested during this reporting period, are further defined within
the Notes to Financial Statements and Glossary of Terms Used in this
Report sections of this report.
Nuveen Investments 3
HOW DID THE FUNDS PERFORM?
Individual results for these Funds, as well as relevant index and peer group
information, are presented in the accompanying table.
AVERAGE ANNUAL TOTAL RETURNS ON NET ASSET VALUE*
FOR PERIODS ENDED 4/30/10
6-MONTH 1-YEAR 5-YEAR 10-YEAR
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NUV 4.59% 14.22% 3.97% 5.56%
NUW 4.52% 17.96% N/A N/A
NMI 5.29% 15.37% 4.53% 4.84%
Standard & Poor's (S&P) National Municipal Bond Index(2) 3.85% 10.04% 4.35% 5.73%
Lipper General and Insured Unleveraged Municipal Debt Funds Average(3) 3.39% 9.98% 3.57% 4.83%
NEV(4) 7.90% N/A N/A N/A
Standard & Poor's (S&P) National Municipal Bond Index(2) 3.85% 10.04% 4.35% 5.73%
Lipper General Leveraged Municipal Debt Funds Average(3) 6.90% 22.67% 3.84% 6.38%
--------------------------------------------------------------------------------------------------------------
For the six months ended April 30, 2010, the cumulative returns on common share
net asset value (NAV) for all four of these Funds exceeded the return for the
Standard & Poor's (S&P) National Municipal Bond Index. For the same period, NUV,
NUW and NMI outperformed the average return for the Lipper General and Insured
Unleveraged Municipal Debt Funds Average and NEV exceeded the average return for
the Lipper General Leveraged Municipal Debt Funds Average.
Key management factors that influenced the Funds' returns during this period
included yield curve and duration positioning, credit exposure and sector
allocation. In addition, the use of leverage was an important positive factor
affecting NEV's performance and was one of the key reasons why NEV's return
exceeded those of the other three Funds for the six-month period. The impact of
leverage in NEV is discussed in more detail on page five.
During this period, bonds with longer maturities generally outperformed credits
with shorter maturities, with bonds at the longest end of the yield curve
posting the strongest returns. The outperformance of longer bonds was due in
part to the decline in interest rates, particularly at the longer end of the
curve. The scarcity of tax-exempt bonds with longer maturities also drove up
prices. Overall, duration and yield curve positioning proved positive for the
performance of these Funds.
* Six-month returns are cumulative; returns for one-year, five-year, and
ten-year are annualized.
Past performance is not predictive of future results. Current performance
may be higher or lower than the data shown. Returns do not reflect the
deduction of taxes that shareholders may have to pay on Fund distributions
or upon the sale of Fund shares.
For additional information, see the individual Performance Overview for
your Fund in this report.
(2) The Standard & Poor's (S&P) National Municipal Bond Index is an
unleveraged, market value-weighted index designed to measure the
performance of the investment-grade U.S. municipal bond market. This index
does not reflect any initial or ongoing expenses and is not available for
direct investment.
(3) The Lipper General and Insured Unleveraged Municipal Debt Funds Average is
calculated using the returns of all closed-end funds in this category for
each period as follows: 6-months, 8 funds; 1-year, 8 funds; 5-year, 7
funds; and 10-year, 7 funds. The Lipper General Leveraged Municipal Debt
Funds Average is calculated using the returns of all closed-end funds in
this category for each period as follows: 6-months, 48 funds; 1-year, 46
funds; 5-year, 44 funds; and 10-year, 30 funds. Lipper returns account for
the effects of management fees and assume reinvestment of dividends, but
do not reflect any applicable sales charges. The Lipper averages are not
available for direct investment.
(4) NEV is a leveraged Fund through investments in inverse floating rate
securities, as previously discussed on page three; the remaining three
Funds in this report are unleveraged and use inverse floating rate
securities for duration management and both income and total return
enhancement.
4 Nuveen Investments
Credit exposure also played an important role in the performance of these Funds.
The demand for municipal bonds increased during the period, driven by a variety
of factors, including concerns about potential tax increases, the need to
rebalance portfolio allocations and a growing appetite for additional risk. At
the same time, the supply of new tax-exempt municipal paper declined. As
investors bid up municipal bond prices, bonds rated BBB or below generally
outperformed those rated AAA. On the whole, the Funds' performance benefited
from their allocations to lower quality credits. This was particularly true in
NMI and NEV, which were more heavily weighted in BBB or lower than NUV and NUW.
Holdings that generally contributed positively to the Fund's performance during
this period included industrial development revenue, health care and housing
bonds. Revenue bonds as a whole performed well, with transportation, leasing and
special tax among the sectors outperforming the general municipal market for
this period. Zero coupon bonds also were among the strongest performers, as were
lower-rated bonds backed by the 1998 master tobacco settlement agreement.
Pre-refunded bonds, which are often backed by U.S. Treasury securities,
performed relatively poorly during this period. The underperformance of these
bonds can be attributed primarily to their shorter effective maturities and
higher credit quality. As of April 30, 2010, NUV had a heavier weighting of
pre-refunded bonds than NMI, while NUW and NEV--as newer Funds--had virtually no
exposure to pre-refunded credits. On the whole, general obligation (GO) bonds
lagged the overall municipal market by a small margin, while water and sewer,
education, electric utilities and resource recovery bonds trailed the other
revenue sectors for the six months. NMI, in particular, was negatively impacted
by its holdings of resource recovery bonds.
IMPACT OF THE FUNDS' CAPITAL STRUCTURES AND LEVERAGE STRATEGIES ON PERFORMANCE
One important factor impacting the return of NEV relative to the comparative
index was the Fund's use of financial leverage. This Fund uses leverage because
its managers believe that, over time, leveraging provides opportunities for
additional income and total return for shareholders. However, use of leverage
also can expose shareholders to additional volatility. For example, as the
prices of securities held by the Fund decline, the negative impact of these
valuation changes on net asset value and total return is magnified by the use of
leverage. Conversely, leverage may enhance returns during periods when bond
prices generally are rising.
Leverage made a positive contribution to the performance of NEV over this
reporting period.
Nuveen Investments 5
Dividend and Share Price Information
The dividends of NUV, NUW, NMI and NEV remained stable throughout the six-month
reporting period ended April 30, 2010.
Due to normal portfolio activity, shareholders of the following Funds received
capital gains and/or net ordinary income distributions at the end of December
2009 as follows:
SHORT-TERM CAPITAL GAINS
LONG-TERM CAPITAL GAINS AND/OR ORDINARY INCOME
FUND (PER SHARE) (PER SHARE)
--------------------------------------------------------------------------------
NUV $0.0051 $0.0019
NUW -- $0.0097
NEV -- $0.0009
--------------------------------------------------------------------------------
All of the Funds in this report seek to pay stable dividends at rates that
reflect each Fund's past results and projected future performance. During
certain periods, each Fund may pay dividends at a rate that may be more or less
than the amount of net investment income actually earned by the Fund during the
period. If a Fund has cumulatively earned more than it has paid in dividends, it
holds the excess in reserve as undistributed net investment income (UNII) as
part of the Fund's NAV. Conversely, if a Fund has cumulatively paid dividends in
excess of its earnings, the excess constitutes negative UNII that is likewise
reflected in the Fund's NAV. Each Fund will, over time, pay all of its net
investment income as dividends to shareholders. As of April 30, 2010, all of the
Funds had positive UNII balances, based upon our best estimate, for tax
purposes. NUV, NMI and NEV had positive UNII balances while NUW had a negative
UNII balance for financial reporting purposes.
SHARE REPURCHASES AND SHARE PRICE INFORMATION
Since the inception of the Funds' repurchase program, the Funds have not
repurchased any of their outstanding shares.
6 Nuveen Investments
As of April 30, 2010, the Funds' share prices were trading at (+) premiums or
(-) discounts to their NAVs as shown in the accompanying table.
4/30/10 SIX-MONTH AVERAGE
FUND (+) PREMIUM/(-) DISCOUNT (+) PREMIUM/(-) DISCOUNT
--------------------------------------------------------------------------------
NUV +2.58% +2.48%
NUW +0.18% -0.26%
NMI +6.11% +4.80%
NEV -2.09% 0.48%
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Nuveen Investments 7
NUV Performance OVERVIEW | Nuveen Municipal
| Value Fund, Inc.
| as of April 30, 2010
FUND SNAPSHOT
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Share Price $ 9.95
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Net Asset Value $ 9.70
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Premium/(Discount) to NAV 2.58%
--------------------------------------------------------------------------------
Market Yield 4.70%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 6.53%
--------------------------------------------------------------------------------
Net Assets ($000) $1,914,527
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 17.53
--------------------------------------------------------------------------------
Modified Duration 7.06
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AVERAGE ANNUAL TOTAL RETURN
(Inception 6/17/87)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 2.94% 4.59%
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1-Year 14.08% 14.22%
--------------------------------------------------------------------------------
5-Year 6.60% 3.97%
--------------------------------------------------------------------------------
10-Year 7.67% 5.56%
--------------------------------------------------------------------------------
STATES
(as a % of total investments)
--------------------------------------------------------------------------------
California 12.2%
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Illinois 12.0%
--------------------------------------------------------------------------------
Texas 7.5%
--------------------------------------------------------------------------------
New York 7.4%
--------------------------------------------------------------------------------
New Jersey 5.7%
--------------------------------------------------------------------------------
Washington 4.1%
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Colorado 4.1%
--------------------------------------------------------------------------------
Michigan 3.9%
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Massachusetts 3.9%
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Florida 3.8%
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Missouri 3.5%
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South Carolina 3.0%
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Louisiana 2.6%
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Puerto Rico 2.6%
--------------------------------------------------------------------------------
Wisconsin 2.5%
--------------------------------------------------------------------------------
Ohio 2.4%
--------------------------------------------------------------------------------
Other 18.8%
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PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
U.S. Guaranteed 20.0%
--------------------------------------------------------------------------------
Health Care 18.1%
--------------------------------------------------------------------------------
Tax Obligation/Limited 17.7%
--------------------------------------------------------------------------------
Transportation 12.3%
--------------------------------------------------------------------------------
Tax Obligation/General 8.2%
--------------------------------------------------------------------------------
Utilities 7.3%
--------------------------------------------------------------------------------
Consumer Staples 5.9%
--------------------------------------------------------------------------------
Other 10.5%
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CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS) (3)
[PIE CHART]
AAA/U.S. Guaranteed 33%
AA 21%
A 25%
BBB 11%
BB or Lower 8%
N/R 2%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER SHARE(2)
[BAR CHART]
May $ 0.039
Jun $ 0.039
Jul $ 0.039
Aug $ 0.039
Sep $ 0.039
Oct $ 0.039
Nov $ 0.039
Dec $ 0.039
Jan $ 0.039
Feb $ 0.039
Mar $ 0.039
Apr $ 0.039
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE GRAPH]
5/1/2009 $ 9.25
$ 9.28
$ 9.26
$ 9.25
$ 9.28
$ 9.37
$ 9.14
$ 9.23
$ 9.14
$ 9.22
$ 9.37
$9.4299
$ 9.4
$ 9.45
$ 9.58
$ 9.41
$ 9.43
$ 9.45
$ 9.58
$ 9.64
$ 9.57
$ 9.796
$ 9.89
$ 9.77
$ 9.53
$ 9.8
$ 9.907
$ 9.96
$ 9.8
$ 9.648
$ 9.82
$ 9.87
$9.8884
$ 9.77
$9.6616
$ 9.69
$9.8199
$ 9.78
$9.7399
$ 9.74
$ 9.83
$9.7899
$ 9.72
$ 9.78
$ 9.85
$ 9.83
$9.8199
$ 9.82
$ 9.84
$ 9.89
$ 9.84
$ 9.88
4/30/2010 $ 9.95
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing the Fund to investments that generate qualified dividend income,
the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders capital gains and net ordinary income
distributions in December 2009 of $0.0070 per share.
(3) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
8 Nuveen Investments
NUW Performance OVERVIEW | Nuveen Municipal
| Value Fund 2
| as of April 30, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)
[PIE CHART]
AAA/U.S. Guaranteed 18%
AA 15%
A 36%
BBB 28%
BB or Lower 1%
N/R 2%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER SHARE(2)
[BAR CHART]
May $ 0.075
Jun $ 0.075
Jul $ 0.075
Aug $ 0.075
Sep $ 0.075
Oct $ 0.075
Nov $ 0.075
Dec $ 0.075
Jan $ 0.075
Feb $ 0.075
Mar $ 0.075
Apr $ 0.075
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE GRAPH]
5/1/2009 $ 14.88
$ 15.14
$ 14.98
$ 15.28
$ 15.29
$ 15.23
$ 15.24
$15.2968
$ 15.299
$ 15.22
$ 15.32
$ 15.24
$ 15.13
$ 15.34
$ 15.3
$ 15.24
$ 15.3
$ 15.46
$ 15.7
$ 15.59
$ 15.83
$ 15.68
$ 16
$ 15.89
$ 15.9
$ 15.78
$ 15.84
$ 16.09
$ 15.87
$ 15.81
$ 15.8
$ 15.87
$ 16.1
$ 15.95
$ 15.8
$15.7999
$ 16.26
$ 16.163
$ 16.06
$ 16.24
$ 16.26
$ 16.23
$ 16.25
$ 16.4
$ 16.54
$ 16.15
$ 16.15
$ 16.24
$ 16.19
$ 16.22
$ 16.37
$ 16.71
4/30/2010 $ 16.49
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing the Fund to investments that generate qualified dividend income,
the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders a net ordinary income distribution in December
2009 of $0.0097 per share.
(3) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
FUND SNAPSHOT
--------------------------------------------------------------------------------
Share Price $ 16.49
--------------------------------------------------------------------------------
Net Asset Value $ 16.46
--------------------------------------------------------------------------------
Premium/(Discount) to NAV 0.18%
--------------------------------------------------------------------------------
Market Yield 5.46%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 7.58%
--------------------------------------------------------------------------------
Net Assets ($000) $209,797
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 26.16
--------------------------------------------------------------------------------
Modified Duration 9.73
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 2/25/09)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 7.11% 4.52%
--------------------------------------------------------------------------------
1-Year 18.58% 17.96%
--------------------------------------------------------------------------------
Since Inception 14.29% 18.55%
--------------------------------------------------------------------------------
STATES
(as a % of total investments)
--------------------------------------------------------------------------------
Illinois 12.2%
--------------------------------------------------------------------------------
California 10.7%
--------------------------------------------------------------------------------
Florida 9.1%
--------------------------------------------------------------------------------
Wisconsin 8.4%
--------------------------------------------------------------------------------
Louisiana 7.5%
--------------------------------------------------------------------------------
Texas 6.4%
--------------------------------------------------------------------------------
Ohio 5.9%
--------------------------------------------------------------------------------
Indiana 5.5%
--------------------------------------------------------------------------------
Colorado 5.3%
--------------------------------------------------------------------------------
Nevada 3.9%
--------------------------------------------------------------------------------
Puerto Rico 3.9%
--------------------------------------------------------------------------------
Arizona 3.5%
--------------------------------------------------------------------------------
Other 17.7%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Health Care 24.5%
--------------------------------------------------------------------------------
Tax Obligation/Limited 21.9%
--------------------------------------------------------------------------------
Transportation 12.2%
--------------------------------------------------------------------------------
Tax Obligation/General 11.1%
--------------------------------------------------------------------------------
Utilities 9.1%
--------------------------------------------------------------------------------
Consumer Staples 6.3%
--------------------------------------------------------------------------------
Water and Sewer 5.2%
--------------------------------------------------------------------------------
Other 9.7%
--------------------------------------------------------------------------------
Nuveen Investments 9
NMI Performance OVERVIEW | Nuveen Municipal
| Income Fund, Inc.
| as of April 30, 2010
FUND SNAPSHOT
--------------------------------------------------------------------------------
Share Price $ 11.29
--------------------------------------------------------------------------------
Net Asset Value $ 10.64
--------------------------------------------------------------------------------
Premium/(Discount) to NAV 6.11%
--------------------------------------------------------------------------------
Market Yield 5.00%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 6.94%
--------------------------------------------------------------------------------
Net Assets ($000) $87,162
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 14.84
--------------------------------------------------------------------------------
Modified Duration 6.50
--------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURN
(Inception 4/20/88)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) 8.74% 5.29%
--------------------------------------------------------------------------------
1-Year 16.61% 15.37%
--------------------------------------------------------------------------------
5-Year 7.65% 4.53%
--------------------------------------------------------------------------------
10-Year 5.81% 4.84%
--------------------------------------------------------------------------------
STATES
(as a % of total investments)
--------------------------------------------------------------------------------
California 17.3%
--------------------------------------------------------------------------------
Texas 11.5%
--------------------------------------------------------------------------------
Illinois 10.9%
--------------------------------------------------------------------------------
Colorado 6.5%
--------------------------------------------------------------------------------
New York 6.1%
--------------------------------------------------------------------------------
Missouri 4.9%
--------------------------------------------------------------------------------
South Carolina 4.3%
--------------------------------------------------------------------------------
Indiana 4.1%
--------------------------------------------------------------------------------
Michigan 3.0%
--------------------------------------------------------------------------------
Virginia 2.8%
--------------------------------------------------------------------------------
Tennessee 2.8%
--------------------------------------------------------------------------------
Florida 2.8%
--------------------------------------------------------------------------------
Maryland 2.5%
--------------------------------------------------------------------------------
Kentucky 2.3%
--------------------------------------------------------------------------------
Other 18.2%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Health Care 19.9%
--------------------------------------------------------------------------------
U.S. Guaranteed 15.8%
--------------------------------------------------------------------------------
Utilities 13.7%
--------------------------------------------------------------------------------
Tax Obligation/Limited 10.5%
--------------------------------------------------------------------------------
Tax Obligation/General 9.0%
--------------------------------------------------------------------------------
Education and Civic Organizations 6.7%
--------------------------------------------------------------------------------
Materials 5.4%
--------------------------------------------------------------------------------
Water and Sewer 5.2%
--------------------------------------------------------------------------------
Other 13.8%
--------------------------------------------------------------------------------
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(2)
[PIE CHART]
AAA/U.S. Guaranteed 19%
AA 10%
A 24%
BBB 31%
BB or Lower 5%
N/R 11%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER SHARE
[BAR CHART]
May $ 0.0445
Jun $ 0.0445
Jul $ 0.0445
Aug $ 0.0445
Sep $ 0.047
Oct $ 0.047
Nov $ 0.047
Dec $ 0.047
Jan $ 0.047
Feb $ 0.047
Mar $ 0.047
Apr $ 0.047
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE GRAPH]
5/1/2009 $ 10.45
$ 10.26
$ 10.53
$ 10.33
$ 10.41
$ 10.34
$ 10.13
$10.3399
$ 10.25
$ 10.23
$ 10.23
$ 10.31
$ 10.41
$ 10.61
$ 10.51
$ 10.5
$ 10.711
$ 10.75
$ 10.91
$ 10.73
$ 10.75
$ 10.9
$ 10.9
$ 10.998
$ 10.43
$ 10.74
$ 10.66
$ 10.63
$ 10.64
$ 10.73
$ 10.87
$10.8699
$ 11.07
$ 10.85
$ 10.968
$ 10.95
$ 10.9
$ 10.901
$ 10.86
$ 10.86
$ 10.98
$ 10.99
$ 10.95
$ 11.12
$11.1786
$ 11.07
$ 11.32
$ 11.05
$ 11.41
$ 11.18
$ 11.34
$ 11.19
4/30/2010 $ 11.29
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing the Fund to investments that generate qualified dividend income,
the Taxable-Equivalent Yield is lower.
(2) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
10 Nuveen Investments
NEV Performance OVERVIEW | Nuveen Enhanced
| Municipal Value Fund
| as of April 30, 2010
CREDIT QUALITY (AS A % OF TOTAL INVESTMENTS)(3)
[PIE CHART]
AAA/U.S. Guaranteed 19%
AA 27%
A 12%
BBB 20%
BB or Lower 9%
N/R 13%
2009-2010 MONTHLY TAX-FREE DIVIDENDS PER SHARE(2)
[BAR CHART]
Nov $ 0.076
Dec $ 0.076
Jan $ 0.076
Feb $ 0.076
Mar $ 0.076
Apr $ 0.076
SHARE PRICE PERFORMANCE -- WEEKLY CLOSING PRICE
[LINE GRAPH]
9/25/2009 $ 15
$ 15
$ 15
$ 15.01
$15.0099
$ 15
$14.6699
$ 14.7
$ 14.63
$ 14.45
$ 14.15
$ 14
$ 13.91
$ 13.63
$ 13.2
$ 13.89
$ 13.78
$ 13.77
$ 13.66
$ 13.72
$ 14.12
$ 14.14
$ 14.17
$ 14.04
$ 14.03
$ 13.94
$ 13.93
$ 14.01
$ 13.86
$ 13.93
$ 13.98
4/30/2010 $ 14.04
(1) Taxable-Equivalent Yield represents the yield that must be earned on a
fully taxable investment in order to equal the yield of the Fund on an
after-tax basis. It is based on a federal income tax rate of 28%. When
comparing the Fund to investments that generate qualified dividend income,
the Taxable-Equivalent Yield is lower.
(2) The Fund paid shareholders a net ordinary income distribution in December
2009 of $0.0009 per share.
(3) Ratings shown are the highest rating given by one or more national rating
agencies. AAA includes bonds with an implied AAA rating since they are
backed by U.S. Government or agency securities. AAA, AA, A and BBB are
investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade
ratings. Holdings designated N/R are not rated by a national rating
agency.
FUND SNAPSHOT
--------------------------------------------------------------------------------
Share Price $ 14.04
--------------------------------------------------------------------------------
Net Asset Value $ 14.34
--------------------------------------------------------------------------------
Premium/(Discount) to NAV -2.09%
--------------------------------------------------------------------------------
Market Yield 6.50%
--------------------------------------------------------------------------------
Taxable-Equivalent Yield(1) 9.03%
--------------------------------------------------------------------------------
Net Assets ($000) $275,738
--------------------------------------------------------------------------------
Average Effective Maturity on Securities (Years) 23.78
--------------------------------------------------------------------------------
Modified Duration 12.20
--------------------------------------------------------------------------------
CUMULATIVE TOTAL RETURN
(Inception 9/25/09)
--------------------------------------------------------------------------------
ON SHARE PRICE ON NAV
--------------------------------------------------------------------------------
6-Month (Cumulative) -3.27% 7.90%
--------------------------------------------------------------------------------
Since Inception -3.27% 3.41%
--------------------------------------------------------------------------------
STATES
(as a % of total investments)
--------------------------------------------------------------------------------
California 15.8%
--------------------------------------------------------------------------------
Florida 9.4%
--------------------------------------------------------------------------------
Michigan 7.8%
--------------------------------------------------------------------------------
Arizona 6.3%
--------------------------------------------------------------------------------
Ohio 6.1%
--------------------------------------------------------------------------------
Texas 6.1%
--------------------------------------------------------------------------------
Illinois 6.0%
--------------------------------------------------------------------------------
Pennsylvania 5.5%
--------------------------------------------------------------------------------
Indiana 4.1%
--------------------------------------------------------------------------------
Massachusetts 4.1%
--------------------------------------------------------------------------------
Colorado 3.7%
--------------------------------------------------------------------------------
Georgia 2.6%
--------------------------------------------------------------------------------
New York 2.6%
--------------------------------------------------------------------------------
Other 19.9%
--------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
(as a % of total investments)
--------------------------------------------------------------------------------
Health Care 20.8%
--------------------------------------------------------------------------------
Tax Obligation/Limited 16.7%
--------------------------------------------------------------------------------
Education and Civic Organizations 10.9%
--------------------------------------------------------------------------------
Utilities 10.3%
--------------------------------------------------------------------------------
Tax Obligation/General 10.1%
--------------------------------------------------------------------------------
Transportation 8.3%
--------------------------------------------------------------------------------
Consumer Staples 5.3%
--------------------------------------------------------------------------------
Housing/Single Family 4.6%
--------------------------------------------------------------------------------
Other 13.0%
--------------------------------------------------------------------------------
Nuveen Investments 11
NUV | Nuveen Municipal Value Fund, Inc.
| Portfolio of Investments
April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 0.1%
$ 1,750 Huntsville Healthcare Authority, Alabama, Revenue Bonds, 6/11 at 101.00 A2 (4) $ 1,866,743
Series 2001A, 5.750%, 6/01/31
(Pre-refunded 6/01/11)
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.4%
3,335 Alaska Housing Finance Corporation, General Housing 12/14 at 100.00 AA 3,411,605
Purpose Bonds, Series 2005A, 5.000%, 12/01/30 - FGIC Insured
3,000 Anchorage, Alaska, General Obligation Bonds, Series 9/13 at 100.00 AA (4) 3,378,060
2003B, 5.000%, 9/01/23 (Pre-refunded 9/01/13) - FGIC Insured
1,260 Northern Tobacco Securitization Corporation, Alaska, 6/10 at 100.00 AAA 1,265,242
Tobacco Settlement Asset-Backed Bonds, Series 2000, 6.200%,
6/01/22 (Pre-refunded 6/01/10)
------------------------------------------------------------------------------------------------------------------------------------
7,595 Total Alaska 8,054,907
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 1.3%
13,100 Arizona Health Facilities Authority, Hospital Revenue Bonds, 7/10 at 101.00 N/R (4) 13,354,402
Catholic Healthcare West, Series 1999A, 6.625%,
7/01/20 (Pre-refunded 7/01/10)
1,400 Arizona Health Facilities Authority, Hospital System 2/12 at 101.00 N/R (4) 1,542,058
Revenue Bonds, Phoenix Children's Hospital, Series 2002A,
6.250%, 2/15/21 (Pre-refunded 2/15/12)
2,500 Phoenix, Arizona, Civic Improvement Corporation, Senior 7/18 at 100.00 AA- 2,531,600
Lien Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38
2,575 Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, 12/17 at 102.00 N/R 2,112,092
Government Project Bonds, Series 2007, 7.000%, 12/01/27
5,600 Salt Verde Financial Corporation, Arizona, Senior Gas No Opt. Call A 4,993,856
Revenue Bonds, Citigroup Energy Inc Prepay Contract
Obligations, Series 2007, 5.000%, 12/01/37
1,000 Scottsdale Industrial Development Authority, Arizona, 9/13 at 100.00 A3 992,520
Hospital Revenue Bonds, Scottsdale
Healthcare, Series 2008A, 5.250%, 9/01/30
------------------------------------------------------------------------------------------------------------------------------------
26,175 Total Arizona 25,526,528
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.2%
2,000 Cabot School District 4, Lonoke County, Arkansas, General 6/10 at 100.00 Aa3 2,000,560
Obligation Refunding Bonds, Series 2003, 5.000%, 2/01/32 -
AMBAC Insured
2,000 University of Arkansas, Fayetteville, Various Facilities 12/12 at 100.00 Aa3 2,035,320
Revenue Bonds, Series 2002, 5.000%, 12/01/32 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
4,000 Total Arkansas 4,035,880
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 12.2%
California Department of Water Resources, Power Supply
Revenue Bonds, Series 2002A:
10,000 5.125%, 5/01/19 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 10,974,000
10,000 5.250%, 5/01/20 (Pre-refunded 5/01/12) 5/12 at 101.00 Aaa 10,998,800
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+ 5,053,350
6,000 5.000%, 4/01/37 4/16 at 100.00 A+ 5,759,760
6,830 California Infrastructure Economic Development Bank, 10/11 at 101.00 A- 6,655,425
Revenue Bonds, J. David Gladstone Institutes, Series 2001,
5.250%, 10/01/34
1,500 California Pollution Control Financing Authority, Revenue 6/17 at 100.00 A3 1,470,810
Bonds, Pacific Gas and Electric Company, Series 2004C,
4.750%, 12/01/23 - FGIC Insured (Alternative Minimum Tax)
10,390 California Statewide Community Development Authority, 10/10 at 100.50 BBB 10,446,522
Certificates of Participation, Internext Group, Series 1999,
5.375%, 4/01/17
3,500 California Statewide Community Development Authority, Revenue 8/19 at 100.00 AA 3,896,830
Bonds, Methodist Hospital Project, Series 2009, 6.750%,
2/01/38
3,600 California Statewide Community Development Authority, 7/18 at 100.00 AA- 3,706,704
Revenue Bonds, St. Joseph Health System, Series 2007A,
5.750%, 7/01/47 - FGIC Insured
12 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
California, General Obligation Bonds, Series 2003:
$ 14,600 5.250%, 2/01/28 8/13 at 100.00 A1 $ 14,794,618
11,250 5.000%, 2/01/33 8/13 at 100.00 A1 11,259,113
16,000 California, Various Purpose General Obligation Bonds, 6/17 at 100.00 A1 15,881,920
Series 2007, 5.000%, 6/01/37
5,000 Coast Community College District, Orange County, California, 8/18 at 100.00 AAA 4,047,700
General Obligation Bonds, Series 2006C, 0.000%, 8/01/32 -
AGM Insured
16,045 Desert Community College District, Riverside County, California, 8/17 at 42.63 AAA 3,903,749
General Obligation Bonds, Election 2004 Series 2007C, 0.000%,
8/01/33 - AGM Insured
30,000 Foothill/Eastern Transportation Corridor Agency, California, No Opt. Call AAA 19,401,600
Toll Road Revenue Bonds, Series 1995A, 0.000%, 1/01/22 (ETM)
21,150 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 23,576,115
Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2003B,
5.000%, 6/01/38 (Pre-refunded 6/01/13) - AMBAC Insured
Golden State Tobacco Securitization Corporation, California,
Enhanced Tobacco Settlement Asset-Backed Revenue Bonds,
Series 2005A:
5,000 5.000%, 6/01/38 - FGIC Insured 6/15 at 100.00 A2 4,644,250
10,000 5.000%, 6/01/45 6/15 at 100.00 A2 9,153,700
3,540 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 4,133,198
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39 (Pre-refunded 6/01/13)
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
7,550 5.000%, 6/01/33 6/17 at 100.00 BBB 6,166,463
1,500 5.125%, 6/01/47 6/17 at 100.00 BBB 1,047,585
9,000 Los Angeles Department of Water and Power, California, 7/11 at 100.00 AA 9,057,420
Waterworks Revenue Refunding Bonds, Series 2001A, 5.125%,
7/01/41
4,000 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- 4,032,320
California, Sublease Revenue Bonds, Los Angeles International
Airport, American Airlines Inc. Terminal 4 Project, Series
2002C, 7.500%, 12/01/24 (Alternative Minimum Tax)
Merced Union High School District, Merced County, California,
General Obligation Bonds, Series 1999A:
2,500 0.000%, 8/01/23 - FGIC Insured No Opt. Call A+ 1,191,300
2,555 0.000%, 8/01/24 - FGIC Insured No Opt. Call A+ 1,136,387
2,365 Montebello Unified School District, Los Angeles County, No Opt. Call A+ 802,988
California, General Obligation Bonds, Series 2004, 0.000%,
8/01/27 - FGIC Insured
3,550 M-S-R Energy Authority, California, Gas Revenue Bonds, No Opt. Call A 3,942,382
Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39
2,350 Palomar Pomerado Health Care District, California, Certificates 11/19 at 100.00 Baa2 2,462,730
of Participation, Series 2009, 6.750%, 11/01/39
8,000 Rancho Mirage Joint Powers Financing Authority, California, 7/14 at 100.00 A3 (4) 9,355,280
Revenue Bonds, Eisenhower Medical Center, Series 2004,
5.625%, 7/01/34 (Pre-refunded 7/01/14)
15,505 Riverside Public Financing Authority, California, University 8/17 at 100.00 A 13,106,687
Corridor Tax Allocation Bonds, Series 2007C, 5.000%,
8/01/37 - NPFG Insured
San Bruno Park School District, San Mateo County, California,
General Obligation Bonds, Series 2000B:
2,575 0.000%, 8/01/24 - FGIC Insured No Opt. Call AA 1,184,037
2,660 0.000%, 8/01/25 - FGIC Insured No Opt. Call AA 1,145,582
14,605 San Joaquin Hills Transportation Corridor Agency, Orange No Opt. Call A 2,058,137
County, California, Toll Road Revenue Refunding Bonds,
Series 1997A, 0.000%, 1/15/35 - NPFG Insured
5,000 San Jose, California, Airport Revenue Bonds, Series 2007A, 3/17 at 100.00 A 5,176,100
6.000%, 3/01/47 - AMBAC Insured (Alternative Minimum Tax)
844 Yuba County Water Agency, California, Yuba River Development 9/10 at 100.00 Baa1 825,305
Revenue Bonds, Pacific Gas and Electric Company,
Series 1966A, 4.000%, 3/01/16
------------------------------------------------------------------------------------------------------------------------------------
273,964 Total California 232,448,867
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 13
NUV | Nuveen Municipal Value Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 4.1%
$ 5,000 Arkansas River Power Authority, Colorado, Power Revenue 10/16 at 100.00 BBB $ 4,542,850
Bonds, Series 2006, 5.250%, 10/01/40 - SYNCORA GTY Insured
1,800 Colorado Educational and Cultural Facilities Authority, 8/11 at 100.00 AAA 1,963,080
Charter School Revenue Bonds, Peak-to-Peak Charter School,
Series 2001, 7.625%, 8/15/31 (Pre-refunded 8/15/11)
5,000 Colorado Health Facilities Authority, Colorado, Revenue 9/16 at 100.00 AA 4,776,150
Bonds, Catholic Health Initiatives, Series 2006A, 4.500%,
9/01/38
2,100 Colorado Health Facilities Authority, Revenue Bonds, Catholic 3/12 at 100.00 AA (4) 2,315,355
Health Initiatives, Series 2002A, 5.500%, 3/01/32 (ETM)
750 Colorado Health Facilities Authority, Revenue Bonds, Longmont 12/16 at 100.00 Baa2 692,093
United Hospital, Series 2006B, 5.000%, 12/01/23 - RAAI
Insured
1,700 Colorado Health Facilities Authority, Revenue Bonds, Poudre 9/18 at 102.00 AAA 1,723,851
Valley Health System, Series 2005C, 5.250%, 3/01/40 - AGM
Insured
500 Colorado Health Facilities Authority, Revenue Bonds, Vail 1/12 at 100.00 BBB+ 504,720
Valley Medical Center, Series 2001, 5.750%, 1/15/22
18,915 Denver, Colorado, Airport System Revenue Refunding Bonds, 11/13 at 100.00 A+ 18,950,939
Series 2003B, 5.000%, 11/15/33 - SYNCORA GTY Insured
5,000 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 102.00 AAA 5,190,750
Bonds, Series 2000A, 5.750%, 9/01/35
(Pre-refunded 9/01/10) - NPFG Insured
E-470 Public Highway Authority, Colorado, Senior
Revenue Bonds, Series 2000B:
24,200 0.000%, 9/01/31 - NPFG Insured No Opt. Call A 5,919,078
16,500 0.000%, 9/01/32 - NPFG Insured No Opt. Call A 3,778,005
39,700 E-470 Public Highway Authority, Colorado, Senior Revenue 9/10 at 31.42 Aaa 12,455,081
Bonds, Series 2000B, 0.000%, 9/01/28
(Pre-refunded 9/01/10) - NPFG Insured
7,600 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/26 at 52.09 A 993,320
Refunding Series 2006B, 0.000%, 9/01/39 - NPFG Insured
10,000 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/20 at 41.72 A 1,782,800
Series 2004B, 0.000%, 3/01/36 - NPFG Insured
5,000 Ebert Metropolitan District, Colorado, Limited Tax General 12/17 at 100.00 N/R 3,431,000
Obligation Bonds, Series 2007, 5.350%, 12/01/37 - RAAI
Insured
1,450 Northwest Parkway Public Highway Authority, Colorado, 6/11 at 102.00 N/R (4) 1,559,084
Revenue Bonds, Senior Series 2001A, 5.500%, 6/15/19
(Pre-refunded 6/15/11) - AMBAC Insured
7,000 Northwest Parkway Public Highway Authority, Colorado, 6/16 at 100.00 N/R (4) 7,712,110
Revenue Bonds, Senior Series 2001C, 0.000%, 6/15/21
(Pre-refunded 6/15/16) - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
152,215 Total Colorado 78,290,266
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 0.2%
8,670 Mashantucket Western Pequot Tribe, Connecticut, Subordinate 11/17 at 100.00 N/R 4,440,167
Special Revenue Bonds, Series 2007A, 5.750%, 9/01/34
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.5%
10,000 Washington Convention Center Authority, District of Columbia, 10/16 at 100.00 A1 9,595,600
Senior Lien Dedicated Tax Revenue Bonds, Series 2007A,
4.500%, 10/01/30 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 3.8%
4,000 Escambia County Health Facilities Authority, Florida, 11/12 at 101.00 Aa1 4,148,600
Revenue Bonds, Ascension Health Credit Group, Series 2002C,
5.750%, 11/15/32
10,000 Florida State Board of Education, Public Education Capital 6/15 at 101.00 AAA 10,031,300
Outlay Bonds, Series 2005E, 4.500%, 6/01/35 (UB)
1,750 Hillsborough County Industrial Development Authority, Florida, 10/16 at 100.00 A3 1,677,270
Hospital Revenue Bonds, Tampa General Hospital, Series 2006,
5.250%, 10/01/41
10,690 Jacksonville, Florida, Better Jacksonville Sales Tax 10/11 at 100.00 Aa2 10,788,669
Revenue Bonds, Series 2001, 5.000%, 10/01/30 - AMBAC Insured
3,000 JEA, Florida, Electric System Revenue Bonds, Series 2006A, 4/15 at 100.00 AAA 3,056,160
5.000%, 10/01/41 - AGM Insured
4,880 Lee County, Florida, Airport Revenue Bonds, Series 2000A, 10/10 at 101.00 AAA 4,951,053
6.000%, 10/01/32 - AGM Insured (Alternative Minimum Tax)
14 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
$ 5,000 Marion County Hospital District, Florida, Revenue Bonds, Munroe 10/17 at 100.00 A3 $ 4,603,100
Regional Medical Center, Series 2007, 5.000%, 10/01/34
8,250 Orange County School Board, Florida, Certificates of 8/12 at 100.00 AA- 8,321,033
Participation, Series 2002A, 5.000%, 8/01/27 - NPFG Insured
9,250 Port Saint Lucie, Florida, Special Assessment Revenue Bonds, 7/17 at 100.00 A 8,260,898
Southwest Annexation District 1B, Series 2007, 5.000%,
7/01/40 - NPFG Insured
2,500 Seminole Tribe of Florida, Special Obligation Bonds, Series 10/17 at 100.00 BBB 2,260,400
2007A, 144A, 5.250%, 10/01/27
14,730 South Miami Health Facilities Authority, Florida, Revenue 8/17 at 100.00 AA- 14,473,993
Bonds, Baptist Health Systems of South Florida, Series 2007,
5.000%, 8/15/42 (UB)
------------------------------------------------------------------------------------------------------------------------------------
74,050 Total Florida 72,572,476
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 1.0%
10,240 Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5/11 at 100.00 A1 10,041,754
Series 1999A, 5.000%, 11/01/38 - FGIC Insured
2,500 Atlanta, Georgia, Water and Wastewater Revenue Bonds, 5/12 at 100.00 A1 2,479,500
Series 2001A, 5.000%, 11/01/33 - NPFG Insured
4,000 Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 10/14 at 100.00 AAA 4,163,560
2004, 5.250%, 10/01/39 - AGM Insured
2,250 Royston Hospital Authority, Georgia, Revenue Anticipation 7/10 at 101.00 N/R 2,062,800
Certificates, Ty Cobb Healthcare System Inc., Series 1999,
6.500%, 7/01/27
------------------------------------------------------------------------------------------------------------------------------------
18,990 Total Georgia 18,747,614
------------------------------------------------------------------------------------------------------------------------------------
HAWAII - 1.0%
6,890 Hawaii Department of Budget and Finance, Special Purpose 10/12 at 101.00 A 6,934,234
Revenue Bonds, Hawaiian Electric Company Inc., Series 1997A,
5.650%, 10/01/27 - NPFG Insured
12,325 Honolulu City and County, Hawaii, General Obligation Bonds, 3/13 at 100.00 Aa1 12,997,452
Series 2003A, 5.250%, 3/01/28 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
19,215 Total Hawaii 19,931,686
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 12.0%
2,060 Aurora, Illinois, Golf Course Revenue Bonds, Series 2000, 7/10 at 100.00 A+ 2,063,749
6.375%, 1/01/20
17,205 Chicago Board of Education, Illinois, Unlimited Tax No Opt. Call Aa2 8,384,857
General Obligation Bonds, Dedicated Tax Revenues,
Series 1998B-1, 0.000%, 12/01/24 - FGIC Insured
400 Chicago Greater Metropolitan Sanitary District, Illinois, No Opt. Call Aaa 415,936
General Obligation Capital Improvement Bonds, Series 1991,
7.000%, 1/01/11 (ETM)
5,000 Chicago Housing Authority, Illinois, Revenue Bonds, Capital 7/12 at 100.00 Aaa 5,494,950
Fund Program, Series 2001, 5.375%, 7/01/18
(Pre-refunded 7/01/12)
285 Chicago, Illinois, General Obligation Bonds, Series 2002A, 7/12 at 100.00 Aa2 299,176
5.625%, 1/01/39 - AMBAC Insured
9,715 Chicago, Illinois, General Obligation Bonds, Series 2002A, 7/12 at 100.00 Aa2 (4) 10,728,857
5.625%, 1/01/39 (Pre-refunded 7/01/12) - AMBAC Insured
2,575 Chicago, Illinois, Second Lien Passenger Facility Charge 1/11 at 101.00 A2 2,578,090
Revenue Bonds, O'Hare International Airport, Series 2001C,
5.100%, 1/01/26 - AMBAC Insured (Alternative Minimum Tax)
3,020 Cook County High School District 209, Proviso Township, 12/16 at 100.00 AAA 3,324,416
Illinois, General Obligation Bonds, Series 2004,
5.000%, 12/01/19 - AGM Insured
385 DuPage County Community School District 200, Wheaton, 11/13 at 100.00 Aa2 428,062
Illinois, General Obligation Bonds, Series 2003B,
5.250%, 11/01/20 - AGM Insured
1,615 DuPage County Community School District 200, Wheaton, 11/13 at 100.00 Aa2 (4) 1,833,041
Illinois, General Obligation Bonds, Series 2003B, 5.250%,
11/01/20 (Pre-refunded 11/01/13) - AGM Insured
5,000 Illinois Development Finance Authority, Gas Supply Revenue 11/13 at 101.00 A1 5,071,600
Bonds, Peoples Gas, Light and Coke Company, Series 2003E,
4.875%, 11/01/38 (Mandatory put 11/01/18) - AMBAC Insured
(Alternative Minimum Tax)
28,030 Illinois Development Finance Authority, Local Government No Opt. Call Aa3 20,105,078
Program Revenue Bonds, Kane, Cook and DuPage Counties School
District U46 - Elgin, Series 2002, 0.000%, 1/01/19 -
AGM Insured
1,800 Illinois Development Finance Authority, Local Government No Opt. Call Aa3 1,277,280
Program Revenue Bonds, Winnebago and Boone Counties School
District 205 - Rockford, Series 2000, 0.000%, 2/01/19 -
AGM Insured
Nuveen Investments 15
NUV | Nuveen Municipal Value Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
$ 3,180 Illinois Development Finance Authority, Revenue Bonds, Chicago 12/12 at 100.00 N/R (4) $ 3,578,804
Charter School Foundation, Series 2002A, 6.250%, 12/01/32
(Pre-refunded 12/01/12)
1,450 Illinois Development Finance Authority, Revenue Bonds, Illinois 9/11 at 100.00 BBB+ 1,342,483
Wesleyan University, Series 2001, 5.125%, 9/01/35 - AMBAC
Insured
6,550 Illinois Development Finance Authority, Revenue Bonds, Illinois 9/11 at 100.00 BBB+ (4) 6,918,831
Wesleyan University, Series 2001, 5.125%, 9/01/35
(Pre-refunded 9/01/11) - AMBAC Insured
1,875 Illinois Finance Authority, Revenue Bonds, Central DuPage 11/19 at 100.00 AA 1,955,306
Health, Series 2009B, 5.500%, 11/01/39
5,245 Illinois Finance Authority, Revenue Bonds, Loyola University of 7/17 at 100.00 Aa1 5,529,751
Chicago, Tender Option Bond Trust 1137, 9.186%, 7/01/46 (IF)
5,000 Illinois Finance Authority, Revenue Bonds, Northwestern Memorial 8/14 at 100.00 N/R (4) 5,842,900
Hospital, Series 2004A, 5.500%, 8/15/43 (Pre-refunded
8/15/14)
4,800 Illinois Finance Authority, Revenue Bonds, Provena Health, 8/19 at 100.00 BBB+ 5,438,592
Series 2009A, 7.750%, 8/15/34
3,975 Illinois Finance Authority, Revenue Bonds, Sherman Health 8/17 at 100.00 BBB 3,610,771
Systems, Series 2007A, 5.500%, 8/01/37
15,000 Illinois Health Facilities Authority, Revenue Bonds, Edward 2/11 at 101.00 AAA 15,731,250
Hospital Obligated Group, Series 2001B, 5.250%, 2/15/34
(Pre-refunded 2/15/11) - AGM Insured
8,180 Illinois Health Facilities Authority, Revenue Bonds, Sherman 8/10 at 100.00 BBB 7,970,265
Health Systems, Series 1997, 5.250%, 8/01/22 - AMBAC Insured
3,985 Illinois Health Facilities Authority, Revenue Bonds, South No Opt. Call N/R (4) 4,825,755
Suburban Hospital, Series 1992, 7.000%, 2/15/18 (ETM)
5,000 Illinois Sports Facility Authority, State Tax Supported Bonds, 6/15 at 101.00 A 5,056,550
Series 2001, 0.000%, 6/15/30 - AMBAC Insured
5,000 Lombard Public Facilities Corporation, Illinois, First Tier 1/16 at 100.00 B- 3,254,300
Conference Center and Hotel Revenue Bonds, Series 2005A-2,
5.500%, 1/01/36 - ACA Insured
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 1992A:
18,955 0.000%, 6/15/17 - FGIC Insured No Opt. Call A1 14,214,923
12,830 0.000%, 6/15/18 - FGIC Insured No Opt. Call A1 9,019,875
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Bonds, McCormick Place Expansion Project, Series 1994B:
7,250 0.000%, 6/15/18 - NPFG Insured No Opt. Call AAA 5,096,968
3,385 0.000%, 6/15/21 - NPFG Insured No Opt. Call AAA 1,984,287
5,190 0.000%, 6/15/28 - NPFG Insured No Opt. Call AAA 1,890,561
11,610 0.000%, 6/15/29 - FGIC Insured No Opt. Call AAA 3,955,527
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 8,035,900
21,375 0.000%, 6/15/34 - NPFG Insured No Opt. Call AAA 5,231,745
21,000 0.000%, 12/15/35 - NPFG Insured No Opt. Call AAA 4,662,630
21,070 0.000%, 6/15/36 - NPFG Insured No Opt. Call AAA 4,531,314
25,825 0.000%, 6/15/39 - NPFG Insured No Opt. Call AAA 4,655,473
8,460 5.250%, 6/15/42 - NPFG Insured 6/12 at 101.00 AAA 8,576,156
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Refunding Bonds, McCormick Place Expansion Project, Series
1996A:
16,700 0.000%, 12/15/21 - NPFG Insured No Opt. Call A1 9,546,388
1,650 5.250%, 6/15/27 - AMBAC Insured 6/10 at 100.00 A1 1,650,891
Metropolitan Pier and Exposition Authority, Illinois, Revenue
Refunding Bonds, McCormick Place Expansion Project, Series
2002B:
3,775 0.000%, 6/15/20 - NPFG Insured 6/17 at 101.00 AAA 3,793,913
5,715 0.000%, 6/15/21 - NPFG Insured 6/17 at 101.00 AAA 5,706,199
1,000 Round Lake, Lake County, Illinois, Special Tax Bonds, Lakewood 3/17 at 100.00 AAA 978,010
Grove Special Service Area 4, Series 2007, 4.700%, 3/01/33 -
AGC Insured
1,285 Tri-City Regional Port District, Illinois, Port and Terminal No Opt. Call N/R 1,106,603
Facilities Revenue Refunding Bonds, Delivery Network Project,
Series 2003A, 4.900%, 7/01/14 (Alternative Minimum Tax)
16 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
$ 1,575 Will County Community School District 161, Summit Hill, No Opt. Call N/R $ 1,108,721
Illinois, Capital Appreciation School Bonds, Series 1999,
0.000%, 1/01/18 - FGIC Insured
720 Will County Community School District 161, Summit Hill, No Opt. Call N/R (4) 561,427
Illinois, Capital Appreciation School Bonds, Series 1999,
0.000%, 1/01/18 - FGIC Insured (ETM)
------------------------------------------------------------------------------------------------------------------------------------
345,700 Total Illinois 229,368,161
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 1.8%
300 Anderson, Indiana, Economic Development Revenue Bonds, Anderson 4/14 at 100.00 N/R 281,208
University, Series 2007, 5.000%, 10/01/24
8,010 Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2/13 at 101.00 N/R 8,959,505
2001A, 5.375%, 2/01/19 (Alternative Minimum Tax)
1,990 Indiana Bond Bank, State Revolving Fund Program Bonds, Series 2/13 at 101.00 AAA 2,182,552
2001A, 5.375%, 2/01/19
3,000 Indiana Health Facility Financing Authority, Hospital Revenue 3/14 at 100.00 A+ 3,005,430
Bonds, Deaconess Hospital Inc., Series 2004A, 5.375%, 3/01/34
- AMBAC Insured
4,450 Indiana Municipal Power Agency, Power Supply Revenue Bonds, 1/17 at 100.00 A+ 4,472,250
Series 2007A, 5.000%, 1/01/42 - NPFG Insured
Indianapolis Local Public Improvement Bond Bank, Indiana, Series
1999E:
12,500 0.000%, 2/01/21 - AMBAC Insured No Opt. Call AA 8,129,000
14,595 0.000%, 2/01/27 - AMBAC Insured No Opt. Call AA 6,823,746
------------------------------------------------------------------------------------------------------------------------------------
44,845 Total Indiana 33,853,691
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 1.1%
5,805 Iowa Finance Authority, Single Family Mortgage Revenue Bonds, 7/16 at 100.00 AAA 5,626,322
Series 2007B, 4.800%, 1/01/37 (Alternative Minimum Tax)
3,500 Iowa Higher Education Loan Authority, Private College Facility 10/12 at 100.00 N/R (4) 3,875,970
Revenue Bonds, Wartburg College, Series 2002, 5.500%,
10/01/33 (Pre-refunded 10/01/12) - ACA Insured
7,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 5,236,560
Revenue Bonds, Series 2005C, 5.625%, 6/01/46
6,160 Iowa Tobacco Settlement Authority, Tobacco Settlement 6/11 at 101.00 AAA 6,527,444
Asset-Backed Revenue Bonds, Series 2001B, 5.600%, 6/01/35
(Pre-refunded 6/01/11)
------------------------------------------------------------------------------------------------------------------------------------
22,465 Total Iowa 21,266,296
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.6%
10,000 Kansas Department of Transportation, Highway Revenue Bonds, 3/14 at 100.00 AAA 10,943,300
Series 2004A, 5.000%, 3/01/22
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 0.1%
1,060 Greater Kentucky Housing Assistance Corporation, FHA-Insured 7/10 at 100.00 A 1,061,081
Section 8 Mortgage Revenue Refunding Bonds, Series 1997A,
6.100%, 1/01/24 - NPFG Insured
1,000 Kentucky Economic Development Finance Authority, Louisville 6/18 at 100.00 AAA 1,087,270
Arena Project Revenue Bonds, Louisville Arena Authority,
Inc., Series 2008-A1, 6.000%, 12/01/38 - AGC Insured
------------------------------------------------------------------------------------------------------------------------------------
2,060 Total Kentucky 2,148,351
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.6%
1,000 East Baton Rouge Parish, Louisiana, Revenue Refunding Bonds, 7/10 at 100.00 Ba3 1,000,080
Georgia Pacific Corporation Project, Series 1998, 5.350%,
9/01/11 (Alternative Minimum Tax)
12,000 Louisiana Local Government Environmental Facilities & Community 11/17 at 100.00 BB 12,383,280
Development Authority, Revenue Bonds, Westlake Chemical
Corporation Project, Series 2007, 6.750%, 11/01/32
5,150 Louisiana Public Facilities Authority, Hospital Revenue Bonds, 8/15 at 100.00 A+ 5,149,588
Franciscan Missionaries of Our Lady Health System, Series
2005A, 5.250%, 8/15/32
4,515 Louisiana Public Facilities Authority, Hospital Revenue 5/10 at 100.00 AAA 4,840,983
Refunding Bonds, Southern Baptist Hospital, Series 1986,
8.000%, 5/15/12 (ETM)
27,890 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 27,039,911
Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
------------------------------------------------------------------------------------------------------------------------------------
50,555 Total Louisiana 50,413,842
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 17
NUV | Nuveen Municipal Value Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 0.4%
$ 3,500 Maryland Energy Financing Administration, Revenue Bonds, AES 7/10 at 100.00 N/R $ 3,501,190
Warrior Run Project, Series 1995, 7.400%, 9/01/19
(Alternative Minimum Tax)
4,600 Maryland Health and Higher Educational Facilities Authority, 8/14 at 100.00 A2 4,671,530
Revenue Bonds, MedStar Health, Series 2004, 5.500%, 8/15/33
------------------------------------------------------------------------------------------------------------------------------------
8,100 Total Maryland 8,172,720
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 3.9%
10,000 Massachusetts Bay Transportation Authority, Senior Sales Tax 7/12 at 100.00 AAA 10,909,300
Revenue Refunding Bonds, Series 2002A, 5.000%, 7/01/32
(Pre-refunded 7/01/12)
1,720 Massachusetts Development Finance Agency, Resource Recovery 6/10 at 101.00 BBB 1,655,139
Revenue Bonds, Ogden Haverhill Associates, Series 1998B,
5.100%, 12/01/12 (Alternative Minimum Tax)
4,340 Massachusetts Health and Educational Facilities Authority, 11/11 at 101.00 BBB 3,983,512
Revenue Bonds, Cape Cod Health Care Inc., Series 2001C,
5.250%, 11/15/31 - RAAI Insured
500 Massachusetts Health and Educational Facilities Authority, 7/18 at 100.00 A3 480,875
Revenue Bonds, CareGroup Inc., Series 2008E-1 & 2, 5.125%,
7/01/38
2,000 Massachusetts Health and Educational Facilities Authority, 7/14 at 100.00 BB 1,500,960
Revenue Bonds, Northern Berkshire Community Services Inc.,
Series 2004A, 6.375%, 7/01/34
Massachusetts Health and Educational Facilities Authority,
Revenue Bonds, Northern Berkshire Community Services Inc.,
Series 2004B:
1,340 6.250%, 7/01/24 7/14 at 100.00 BB 1,135,610
1,000 6.375%, 7/01/34 7/14 at 100.00 BB 750,480
2,300 Massachusetts Health and Educational Facilities Authority, 7/19 at 100.00 BBB 2,346,575
Revenue Refunding Bonds, Suffolk University Issue,
Series 2009A, 5.750%, 7/01/39
12,755 Massachusetts Housing Finance Agency, Housing Bonds, Series 12/18 at 100.00 AA- 12,979,360
2009F, 5.700%, 6/01/40
Massachusetts Turnpike Authority, Metropolitan Highway System
Revenue Bonds, Senior Series 1997A:
10,195 5.000%, 1/01/27 - NPFG Insured 6/10 at 100.00 A 10,196,020
22,440 5.000%, 1/01/37 - NPFG Insured 7/10 at 100.00 A 22,440,449
1,750 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/10 at 101.00 AAA 1,790,285
Program Bonds, Series 2000-6, 5.500%, 8/01/30 (Pre-refunded
8/01/10)
4,250 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/10 at 101.00 AAA 4,325,990
Program Bonds, Series 2000-6, 5.500%, 8/01/30
------------------------------------------------------------------------------------------------------------------------------------
74,590 Total Massachusetts 74,494,555
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.9%
12,290 Detroit Local Development Finance Authority, Michigan, Tax 5/10 at 100.00 B- 7,432,009
Increment Bonds, Series 1998A, 5.500%, 5/01/21
5,000 Detroit Water Supply System, Michigan, Water Supply System 7/16 at 100.00 AAA 4,854,500
Revenue Bonds, Series 2006D, 4.625%, 7/01/32 - AGM Insured
8,000 Detroit, Michigan, Second Lien Sewerage Disposal System Revenue 7/15 at 100.00 A1 7,809,200
Bonds, Series 2005A, 5.000%, 7/01/35 - NPFG Insured
5,240 Michigan Municipal Bond Authority, Clean Water Revolving Fund 10/12 at 100.00 AAA 5,682,308
Revenue Refunding Bonds, Series 2002, 5.250%, 10/01/19
Michigan Municipal Bond Authority, Public School Academy Revenue
Bonds, Detroit Academy of Arts and Sciences Charter School,
Series 2001A:
900 7.500%, 10/01/12 10/11 at 100.00 Ba1 913,401
5,000 7.900%, 10/01/21 10/10 at 102.00 Ba1 5,015,350
3,500 8.000%, 10/01/31 10/10 at 102.00 Ba1 3,460,800
22,235 Michigan State Hospital Finance Authority, Hospital Revenue 8/10 at 100.00 BB- 17,632,800
Bonds, Detroit Medical Center Obligated Group, Series 1998A,
5.250%, 8/15/28
Michigan State Hospital Finance Authority, Revenue Refunding
Bonds, Detroit Medical Center Obligated Group, Series 1993A:
1,100 6.250%, 8/15/13 8/10 at 100.00 BB- 1,100,165
12,925 6.500%, 8/15/18 8/10 at 100.00 BB- 12,825,607
18 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN (continued)
$ 7,200 Michigan Strategic Fund, Limited Obligation Resource Recovery 12/12 at 100.00 Baa1 $ 7,211,736
Revenue Refunding Bonds, Detroit Edison Company, Series
2002D, 5.250%, 12/15/32 - SYNCORA GTY Insured
1,150 Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue 9/18 at 100.00 A1 1,361,600
Bonds, William Beaumont Hospital, Refunding Series 2009V,
8.250%, 9/01/39
------------------------------------------------------------------------------------------------------------------------------------
84,540 Total Michigan 75,299,476
------------------------------------------------------------------------------------------------------------------------------------
MINNESOTA - 0.6%
1,750 Breckenridge, Minnesota, Revenue Bonds, Catholic Health 5/14 at 100.00 AA 1,786,225
Initiatives, Series 2004A, 5.000%, 5/01/30
6,375 Minneapolis Health Care System, Minnesota, Revenue Bonds, 11/18 at 100.00 A 7,149,053
Fairview Hospital and Healthcare Services, Series 2008A,
6.625%, 11/15/28
355 Minnesota Housing Finance Agency, Rental Housing Bonds, Series 8/10 at 100.00 AA+ 356,505
1995D, 5.900%, 8/01/15 - NPFG Insured
2,000 Saint Paul Housing and Redevelopment Authority, Minnesota, 11/16 at 100.00 Baa1 1,868,320
Health Care Facilities Revenue Bonds, HealthPartners
Obligated Group, Series 2006, 5.250%, 5/15/36
------------------------------------------------------------------------------------------------------------------------------------
10,480 Total Minnesota 11,160,103
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 3.5%
40,000 Missouri Health and Educational Facilities Authority, Revenue 5/13 at 100.00 AA 40,627,200
Bonds, BJC Health System, Series 2003, 5.250%, 5/15/32 (UB)
12,000 Missouri Health and Educational Facilities Authority, Revenue 6/20 at 100.00 AA- 12,276,360
Bonds, SSM Health Care System, Series 2010B, 5.000%, 6/01/30
(WI/DD, Settling 5/13/10)
6,000 Missouri-Illinois Metropolitan District Bi-State Development 10/13 at 100.00 AAA 6,061,680
Agency, Mass Transit Sales Tax Appropriation Bonds, Metrolink
Cross County Extension Project, Series 2002B, 5.000%,
10/01/32 - AGM Insured
4,000 Sugar Creek, Missouri, Industrial Development Revenue Bonds, 6/13 at 101.00 BBB- 3,657,680
Lafarge North America Inc., Series 2003A, 5.650%, 6/01/37
(Alternative Minimum Tax)
West Plains Industrial Development Authority, Missouri, Hospital
Facilities Revenue Bonds, Ozark Medical Center, Series 1997:
1,105 5.500%, 11/15/12 5/10 at 100.00 B+ 1,105,232
1,000 5.600%, 11/15/17 5/10 at 100.00 B+ 949,600
3,175 West Plains Industrial Development Authority, Missouri, Hospital 5/10 at 101.00 B+ 3,036,348
Facilities Revenue Bonds, Ozark Medical Center, Series 1999,
6.750%, 11/15/24
------------------------------------------------------------------------------------------------------------------------------------
67,280 Total Missouri 67,714,100
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 0.2%
3,750 Forsyth, Rosebud County, Montana, Pollution Control Revenue 3/13 at 101.00 A- 3,735,338
Refunding Bonds, Puget Sound Energy, Series 2003A, 5.000%,
3/01/31 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 0.3%
5,000 Omaha Public Power District, Nebraska, Electric System Revenue 2/18 at 100.00 Aa1 5,396,800
Bonds, Series 2008A, 5.500%, 2/01/39
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 1.2%
2,500 Carson City, Nevada, Hospital Revenue Bonds, Carson-Tahoe 9/13 at 100.00 BBB 2,275,400
Hospital, Series 2003A, 5.125%, 9/01/29 - RAAI Insured
5,000 Clark County, Nevada, Airport Revenue Bonds, Subordinte Lien 1/20 at 100.00 Aa3 5,311,950
Series 2010B, 5.750%, 7/01/42
Director of Nevada State Department of Business and Industry,
Revenue Bonds, Las Vegas Monorail Project, First Tier, Series
2000:
15,095 0.000%, 1/01/24 - AMBAC Insured No Opt. Call Caa2 2,100,771
11,000 0.000%, 1/01/25 - AMBAC Insured No Opt. Call Caa2 1,431,760
4,000 5.625%, 1/01/32 - AMBAC Insured (5) 1/12 at 100.00 Caa2 1,284,720
22,010 5.375%, 1/01/40 - AMBAC Insured (5) 7/10 at 100.00 Caa2 7,069,392
2,500 Reno, Neveda, Health Facility Revenue Bonds, Catholic Healthcare 7/17 at 100.00 AA+ 2,775,700
West, Trust 2634, 18.389%, 7/01/31 - BHAC Insured (IF)
Nuveen Investments 19
NUV | Nuveen Municipal Value Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEVADA (continued)
$ 1,500 Sparks Tourism Improvement District 1, Legends at Sparks 6/18 at 100.00 Ba3 $ 1,392,120
Marina, Nevada, Senior Sales Tax Revenue Bonds Series
2008A, 6.750%, 6/15/28
------------------------------------------------------------------------------------------------------------------------------------
63,605 Total Nevada 23,641,813
------------------------------------------------------------------------------------------------------------------------------------
NEW HAMPSHIRE - 0.1%
1,500 New Hampshire Business Finance Authority, Revenue Bonds, 10/19 at 100.00 BBB+ 1,526,205
Elliot Hospital Obligated Group Issue, Series 2009A,
6.125%, 10/01/39
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 5.7%
23,625 New Jersey Economic Development Authority, Special Facilities 9/10 at 100.50 B 22,307,670
Revenue Bonds, Continental Airlines Inc., Series 1999,
6.250%, 9/15/29 (Alternative Minimum Tax)
9,000 New Jersey Economic Development Authority, Special Facilities 11/10 at 101.00 B 9,006,930
Revenue Bonds, Continental Airlines Inc., Series 2000,
7.000%, 11/15/30 (Alternative Minimum Tax)
4,740 New Jersey Health Care Facilities Financing Authority, 1/17 at 41.49 BB+ 698,771
Revenue Bonds, Saint Barnabas Health Care System, Series
2006A, 0.000%, 7/01/34
11,200 New Jersey Health Care Facilities Financing Authority, 7/10 at 101.00 BBB- (4) 11,446,512
Revenue Bonds, Trinitas Hospital Obligated Group, Series
2000, 7.500%, 7/01/30 (Pre-refunded 7/01/10)
7,500 New Jersey Transportation Trust Fund Authority, 6/13 at 100.00 AAA 8,516,325
Transportation System Bonds, Series 2003C, 5.500%, 6/15/24
(Pre-refunded 6/15/13)
New Jersey Transportation Trust Fund Authority,
Transportation System Bonds, Series 2006C:
30,000 0.000%, 12/15/31 - FGIC Insured No Opt. Call AA- 8,424,900
27,000 0.000%, 12/15/32 - AGM Insured No Opt. Call AAA 7,800,300
310 New Jersey Turnpike Authority, Revenue Bonds, Series 1991C, No Opt. Call A+ 367,229
6.500%, 1/01/16 - NPFG Insured
New Jersey Turnpike Authority, Revenue Bonds, Series 1991C:
105 6.500%, 1/01/16 - NPFG Insured (ETM) No Opt. Call A+ (4) 129,663
1,490 6.500%, 1/01/16 - NPFG Insured (ETM) No Opt. Call A+ (4) 1,725,778
27,185 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/12 at 100.00 AAA 30,194,649
Settlement Asset-Backed Bonds, Series 2002, 6.125%,
6/01/42 (Pre-refunded 6/01/12)
7,165 Tobacco Settlement Financing Corporation, New Jersey, Tobacco 6/13 at 100.00 AAA 8,271,634
Settlement Asset-Backed Bonds, Series 2003, 6.250%,
6/01/43 (Pre-refunded 6/01/13)
------------------------------------------------------------------------------------------------------------------------------------
149,320 Total New Jersey 108,890,361
------------------------------------------------------------------------------------------------------------------------------------
NEW MEXICO - 0.6%
1,500 University of New Mexico, Revenue Refunding Bonds, Series No Opt. Call AA 1,770,450
1992A, 6.000%, 6/01/21
9,600 University of New Mexico, Subordinate Lien Revenue Refunding 6/12 at 100.00 AA 9,722,784
and Improvement Bonds, Series 2002A, 5.000%, 6/01/32
------------------------------------------------------------------------------------------------------------------------------------
11,100 Total New Mexico 11,493,234
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 7.4%
8,500 Dormitory Authority of the State of New York, FHA-Insured 2/14 at 100.00 AAA 8,735,620
Mortgage Revenue Bonds, Kaleida Health, Series 2004,
5.050%, 2/15/25
2,500 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 100.00 A2 2,501,475
Mount Sinai NYU Health Obligated Group, Series 2000A,
5.500%, 7/01/26
2,625 Dormitory Authority of the State of New York, Revenue Bonds, 7/10 at 100.00 A2 2,626,549
Mount Sinai NYU Health, Series 2000C, 5.500%, 7/01/26
15,500 Long Island Power Authority, New York, Electric System 9/11 at 100.00 AAA 16,507,810
General Revenue Bonds, Series 2001A, 5.375%, 9/01/25
(Pre-refunded 9/01/11)
2,000 Long Island Power Authority, New York, Electric System 6/16 at 100.00 A- 2,036,660
General Revenue Bonds, Series 2006B, 5.000%, 12/01/35
1,510 New York City Industrial Development Agency, New York, Civic 12/16 at 100.00 BB+ 1,162,338
Facility Revenue Bonds, Vaughn College of Aeronautics,
Series 2006B, 5.000%, 12/01/31
10,000 New York City Industrial Development Agency, New York, 8/12 at 101.00 B- 10,294,900
Special Facilities Revenue Bonds, JFK Airport - American
Airlines Inc., Series 2002B, 8.500%, 8/01/28 (Alternative
Minimum Tax)
5,500 New York City Municipal Water Finance Authority, New York, 12/14 at 100.00 AAA 5,685,295
Water and Sewerage System Revenue Bonds, Series 2004B,
5.000%, 6/15/36 - AGM Insured (UB)
20 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK (continued)
$ 5 New York City, New York, General Obligation Bonds, Fiscal 7/10 at 100.00 AA $ 5,022
Series 1997E, 6.000%, 8/01/16
New York City, New York, General Obligation Bonds, Fiscal
Series 2003J:
1,450 5.500%, 6/01/21 6/13 at 100.00 AA 1,594,087
385 5.500%, 6/01/22 6/13 at 100.00 AA 419,200
New York City, New York, General Obligation Bonds, Fiscal
Series 2004C:
8,000 5.250%, 8/15/24 8/14 at 100.00 AA 8,680,800
6,000 5.250%, 8/15/25 8/14 at 100.00 AA 6,493,800
10,000 New York Dorm Authority, FHA Insured Mortgage Hospital 8/16 at 100.00 BB+ 9,456,100
Revenue Bonds, Kaleida Health, Series 2006, 4.700%, 2/15/35
New York State Tobacco Settlement Financing Corporation,
Tobacco Settlement Asset-Backed and State Contingency
Contract-Backed Bonds, Series 2003A-1:
10,000 5.500%, 6/01/17 6/11 at 100.00 AA- 10,429,800
11,190 5.500%, 6/01/18 6/12 at 100.00 AA- 11,940,513
28,810 5.500%, 6/01/19 6/13 at 100.00 AA- 31,458,785
2,500 Port Authority of New York and New Jersey, Special Project No Opt. Call A 2,540,175
Bonds, JFK International Air Terminal LLC, Sixth Series
1997, 6.250%, 12/01/10 - NPFG Insured (Alternative Minimum
Tax)
8,500 Power Authority of the State of New York, General Revenue 11/10 at 100.00 Aa2 8,543,520
Bonds, Series 2000A, 5.250%, 11/15/40
------------------------------------------------------------------------------------------------------------------------------------
134,975 Total New York 141,112,449
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 0.6%
1,500 Charlotte, North Carolina, Certificates of Participation, 6/13 at 100.00 AA+ 1,538,055
Governmental Facilities Projects, Series 2003G, 5.000%,
6/01/33
3,000 Charlotte-Mecklenberg Hospital Authority, North Carolina, 1/18 at 100.00 AA- 3,020,760
Carolinas HealthCare System Revenue Bonds, Series 2008A,
5.000%, 1/15/47
2,500 North Carolina Eastern Municipal Power Agency, Power System 1/13 at 100.00 A- 2,541,250
Revenue Refunding Bonds, Series 2003D, 5.125%, 1/01/26
1,500 North Carolina Infrastructure Finance Corporation, 2/14 at 100.00 AA+ 1,629,330
Certificates of Participation, Correctional Facilities,
Series 2004A, 5.000%, 2/01/20
2,000 North Carolina Medical Care Commission, Health System Revenue 10/17 at 100.00 AA 1,964,840
Bonds, Mission St. Joseph's Health System, Series 2007,
4.500%, 10/01/31
------------------------------------------------------------------------------------------------------------------------------------
10,500 Total North Carolina 10,694,235
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 2.4%
10,000 American Municipal Power Ohio Inc., General Revenue Bonds, 2/18 at 100.00 A1 10,269,300
Prairie State Energy Campus Project Series 2008A, 5.250%,
2/15/43
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco
Settlement Asset-Backed Revenue Bonds, Senior Lien, Series
2007A-2:
2,880 5.375%, 6/01/24 6/17 at 100.00 BBB 2,728,627
480 5.125%, 6/01/24 6/17 at 100.00 BBB 443,424
5,500 5.875%, 6/01/30 6/17 at 100.00 BBB 4,657,345
17,165 5.750%, 6/01/34 6/17 at 100.00 BBB 13,505,594
11,785 5.875%, 6/01/47 6/17 at 100.00 BBB 8,846,057
9,150 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/22 at 100.00 BBB 6,184,943
Settlement Asset-Backed Revenue Bonds, Senior Lien, Series
2007A-3, 0.000%, 6/01/37
------------------------------------------------------------------------------------------------------------------------------------
56,960 Total Ohio 46,635,290
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.8%
9,955 Oklahoma Development Finance Authority, Revenue Bonds, St. 2/14 at 100.00 A 9,748,533
John Health System, Series 2004, 5.125%, 2/15/31
5,045 Oklahoma Development Finance Authority, Revenue Bonds, St. 2/14 at 100.00 AAA 5,748,122
John Health System, Series 2004, 5.125%, 2/15/31
(Pre-refunded 2/15/14)
------------------------------------------------------------------------------------------------------------------------------------
15,000 Total Oklahoma 15,496,655
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 21
NUV | Nuveen Municipal Value Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
OREGON - 0.3%
$ 2,600 Clackamas County Hospital Facility Authority, Oregon, Revenue 5/11 at 101.00 A+ $ 2,662,036
Refunding Bonds, Legacy Health System, Series 2001,
5.250%, 5/01/21
2,860 Oregon State Facilities Authority, Revenue Bonds, Willamette 10/17 at 100.00 A 2,806,947
University, Series 2007A, 5.000%, 10/01/32
------------------------------------------------------------------------------------------------------------------------------------
5,460 Total Oregon 5,468,983
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 1.9%
10,300 Allegheny County Hospital Development Authority, 11/17 at 100.00 BB 8,742,228
Pennsylvania, Revenue Bonds, West Penn Allegheny Health
System, Series 2007A, 5.000%, 11/15/28
6,500 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/14 at 100.00 Aa3 6,854,705
Series 2004A, 5.500%, 12/01/31 - AMBAC Insured
8,000 Philadelphia School District, Pennsylvania, General 6/14 at 100.00 Aa2 (4) 9,193,120
Obligation Bonds, Series 2004D, 5.125%, 6/01/34
(Pre-refunded 6/01/14) - FGIC Insured
10,075 State Public School Building Authority, Pennsylvania, Lease 6/13 at 100.00 AAA 11,256,798
Revenue Bonds, Philadelphia School District, Series 2003,
5.000%, 6/01/33 (Pre-refunded 6/01/13) - AGM Insured
------------------------------------------------------------------------------------------------------------------------------------
34,875 Total Pennsylvania 36,046,851
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 2.6%
8,340 Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, 7/18 at 100.00 Baa1 8,705,459
Senior Lien Series 2008A, 6.000%, 7/01/44
13,000 Puerto Rico Highway and Transportation Authority, Highway No Opt. Call A3 12,845,950
Revenue Bonds, Series 2007N, 5.250%, 7/01/39 - FGIC Insured
5,450 Puerto Rico Industrial, Tourist, Educational, Medical and 6/10 at 101.00 Baa3 5,498,069
Environmental Control Facilities Financing Authority,
Co-Generation Facility Revenue Bonds, Series 2000A,
6.625%, 6/01/26 (Alternative Minimum Tax)
4,345 Puerto Rico Infrastructure Financing Authority, Special 10/10 at 101.00 AAA 4,483,475
Obligation Bonds, Series 2000A, 5.500%, 10/01/40
(Pre-Refunded 10/01/10)
11,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax 8/26 at 100.00 A+ 8,837,950
Revenue Bonds, First Subordinate Series 2009A, 0.000%,
8/01/32
70,300 Puerto Rico Sales Tax Financing Corporation, Sales Tax No Opt. Call Aa2 4,434,524
Revenue Bonds, Series 2007A, 0.000%, 8/01/54 - AMBAC
Insured
5,000 Puerto Rico, General Obligation Bonds, Series 2000B, 5.625%, 7/10 at 100.00 A 5,009,200
7/01/19 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
117,435 Total Puerto Rico 49,814,627
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 1.3%
6,250 Rhode Island Health and Educational Building Corporation, 5/10 at 100.00 A 6,249,750
Hospital Financing Revenue Bonds, Lifespan Obligated
Group, Series 1996, 5.250%, 5/15/26 - NPFG Insured
19,195 Rhode Island Tobacco Settlement Financing Corporation, 6/12 at 100.00 BBB 18,425,664
Tobacco Settlement Asset-Backed Bonds, Series 2002A,
6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
25,445 Total Rhode Island 24,675,414
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 3.0%
7,000 Dorchester County School District 2, South Carolina, 12/14 at 100.00 AA- 7,244,370
Installment Purchase Revenue Bonds, GROWTH, Series 2004,
5.250%, 12/01/29
3,000 Myrtle Beach, South Carolina, Hospitality and Accommodation 6/14 at 100.00 A+ 2,973,960
Fee Revenue Bonds, Series 2004A, 5.000%, 6/01/36 - FGIC
Insured
11,550 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call AAA 4,528,293
Revenue Bonds, Series 2004A-2, 0.000%, 1/01/28 - AMBAC
Insured
8,475 Piedmont Municipal Power Agency, South Carolina, Electric 7/10 at 100.00 A- 8,477,712
Revenue Refunding Bonds, Series 1986, 5.000%, 1/01/25
4,320 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A3 (4) 4,810,925
Development Revenue Bonds, Bon Secours Health System Inc.,
Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)
16,430 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- 16,446,759
Development Revenue Bonds, Bon Secours Health System Inc.,
Series 2002B, 5.625%, 11/15/30
22 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA (continued)
$ 8,000 South Carolina JOBS Economic Development Authority, Hospital 12/10 at 102.00 Baa2 (4) $ 8,500,400
Revenue Bonds, Palmetto Health Alliance, Series 2000A,
7.375%, 12/15/21 (Pre-refunded 12/15/10)
4,215 Spartanburg Sanitary Sewer District, South Carolina, Sewer 3/14 at 100.00 AA- 4,257,192
System Revenue Bonds, Series 2003B, 5.000%, 3/01/38 - NPFG
Insured
------------------------------------------------------------------------------------------------------------------------------------
62,990 Total South Carolina 57,239,611
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 1.1%
10,300 Jackson, Tennessee, Hospital Revenue Refunding Bonds, 4/18 at 100.00 A+ 10,407,532
Jackson-Madison County General Hospital Project, Series
2008, 5.625%, 4/01/38
Knox County Health, Educational and Housing Facilities Board,
Tennessee, Hospital Revenue Bonds, Baptist Health System
of East Tennessee Inc., Series 2002:
3,000 6.375%, 4/15/22 4/12 at 101.00 A1 3,175,200
2,605 6.500%, 4/15/31 4/12 at 101.00 A1 2,763,228
2,000 Sullivan County Health Educational and Housing Facilities 3/13 at 100.00 N/R 1,854,900
Board, Tennessee, Revenue Bonds, Wellmont Health System,
Refunding Series 200A, 5.486%, 9/01/32
3,000 Sullivan County Health Educational and Housing Facilities 9/16 at 100.00 BBB+ 2,759,460
Board, Tennessee, Revenue Bonds, Wellmont Health System,
Series 2006C, 5.250%, 9/01/36
------------------------------------------------------------------------------------------------------------------------------------
20,905 Total Tennessee 20,960,320
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 7.5%
5,000 Alliance Airport Authority, Texas, Special Facilities Revenue 12/12 at 100.00 CCC+ 3,494,400
Bonds, American Airlines Inc., Series 2007, 5.250%,
12/01/29 (Alternative Minimum Tax)
2,000 Austin Convention Enterprises Inc., Texas, Convention Center 1/17 at 100.00 BB 1,710,660
Hotel Revenue Bonds, Second Tier Series 2006B, 5.750%,
1/01/34
5,110 Brazos River Authority, Texas, Pollution Control Revenue 4/13 at 101.00 Caa3 3,057,364
Refunding Bonds, TXU Electric Company, Series 1999C,
7.700%, 3/01/32 (Alternative Minimum Tax)
Central Texas Regional Mobility Authority, Travis and
Williamson Counties, Toll Road Revenue Bonds, Series 2005:
4,000 5.000%, 1/01/35 - FGIC Insured 1/15 at 100.00 A 3,572,960
31,550 5.000%, 1/01/45 - FGIC Insured 1/15 at 100.00 A 27,880,418
11,850 Harris County-Houston Sports Authority, Texas, Junior Lien No Opt. Call A 3,911,211
Revenue Bonds, Series 2001H, 0.000%, 11/15/27 - NPFG
Insured
2,950 Harris County-Houston Sports Authority, Texas, Senior Lien 11/11 at 100.00 A 2,773,443
Revenue Bonds, Series 2001G, 5.250%, 11/15/30 - NPFG
Insured
13,270 Harris County-Houston Sports Authority, Texas, Third Lien 11/24 at 59.10 A 2,609,015
Revenue Bonds, Series 2004-A3., 0.000%, 11/15/33 - NPFG
Insured
24,660 Houston, Texas, Hotel Occupancy Tax and Special Revenue No Opt. Call A2 7,832,756
Bonds, Convention and Entertainment Project, Series 2001B,
0.000%, 9/01/29 - AMBAC Insured
10,045 Houston, Texas, Subordinate Lien Airport System Revenue 7/10 at 100.00 AAA 10,110,895
Bonds, Series 2000A, 5.875%, 7/01/16 - AGM Insured
(Alternative Minimum Tax)
3,470 Irving Independent School District, Texas, Unlimited Tax No Opt. Call AAA 3,453,587
School Building Bonds, Series 1997, 0.000%, 2/15/11
5,000 Kerrville Health Facilities Development Corporation, Texas, No Opt. Call BBB- 4,583,300
Revenue Bonds, Sid Peterson Memorial Hospital Project,
Series 2005, 5.375%, 8/15/35
22,060 Leander Independent School District, Williamson and Travis 7/10 at 33.32 AAA 7,273,844
Counties, Texas, Unlimited Tax School Building and
Refunding Bonds, Series 2000, 0.000%, 8/15/27
North Texas Thruway Authority, First Tier System Revenue
Refunding Bonds, Capital Appreciation Series 2008I:
30,000 0.000%, 1/01/42 - AGC Insured 1/25 at 100.00 AAA 22,776,600
5,220 0.000%, 1/01/43 1/25 at 100.00 A2 4,026,604
15,450 North Texas Thruway Authority, First Tier System Revenue No Opt. Call AAA 3,569,568
Refunding Bonds, Capital Appreciation Series 2008, 0.000%,
1/01/36 - AGC Insured
4,650 Port Corpus Christi Industrial Development Corporation, 10/10 at 100.00 BBB 4,648,001
Texas, Revenue Refunding Bonds, Valero Refining and
Marketing Company, Series 1997A, 5.400%, 4/01/18
Nuveen Investments 23
NUV | Nuveen Municipal Value Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
TEXAS (continued)
$ 5,000 Richardson Hospital Authority, Texas, Revenue Bonds, 12/13 at 100.00 Baa2 $ 4,771,400
Richardson Regional Medical Center, Series 2004, 6.000%,
12/01/34
2,000 Sabine River Authority, Texas, Pollution Control Revenue 7/13 at 101.00 CCC 1,107,500
Refunding Bonds, TXU Electric Company, Series 2003A,
5.800%, 7/01/22
3,000 San Antonio, Texas, Water System Revenue Bonds, Series 2005, 5/15 at 100.00 Aa1 3,013,290
4.750%, 5/15/37 - NPFG Insured
11,585 Tarrant County Cultural & Educational Facilities Financing 2/17 at 100.00 AA- 11,742,440
Corporation, Texas, Revenue Bonds, Series 2008, Trust
1201, 9.203%, 2/15/36 (IF)
5,000 Tarrant County Cultural Education Facilities Finance 1/19 at 100.00 AAA 5,562,900
Corporation, Texas, Revenue Refunding Bonds, Christus
Health, Series 2008, 6.500%, 7/01/37
-----------------------------------------------------------------------------------------------------------------------------------
222,870 Total Texas 143,482,156
-----------------------------------------------------------------------------------------------------------------------------------
UTAH - 0.4%
3,260 Eagle Mountain, Utah, Gas and Electric Revenue Bonds, Series 6/15 at 100.00 N/R 3,179,413
2005, 5.000%, 6/01/24 - RAAI Insured
460 Utah Housing Finance Agency, Single Family Mortgage Bonds, 7/10 at 101.50 AAA 461,495
Series 1998G-2, Class I, 5.200%, 7/01/30 (Alternative
Minimum Tax)
3,700 Utah State Board of Regents, Utah State University, Revenue 4/14 at 100.00 AA (4) 4,180,556
Bonds, Series 2004, 5.000%, 4/01/35 (Pre-refunded
4/01/14) - NPFG Insured
-----------------------------------------------------------------------------------------------------------------------------------
7,420 Total Utah 7,821,464
-----------------------------------------------------------------------------------------------------------------------------------
VIRGIN ISLANDS - 0.1%
2,500 Virgin Islands Public Finance Authority, Revenue Bonds, 1/14 at 100.00 Baa3 2,522,975
Refinery Project - Hovensa LLC, Series 2003, 6.125%,
7/01/22 (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 0.4%
3,000 Fairfax County Economic Development Authority, Virginia, 10/17 at 100.00 N/R 2,887,560
Residential Care Facilities Mortgage Revenue Bonds,
Goodwin House, Inc., Series 2007A, 5.125%,
10/01/42
4,125 Metropolitan Washington D.C. Airports Authority, Airport 10/12 at 100.00 AA- 4,374,315
System Revenue Bonds, Series 2002A, 5.750%, 10/01/16 -
FGIC Insured (Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
7,125 Total Virginia 7,261,875
-----------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 4.1%
6,400 Cowlitz County Public Utilities District 1, Washington, 9/14 at 100.00 A1 6,411,904
Electric Production Revenue Bonds, Series 2004, 5.000%,
9/01/34 - FGIC Insured
12,500 Energy Northwest, Washington, Electric Revenue Refunding 7/12 at 100.00 Aaa 13,687,500
Bonds, Columbia Generating Station - Nuclear Project 2,
Series 2002B, 6.000%, 7/01/18 - AMBAC Insured
4,000 Energy Northwest, Washington, Electric Revenue Refunding 7/13 at 100.00 Aaa 4,455,840
Bonds, Nuclear Project 3, Series
2003A, 5.500%, 7/01/17 - SYNCORA GTY Insured
8,200 Washington Public Power Supply System, Revenue Refunding No Opt. Call Aaa 7,534,652
Bonds, Nuclear Project 3, Series 1989B, 0.000%, 7/01/14
2,500 Washington State Health Care Facilities Authority, Revenue No Opt. Call N/R 2,065,150
Bonds, Northwest Hospital and Medical Center of
Seattle, Series 2007, 5.700%, 12/01/32
5,000 Washington State Healthcare Facilities Authority, Revenue 10/16 at 100.00 AA 4,924,250
Bonds, Providence Health Care Services, Series 2006A,
4.625%, 10/01/34 - FGIC Insured
2,815 Washington State Healthcare Facilities Authority, Revenue 8/17 at 100.00 A 2,597,879
Bonds, Virginia Mason Medical Center, Series 2007B,
5.000%, 2/15/27 - NPFG Insured
7,895 Washington State Housing Finance Commission, Single Family 12/15 at 100.00 Aaa 7,882,921
Program Bonds, 2006 Series 3A, 5.000%, 12/01/37
(Alternative Minimum Tax)
19,240 Washington State Tobacco Settlement Authority, Tobacco 6/13 at 100.00 BBB 19,342,164
Settlement Asset-Backed Revenue Bonds, Series 2002,
6.625%, 6/01/32
Washington State, Motor Vehicle Fuel Tax General
Obligation Bonds, Series 2002-03C:
9,000 0.000%, 6/01/29 - NPFG Insured No Opt. Call AA+ 3,766,050
16,195 0.000%, 6/01/30 - NPFG Insured No Opt. Call AA+ 6,373,542
-----------------------------------------------------------------------------------------------------------------------------------
93,745 Total Washington 79,041,852
------------------------------------------------------------------------------------------------------------------------------------
24 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
-----------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 2.5%
Badger Tobacco Asset Securitization Corporation, Wisconsin,
Tobacco Settlement Asset-Backed Bonds, Series 2002:
$ 5,360 6.125%, 6/01/27 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA $ 5,739,649
14,750 6.375%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 AAA 16,393,888
6,000 Wisconsin Health and Educational Facilities Authority, 9/13 at 100.00 BBB+ (4) 6,880,740
Revenue Bonds, Franciscan Sisters of Christian Charity
Healthcare Ministry, Series 2003A, 5.875%, 9/01/33
(Pre-refunded 9/01/13)
1,000 Wisconsin Health and Educational Facilities Authority, 2/16 at 100.00 BBB+ 1,027,740
Revenue Bonds, Marshfield Clinic,
Series 2006A, 5.000%, 2/15/17
10,000 Wisconsin Health and Educational Facilities Authority, 6/20 at 100.00 AA- 10,182,000
Revenue Bonds, SSM Healthcare System, Series 2010,
5.000%, 6/01/30 (WI/DD, Settling 5/13/10)
3,750 Wisconsin Health and Educational Facilities Authority, 2/12 at 101.00 AAA 4,112,213
Revenue Bonds, Wheaton Franciscan Services Inc., Series
2002, 5.750%, 8/15/30 (Pre-refunded 2/15/12)
2,755 Wisconsin Housing and Economic Development Authority, Home 9/14 at 100.00 AA 2,617,085
Ownership Revenue Bonds, Series 2005C, 4.875%, 3/01/36
(Alternative Minimum Tax)
-----------------------------------------------------------------------------------------------------------------------------------
43,615 Total Wisconsin 46,953,315
-----------------------------------------------------------------------------------------------------------------------------------
WYOMING - 0.1%
2,035 Campbell County, Wyoming Solid Waste Facilities Revenue 7/19 at 100.00 A+ 2,185,203
Bonds, Basin Electric Power Cooperative - Dry Fork
Station Facilities, Series 2009A, 5.750%, 7/15/39
-----------------------------------------------------------------------------------------------------------------------------------
$ 2,415,369 Total Investments (cost $1,867,394,083) - 99.9% 1,912,442,355
=============----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (2.0)% (38,250,000)
-------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 40,334,907
-------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 1,914,527,262
===================================================================================================================
(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 higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) The Fund's Adviser has concluded this issue is not likely to meet its
future interest payment obligations and has directed the Fund's custodian
to cease accruing additional income on the Fund's records.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a
financing transaction. See Notes to Financial Statements, Footnote 1 -
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 Investments 25
NUW | Nuveen Municipal Value Fund 2
| Portfolio of Investments
April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALASKA - 0.0%
$ 155 Northern Tobacco Securitization Corporation, Alaska, Tobacco 6/14 at 100.00 Baa3 $ 104,196
Settlement Asset-Backed Bonds, Series 2006A, 5.000%, 6/01/46
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 3.4%
4,000 Maricopa County Pollution Control Corporation, Arizona, 2/19 at 100.00 BBB 4,528,200
Pollution Control Revenue Bonds, El Paso Electric Company,
Refunding Series 2009A, 7.250%, 2/01/40
2,995 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call A 2,670,821
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007, 5.000%, 12/01/37
------------------------------------------------------------------------------------------------------------------------------------
6,995 Total Arizona 7,199,021
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 10.3%
11,000 Alhambra Unified School District, Los Angeles County, No Opt. Call AAA 1,671,780
California, General Obligation Bonds, Capital Appreciation
Series 2009B, 0.000%, 8/01/41 - AGC Insured
2,500 California State Public Works Board, Lease Revenue Bonds, 4/19 at 100.00 A2 2,654,175
Department of General Services Buildings 8 & 9, Series
2009A, 6.250%, 4/01/34
500 California, General Obligation Bonds, Tender Option Bond Trust 3/20 at 100.00 AAA 603,800
3162, 19.363%, 3/01/40 - AGM Insured (IF)
1,800 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 A2 1,647,666
Enhanced Tobacco Settlement Asset-Backed Revenue Bonds,
Series 2005A, 5.000%, 6/01/45
2,150 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 1,756,013
Tobacco Settlement Asset-Backed Bonds, Series 2007A-1,
5.000%, 6/01/33
450 M-S-R Energy Authority, California, Gas Revenue Bonds, No Opt. Call A 499,739
Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39
Palomar Pomerado Health, California, General Obligation Bonds,
Series 2009A:
9,320 0.000%, 8/01/33 - AGC Insured No Opt. Call AAA 2,362,620
10,200 0.000%, 8/01/38 - AGC Insured 8/29 at 100.00 AAA 6,280,242
Poway Unified School District, San Diego County, California,
School Facilities Improvement District 2007-1 General
Obligation Bonds, Series 2009A:
8,000 0.000%, 8/01/32 No Opt. Call Aa2 2,155,920
8,000 0.000%, 8/01/33 No Opt. Call Aa2 2,023,440
------------------------------------------------------------------------------------------------------------------------------------
53,920 Total California 21,655,395
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 5.2%
5,000 Denver City and County, Colorado, Airport System Revenue Bonds, 11/15 at 100.00 A+ 5,188,350
Series 2005A, 5.000%, 11/15/25 - SYNCORA GTY Insured
3,605 E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, 9/20 at 67.94 A 1,181,395
Series 2004B, 0.000%, 9/01/27 - NPFG Insured
4,000 Park Creek Metropolitan District, Colorado, Senior Property Tax No Opt. Call AAA 4,472,800
Supported Revenue Bonds, Series 2009, 6.375%, 12/01/37 - AGC
Insured
------------------------------------------------------------------------------------------------------------------------------------
12,605 Total Colorado 10,842,545
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 8.8%
9,500 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/19 at 100.00 A2 9,667,200
International Airport, Series 2009A, 5.500%, 10/01/41
Miami-Dade County, Florida, General Obligation Bonds, Build
Better Communities Program, Series 2009-B1:
2,500 6.000%, 7/01/38 7/18 at 100.00 Aa2 2,782,725
2,000 5.625%, 7/01/38 7/18 at 100.00 Aa2 2,126,960
4,500 Tolomato Community Development District, Florida, Special 5/18 at 100.00 N/R 3,913,020
Assessment Bonds, Series 2007, 6.450%, 5/01/23
------------------------------------------------------------------------------------------------------------------------------------
18,500 Total Florida 18,489,905
------------------------------------------------------------------------------------------------------------------------------------
26 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 0.8%
$ 500 Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 1/19 at 100.00 N/R $ 509,475
2008A. Remarketed, 7.500%, 1/01/31
1,000 Clayton County Development Authority, Georgia, Special 6/20 at 100.00 CCC+ 1,071,150
Facilities Revenue Bonds, Delta Air Lines, Inc. Project,
Series 2009A, 8.750%, 6/01/29
------------------------------------------------------------------------------------------------------------------------------------
1,500 Total Georgia 1,580,625
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.8%
5,000 Illinois Finance Authority, Revenue Bonds, Northwestern 8/19 at 100.00 AA+ 5,472,600
Memorial Hospital, Series 2009A, 6.000%, 8/15/39
3,500 Illinois Finance Authority, Revenue Bonds, OSF Healthcare 5/19 at 100.00 A 3,890,285
System, Series 2009A, 7.125%, 11/15/37
5,000 Illinois Finance Authority, Revenue Bonds, Rush University 11/18 at 100.00 A- 5,638,600
Medical Center Obligated Group, Series 2009A, 7.250%,
11/01/38
3,990 Illinois Finance Authority, Student Housing Revenue Bonds, 5/17 at 100.00 Baa3 3,475,051
Educational Advancement Fund Inc., Refunding Series 2007A,
5.250%, 5/01/34
28,000 Metropolitan Pier and Exposition Authority, Illinois, Revenue No Opt. Call AAA 6,216,840
Bonds, McCormick Place Expansion Project, Series 2002A,
0.000%, 12/15/35 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
45,490 Total Illinois 24,693,376
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 5.3%
5,000 Indiana Finance Authority, Hospital Revenue Bonds, Deaconess 3/19 at 100.00 A+ 5,403,250
Hospital Obligated Group, Series 2009A, 6.750%, 3/01/39
3,650 Indiana Health Facility Financing Authority, Revenue Bonds, 3/17 at 100.00 BBB 3,579,446
Community Foundation of Northwest Indiana, Series 2007,
5.500%, 3/01/37
2,000 Indiana Municipal Power Agency, Power Supply System Revenue 1/19 at 100.00 A+ 2,166,940
Bonds, Series 2009B, 6.000%, 1/01/39
------------------------------------------------------------------------------------------------------------------------------------
10,650 Total Indiana 11,149,636
------------------------------------------------------------------------------------------------------------------------------------
IOWA - 1.1%
3,000 Iowa Tobacco Settlement Authority, Asset Backed Settlement 6/15 at 100.00 BBB 2,229,600
Revenue Bonds, Series 2005C, 5.375%, 6/01/38
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 7.3%
5,000 Louisiana Citizens Property Insurance Corporation, Assessment 6/18 at 100.00 AAA 5,562,950
Revenue Bonds, Series 2006C-3, 6.125%, 6/01/25
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner
Clinic Foundation Project, Series 2007A:
7,000 5.375%, 5/15/43 5/17 at 100.00 Baa1 6,282,080
275 5.500%, 5/15/47 5/17 at 100.00 Baa1 249,860
3,255 St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil 6/17 at 100.00 BBB+ 3,160,214
Corporation, Series 2007A, 5.125%, 6/01/37
------------------------------------------------------------------------------------------------------------------------------------
15,530 Total Louisiana 15,255,104
------------------------------------------------------------------------------------------------------------------------------------
MAINE - 1.8%
3,335 Maine Health and Higher Educational Facilities Authority, 7/19 at 100.00 Aa2 3,733,599
Revenue Bonds, Bowdoin College, Tender Option Bond Trust
2009-5B, 12.941%, 7/01/39 (IF)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 0.8%
375 Massachusetts Turnpike Authority, Metropolitan Highway System 6/10 at 100.00 A 376,174
Revenue Bonds, Senior Series 1997A, 5.000%, 1/01/11
1,000 Massachusetts Water Pollution Abatement Trust, Pooled Loan 8/19 at 100.00 AAA 1,200,040
Program Bonds, Tender Option Bond Trust 2989, 13.218%,
8/01/38 (IF)
------------------------------------------------------------------------------------------------------------------------------------
1,375 Total Massachusetts 1,576,214
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 2.3%
5,000 Detroit, Michigan, Second Lien Sewerage Disposal System Revenue 7/15 at 100.00 A1 4,880,750
Bonds, Series 2005A, 5.000%, 7/01/35 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 27
NUW | Nuveen Municipal Value Fund 2 (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 3.8%
$ 1,250 Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond 1/20 at 100.00 Aa3 $ 1,561,975
Trust Series 11823, 20.234%, 7/01/42 (IF)
250 Clark County, Nevada, Senior Lien Airport Revenue Bonds, Series No Opt. Call Aa2 247,293
2005A, 5.000%, 7/01/40 - AMBAC Insured
5,415 Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue 6/19 at 100.00 A 6,207,973
Bonds, Series 2009A, 8.000%, 6/15/30
------------------------------------------------------------------------------------------------------------------------------------
6,915 Total Nevada 8,017,241
------------------------------------------------------------------------------------------------------------------------------------
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 Baa2 2,473,419
3,000 7.500%, 12/01/32 6/19 at 100.00 Baa2 3,445,200
------------------------------------------------------------------------------------------------------------------------------------
5,135 Total New Jersey 5,918,619
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 1.5%
3,000 Liberty Development Corporation, New York, Goldman Sachs No Opt. Call A1 3,139,590
Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 1.5%
3,000 North Carolina Municipal Power Agency 1, Catawba Electric 1/13 at 100.00 A 3,231,810
Revenue Bonds, Series 2003A, 5.250%, 1/01/19 - NPFG Insured
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 5.7%
5,000 American Municipal Power Ohio Inc., General Revenue Bonds, 2/19 at 100.00 AAA 5,370,400
Prairie State Energy Campus Project Series 2009A, 5.750%,
2/15/39 - AGC Insured
5,500 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/17 at 100.00 BBB 4,535,465
Settlement Asset-Backed Revenue Bonds, Senior Lien, Series
2007A-2, 6.500%, 6/01/47
2,000 Ohio State Higher Educational Facilities Commission, Hospital 1/15 at 100.00 A 2,138,120
Revenue Bonds, University Hospitals Health System, Series
2009, 6.750%, 1/15/39
------------------------------------------------------------------------------------------------------------------------------------
12,500 Total Ohio 12,043,985
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 3.7%
4,390 Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, 7/18 at 100.00 Baa1 4,582,370
Senior Lien Series 2008A, 6.000%, 7/01/44
3,000 Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue 8/19 at 100.00 A+ 3,254,490
Bonds, First Subordinate Series 2009A, 6.000%, 8/01/42
------------------------------------------------------------------------------------------------------------------------------------
7,390 Total Puerto Rico 7,836,860
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 3.1%
3,000 Rhode Island Health and Educational Building Corporation, 5/19 at 100.00 A- 3,257,040
Hospital Financing Revenue Bonds, Lifespan Obligated Group
Issue, Series 2009A, 7.000%, 5/15/39
3,240 Rhode Island Tobacco Settlement Financing Corporation, Tobacco 6/12 at 100.00 BBB 3,142,638
Settlement Asset-Backed Bonds, Series 2002A, 6.125%, 6/01/32
------------------------------------------------------------------------------------------------------------------------------------
6,240 Total Rhode Island 6,399,678
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 6.2%
13,510 Leander Independent School District, Williamson and Travis 8/17 at 27.35 AAA 2,570,548
Counties, Texas, General Obligation Bonds, Series 2008,
0.000%, 8/15/39
5,300 North Texas Thruway Authority, Second Tier System Revenue 1/18 at 100.00 A3 5,563,993
Refunding Bonds, Series 2008, 5.750%, 1/01/38
5,000 Richardson Hospital Authority, Texas, Revenue Bonds, Richardson 12/13 at 100.00 Baa2 4,771,400
Regional Medical Center, Series 2004, 6.000%, 12/01/34
------------------------------------------------------------------------------------------------------------------------------------
23,810 Total Texas 12,905,941
------------------------------------------------------------------------------------------------------------------------------------
VIRGIN ISLANDS - 0.5%
1,000 Virgin Islands Public Finance Authority, Matching Fund Revenue 10/19 at 100.00 BBB 1,089,960
Loan Note - Diageo Project, Series 2009A, 6.750%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
28 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 1.1%
$ 2,000 Washington County Industrial Development Authority, Virginia, 1/19 at 100.00 BBB+ $ 2,286,000
Hospital Revenue Bonds, Mountain States Health Alliance,
Series 2009C, 7.750%, 7/01/38
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 8.1%
195 Badger Tobacco Asset Securitization Corporation, Wisconsin, 6/12 at 100.00 AAA 208,812
Tobacco Settlement Asset-Backed Bonds, Series 2002, 6.125%,
6/01/27 (Pre-refunded 6/01/12)
5,000 Wisconsin Health and Educational Facilities Authority, Revenue 4/13 at 100.00 BBB+ 5,111,600
Bonds, Aurora Healthcare Inc., Series 2003, 6.400%, 4/15/33
1,500 Wisconsin Health and Educational Facilities Authority, Revenue 2/19 at 100.00 A+ 1,629,300
Bonds, ProHealth Care, Inc. Obligated Group, Series 2009,
6.625%, 2/15/39
9,000 Wisconsin State, General Fund Annual Appropriation Revenue 5/19 at 100.00 AA- 10,025,546
Bonds, Refunding Series 2009A, 6.000%, 5/01/36
------------------------------------------------------------------------------------------------------------------------------------
15,695 Total Wisconsin 16,975,258
------------------------------------------------------------------------------------------------------------------------------------
$ 264,740 Total Investments (cost $175,628,976) - 96.9% 203,234,908
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 3.1% 6,561,879
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 209,796,787
====================================================================================================================
(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 higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
N/R Not rated.
(IF) Inverse floating rate investment.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
Nuveen Investments 29
NMI | Nuveen Municipal Income Fund, Inc.
| Portfolio of Investments
April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 1.8%
$ 1,000 Courtland Industrial Development Board, Alabama, Solid Waste 6/15 at 100.00 BBB $ 927,820
Revenue Bonds, International Paper Company Project, Series
2005A, 5.200%, 6/01/25 (Alternative Minimum Tax)
690 Phenix City Industrial Development Board, Alabama, 5/12 at 100.00 BBB 638,788
Environmental Improvement Revenue Bonds, MeadWestvaco
Corporation, Series 2002A, 6.350%, 5/15/35 (Alternative
Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,690 Total Alabama 1,566,608
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 0.5%
500 Salt Verde Financial Corporation, Arizona, Senior Gas Revenue No Opt. Call A 482,720
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007, 5.250%, 12/01/28
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 17.6%
5,530 Adelanto School District, San Bernardino County, California, No Opt. Call A+ 2,709,700
General Obligation Bonds, Series 1997A, 0.000%, 9/01/22 -
NPFG Insured
500 Bay Area Governments Association, California, BART SFO 8/12 at 100.00 N/R 399,910
Extension, Airport Premium Fare Revenue Bonds, Series
2002A, 5.000%, 8/01/32 - AMBAC Insured
Brea Olinda Unified School District, California, General
Obligation Bonds, Series 1999A:
2,000 0.000%, 8/01/21 - FGIC Insured No Opt. Call Aa2 1,199,920
2,070 0.000%, 8/01/22 - FGIC Insured No Opt. Call Aa2 1,174,083
2,120 0.000%, 8/01/23 - FGIC Insured No Opt. Call Aa2 1,101,488
500 California County Tobacco Securitization Agency, Tobacco 12/18 at 100.00 Baa3 431,480
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2006A, 0.000%, 6/01/21
250 California Housing Finance Agency, California, Home Mortgage 2/17 at 100.00 A 199,788
Revenue Bonds, Series 2007E, 4.800%, 8/01/37 (Alternative
Minimum Tax)
3,000 California State Public Works Board, Lease Revenue Bonds, 6/14 at 100.00 A2 2,962,350
Department of Mental Health, Coalinga State Hospital,
Series 2004A, 5.000%, 6/01/25
375 California Statewide Communities Development Authority, 10/19 at 100.00 BBB- 366,990
Revenue Bonds, American Baptist Homes of the West, Series
2010, 6.000%, 10/01/29
1,000 California Statewide Community Development Authority, Revenue 7/15 at 100.00 BBB 840,150
Bonds, Daughters of Charity Health System, Series 2005A,
5.000%, 7/01/39
2,000 Golden State Tobacco Securitization Corporation, California, 6/13 at 100.00 AAA 2,335,140
Tobacco Settlement Asset-Backed Bonds, Series 2003A-1,
6.750%, 6/01/39 (Pre-refunded 6/01/13)
1,000 Golden State Tobacco Securitization Corporation, California, 6/17 at 100.00 BBB 770,830
Tobacco Settlement Asset-Backed Bonds, Series 2007A-1,
5.750%, 6/01/47
500 Lake Elsinore Public Finance Authority, California, Local 10/13 at 102.00 N/R 484,910
Agency Revenue Refunding Bonds, Series 2003H, 6.375%,
10/01/33
300 M-S-R Energy Authority, California, Gas Revenue Bonds, No Opt. Call A 354,720
Citigroup Prepay Contracts, Series 2009A, 7.000%, 11/01/34
------------------------------------------------------------------------------------------------------------------------------------
21,145 Total California 15,331,459
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 6.6%
720 Colorado Educational and Cultural Facilities Authority, 7/12 at 100.00 BBB 722,722
Charter School Revenue Bonds, Douglas County School
District RE-1 - DCS Montessori School, Series 2002A,
6.000%, 7/15/22
375 Colorado Educational and Cultural Facilities Authority, 8/11 at 100.00 AAA 405,743
Charter School Revenue Bonds, Peak-to-Peak Charter School,
Series 2001, 7.500%, 8/15/21 (Pre-refunded 8/15/11)
1,000 Colorado Educational and Cultural Facilities Authority, 6/11 at 100.00 N/R (4) 1,073,200
Charter School Revenue Bonds, Weld County School District 6
- Frontier Academy, Series 2001, 7.375%, 6/01/31
(Pre-refunded 6/01/11)
1,000 Colorado Health Facilities Authority, Revenue Bonds, 6/16 at 100.00 A- 915,840
Evangelical Lutheran Good Samaritan Society, Series 2005,
5.000%, 6/01/35
30 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
COLORADO (continued)
$ 2,000 Denver City and County, Colorado, Airport System Revenue 11/10 at 100.00 A+ $ 2,048,020
Refunding Bonds, Series 2000A, 6.000%, 11/15/16 - AMBAC
Insured (Alternative Minimum Tax)
520 Public Authority for Colorado Energy, Natural Gas Purchase No Opt. Call A 557,060
Revenue Bonds, Colorado Springs Utilities, Series 2008,
6.125%, 11/15/23
------------------------------------------------------------------------------------------------------------------------------------
5,615 Total Colorado 5,722,585
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 2.1%
1,480 Capitol Region Education Council, Connecticut, Revenue Bonds, 10/10 at 100.00 BBB 1,483,641
Series 1995, 6.750%, 10/15/15
330 Eastern Connecticut Resource Recovery Authority, Solid Waste 7/10 at 100.00 BBB 330,508
Revenue Bonds, Wheelabrator Lisbon Project, Series 1993A,
5.500%, 1/01/14 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
1,810 Total Connecticut 1,814,149
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 2.8%
130 Dade County Industrial Development Authority, Florida, Revenue 6/10 at 100.00 N/R 121,599
Bonds, Miami Cerebral Palsy Residential Services Inc.,
Series 1995, 8.000%, 6/01/22
1,250 Martin County Industrial Development Authority, Florida, 6/10 at 100.00 BB+ 1,249,825
Industrial Development Revenue Bonds, Indiantown
Cogeneration LP, Series 1994A, 7.875%, 12/15/25
(Alternative Minimum Tax)
600 Martin County Industrial Development Authority, Florida, 6/10 at 100.00 BB+ 600,282
Industrial Development Revenue Refunding Bonds, Indiantown
Cogeneration LP, Series 1995B, 8.050%, 12/15/25
(Alternative Minimum Tax)
660 Tolomato Community Development District, Florida, Special 5/14 at 101.00 N/R 488,486
Assessment Bonds, Series 2006, 5.400%, 5/01/37
------------------------------------------------------------------------------------------------------------------------------------
2,640 Total Florida 2,460,192
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 0.9%
500 Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 11/19 at 100.00 AAA 522,050
2009B, 5.250%, 11/01/34 - AGM Insured
300 Main Street Natural Gas Inc., Georgia, Gas Project Revenue No Opt. Call A 292,536
Bonds, Series 2007B, 5.000%, 3/15/22
------------------------------------------------------------------------------------------------------------------------------------
800 Total Georgia 814,586
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 11.0%
920 Chicago, Illinois, Tax Increment Allocation Bonds, 7/10 at 100.00 N/R 920,828
Irving/Cicero Redevelopment Project, Series 1998, 7.000%,
1/01/14
1,500 Illinois Development Finance Authority, Pollution Control 12/10 at 100.00 BBB- 1,499,835
Revenue Refunding Bonds - CIPS Debt, Series 1993C-2,
5.950%, 8/15/26
500 Illinois Development Finance Authority, Revenue Bonds, Chicago 12/12 at 100.00 N/R (4) 561,125
Charter School Foundation, Series 2002A, 6.125%, 12/01/22
(Pre-refunded 12/01/12)
1,480 Illinois Finance Authority, Revenue Bonds, Children's Memorial 8/18 at 100.00 AAA 1,541,420
Hospital, Tender Option Bond Trust 2008-1098, 12.741%,
8/15/33 - AGC Insured (IF)
250 Illinois Finance Authority, Revenue Bonds, Rush University No Opt. Call A- 269,600
Medical Center Obligated Group, Series 2009C, 6.375%,
11/01/29
500 Illinois Finance Authority, Revenue Bonds, Silver Cross 8/19 at 100.00 BBB 533,545
Hospital and Medical Centers, Series 2009, 7.000%, 8/15/44
250 Illinois Finance Authority, Revenue Bonds, Southern Illinois 3/20 at 100.00 AAA 257,338
Healthcare Enterprises, Inc., Series 2005 Remarketed,
5.250%, 3/01/30 - AGM Insured
1,550 Illinois Health Facilities Authority, Revenue Bonds, Condell 5/12 at 100.00 Aaa 1,693,778
Medical Center, Series 2002, 5.500%, 5/15/32 (Pre-refunded
5/15/12)
1,000 Illinois Health Facilities Authority, Revenue Refunding Bonds, 1/13 at 100.00 Baa1 996,510
Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/22
1,305 North Chicago, Illinois, General Obligation Bonds, Series 11/15 at 100.00 A 1,359,066
2005B, 5.000%, 11/01/25 - FGIC Insured
------------------------------------------------------------------------------------------------------------------------------------
9,255 Total Illinois 9,633,045
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 31
NMI | Nuveen Municipal Income Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 4.1%
$ 525 Indiana Finance Authority, Educational Facilities Revenue 10/19 at 100.00 BBB- $ 550,394
Bonds, Drexel Foundation For Educational Excellence, Inc.,
Series 2009A, 7.000%, 10/01/39
2,000 Indiana Health Facility Financing Authority, Hospital Revenue 8/12 at 101.00 Baa1 2,005,300
Bonds, Riverview Hospital, Series 2002, 6.125%, 8/01/31
1,085 Whitley County, Indiana, Solid Waste and Sewerage Disposal 11/10 at 102.00 N/R 1,045,159
Revenue Bonds, Steel Dynamics Inc., Series 1998, 7.250%,
11/01/18 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
3,610 Total Indiana 3,600,853
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.6%
500 Overland Park Development Corporation, Kansas, Second Tier 1/17 at 100.00 BBB- 492,420
Revenue Bonds, Overland Park Convention Center, Series
2007B, 5.125%, 1/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
KENTUCKY - 2.4%
500 Kentucky Economic Development Finance Authority, Hospital No Opt. Call Baa2 518,295
Facilities Revenue Bonds, Owensboro Medical Health System,
Series 2010A, 6.500%, 3/01/45
1,500 Louisville-Jefferson County Metropolitan Government, Kentucky, 2/18 at 100.00 A 1,562,220
Health Facilities Revenue Bonds, Jewish Hospital & Saint
Mary's HealthCare Inc. Project, Series 2008, 6.125%, 2/01/37
------------------------------------------------------------------------------------------------------------------------------------
2,000 Total Kentucky 2,080,515
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 2.1%
500 Louisiana Local Government Environmental Facilities and 1/19 at 100.00 AAA 519,310
Community Development Authority, Revenue Refunding Bonds,
City of Shreveport Airport System Project, Series 2008A,
5.750%, 1/01/28 - AGM Insured
Louisiana Public Facilities Authority, Extended Care Facilities
Revenue Bonds, Comm-Care Corporation Project, Series 1994:
105 11.000%, 2/01/14 (ETM) No Opt. Call N/R (4) 126,593
950 11.000%, 2/01/14 (ETM) No Opt. Call N/R (4) 1,145,368
------------------------------------------------------------------------------------------------------------------------------------
1,555 Total Louisiana 1,791,271
------------------------------------------------------------------------------------------------------------------------------------
MARYLAND - 2.6%
1,000 Maryland Economic Development Corporation, Economic 6/20 at 100.00 Baa3 1,025,330
Development Revenue Bonds, Transportation Facilities
Project, Series 2010A, 5.750%, 6/01/35
1,000 Maryland Energy Financing Administration, Revenue Bonds, AES 7/10 at 100.00 N/R 1,000,340
Warrior Run Project, Series 1995, 7.400%, 9/01/19
(Alternative Minimum Tax)
210 Maryland Health and Higher Educational Facilities Authority, 7/20 at 100.00 BBB- 211,894
Revenue Bonds, Patterson Park Public Charter School Issue,
Series 2010, 6.000%, 7/01/40
------------------------------------------------------------------------------------------------------------------------------------
2,210 Total Maryland 2,237,564
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 0.6%
250 Massachusetts Development Finance Agency, Resource Recovery 6/10 at 102.00 BBB 252,720
Revenue Bonds, Ogden Haverhill Associates, Series 1999A,
6.700%, 12/01/14 (Alternative Minimum Tax)
270 Massachusetts Industrial Finance Agency, Resource Recovery 6/10 at 101.00 BBB 272,924
Revenue Refunding Bonds, Ogden Haverhill Project, Series
1998A, 5.450%, 12/01/12 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
520 Total Massachusetts 525,644
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 3.1%
1,000 Delta County Economic Development Corporation, Michigan, 4/12 at 100.00 AAA 1,109,890
Environmental Improvement Revenue Refunding Bonds,
MeadWestvaco Corporation - Escanaba Paper Company, Series
2002B, 6.450%, 4/15/23 (Pre-refunded 4/15/12) (Alternative
Minimum Tax)
1,590 Michigan State Hospital Finance Authority, Hospital Revenue 7/10 at 100.00 BB 1,590,111
Refunding Bonds, Sinai Hospital, Series 1995, 6.625%,
1/01/16
------------------------------------------------------------------------------------------------------------------------------------
2,590 Total Michigan 2,700,001
------------------------------------------------------------------------------------------------------------------------------------
32 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.6%
$ 500 Mississippi Business Finance Corporation, Pollution Control 10/10 at 100.00 BBB $ 499,945
Revenue Refunding Bonds, System Energy Resources Inc.
Project, Series 1998, 5.875%, 4/01/22
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 5.0%
265 Hanley Road Corridor Transportation Development District, 10/19 at 100.00 A- 272,412
Brentwood and Maplewood, Missouri, Transportation Sales
Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
4,450 Missouri Environmental Improvement and Energy Resources 12/16 at 100.00 AA+ 4,061,515
Authority, Water Facility Revenue Bonds, Missouri-American
Water Company, Series 2006, 4.600%, 12/01/36 - AMBAC
Insured (Alternative Minimum Tax) (UB)
------------------------------------------------------------------------------------------------------------------------------------
4,715 Total Missouri 4,333,927
------------------------------------------------------------------------------------------------------------------------------------
MONTANA - 1.3%
1,200 Montana Board of Investments, Exempt Facility Revenue Bonds, 7/10 at 101.00 B 1,102,176
Stillwater Mining Company, Series 2000, 8.000%, 7/01/20
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 1.2%
1,000 Washington County, Nebraska, Wastewater Facilities Revenue 11/12 at 101.00 A 1,030,530
Bonds, Cargill Inc., Series 2002, 5.900%, 11/01/27
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 6.2%
630 Brooklyn Areba Local Development Corporation, New York, No Opt. Call BBB- 648,869
Payment in Lieu of Taxes Revenue Bonds, Barclays Center
Project, Series 2009, 6.250%, 7/15/40
1,000 Dormitory Authority of the State of New York, Revenue Bonds, 7/13 at 100.00 BBB+ 1,062,230
Brooklyn Law School, Series 2003A, 5.500%, 7/01/15 - RAAI
Insured
3,475 Yates County Industrial Development Agency, New York, 2/11 at 101.00 N/R 3,738,230
FHA-Insured Civic Facility Mortgage Revenue Bonds, Soldiers
and Sailors Memorial Hospital, Series 2000A, 6.000%, 2/01/41
------------------------------------------------------------------------------------------------------------------------------------
5,105 Total New York 5,449,329
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 1.4%
520 Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco 6/17 at 100.00 BBB 390,322
Settlement Asset-Backed Revenue Bonds, Senior Lien, Series
2007A-2, 5.875%, 6/01/47
1,000 Erie County, Ohio, Hospital Facilities Revenue Bonds, 8/16 at 100.00 A- 856,670
Firelands Regional Medical Center Project, Series 2006,
5.250%, 8/15/46
------------------------------------------------------------------------------------------------------------------------------------
1,520 Total Ohio 1,246,992
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 2.2%
1,080 Allegheny County Hospital Development Authority, Pennsylvania, 11/10 at 102.00 AAA 1,153,462
Revenue Bonds, West Penn Allegheny Health System, Series
2000B, 9.250%, 11/15/30 (Pre-refunded 11/15/10)
305 Carbon County Industrial Development Authority, Pennsylvania, No Opt. Call BBB- 304,997
Resource Recovery Revenue Refunding Bonds, Panther Creek
Partners Project, Series 2000, 6.650%, 5/01/10 (Alternative
Minimum Tax)
460 Cumberland County Municipal Authority Revenue Bonds, 1/19 at 100.00 N/R 463,795
Pennsylvania, Diakon Lutheran Social Ministries Project,
Series 2009, 6.125%, 1/01/29
------------------------------------------------------------------------------------------------------------------------------------
1,845 Total Pennsylvania 1,922,254
------------------------------------------------------------------------------------------------------------------------------------
RHODE ISLAND - 1.1%
1,000 Rhode Island Tobacco Settlement Financing Corporation, Tobacco 6/12 at 100.00 BBB 959,920
Settlement Asset-Backed Bonds, Series 2002A, 6.250%, 6/01/42
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA - 4.3%
1,500 Greenville County School District, South Carolina, Installment 12/12 at 101.00 AA 1,659,855
Purchase Revenue Bonds, Series 2002, 5.500%, 12/01/13
475 Piedmont Municipal Power Agency, South Carolina, Electric No Opt. Call Baa1 (4) 601,963
Revenue Bonds, Series 1991, 6.750%, 1/01/19 - FGIC Insured
(ETM)
Nuveen Investments 33
NMI | Nuveen Municipal Income Fund, Inc. (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
SOUTH CAROLINA (continued)
$ 1,105 South Carolina JOBS Economic Development Authority, Economic 11/12 at 100.00 A- $ 1,106,127
Development Revenue Bonds, Bon Secours Health System Inc.,
Series 2002B, 5.625%, 11/15/30
395 Tobacco Settlement Revenue Management Authority, South Carolina, 5/12 at 100.00 BBB (4) 408,213
Tobacco Settlement Asset-Backed Bonds, Series 2001B, 6.000%,
5/15/22 (Pre-refunded 5/15/12)
------------------------------------------------------------------------------------------------------------------------------------
3,475 Total South Carolina 3,776,158
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 2.9%
1,000 Knox County Health, Educational and Housing Facilities Board, 4/12 at 101.00 A1 1,058,400
Tennessee, Hospital Revenue Bonds, Baptist Health System of
East Tennessee Inc., Series 2002, 6.375%, 4/15/22
Shelby County Health, Educational and Housing Facilities Board,
Tennessee, Hospital Revenue Bonds, Methodist Healthcare, Series
2002:
375 6.500%, 9/01/26 (Pre-refunded 9/01/12) 9/12 at 100.00 AAA 422,415
625 6.500%, 9/01/26 (Pre-refunded 9/01/12) 9/12 at 100.00 AAA 704,025
500 Sumner County Health, Educational, and Housing Facilities Board, 11/17 at 100.00 N/R 324,700
Tennessee, Revenue Refunding Bonds, Sumner Regional Health
System Inc., Series 2007, 5.500%, 11/01/37 (5)
------------------------------------------------------------------------------------------------------------------------------------
2,500 Total Tennessee 2,509,540
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 11.6%
1,500 Cameron Education Finance Corporation, Texas, Charter School 8/16 at 100.00 BBB- 1,302,240
Revenue Bonds, Faith Family Academy Charter School, Series
2006A, 5.250%, 8/15/36 - ACA Insured
2,000 Gulf Coast Waste Disposal Authority, Texas, Sewerage and Solid 4/12 at 100.00 BBB+ 2,015,140
Waste Disposal Revenue Bonds, Anheuser Busch Company, Series
2002, 5.900%, 4/01/36 (Alternative Minimum Tax)
2,000 Matagorda County Navigation District 1, Texas, Collateralized 10/13 at 101.00 A 1,964,380
Revenue Refunding Bonds, Houston Light and Power Company,
Series 1995, 4.000%, 10/15/15 - NPFG Insured
North Texas Thruway Authority, Second Tier System Revenue
Refunding Bonds, Tender Option Bond Trust 2903:
150 17.444%, 1/01/38 (IF) 1/18 at 100.00 A3 201,395
850 17.344%, 1/01/38 (IF) 1/18 at 100.00 A3 1,119,331
405 Texas Private Activity Bond Surface Transporation Corporation, 12/19 at 100.00 Baa2 424,910
Senior Lien Revenue Bonds, NTE Mobility Partners LLC North
Tarrant Express Managed Lanes Project, Series 2009, 6.875%,
12/31/39
500 Texas Public Finance Authority, Charter School Finance 8/17 at 100.00 BBB 423,775
Corporation Revenue Bonds, Idea Public School Project, Series
2007A, 5.000%, 8/15/37 - ACA Insured
Weslaco Health Facilities Development Corporation, Texas,
Hospital Revenue Bonds, Knapp Medical Center, Series 2002:
2,000 6.250%, 6/01/25 (Pre-refunded 6/01/12) 6/12 at 100.00 N/R (4) 2,193,720
50 6.250%, 6/01/32 (Pre-refunded 6/01/12) 6/12 at 100.00 N/R (4) 54,843
1,000 West Texas Independent School District, McLennan and Hill 8/13 at 51.84 AAA 450,400
Counties, General Obligation Refunding Bonds, Series 1998,
0.000%, 8/15/25
------------------------------------------------------------------------------------------------------------------------------------
10,455 Total Texas 10,150,134
------------------------------------------------------------------------------------------------------------------------------------
VIRGIN ISLANDS - 0.5%
420 Virgin Islands Public Finance Authority, Matching Fund Revenue 10/19 at 100.00 BBB 457,783
Loan Note - Diageo Project, Series 2009A, 6.750%, 10/01/37
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 2.9%
1,000 Chesterfield County Industrial Development Authority, Virginia, 11/10 at 102.00 Baa1 1,032,100
Pollution Control Revenue Bonds, Virginia Electric and Power
Company, Series 1987A, 5.875%, 6/01/17
1,500 Mecklenburg County Industrial Development Authority, Virginia, 10/12 at 100.00 Baa1 1,483,410
Revenue Bonds, UAE Mecklenburg Cogeneration LP, Series 2002,
6.500%, 10/15/17 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
2,500 Total Virginia 2,515,510
------------------------------------------------------------------------------------------------------------------------------------
34 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 0.5%
$ 500 Washington State Health Care Facilities Authority, Revenue Bonds, No Opt. Call N/R $ 413,030
Northwest Hospital and Medical Center of Seattle, Series 2007,
5.700%, 12/01/32
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 1.2%
1,000 Wisconsin Health and Educational Facilities Authority, Revenue 10/11 at 100.00 BBB 1,016,740
Bonds, Carroll College Inc., Series 2001, 6.250%, 10/01/21
------------------------------------------------------------------------------------------------------------------------------------
$ 94,175 Total Investments (cost $85,546,372) - 101.7% 88,637,580
=============-----------------------------------------------------------------------------------------------------------------------
Floating Rate Obligations - (3.8)% (3,335,000)
--------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 2.1% 1,859,856
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 87,162,436
====================================================================================================================
(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 higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Backed by an escrow or trust containing sufficient U.S. Government or U.S.
Government agency securities which ensure the timely payment of principal
and interest. Such investments are normally considered to be equivalent to
AAA rated securities.
(5) For fair value measurement disclosure purposes, investment categorized as
Level 3. See Notes to Financial Statements, Footnote 2 - Fair Value
Measurements for more information.
N/R Not rated.
(ETM) Escrowed to maturity.
(IF) Inverse floating rate investment.
(UB) Underlying bond of an inverse floating rate trust reflected as a financing
transaction. See Notes to Financial Statements, Footnote 1 - Inverse
Floating Rate Securities for more information.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
Nuveen Investments 35
NEV | Nuveen Enhanced Municipal Value Fund
| Portfolio of Investments
April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ALABAMA - 0.1%
$ 355 Courtland Industrial Development Board, Alabama, Solid Waste 6/15 at 100.00 BBB $ 329,376
Revenue Bonds, International Paper Company Project, Series
2005A, 5.200%, 6/01/25 (Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
ARIZONA - 6.2%
2,000 Arizona State, Certificates of Participation, Series 2010A, 10/19 at 100.00 AAA 2,081,320
5.250%, 10/01/28 - AGM Insured
2,500 Festival Ranch Community Facilities District, Town of Buckeye, 7/19 at 100.00 BBB+ 2,506,550
Arizona, District General Obligation Bonds, Series 2009,
6.500%, 7/15/31
2,925 Nogales Municipal Development Authority, Inc., Arizona, 6/19 at 100.00 AA 2,929,154
Municipal Facilities Revenue Bonds, Series 2009, 4.750%,
6/01/39
3,000 Pima County Industrial Development Authority, Arizona, No Opt. Call BBB- 3,041,370
Pollution Control Revenue Bonds, Tucson Electric Power
Company, San Juan Project, Series 2009A, 4.950%, 10/01/20
320 Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, 12/17 at 102.00 N/R 262,474
Government Project Bonds, Series 2007, 7.000%, 12/01/27
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations,
Series 2007:
50 5.000%, 12/01/32 No Opt. Call A 45,583
5,120 5.000%, 12/01/37 No Opt. Call A 4,565,811
1,997 Watson Road Community Facilities District, Arizona, Special 7/16 at 100.00 N/R 1,622,243
Assessment Revenue Bonds, Series 2005, 6.000%, 7/01/30
------------------------------------------------------------------------------------------------------------------------------------
17,912 Total Arizona 17,054,505
------------------------------------------------------------------------------------------------------------------------------------
ARKANSAS - 0.2%
685 Little River County, Arkansas, Revenue Refunding Bonds, 10/10 at 100.00 Ba3 636,995
Georgia-Pacific Corporation, Series 1998, 5.600%, 10/01/26
(Alternative Minimum Tax)
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA - 15.5%
1,000 Bay Area Governments Association, California, BART SFO 8/12 at 100.00 N/R 799,820
Extension, Airport Premium Fare Revenue Bonds, Series
2002A, 5.000%, 8/01/32 - AMBAC Insured
2,000 California Infrastructure Economic Development Bank, Revenue 10/11 at 101.00 A- 1,948,880
Bonds, J. David Gladstone Institutes, Series 2001, 5.250%,
10/01/34
1,000 California Municipal Finance Authority, Revenue Bonds, Harbor 11/19 at 100.00 Baa1 1,044,030
Regional Center Project, Series 2009, 8.000%, 11/01/29
500 California Statewide Communities Development Authority, 10/19 at 100.00 BBB- 491,700
Revenue Bonds, American Baptist Homes of the West, Series
2010, 5.750%, 10/01/25
4,600 California Statewide Community Development Authority, Revenue 8/18 at 100.00 AAA 4,652,486
Bonds, Sutter Health, Series 2004C, 5.050%, 8/15/38 - AGM
Insured
6,125 California Statewide Community Development Authority, Revenue 8/18 at 100.00 AAA 6,194,885
Bonds, Sutter Health, Series 2004D, 5.050%, 8/15/38 - AGM
Insured
275 Eastern Municipal Water District, California, Water and 7/16 at 100.00 AA 282,318
Sewerage System Revenue Certificates of Participation,
Series 2006A, 5.000%, 7/01/32 - NPFG Insured
490 Etiwanda School District, California, Coyote Canyon Community 9/19 at 100.00 N/R 496,439
Facilties District 2004-1 Improvement Area 2 Special Tax
Bonds, Series 2009, 6.500%, 9/01/32
3,030 Golden State Tobacco Securitization Corporation, California, 6/15 at 100.00 AAA 2,983,035
Enhanced Tobacco Settlement Asset-Backed Revenue Bonds,
Series 2005A, 5.000%, 6/01/35 - FGIC Insured
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Series 2007A-1:
4,505 5.750%, 6/01/47 6/17 at 100.00 BBB 3,472,589
1,000 5.125%, 6/01/47 6/17 at 100.00 BBB 698,390
1,735 Lompoc Unified School District, Santa Barbara County, 6/17 at 100.00 AAA 1,762,847
California, General Obligation Bonds, Election 2002 Series
2007C, 5.000%, 6/01/32 - AGM Insured
525 Los Angeles Department of Airports, California, Revenue 5/20 at 100.00 AA 546,011
Bonds, Los Angeles International Airport, Senior Lien
Series 2010A, 5.000%, 5/15/31
36 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
CALIFORNIA (continued)
$ 100 Los Angeles Regional Airports Improvement Corporation, 12/12 at 102.00 B- $ 100,558
California, Sublease Revenue Bonds, Los Angeles
International Airport, American Airlines Inc. Terminal 4
Project, Series 2002B, 7.500%, 12/01/24 (Alternative
Minimum Tax)
1,750 Orange County Water District, California, Revenue Certificates 8/20 at 100.00 AAA 1,978,218
of Participation, Tender Option Bond Trust 3117, 26.208%,
8/15/39 (IF)
265 Palomar Pomerado Health Care District, California, Certificates 11/19 at 100.00 Baa2 277,712
of Participation, Series 2009, 6.750%, 11/01/39
5,445 Peralta Community College District, Alameda County, California, 8/19 at 100.00 AA- 5,553,736
General Obligation Bonds, Election of 2006, Series 2009C,
5.000%, 8/01/39
2,170 San Marcos Public Facilities Authority, California, Tax 8/15 at 102.00 AAA 2,380,772
Allocation Bonds, Project Areas 2 and 3, Tender Option
Bond Trust 3116, 21.638%, 8/01/38 - AGM Insured (IF)
500 Semitrophic Improvement District of Semitrophic Water Storage 12/19 at 100.00 AA- 501,250
District, Kern County, California, Revenue Bonds,
Refunding Series 2009A, 5.000%, 12/01/38
2,400 Semitrophic Improvement District of Semitrophic Water Storage 12/19 at 100.00 AA- 2,490,408
District, Kern County, California, Revenue Bonds, Tender
Option Bond Trust 3584, 21.754%, 12/01/34 (IF)
3,110 Stockton Unified School District, San Joaquin County, 8/17 at 100.00 AAA 3,151,301
California, General Obligation Bonds, Series 2007, 5.000%,
8/01/31 - AGM Insured
1,020 Western Placer Unified School District, Placer County, 8/19 at 100.00 AAA 1,025,110
California, Certificates of Participation, Refunding
Series 2009, 5.250%, 8/01/35 - AGM Insured
------------------------------------------------------------------------------------------------------------------------------------
43,545 Total California 42,832,495
------------------------------------------------------------------------------------------------------------------------------------
COLORADO - 3.6%
1,000 Colorado Educational and Cultural Facilities Authority, Charter 7/19 at 100.00 N/R 941,470
School Revenue Bonds, Crown Pointe Academy of Westminster
Project, Chartered Through Adams County School District 50,
Series 2009, 5.000%, 7/15/39
2,120 Colorado Educational and Cultural Facilities Authority, 12/15 at 100.00 N/R 1,674,800
Revenue Bonds, Montessori School of Evergreen, Series 2005A,
6.500%, 12/01/35
1,000 Colorado Housing and Finance Authority, Multifamily Housing 12/10 at 100.00 N/R 889,130
Revenue Senior Bonds, Castle Highlands Apartments Project,
Series 2000A-1, 5.900%, 12/01/20 - AMBAC Insured
(Alternative Minimum Tax)
250 Colorado Housing and Finance Authority, Revenue Bonds, No Opt. Call N/R 219,358
Confluence Energy LLC Project, Series 2007, 6.200%, 4/01/16
(Alternative Minimum Tax)
2,000 Conservatory Metropolitan District, Arapahoe County, Colorado, 12/17 at 100.00 N/R 1,492,080
General Obligation Limited Tax Bonds, Series 2007, 5.125%,
12/01/37 - RAAI Insured
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 509,746
3,880 6.500%, 11/15/38 No Opt. Call A 4,268,155
------------------------------------------------------------------------------------------------------------------------------------
10,725 Total Colorado 9,994,739
------------------------------------------------------------------------------------------------------------------------------------
CONNECTICUT - 0.7%
915 Hamden, Connecticut, Facility Revenue Bonds, Whitney Center 1/20 at 100.00 N/R 957,593
Project, Series 2009A, 7.750%, 1/01/43
1,000 Harbor Point Infrastructure Improvement District, Connecticut, 4/20 at 100.00 N/R 1,039,770
Special Obligation Revenue Bonds, Harbor Point Project,
Series 2010A, 7.000%, 4/01/22
------------------------------------------------------------------------------------------------------------------------------------
1,915 Total Connecticut 1,997,363
------------------------------------------------------------------------------------------------------------------------------------
DISTRICT OF COLUMBIA - 0.1%
400 District of Columbia Tobacco Settlement Corporation, Tobacco 5/11 at 101.00 BBB 400,960
Settlement Asset-Backed Bonds, Series 2001, 6.750%, 5/15/40
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA - 9.3%
1,970 Ave Maria Stewardship Community Development District, Florida, 5/16 at 100.00 N/R 1,490,088
Capital Improvement Revenue Bonds, Series 2006A, 5.125%,
5/01/38
Nuveen Investments 37
NEV | Nuveen Enhanced Municipal Value Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
FLORIDA (continued)
$ 775 Beacon Tradeport Community Development District, Miami-Dade 5/12 at 102.00 N/R $ 776,325
County, Florida, Special Assessment Bonds, Industrial
Project, Series 2002B, 7.250%, 5/01/33
1,000 Country Greens Community Development District, Florida, Special 5/13 at 101.00 N/R 974,820
Assessment Bonds, Series 2003, 6.625%, 5/01/34 (WI/DD,
Settling 5/10/10)
4,295 Florida Housing Finance Corporation, Homeowner Mortgage Revenue 7/19 at 100.00 AA+ 4,313,855
Bonds, Series 2009-2, 4.650%, 7/01/29
3,160 JEA, Florida, Water and Sewerage System Revenue Bonds, Tender 7/10 at 100.00 Aa2 3,108,176
Option Bond Trust 11801, 20.207%, 10/01/41 - NPFG Insured
(IF)
2,400 Miami-Dade County School Board, Florida, Certificates of 11/16 at 100.00 AAA 2,769,120
Participation, Tender Option Bond Trust 3118, 21.619%,
11/01/31 - BHAC Insured (IF)
1,625 Miami-Dade County, Florida, Aviation Revenue Bonds, Miami 10/20 at 100.00 A2 1,659,385
International Airport, Series 2010A-1, 5.375%, 10/01/35
3,660 Miami-Dade County, Florida, Capital Asset Acquisition Special 4/19 at 100.00 AAA 3,745,351
Obligation Bonds, Series 2009A, 5.125%, 4/01/34 - AGC
Insured
1,510 Orange County Health Facilities Authority, Florida, Revenue 1/19 at 100.00 AA+ 1,532,182
Bonds, Nemours Foundation, Series 2009A, 5.000%, 1/01/39
470 Poinciana West Community Development District, Florida, Special 5/17 at 100.00 N/R 428,781
Assessment Bonds, Series 2007, 5.875%, 5/01/22
1,000 South Miami Health Facilities Authority, Florida, Hospital 8/17 at 100.00 AA- 970,420
Revenue, Baptist Health System Obligation Group, Tender
Option Bond Trust 3119, 17.521%, 8/15/37 (IF)
2,500 Tallahassee, Florida, Energy System Revenue Bonds, Tender 10/15 at 100.00 AA 2,767,075
Option Bond Trust 09-30W, 21.439%, 10/01/35 - NPFG Insured
(IF)
1,200 Tolomato Community Development District, Florida, Special 5/18 at 100.00 N/R 961,392
Assessment Bonds, Series 2007, 6.650%, 5/01/40
------------------------------------------------------------------------------------------------------------------------------------
25,565 Total Florida 25,496,970
------------------------------------------------------------------------------------------------------------------------------------
GEORGIA - 2.6%
750 Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 1/19 at 100.00 N/R 764,213
2008A, Remarketed, 7.500%, 1/01/31
1,000 Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 1/19 at 100.00 N/R 1,019,570
2008B, Remarketed, 6.750%, 1/01/20
1,000 Augusta, Georgia, Airport Revenue Bonds, Series 2005A, 5.150%, 1/15 at 100.00 Baa2 899,490
1/01/35
1,250 Clayton County Development Authority, Georgia, Special 6/20 at 100.00 CCC+ 1,338,938
Facilities Revenue Bonds, Delta Air Lines, Inc. Project,
Series 2009A, 8.750%, 6/01/29
2,500 Clayton County Development Authority, Georgia, Special 6/15 at 100.00 CCC+ 2,610,950
Facilities Revenue Bonds, Delta Air Lines, Inc. Project,
Series 2009B, 9.000%, 6/01/35 (Alternative Minimum Tax)
250 Effingham County Development Authority, Georgia, Solid Waste 7/10 at 100.00 BB- 243,773
Disposal Revenue Bonds, Ft. James Project, Series 1998,
5.625%, 7/01/18 (Alternative Minimum Tax)
150 Main Street Natural Gas Inc., Georgia, Gas Project Revenue No Opt. Call A 150,504
Bonds, Series 2007A, 5.500%, 9/15/26
90 Main Street Natural Gas Inc., Georgia, Gas Project Revenue No Opt. Call A 87,761
Bonds, Series 2007B, 5.000%, 3/15/22
------------------------------------------------------------------------------------------------------------------------------------
6,990 Total Georgia 7,115,199
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS - 5.9%
2,500 CenterPoint Intermodal Center Program Trust, Illinois, Series No Opt. Call N/R 2,500,000
2004 Class A Certificates, 7.500%, 6/15/23
1,460 Hoffman Estates, Illinois, General Obligation Bonds, Tender 12/18 at 100.00 AA+ 1,737,298
Option Bond Trust 09-28W, 25.199%,12/01/38 (IF)
4,000 Illinois Finance Authority, Revenue Bonds, Illinois Institute 4/16 at 100.00 Baa2 3,449,040
of Technology, Refunding Series 2006A, 5.000%, 4/01/36
500 Illinois Finance Authority, Revenue Bonds, Southern Illinois 3/20 at 100.00 AAA 514,675
Healthcare Enterprises, Inc., Series 2005 Remarketed,
5.250%, 3/01/30 - AGM Insured
1,000 Illinois Finance Authority, Revenue Refunding Bonds, 5/19 at 100.00 BBB+ 1,019,980
Resurrection Health Care Corporation, Series 2009, 6.125%,
5/15/25
500 Illinois Health Facilities Authority, Revenue Refunding Bonds, 1/13 at 100.00 Baa1 498,255
Elmhurst Memorial Healthcare, Series 2002, 5.500%, 1/01/22
38 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
ILLINOIS (continued)
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 AA $ 2,730,833
1,000 5.250%, 1/01/36 1/16 at 100.00 AA 1,001,870
462 Pingree Grove Village, Illinois, Tax Assessment Bonds, Special No Opt. Call N/R 426,412
Service Area 1 - Cambridge Lakes Project, Series 2005-1,
5.250%, 3/01/15
1,500 Southwestern Illinois Development Authority, Illinois, Saint 6/17 at 103.00 N/R 1,384,860
Clair County Comprehensive Mental Health Center, Series
2007, 6.625%, 6/01/37
1,000 Springfield, Sangamon County, Illinois, Special Service Area, 3/17 at 102.00 N/R 1,015,380
Legacy Pointe, Special Assessment Bonds, Series 2009,
7.875%, 3/01/32
------------------------------------------------------------------------------------------------------------------------------------
16,607 Total Illinois 16,278,603
------------------------------------------------------------------------------------------------------------------------------------
INDIANA - 4.0%
5,810 Indiana Finance Authority Health System Revenue Bonds, Sisters 11/19 at 100.00 Aa3 5,936,425
of St. Francis Health Services, Inc. Obligated Group, Series
2009, 5.250%, 11/01/39
1,395 Indiana Finance Authority, Educational Facilities Revenue 10/19 at 100.00 BBB- 1,448,010
Bonds, Drexel Foundation For Educational Excellence, Inc.,
Series 2009A, 6.625%, 10/01/29
3,850 Indiana Health Facility Financing Authority, Hospital Revenue 2/16 at 100.00 A+ 3,725,838
Bonds, Clarian Health Obligation Group, Series 2006A,
5.250%, 2/15/40
------------------------------------------------------------------------------------------------------------------------------------
11,055 Total Indiana 11,110,273
------------------------------------------------------------------------------------------------------------------------------------
KANSAS - 0.5%
1,500 Overland Park Development Corporation, Kansas, Second Tier 1/17 at 100.00 BBB- 1,477,260
Revenue Bonds, Overland Park Convention Center, Series
2007B, 5.125%, 1/01/22 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
LOUISIANA - 0.6%
80 Calcasieu Parish Inc., Louisiana, Industrial Development Board 4/14 at 100.00 Ba1 79,936
Revenue Bonds, Oil Corporation Project, Series 2002, 6.625%,
2/01/16
1,000 Louisiana Local Government Environmental Facilities & Community 11/17 at 100.00 BB 1,031,940
Development Authority, Revenue Bonds, Westlake Chemical
Corporation Project, Series 2007, 6.750%, 11/01/32
555 Tobacco Settlement Financing Corporation, Louisiana, Tobacco 5/11 at 101.00 BBB 538,084
Settlement Asset-Backed Bonds, Series 2001B, 5.875%, 5/15/39
------------------------------------------------------------------------------------------------------------------------------------
1,635 Total Louisiana 1,649,960
------------------------------------------------------------------------------------------------------------------------------------
MAINE - 0.8%
2,000 Maine State Housing Authority, Single Family Mortgage Purchase 1/19 at 100.00 AA+ 2,090,700
Bonds, Tender Option Bond Trust 3597, 21.890%, 11/15/29 (IF)
------------------------------------------------------------------------------------------------------------------------------------
MASSACHUSETTS - 4.0%
220 Massachusetts Development Finance Agency, Revenue Bonds, Curry 3/15 at 100.00 BBB 198,845
College, Series 2005A, 5.000%, 3/01/35 - ACA Insured
625 Massachusetts Educational Financing Authority, Student Loan 1/20 at 100.00 AA 666,456
Revenue Bonds, Issue I Series 2010A, 5.500%, 1/01/22
1,000 Massachusetts Educational Financing Authority, Student Loan 1/20 at 100.00 AA 1,013,390
Revenue Bonds, Issue I Series 2010B, 5.500%, 1/01/23
3,000 Massachusetts Health and Educational Facilities Authority 1/18 at 100.00 N/R 2,750,490
Revenue Bonds, Quincy Medical Center Issue, Series 2008A,
6.250%, 1/15/28
1,710 Massachusetts Health and Educational Facilities Authority, 6/13 at 100.00 AA- 2,109,165
Revenue Bonds, Boston College, Tender Option Bond Trust
3115, 25.031%, 6/01/37 (IF)
2,385 Massachusetts Health and Educational Facilities Authority, 8/15 at 100.00 N/R 1,956,249
Revenue Bonds, Emerson Hospital, Series 2005E, 5.000%,
8/15/35 - RAAI Insured
2,300 Massachusetts Health and Educational Facilities Authority, 7/19 at 100.00 BBB 2,346,575
Revenue Refunding Bonds, Suffolk University Issue, Series
2009A, 5.750%, 7/01/39
------------------------------------------------------------------------------------------------------------------------------------
11,240 Total Massachusetts 11,041,170
------------------------------------------------------------------------------------------------------------------------------------
Nuveen Investments 39
NEV | Nuveen Enhanced Municipal Value Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
MICHIGAN - 7.7%
$ 12,000 Detroit City School District, Wayne County, Michigan, General No Opt. Call AAA $ 12,368,636
Obligation Bonds, Series 2005, 5.250%, 5/01/27 - AGM Insured
2,865 Marysville Public School District, St Claire County, Michigan, 5/17 at 100.00 AAA 2,931,210
General Obligation Bonds, Series 2007, 5.000%, 5/01/32 - AGM
Insured
4,600 Michigan State Hospital Finance Authority, Hospital Revenue 11/19 at 100.00 A1 4,567,524
Bonds, Henry Ford Health System, Refunding Series 2009,
5.750%, 11/15/39
1,730 Michigan State Hospital Finance Authority, Hospital Revenue 7/10 at 100.00 BB- 1,383,152
Refunding Bonds, Detroit Medical Center Obligated Group,
Series 1997A, 5.250%, 8/15/27 - AMBAC Insured
------------------------------------------------------------------------------------------------------------------------------------
21,195 Total Michigan 21,250,522
------------------------------------------------------------------------------------------------------------------------------------
MISSISSIPPI - 0.4%
500 Mississippi Business Finance Corporation, Gulf Opportunity Zone 2/21 at 102.00 N/R 504,730
Revenue Bonds, Roberts Hotel of Jackson, LLC Project, Series
2010, 8.500%, 2/01/30
500 Mississippi Business Finance Corporation, Pollution Control 10/10 at 100.00 BBB 499,945
Revenue Refunding Bonds, System Energy Resources Inc.
Project, Series 1998, 5.875%, 4/01/22
------------------------------------------------------------------------------------------------------------------------------------
1,000 Total Mississippi 1,004,675
------------------------------------------------------------------------------------------------------------------------------------
MISSOURI - 0.6%
1,000 Cole County Industrial Development Authority, Missouri, Revenue 2/14 at 100.00 N/R 969,680
Bonds, Lutheran Senior Services - Heisinger Project, Series
2004, 5.500%, 2/01/35
640 St. Louis County Industrial Development Authority, Missouri, 9/17 at 100.00 N/R 630,618
Revenue Bonds, Friendship Village of West County, Series
2007A, 5.375%, 9/01/21
------------------------------------------------------------------------------------------------------------------------------------
1,640 Total Missouri 1,600,298
------------------------------------------------------------------------------------------------------------------------------------
NEBRASKA - 1.9%
5,000 Omaha Public Power District, Nebraska, Electric System Revenue 2/17 at 100.00 Aa1 5,135,050
Bonds, Series 2007A, 5.000%, 2/01/43
------------------------------------------------------------------------------------------------------------------------------------
NEVADA - 1.1%
2,000 Clark County, Nevada, Passenger Facility Charge Revenue Bonds, 1/20 at 100.00 Aa3 1,999,860
Las Vegas-McCarran International Airport, Series 2010A,
5.000%, 7/01/30
1,240 Sparks Tourism Improvement District 1, Legends at Sparks 6/18 at 100.00 Ba3 1,150,819
Marina, Nevada, Senior Sales Tax Revenue Bonds Series 2008A,
6.750%, 6/15/28
------------------------------------------------------------------------------------------------------------------------------------
3,240 Total Nevada 3,150,679
------------------------------------------------------------------------------------------------------------------------------------
NEW JERSEY - 1.0%
1,000 New Jersey Economic Development Authority, Special Facilities 9/10 at 100.50 B 944,240
Revenue Bonds, Continental Airlines Inc., Series 1999,
6.250%, 9/15/29 (Alternative Minimum Tax)
1,750 New Jersey Higher Education Assistance Authority, Student Loan 12/19 at 100.00 AA 1,790,075
Revenue Bonds, Series 2010-1A, 5.000%, 12/01/26
------------------------------------------------------------------------------------------------------------------------------------
2,750 Total New Jersey 2,734,315
------------------------------------------------------------------------------------------------------------------------------------
NEW YORK - 2.6%
Brooklyn Areba Local Development Corporation, New York, Payment
in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series
2009:
1,100 6.000%, 7/15/30 1/20 at 100.00 BBB- 1,133,330
1,225 6.250%, 7/15/40 No Opt. Call BBB- 1,261,689
2,000 6.375%, 7/15/43 No Opt. Call BBB- 2,057,320
2,500 New York City Industrial Development Agency, New York, American 8/16 at 101.00 B- 2,565,275
Airlines-JFK International Airport Special Facility Revenue
Bonds, Series 2005, 7.750%, 8/01/31 (Alternative Minimum
Tax)
------------------------------------------------------------------------------------------------------------------------------------
6,825 Total New York 7,017,614
------------------------------------------------------------------------------------------------------------------------------------
40 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
NORTH CAROLINA - 2.1%
$ 3,485 North Carolina Medical Care Commission, Healthcare Facilities 6/19 at 100.00 AA $ 3,551,110
Revenue Bonds, Duke University Health System, Series 2009A,
5.000%, 6/01/42
2,000 North Carolina Medical Care Commission, Healthcare Facilities 6/19 at 100.00 AA 2,189,800
Revenue Bonds, Duke University Health System, Tender Option
Bond Trust 11808, 21.573%, 6/01/42 (IF)
------------------------------------------------------------------------------------------------------------------------------------
5,485 Total North Carolina 5,740,910
------------------------------------------------------------------------------------------------------------------------------------
OHIO - 6.0%
150 Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic 6/20 at 100.00 AAA 150,465
Healthcare Partners, Series 2010A, 5.000%, 6/01/38 (WI/DD,
Settling 5/04/10)
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco
Settlement Asset-Backed Revenue Bonds, Senior Lien, Series
2007A-2:
8,500 6.500%, 6/01/47 6/17 at 100.00 BBB 7,009,354
3,000 5.875%, 6/01/47 6/17 at 100.00 BBB 2,251,860
2,000 Greene County, Ohio, Hospital Facilities Revenue Bonds, 4/19 at 100.00 A 2,026,060
Kettering Health Network Series 2009, 5.375%, 4/01/34
1,200 Ohio Air Quality Development Authority, Ohio, Revenue Bonds, No Opt. Call BBB- 1,276,128
Ohio Valley Electric Corporation Project, Series 2009E,
5.625%, 10/01/19
1,995 Ohio Housing Finance Agency, Residential Mortgage Revenue 9/18 at 100.00 Aaa 2,178,141
Bonds, Mortgage-Backed Securities Program, Tender Option
Bond Trust 09-35W, 21.559%, 3/01/40 (IF)
500 Ohio State, Hospital Facility Revenue Refunding Bonds, 1/14 at 100.00 Aa2 513,640
Cleveland Clinic Health System Obligated Group, Series
2009B, 5.500%, 1/01/34
1,000 Ohio State, Hospital Facility Revenue Refunding Bonds, 1/19 at 100.00 Aa2 1,193,520
Cleveland Clinic Health System Obligated Group, Tender
Option Bond Trust 3591, 19.892%, 1/01/39 (IF)
------------------------------------------------------------------------------------------------------------------------------------
18,345 Total Ohio 16,599,168
------------------------------------------------------------------------------------------------------------------------------------
OKLAHOMA - 0.4%
1,130 Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, 7/10 at 100.00 B- 1,129,966
American Airlines Inc., Series 1992, 7.350%, 12/01/11
------------------------------------------------------------------------------------------------------------------------------------
OREGON - 0.7%
185 Oregon, Economic Development Revenue Bonds, Georgia Pacific 7/10 at 100.00 BB- 184,262
Corp., Series 1995CLVII, 6.350%, 8/01/25 (Alternative
Minimum Tax)
370 Oregon, Economic Development Revenue Refunding Bonds, Georgia 7/10 at 100.00 Ba3 343,290
Pacific Corp., Series 1997-183, 5.700%, 12/01/25
1,500 Port Astoria, Oregon, Pollution Control Revenue Bonds, James 7/10 at 100.00 BB- 1,500,750
River Project, Series 1993, 6.550%, 2/01/15
------------------------------------------------------------------------------------------------------------------------------------
2,055 Total Oregon 2,028,302
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA - 5.4%
1,000 Allegheny Country Industrial Development Authority, Allegheny No Opt. Call BB 1,065,650
County, Pennsylvania, Environmental Improvement Revenue
Bonds, United States Steel Corporation Project, Refunding
Series 2009, 6.750%, 11/01/24
1,335 Allegheny County Hospital Development Authority, Pennsylvania, 4/15 at 100.00 Baa3 1,128,689
Revenue Bonds, Ohio Valley General Hospital, Series 2005A,
5.125%, 4/01/35
1,000 Cumberland County Municipal Authority Revenue Bonds, 1/19 at 100.00 N/R 1,008,250
Pennsylvania, Diakon Lutheran Social Ministries Project,
Series 2009, 6.125%, 1/01/29
2,000 Luzerne County Industrial Development Authority, Pennsylvania, 12/19 at 100.00 N/R 1,977,040
Guaranteed Lease Revenue Bonds, Series 2009, 7.750%,
12/15/27
25 Northumberland County Industrial Development Authority, 2/13 at 102.00 N/R 25,026
Pennsylvania, Facility Revenue Bonds, NHS Youth Services
Inc., Series 2002, 7.500%, 2/15/29
2,000 Pennsylvania Economic Development Finance Authority, Solid 6/10 at 101.00 B+ 1,789,180
Waste Disposal Revenue Bonds (USG Corporation Project)
Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax)
Nuveen Investments 41
NEV | Nuveen Enhanced Municipal Value Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
PENNSYLVANIA (continued)
$ 785 Pennsylvania Economic Development Financing Authority, Health No Opt. Call A3 $ 852,055
System Revenue Bonds, Albert Einstein Healthcare, Series
2009A, 6.250%, 10/15/23
1,000 Pennsylvania Economic Development Financing Authority, Sewage 1/20 at 100.00 Baa3 1,048,690
Sludge Disposal Revenue Bonds, Philadelphia Biosolids
Facility Project, Series 2009, 6.250%, 1/01/32
4,000 Pennsylvania Housing Finance Agency, Single Family Mortgage 4/19 at 100.00 AA+ 3,888,080
Revenue Bonds, Tender Option Bond Trust 4657, 16.007%,
10/01/29 (IF) (5)
3,000 Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, 12/27 at 100.00 A2 2,014,920
Capital Appreciation Series 2009E, 0.000%, 12/01/30
------------------------------------------------------------------------------------------------------------------------------------
16,145 Total Pennsylvania 14,797,580
------------------------------------------------------------------------------------------------------------------------------------
PUERTO RICO - 0.4%
1,000 Puerto Rico Infrastructure Financing Authority, Special Tax No Opt. Call A3 1,024,560
Revenue Bonds, Series 2005C, 5.500%, 7/01/27 - AMBAC
Insured
------------------------------------------------------------------------------------------------------------------------------------
TENNESSEE - 0.9%
The Tennessee Energy Acquisition Corporation, Gas Revenue
Bonds, Series 2006A:
50 5.250%, 9/01/24 No Opt. Call BB+ 48,816
1,400 5.250%, 9/01/26 No Opt. Call BB+ 1,349,334
1,000 The Tennessee Energy Acquisition Corporation, Gas Revenue No Opt. Call N/R 952,210
Bonds, Series 2006B, 5.625%, 9/01/26
155 The Tennessee Energy Acquisition Corporation, Gas Revenue No Opt. Call A 148,444
Bonds, Series 2006C, 5.000%, 2/01/24
------------------------------------------------------------------------------------------------------------------------------------
2,605 Total Tennessee 2,498,804
------------------------------------------------------------------------------------------------------------------------------------
TEXAS - 6.0%
3,000 La Vernia Higher Education Financing Corporation, Texas, 8/19 at 100.00 BBB 3,099,960
Charter School Revenue Bonds, Kipp Inc., Series 2009A,
6.250%, 8/15/39
2,000 Dallas-Ft. Worth International Airport Facility Improvement 11/12 at 100.00 CCC+ 1,459,460
Corporation, Texas, Revenue Bonds, American Airlines Inc.,
Series 2007, 5.500%, 11/01/30 (Alternative Minimum Tax)
2,460 Harris County-Houston Sports Authority, Texas, Junior Lien 7/10 at 79.38 A 1,921,014
Special Revenue Bonds, Series 1998B, 0.000%, 11/15/14 -
NPFG Insured
255 Houston, Texas, Airport System Special Facilities Revenue 7/10 at 100.00 B3 228,396
Bonds, Continental Airlines Inc. - Airport Improvement
Project, Series 1997C, 6.125%, 7/15/27 (Alternative
Minimum Tax)
1,225 Sabine River Authority, Texas, Pollution Control Revenue No Opt. Call CCC 1,193,224
Bonds, TXU Energy Company LLC Project, Series 2001B,
5.750%, 5/01/30 (Mandatory put 11/01/11) (Alternative
Minimum Tax)
1,000 Tarrant County Cultural and Educational Facilities Finance 11/11 at 100.00 N/R 1,002,860
Corporation, Texas, Retirement Facility Revenue Bonds,
C.C. Young Memorial Home Project, Series 2009-B2, 6.500%,
2/15/14
1,205 Texas Municipal Gas Acquisition and Supply Corporation I, Gas No Opt. Call A 1,309,016
Supply Revenue Bonds, Senior Lien Series 2008D, 6.250%,
12/15/26
660 Texas Municipal Gas Acquisition and Supply Corporation I, Gas No Opt. Call A 651,809
Supply Revenue Bonds, Series 2006A, 5.250%, 12/15/23
810 Texas Private Activity Bond Surface Transporation 12/19 at 100.00 Baa2 849,820
Corporation, Senior Lien Revenue Bonds, NTE Mobility
Partners LLC North Tarrant Express Managed Lanes Project,
Series 2009, 6.875%, 12/31/39
1,500 Texas Public Finance Authority, Charter School Finance 8/17 at 100.00 BBB 1,271,325
Corporation Revenue Bonds, Idea Public School Project,
Series 2007A, 5.000%, 8/15/37 - ACA Insured
20,000 Texas Turnpike Authority, Second Tier Revenue Bonds, Central 8/12 at 22.71 BBB+ 3,390,400
Texas Turnpike System, Series 2002, 0.000%, 8/15/37 -
AMBAC Insured
200 Travis County Health Facilities Development Corporation, No Opt. Call N/R 202,072
Texas, Revenue Bonds, Westminster Manor, Series 2010,
7.000%, 11/01/30
------------------------------------------------------------------------------------------------------------------------------------
34,315 Total Texas 16,579,356
------------------------------------------------------------------------------------------------------------------------------------
UTAH - 1.7%
2,400 Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, 8/19 at 100.00 AA+ 2,649,672
Inc., Tender Option Bonds Trust 3602, 22.142%, 8/15/41 (IF)
1,490 Utah Transit Authority, Sales Tax Revenue Bonds, Tender No Opt. Call AA+ 2,093,927
Option Bond Trust 11800, 21.586%, 6/15/35 - NPFG Insured
(IF)
------------------------------------------------------------------------------------------------------------------------------------
3,890 Total Utah 4,743,599
------------------------------------------------------------------------------------------------------------------------------------
42 Nuveen Investments
PRINCIPAL OPTIONAL CALL
AMOUNT (000) DESCRIPTION (1) PROVISIONS (2) RATINGS (3) VALUE
------------------------------------------------------------------------------------------------------------------------------------
VIRGIN ISLANDS - 0.1%
$ 250 Virgin Islands Public Finance Authority, Matching Fund Loan 10/19 at 100.00 Baa3 $ 260,760
Notes Revenue Bonds, Subordinate Lien Series 2009A,
6.000%, 10/01/39
------------------------------------------------------------------------------------------------------------------------------------
VIRGINIA - 1.4%
105 Bedford County Industrial Development Authority, Virginia, 6/10 at 101.00 Ba3 104,069
Industrial Development Revenue Refunding Bonds, Nekoosa
Packaging Corporation, Series 1999, 6.300%, 12/01/25
(Alternative Minimum Tax)
2,000 Giles County Industrial Development Authority, Virginia, 7/10 at 100.00 B+ 1,941,820
Exempt Facility Revenue Bonds, Hoechst Celanese Project,
Series 1996, 6.450%, 5/01/26
1,640 Virginia State Housing Development Authority, Rental Housing 4/19 at 100.00 AA+ 1,710,815
Revenue Bonds, Tender Option Bonds Trust 11799, 20.439%,
10/01/39 (IF)
------------------------------------------------------------------------------------------------------------------------------------
3,745 Total Virginia 3,756,704
------------------------------------------------------------------------------------------------------------------------------------
WASHINGTON - 1.5%
2,000 Washington Health Care Facilities Authority, Revenue Bonds, 7/19 at 100.00 A 2,065,260
Fred Hutchinson Cancer Research Center, Series 2009A,
6.000%, 1/01/33
2,000 Washington State Higher Education Facilities Authority, 10/19 at 100.00 Baa1 2,012,240
Revenue Bonds, Whitworth University, Series 2009, 5.625%,
10/01/40
------------------------------------------------------------------------------------------------------------------------------------
4,000 Total Washington 4,077,500
------------------------------------------------------------------------------------------------------------------------------------
WISCONSIN - 2.3%
1,300 Milwaukee Redevelopment Authority, Wisconsin, Schlitz Park 1/11 at 100.00 N/R 1,241,903
Mortgage Revenue Refunding Bonds, Series 1998A, 5.500%,
1/01/17 (Alternative Minimum Tax)
1,670 Wisconsin Health and Educational Facilities Authority, 11/19 at 100.00 Aa1 1,898,306
Revenue Bonds, Ascension Health, Tender Option Bond Trust
Series 2010- 3158, 25.967%, 11/15/33 (IF)
1,000 Wisconsin Health and Educational Facilities Authority, 6/15 at 100.00 Baa2 1,015,810
Revenue Bonds, Beloit College, Series 2010A, 6.000%,
6/01/30
Wisconsin Health and Educational Facilities Authority,
Revenue Bonds, Froedtert Community Health, Inc. Obligated
Group, Tender Option Bond Trust 3592:
1,000 21.637%, 4/01/34 (IF) 4/19 at 100.00 AA- 1,060,830
1,000 22.882%, 4/01/39 (IF) 4/19 at 100.00 AA- 1,139,630
------------------------------------------------------------------------------------------------------------------------------------
5,970 Total Wisconsin 6,356,479
------------------------------------------------------------------------------------------------------------------------------------
$ 292,714 Total Investments (cost $269,472,011) - 98.3% 270,993,409
=============-----------------------------------------------------------------------------------------------------------------------
Other Assets Less Liabilities - 1.7% 4,744,256
--------------------------------------------------------------------------------------------------------------------
Net Assets - 100% $ 275,737,665
====================================================================================================================
Nuveen Investments 43
NEV | Nuveen Enhanced Municipal Value Fund (continued)
| Portfolio of Investments April 30, 2010 (Unaudited)
Investments in Derivatives
FORWARD SWAPS OUTSTANDING AT APRIL 30, 2010:
FUND FIXED RATE UNREALIZED
NOTIONAL PAY/RECEIVE FLOATING RATE FIXED RATE PAYMENT EFFECTIVE TERMINATION APPRECIATION
COUNTERPARTY AMOUNT FLOATING RATE INDEX (ANNUALIZED) FREQUENCY DATE (4) DATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
Barclays Bank PLC $5,000,000 Receive 3-Month USD-LIBOR 4.705% Semi-Annually 2/11/11 2/11/40 $ (197,500)
JPMorgan Chase &
Company 3,000,000 Receive 3-Month USD-LIBOR 4.758 Semi-Annually 1/14/11 1/14/40 (153,600)
Morgan Stanley 3,250,000 Receive 3-Month USD-LIBOR 4.698 Semi-Annually 1/28/11 1/28/40 (129,350)
Morgan Stanley 2,500,000 Receive 3-Month USD-LIBOR 4.763 Semi-Annually 6/08/11 6/08/40 (93,250)
------------------------------------------------------------------------------------------------------------------------------------
$ (573,700)
====================================================================================================================================
(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 higher of Standard & Poor's Group ("Standard & Poor's")
or Moody's Investor Service, Inc. ("Moody's") rating. Ratings below BBB by
Standard & Poor's or Baa by Moody's are considered to be below investment
grade.
(4) Effective Date represents the date on which both the Fund and Counterparty
commence interest payment accruals on each forward swap contract.
(5) Investment, or portion of investment, has been pledged as collateral for
inverse floating rate transactions.
N/R Not rated.
WI/DD Purchased on a when-issued or delayed delivery basis.
(IF) Inverse floating rate investment.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
44 Nuveen Investments
| Statement of
| Assets & Liabilities
April 30, 2010 (Unaudited)
ENHANCED
MUNICIPAL VALUE MUNICIPAL VALUE 2 MUNICIPAL INCOME MUNICIPAL VALUE
(NUV) (NUW) (NMI) (NEV)
------------------------------------------------------------------------------------------------------------------------------------
ASSETS
Investments, at value (cost $1,867,394,083, $175,628,976,
$85,546,372 and $269,472,011, respectively) $ 1,912,442,355 $ 203,234,908 $ 88,637,580 $ 270,993,409
Cash 8,866 608,620 422,094 1,460,278
Receivables:
Interest 29,276,450 3,699,639 1,577,989 6,504,958
Investments sold 41,203,459 3,107,213 270,000 905,163
Other assets 213,731 6,605 6,416 6,101
------------------------------------------------------------------------------------------------------------------------------------
Total assets 1,983,144,861 210,656,985 90,914,079 279,869,909
------------------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Floating rate obligations 38,250,000 -- 3,335,000 --
Unrealized depreciation on forward swaps -- -- -- 573,700
Payables:
Investments purchased 22,284,920 -- -- 1,862,052
Dividends 6,396,882 713,999 329,634 1,312,573
Accrued expenses:
Management fees 839,916 105,654 45,230 218,565
Other 845,881 40,545 41,779 165,354
------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 68,617,599 860,198 3,751,643 4,132,244
------------------------------------------------------------------------------------------------------------------------------------
Net assets $ 1,914,527,262 $ 209,796,787 $ 87,162,436 $ 275,737,665
====================================================================================================================================
Shares outstanding 197,378,443 12,744,922 8,195,349 19,230,716
====================================================================================================================================
Net asset value per share outstanding $ 9.70 $ 16.46 $ 10.64 $ 14.34
====================================================================================================================================
NET ASSETS CONSIST OF:
------------------------------------------------------------------------------------------------------------------------------------
Shares, $.01 par value per share $ 1,973,784 $ 127,449 $ 81,953 $ 192,307
Paid-in surplus 1,860,143,020 182,212,672 91,653,301 274,700,496
Undistributed (Over-distribution of) net investment
income 8,970,271 (433,339) 875,635 843,049
Accumulated net realized gain (loss) (1,608,085) 284,073 (8,539,661) (945,885)
Net unrealized appreciation (depreciation) 45,048,272 27,605,932 3,091,208 947,698
------------------------------------------------------------------------------------------------------------------------------------
Net assets $ 1,914,527,262 $ 209,796,787 $ 87,162,436 $ 275,737,665
====================================================================================================================================
Authorized shares 350,000,000 Unlimited 200,000,000 Unlimited
====================================================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
Nuveen Investments 45
| Statement of
| Operations
Six Months Ended April 30, 2010
(Unaudited)
ENHANCED
MUNICIPAL VALUE MUNICIPAL VALUE 2 MUNICIPAL INCOME MUNICIPAL VALUE
(NUV) (NUW) (NMI) (NEV)
------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME $ 54,372,242 $ 6,364,107 $ 2,693,805 $ 10,360,726
------------------------------------------------------------------------------------------------------------------------------------
EXPENSES
Management fees 5,054,288 626,498 271,551 1,306,542
Shareholders' servicing agent fees and expenses 161,842 139 8,636 85
Interest expense on floating rate obligations 88,503 -- 7,007 --
Custodian's fees and expenses 152,918 19,168 10,957 26,396
Directors'/Trustees' fees and expenses 25,018 2,696 1,131 6,099
Professional fees 63,463 9,581 6,612 10,539
Shareholders' reports - printing and mailing expenses 173,884 13,128 12,263 12,308
Stock exchange listing fees 34,900 3,091 4,589 2,988
Investor relations expense 81,613 8,927 5,280 14,552
Other expenses 41,921 6,432 5,880 95,446
------------------------------------------------------------------------------------------------------------------------------------
Total expenses before custodian fee credit 5,878,350 689,660 333,906 1,474,955
Custodian fee credit (2,285) (248) (621) (3,902)
------------------------------------------------------------------------------------------------------------------------------------
Net expenses 5,876,065 689,412 333,285 1,471,053
------------------------------------------------------------------------------------------------------------------------------------
Net investment income 48,496,177 5,674,695 2,360,520 8,889,673
------------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from investments 2,718,549 284,217 (140,581) (946,092)
Change in net unrealized appreciation (depreciation) of:
Investments 33,821,048 3,189,424 2,168,568 12,250,220
Forward swaps -- -- -- (573,700)
------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) 36,539,597 3,473,641 2,027,987 10,730,428
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations $ 85,035,774 $ 9,148,336 $ 4,388,507 $ 19,620,101
====================================================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
46 Nuveen Investments
| Statement of
| Changes in Net Assets(Unaudited)
MUNICIPAL VALUE (NUV) MUNICIPAL VALUE 2 (NUW)
------------------------------------ -----------------------------------
FOR THE
PERIOD 2/25/09
SIX MONTHS SIX MONTHS (COMMENCEMENT
ENDED YEAR ENDED ENDED OF OPERATIONS)
4/30/10 10/31/09 4/30/10 THROUGH 10/31/09
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 48,496,177 $ 96,541,783 $ 5,674,695 $ 6,262,135
Net realized gain (loss) from:
Investments 2,718,549 29,365 284,217 123,012
Futures -- -- -- --
Change in net unrealized appreciation (depreciation) of:
Investments 33,821,048 173,519,317 3,189,424 24,416,508
Forward swaps -- -- -- --
Futures -- -- -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 85,035,774 270,090,465 9,148,336 30,801,655
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (46,510,435) (92,292,691) (5,720,790) (6,649,379)
From accumulated net realized gains (1,004,837) -- (123,156) --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to
shareholders (47,515,272) (92,292,691) (5,843,946) (6,649,379)
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares, net of offering costs -- -- -- 180,117,000
Net proceeds from shares issued to shareholders due to
reinvestment of distributions 4,975,425 9,815,879 783,739 1,339,107
====================================================================================================================================
Net increase (decrease) in net assets from capital share
transactions 4,975,425 9,815,879 783,739 181,456,107
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 42,495,927 187,613,653 4,088,129 205,608,383
Net assets at the beginning of period 1,872,031,335 1,684,417,682 205,708,658 100,275
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $ 1,914,527,262 $ 1,872,031,335 $ 209,796,787 $ 205,708,658
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 8,970,271 $ 6,984,529 $ (433,339) $ (387,244)
====================================================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
Nuveen Investments 47
| Statement of
| Changes in Net Assets (Unaudited) (continued)
ENHANCED MUNICIPAL
MUNICIPAL INCOME (NMI) VALUE (NEV)
---------------------------------- -------------------------------------
FOR THE
PERIOD 9/25/09
SIX MONTHS SIX MONTHS (COMMENCEMENT
ENDED YEAR ENDED ENDED OF OPERATIONS)
4/30/10 10/31/09 4/30/10 THROUGH 10/31/09
------------------------------------------------------------------------------------------------------------------------------------
OPERATIONS
Net investment income $ 2,360,520 $ 4,646,271 $ 8,889,673 $ 718,295
Net realized gain (loss) from:
Investments (140,581) (587,919) (946,092) 17,480
Futures -- 196,281 -- --
Change in net unrealized appreciation (depreciation) of:
Investments 2,168,568 8,919,687 12,250,220 (10,728,822)
Forward swaps -- -- (573,700) --
Futures -- 100,144 -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets from operations 4,388,507 13,274,464 19,620,101 (9,993,047)
------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS
From net investment income (2,308,875) (4,316,357) (8,764,919) --
From accumulated net realized gains -- -- (17,298) --
------------------------------------------------------------------------------------------------------------------------------------
Decrease in net assets from distributions to
shareholders (2,308,875) (4,316,357) (8,782,217) --
------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS
Proceeds from sale of shares, net of offering costs -- -- 20,013,000 254,451,000
Net proceeds from shares issued to shareholders due to
reinvestment of distributions 199,743 371,854 328,553 --
====================================================================================================================================
Net increase (decrease) in net assets from capital share
transactions 199,743 371,854 20,341,553 254,451,000
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets 2,279,375 9,329,961 31,179,437 244,457,953
Net assets at the beginning of period 84,883,061 75,553,100 244,558,228 100,275
------------------------------------------------------------------------------------------------------------------------------------
Net assets at the end of period $ 87,162,436 $ 84,883,061 $ 275,737,665 $ 244,558,228
====================================================================================================================================
Undistributed (Over-distribution of) net investment
income at the end of period $ 875,635 $ 823,990 $ 843,049 $ 718,295
====================================================================================================================================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
48 Nuveen Investments
| Notes to
| Financial Statements(Unaudited)
1. GENERAL INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES
The funds covered in this report and their corresponding New York Stock Exchange
("NYSE") symbols are Nuveen Municipal Value Fund, Inc. (NUV), Nuveen Municipal
Value Fund 2 (NUW), Nuveen Municipal Income Fund, Inc. (NMI) and Nuveen Enhanced
Municipal Value Fund (NEV) (collectively, the "Funds"). The Funds are registered
under the Investment Company Act of 1940, as amended, as closed-end, management
investment companies.
Prior to the commencement of operations, Municipal Value 2 (NUW) and Enhanced
Municipal Value (NEV) had no operations other than those related to
organizational matters, the initial capital contribution for each Fund of
$100,275 by Nuveen Asset Management (the "Advisor"), a wholly-owned subsidiary
of Nuveen Investments, Inc. ("Nuveen"), and the recording of each Fund's
organization expense ($15,000 for each Fund) and their reimbursement by Nuveen
Investments, LLC, also a wholly-owned subsidiary of Nuveen.
Each Fund's primary investment objective is to provide current income exempt
from regular federal income tax by investing primarily in a portfolio of
municipal obligations issued by state and local government authorities or
certain U.S. territories.
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements in accordance with US
generally accepted accounting principles ("U.S. GAAP").
INVESTMENT VALUATION
The prices of municipal bonds in each Fund's investment portfolio are provided
by a pricing service approved by the Fund's Board of Directors/Trustees. Prices
of forward swap contracts are also provided by an independent pricing service
approved by each Fund's Board of Directors/Trustees. Futures contracts are
valued using the closing settlement price or, in the absence of such a price, at
the mean of the bid and asked prices. When market price quotes are not readily
available (which is usually the case for municipal securities), the pricing
service or, in absence of a pricing service for a particular investment or
derivative instrument, the Board of Directors/Trustees of the Fund, or its
designee, may establish fair value using a wide variety of market data including
yields or prices of investments of comparable quality, type of issue, coupon,
maturity and rating, market quotes or indications of value from securities
dealers, evaluations of anticipated cash flows or collateral, general market
conditions and other information and analysis, including the obligor's credit
characteristics considered relevant. Temporary investments in securities that
have variable rate and demand features qualifying them as short-term investments
are valued at amortized cost, which approximates value.
INVESTMENT TRANSACTIONS
Investment transactions are recorded on a trade date basis. Realized gains and
losses from transactions are determined on the specific identification method.
Investments purchased on a when-issued/delayed delivery basis may have extended
settlement periods. Any investments so purchased are subject to market
fluctuation during this period. The Funds have instructed the custodian to
segregate assets with a current value at least equal to the amount of the
when-issued/delayed delivery purchase commitments. At April 30, 2010, Municipal
Value (NUV) and Enhanced Municipal Value (NEV) had outstanding
when-issued/delayed delivery purchase commitments of $22,284,920 and $1,119,445,
respectively. There were no such outstanding purchase commitments in any of the
other Funds.
INVESTMENT INCOME
Interest income, which includes the amortization of premiums and accretion of
discounts for financial reporting purposes, is recorded on an accrual basis.
Investment income also includes paydown gains and losses, if any.
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.
Nuveen Investments 49
| Notes to
| Financial Statements (Unaudited) (continued)
For all open tax years and all major taxing jurisdictions, management of the
Funds has concluded that there are no significant uncertain tax positions that
would require recognition in the financial statements. Open tax years are those
that are open for examination by taxing authorities (i.e., generally the last
four tax year ends and the interim tax period since then). Furthermore,
management of the Funds is also not aware of any tax positions for which it is
reasonably possible that the total amounts of unrecognized tax benefits will
significantly change in the next twelve months.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from tax-exempt net investment income are declared monthly. Net
realized capital gains and/or market discount from investment transactions, if
any, are distributed to shareholders at least annually. Furthermore, capital
gains are distributed only to the extent they exceed available capital loss
carryforwards.
Distributions to shareholders of tax-exempt net investment income, net realized
capital gains and/or market discount, if any, are recorded on the ex-dividend
date. The amount and timing of distributions are determined in accordance with
federal income tax regulations, which may differ from U.S. GAAP.
INVERSE FLOATING RATE SECURITIES
Each Fund is authorized to invest in inverse floating rate securities. An
inverse floating rate security is created by depositing a municipal bond,
typically with a fixed interest rate, into a special purpose trust created by a
broker-dealer. In turn, this trust (a) issues floating rate certificates, in
face amounts equal to some fraction of the deposited bond's par amount or market
value, that typically pay short-term tax-exempt interest rates to third parties,
and (b) issues to a long-term investor (such as one of the Funds) an inverse
floating rate certificate (sometimes referred to as an "inverse floater") that
represents all remaining or residual interest in the trust. The income received
by the inverse floater holder varies inversely with the short-term rate paid to
the floating rate certificates' holders, and in most circumstances the inverse
floater holder bears substantially all of the underlying bond's downside
investment risk and also benefits disproportionately from any potential
appreciation of the underlying bond's value. The price of an inverse floating
rate security will be more volatile than that of the underlying bond because the
interest rate is dependent on not only the fixed coupon rate of the underlying
bond but also on the short-term interest paid on the floating rate certificates,
and because the inverse floating rate security essentially bears the risk of
loss of the greater face value of the underlying bond.
A Fund may purchase an inverse floating rate security in a secondary market
transaction without first owning the underlying bond (referred to as an
"externally-deposited inverse floater"), or instead by first selling a
fixed-rate bond to a broker-dealer for deposit into the special purpose trust
and receiving in turn the residual interest in the trust (referred to as a
"self-deposited inverse floater"). The inverse floater held by a Fund gives the
Fund the right (a) to cause the holders of the floating rate certificates to
tender their notes at par, and (b) to have the broker transfer the fixed-rate
bond held by the trust to the Fund, thereby collapsing the trust. An investment
in an externally-deposited inverse floater is identified in the Portfolio of
Investments as "(IF) - Inverse floating rate investment." An investment in a
self-deposited inverse floater is accounted for as a financing transaction. In
such instances, a fixed-rate bond deposited into a special purpose trust is
identified in the Portfolio of Investments as "(UB) - Underlying bond of an
inverse floating rate trust reflected as a financing transaction," with the Fund
accounting for the short-term floating rate certificates issued by the trust as
"Floating rate obligations" on the Statement of Assets and Liabilities. In
addition, the Fund reflects in "Investment Income" the entire earnings of the
underlying bond and recognizes the related interest paid to the holders of the
short-term floating rate certificates as "Interest expense on floating rate
obligations" on the Statement of Operations.
During the six months ended April 30, 2010, each Fund invested in
externally-deposited inverse floaters and/or self-deposited inverse floaters.
Each Fund may also enter into shortfall and forbearance agreements (sometimes
referred to as a "recourse trust" or "credit recovery swap") (such agreements
referred to herein as "Recourse Trusts") with a broker-dealer by which a Fund
agrees to reimburse the broker-dealer, in certain circumstances, for the
difference between the liquidation value of the fixed-rate bond held by the
trust and the liquidation value of the floating rate certificates issued by the
trust plus any shortfalls in interest cash flows. Under these agreements, a
Fund's potential exposure to losses related to or on inverse floaters may
increase beyond the value of a Fund's inverse floater investments as a Fund may
potentially be liable to fulfill all amounts owed to holders of the floating
rate certificates. At period end, any such shortfall is recognized as
"Unrealized depreciation on Recourse Trusts" on the Statement of Assets and
Liabilities.
At April 30, 2010, each Fund's maximum exposure to externally-deposited Recourse
Trusts is as follows:
ENHANCED
MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
VALUE (NUV) VALUE 2 (NUW) INCOME (NMI) VALUE (NEV)
-----------------------------------------------------------------------------------------------
Maximum exposure to Recourse Trusts $7,500,000 $ 13,915,000 $ 3,005,000 $134,155,000
===============================================================================================
50 Nuveen Investments
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, 2010, were as follows:
MUNICIPAL MUNICIPAL
VALUE (NUV) INCOME (NMI)
--------------------------------------------------------------------------------
Average floating rate obligations outstanding $38,250,000 $ 3,335,000
Average annual interest rate and fees 0.47% 0.42%
================================================================================
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 is subject to interest rate risk in the normal course of pursuing its
investment objectives. 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 municipal market.
Forward interest rate swap transactions involve each 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 the 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 "Unrealized appreciation or depreciation on forward
swaps" with the change during the fiscal period recognized on the Statement of
Operations as "Change in net unrealized appreciation (depreciation) of forward
swaps."
The Funds may terminate a swap contract prior to the effective date, at which
point a realized gain or loss is recognized. When a forward swap is terminated,
it ordinarily does not involve the delivery of securities or other underlying
assets or principal, but rather is settled in cash on a net basis. Net realized
gains and losses during the fiscal period are recognized on the Statement of
Operations as "Net realized gain (loss) from forward swaps." Each Fund intends,
but is not obligated, to terminate its forward swaps before the effective date.
Accordingly, the risk of loss with respect to the swap counterparty on such
transactions is limited to the credit risk associated with a counterparty
failing to honor its commitment to pay any realized gain to the Fund upon
termination.
The following Fund invested in forward interest rate swap transactions during
the six months ended April 30, 2010. The average notional amount of forward swap
contracts outstanding during the six months ended April 30, 2010, was as
follows:
ENHANCED
MUNICIPAL
VALUE (NEV)
--------------------------------------------------------------------------------
Average notional amount of forward swap contracts outstanding $8,333,333
================================================================================
Refer to Footnote 3 -- Derivative Instruments and Hedging Activities for further
details on forward swap contract activity.
FUTURES CONTRACTS
Each Fund is subject to interest rate risk in the normal course of pursuing its
investment objectives and is authorized to invest in futures contracts in an
attempt to manage such risk. Upon entering into a futures contract, a Fund is
required to deposit with the broker an amount of cash or liquid securities equal
to a specified percentage of the contract amount. This is known as the "initial
margin." Cash held by the broker to cover initial margin requirements on open
futures contracts, if any, is recognized as "Deposits with brokers for open
futures contracts" on the Statement of Assets and Liabilities.
Subsequent payments ("variation margin") are made or received by a Fund each
day, depending on the daily fluctuation of the value of the contract. Variation
margin is recognized as a receivable or payable for "Variation margin on futures
contracts" on the Statement of Assets and Liabilities, when applicable.
During the period the futures contract is open, changes in the value of the
contract are recorded as an unrealized gain or loss by "marking-to-market" on a
daily basis to reflect the changes in market value of the contract and is
recognized as "Change in net unrealized appreciation (depreciation) of futures
contracts" on the Statement of Operations. When the contract is closed or
expired, a Fund records a realized gain or loss equal to the difference between
the value of the contract on the closing date and value of the contract when
originally entered into and is recognized as "Net realized gain (loss) from
futures contracts" on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement
of the securities or indices underlying the contracts, the possibility that
there may not be a liquid secondary market for the contracts and/or that a
change in the value of the contract may not correlate with a change in the value
of the underlying securities or indices. The Funds did not invest in futures
contracts during the six months ended April 30, 2010.
Nuveen Investments 51
| Notes to
| Financial Statements (Unaudited) (continued)
MARKET AND COUNTERPARTY CREDIT RISK
In the normal course of business each Fund may invest in financial instruments
and enter into financial transactions where risk of potential loss exists due
to changes in the market (market risk) or failure of the other party to the
transaction to perform (counterparty credit risk). The potential loss could
exceed the value of the financial assets recorded on the financial statements.
Financial assets, which potentially expose each Fund to counterparty credit
risk, consist principally of cash due from counterparties on forward, option
and swap transactions, when applicable. The extent of each Fund's exposure to
counterparty credit risk in respect to these financial assets approximates
their carrying value as recorded on the Statement of Assets and Liabilities.
Futures contracts, when applicable, expose a Fund to minimal counterparty
credit risk as they are exchange traded and the exchange's clearinghouse, which
is counterparty to all exchange traded futures, guarantees the futures
contracts against default.
Each Fund helps manage counterparty credit risk by entering into agreements
only with counterparties the Adviser believes have the financial resources to
honor their obligations and by having the Adviser monitor the financial
stability of the counterparties. Additionally, counterparties may be required
to pledge collateral daily (based on the daily valuation of the financial
asset) on behalf of each Fund with a value approximately equal to the amount of
any unrealized gain above a pre-determined threshold. Reciprocally, when each
Fund has an unrealized loss, the Funds have instructed the custodian to pledge
assets of the Funds as collateral with a value approximately equal to the
amount of the unrealized loss above a pre-determined threshold. Collateral
pledges are monitored and subsequently adjusted if and when the valuations
fluctuate, either up or down, by at least the predetermined threshold amount.
ZERO COUPON SECURITIES
Each Fund is authorized to invest in zero coupon securities. A zero coupon
security does not pay a regular interest coupon to its holders during the life
of the security. Tax-exempt income to the holder of the security comes from
accretion of the difference between the original purchase price of the security
at issuance and the par value of the security at maturity and is effectively
paid at maturity. The market prices of zero coupon securities generally are
more volatile than the market prices of securities that pay interest
periodically.
ORGANIZATION AND OFFERING COSTS
Nuveen Investments, LLC has agreed to reimburse all organization expenses
($15,000 for each Fund) and pay all offering costs (other than the sales load)
that exceed $.03 per share of each Municipal Value 2's (NUW) and Enhanced
Municipal Value's (NEV) shares. Municipal Value 2's (NUW) and Enhanced
Municipal Value's (NEV) share offering costs ($378,000 and $576,000,
respectively) were recorded as reductions of the proceeds from each Fund's sale
of shares.
CUSTODIAN FEE CREDIT
Each Fund has an arrangement with the custodian bank whereby certain custodian
fees and expenses are reduced by net credits earned on each Fund's cash on
deposit with the bank. Such deposit arrangements are an alternative to
overnight investments. Credits for cash balances may be offset by charges for
any days on which a Fund overdraws its account at the custodian bank.
INDEMNIFICATIONS
Under the Funds' organizational documents, their officers and
directors/trustees are indemnified against certain liabilities arising out of
the performance of their duties to the Funds. In addition, in the normal course
of business, the Funds enter into contracts that provide general
indemnifications to other parties. The Funds' maximum exposure under these
arrangements is unknown as this would involve future claims that may be made
against the Funds that have not yet occurred. However, the Funds have not had
prior claims or losses pursuant to these contracts and expect the risk of loss
to be remote.
USE OF ESTIMATES
The preparation of financial statements in conformity with U.S. GAAP requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial statements and the
reported amounts of increases and decreases in net assets from operations
during the reporting period. Actual results may differ from those estimates.
2. FAIR VALUE MEASUREMENTS
In determining the value of each Fund's investments, various inputs are used.
These inputs are summarized in the three broad levels listed below:
Level 1 - Quoted prices in active markets for identical securities.
Level 2 - Other significant observable inputs (including quoted prices for
similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 - Significant unobservable inputs (including management's
assumptions in determining the fair value of investments).
52 Nuveen Investments
The inputs or methodology used for valuing securities are not an indication of
the risk associated with investing in those securities. The following is a
summary of each Fund's fair value measurements as of April 30, 2010:
MUNICIPAL VALUE (NUV) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 1,912,442,355 $ -- $ 1,912,442,355
==========================================================================================
MUNICIPAL VALUE 2 (NUW) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 203,234,908 $ -- $ 203,234,908
==========================================================================================
MUNICIPAL INCOME (NMI) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 88,312,880 $ 324,700 $ 88,637,580
==========================================================================================
ENHANCED MUNICIPAL VALUE (NEV) LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
------------------------------------------------------------------------------------------
Investments:
Municipal Bonds $ -- $ 270,993,409 $ -- $ 270,993,409
Derivatives:
Forward Swaps* -- (573,700) -- (573,700)
------------------------------------------------------------------------------------------
Total $ -- $ 270,419,709 $ -- $ 270,419,709
==========================================================================================
* Represents net unrealized appreciation (depreciation).
The following is a reconciliation of Municipal Income's (NMI) Level 3
investments held at the beginning and end of the measurement period:
MUNICIPAL
INCOME (NMI)
LEVEL 3
MUNICIPAL BONDS
--------------------------------------------------------------------------------
Balance at the beginning of period $ --
Gains (losses):
Net realized gains (losses) --
Net change in unrealized appreciation (depreciation) --
Net purchases at cost (sales at proceeds) --
Net discounts (premiums) --
Net transfers in to (out of) at end of period fair value 324,700
--------------------------------------------------------------------------------
Balance at the end of period $ 324,700
================================================================================
For Municipal Income (NMI) "Change in net unrealized appreciation (depreciation)
of investments" presented on the Statement of Operations includes $134,650 of
net unrealized appreciation (depreciation) related to securities classified as
Level 3 at period end.
3. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Funds record derivative instruments at fair value with changes in fair value
recognized on the Statement of Operations, when applicable. Even though the
Funds' investments in derivatives may represent economic hedges, they are not
considered to be hedge transactions for financial reporting purposes. For
additional information on the derivative instruments in which each Fund was
invested during and at the end of the reporting period, refer to the Portfolio
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, 2010, the location of these instruments on the
Statement of Assets and Liabilities, and the primary underlying risk exposure.
Enhanced Municipal Value (NEV) invested in derivative instruments during the six
months ended April 30, 2010.
ENHANCED MUNICIPAL VALUE (NEV)
LOCATION ON THE STATEMENT OF ASSETS AND LIABILITIES
------------------------------------------------------------------------
ASSET DERIVATIVES LIABILITY DERIVATIVES
UNDERLYING DERIVATIVE -------------------------------- -------------------------------------
RISK EXPOSURE INSTRUMENT LOCATION VALUE LOCATION VALUE
---------------------------------------------------------------------------------------------------------
Interest Rate Forward Swaps Unrealized appreciation Unrealized depreciation
on forward swaps* $ -- on forward swaps* $ 573,700
=========================================================================================================
* Represents cumulative appreciation (depreciation) of swap contracts as
reported in the Portfolio of Investments.
Nuveen Investments 53
| Notes to
| Financial Statements (Unaudited) (continued)
The following tables presents the amount of net realized gain (loss) and change
in net unrealized appreciation (depreciation) recognized for the six months
ended April 30, 2010, on derivative instruments, as well as the primary risk
exposure associated with each.
ENHANCED
MUNICIPAL
NET REALIZED GAIN (LOSS) FROM FORWARD SWAPS VALUE (NEV)
-------------------------------------------------------------------------------------
RISK EXPOSURE
Interest Rate $ --
=====================================================================================
ENHANCED
MUNICIPAL
CHANGE IN NET UNREALIZED APPRECIATION (DEPRECIATION) OF FORWARD SWAPS VALUE (NEV)
-------------------------------------------------------------------------------------
RISK EXPOSURE
Interest Rate $ (573,700)
=====================================================================================
4. FUND SHARES
The Funds did not repurchase and retire any of their outstanding shares during
the six months ended April 30, 2010, or the fiscal year ended October 31, 2009.
Transactions in shares were as follows:
MUNICIPAL VALUE (NUV) MUNICIPAL VALUE 2 (NUW)
---------------------- ----------------------------
FOR THE
PERIOD 2/25/09
(COMMENCEMENT
SIX MONTHS YEAR SIX MONTHS OF OPERATIONS)
ENDED ENDED ENDED THROUGH
4/30/10 10/31/09 4/30/10 10/31/09
----------------------------------------------------------------------------------------------------------
Shares sold -- -- -- 12,600,000
Shares issued to shareholders due to reinvestment
of distributions 520,723 1,101,278 48,443 89,479
==========================================================================================================
ENHANCED MUNICIPAL
MUNICIPAL INCOME (NMI) VALUE (NEV)
----------------------- ----------------------------
FOR THE
PERIOD 9/25/09
(COMMENCEMENT
SIX MONTHS YEAR SIX MONTHS OF OPERATIONS)
ENDED ENDED ENDED THROUGH
4/30/10 10/31/09 4/30/10 10/31/09
----------------------------------------------------------------------------------------------------------
Shares sold -- -- 1,400,000 17,800,000
Shares issued to shareholders due to reinvestment
of distributions 18,998 38,222 23,716 --
==========================================================================================================
5. INVESTMENT TRANSACTIONS
Purchases and sales (including maturities but excluding short-term investments
and derivative transactions) during the six months ended April 30, 2010, were as
follows:
ENHANCED
MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
VALUE (NUV) VALUE 2 (NUW) INCOME (NMI) VALUE (NEV)
------------------------------------------------------------------------------------------------------------
Purchases $ 54,291,888 $ 4,413,035 $ 7,494,587 $ 87,980,166
Sales and maturities 64,025,950 8,324,044 7,375,285 34,568,841
============================================================================================================
6. INCOME TAX INFORMATION
The following information is presented on an income tax basis. Differences
between amounts for financial statement and federal income tax purposes are
primarily due to timing differences in recognizing taxable market discount,
timing differences in recognizing certain gains and losses on investments
transactions and the treatment of investments in inverse floating rate
securities reflected as financing transactions, if any. To the extent that
differences arise that are permanent in nature, such amounts are reclassified
within the capital accounts on the Statement of Assets and Liabilities presented
in the annual report, based on their federal tax basis treatment, temporary
differences do not require reclassification. Temporary and permanent differences
do not impact the net asset values of the Funds.
54 Nuveen Investments
At April 30, 2010, the cost and unrealized appreciation (depreciation) of
investments as determined on a federal income tax basis,
were as follows:
ENHANCED
MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
VALUE (NUV) VALUE 2 (NUW) INCOME (NMI) VALUE (NEV)
--------------------------------------------------------------------------------------------------------------------------------
Cost of investments $ 1,828,580,660 $ 175,325,182 $ 82,096,915 $ 269,370,481
--------------------------------------------------------------------------------------------------------------------------------
Gross unrealized:
Appreciation $ 122,862,591 $ 27,910,055 $ 5,020,741 $ 6,178,402
Depreciation (77,250,164) (329) (1,815,815) (4,555,474)
--------------------------------------------------------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments $ 45,612,427 $ 27,909,726 $ 3,204,926 $ 1,622,928
================================================================================================================================
The tax components of undistributed net tax-exempt income, net ordinary income
and net long-term capital gains at October 31, 2009, the Funds' last tax year
end, were as follows:
ENHANCED
MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
VALUE (NUV) VALUE 2 (NUW) INCOME (NMI) VALUE (NEV)
--------------------------------------------------------------------------------------------------------------------------------
Undistributed net tax-exempt income * $ 9,742,098 $ 371,049 $ 1,062,247 $ 711,376
Undistributed net ordinary income ** 374,056 123,015 4,652 17,480
Undistributed net long-term capital gains 1,000,286 -- -- --
================================================================================================================================
* Undistributed net tax-exempt income (on a tax basis) has not been reduced
for the dividend declared on October 1, 2009, paid on November 2, 2009.
** 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, 2009, was designated for purposes of the dividends paid deduction as
follows:
ENHANCED
MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL
VALUE (NUV) VALUE 2 (NUW)*** INCOME (NMI) VALUE (NEV)****
---------------------------------------------------------------------------------------------------------------------------------
Distributions from net tax-exempt income $ 91,855,449 $ 5,697,143 $ 4,273,870 $ --
Distributions from net ordinary income ** 394,292 -- -- --
Distributions from net long-term capital gains -- -- -- --
=================================================================================================================================
** Net ordinary income consists of taxable market discount income and net
short-term capital gains, if any.
*** For the period February 25, 2009 (commencement of operations) through
October 31, 2009.
**** For the period September 25, 2009 (commencement of operations) through
October 31, 2009.
At October 31, 2009, the Fund's last tax year end, Municipal Income (NMI) 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:
MUNICIPAL
INCOME (NMI)
--------------------------------------------------------------------------------
Expiration:
October 31, 2011 $ 6,864,744
October 31, 2012 916,759
October 31, 2013 165,764
October 31, 2016 164,175
October 31, 2017 289,822
--------------------------------------------------------------------------------
Total $ 8,401,264
================================================================================
Nuveen Investments 55
| Notes to
| Financial Statements (Unaudited) (continued)
7. MANAGEMENT FEES AND OTHER TRANSACTIONS WITH AFFILIATES
Each Fund's management fee is separated into two components - a fund-level fee,
based only on the amount of assets within each individual Fund, and a
complex-level fee, based on the aggregate amount of all fund assets managed by
the Adviser. This pricing structure enables each Fund's shareholders to benefit
from growth in the assets within their respective Fund as well as from growth in
the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, 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
================================================================================
MUNICIPAL VALUE 2 (NUW)
AVERAGE DAILY MANAGED ASSETS* FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4000%
For the next $125 million .3875
For the next $250 million .3750
For the next $500 million .3625
For the next $1 billion .3500
For managed assets over $2 billion .3375
================================================================================
MUNICIPAL INCOME (NMI)
AVERAGE DAILY NET ASSETS* FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For the next $3 billion .3875
For net assets over $5 billion .3750
================================================================================
ENHANCED MUNICIPAL VALUE (NEV)
AVERAGE DAILY MANAGED ASSETS* FUND-LEVEL FEE RATE
--------------------------------------------------------------------------------
For the first $125 million .4500%
For the next $125 million .4375
For the next $250 million .4250
For the next $500 million .4125
For the next $1 billion .4000
For managed assets over $2 billion .3875
================================================================================
56 Nuveen Investments
The annual complex-level fee for each Fund, payable monthly, is calculated
according to the following schedule:
COMPLEX-LEVEL 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
--------------------------------------------------------------------------------
* The complex-level fee component of the management fee for the funds is
calculated based upon the aggregate daily managed assets of all Nuveen
funds, with such daily managed assets defined separately for each fund in
its management agreement, but excluding assets attributable to investments
in other Nuveen funds. For the complex-level and fund-level fees, daily
managed assets include 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 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 to limit the amount of such assets for determining managed
assets in certain circumstances. As of April 30, 2010, the complex-level
fee rate was .1852%.
The management fee compensates the Adviser for overall investment advisory and
administrative services and general office facilities. The Funds pay no
compensation directly to those of its directors/trustees who are affiliated with
the Adviser or to its officers, all of whom receive remuneration for their
services to the Funds from the Adviser or its affiliates. The Board of
Directors/Trustees has adopted a deferred compensation plan for independent
directors/trustees that enables directors/trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from
certain Nuveen advised funds. Under the plan, deferred amounts are treated as
though equal dollar amounts had been invested in shares of select Nuveen advised
funds.
8. NEW ACCOUNTING STANDARDS
ACCOUNTING FOR TRANSFERS OF FINANCIAL ASSETS
During June 2009, the Financial Accounting Standards Board ("FASB") issued
changes to the authoritative guidance under U.S. GAAP on accounting for
transfers of financial assets. The objective of this guidance is to improve the
relevance, representational faithfulness, and comparability of the information
that a reporting entity provides in its financial statements about a transfer of
financial assets; the effects of a transfer on its financial position, financial
performance, and cash flows; and a transferor's continuing involvement, if any,
in transferred financial assets.
This guidance is effective as of the beginning of each reporting entity's first
annual reporting period that begins after November 15, 2009, for interim periods
within that first annual reporting period and for interim and annual reporting
periods thereafter. Earlier application is prohibited. The recognition and
measurement provisions of this guidance must be applied to transfers occurring
on or after the effective date. Additionally, the disclosure provisions of this
guidance should be applied to transfers that occurred both before and after the
effective date of this guidance. At this time, management is evaluating the
implications of this guidance and the impact it will have on the financial
statement amounts and disclosures, if any.
FAIR VALUE MEASUREMENTS
On January 21, 2010, FASB issued changes to the authoritative guidance under
U.S. GAAP for fair value measurements. The objective of this guidance is to
provide guidance on how investment assets and liabilities are to be valued and
disclosed. Specifically, the amendment requires reporting entities to disclose
i) the input and valuation techniques used to measure fair value for both
recurring and nonrecurring fair value measurements, for both Level 2 and Level 3
positions, ii) transfers between all levels (including Level 1 and Level 2) on a
gross basis (i.e., transfers out must be disclosed separately from transfers in)
as well as the reason(s) for the transfer and iii) purchases, sales, issuances
and settlements in the Level 3 rollforward must be shown on a gross basis rather
than as one net number. The effective date of the amendment is for interim and
annual periods beginning after December 15, 2009, however, the requirement to
provide the Level 3 activity for purchases, sales, issuances and settlements on
a gross basis will be effective for interim and annual periods beginning after
December 15, 2010. At this time, management is evaluating the implications of
this guidance and the impact it will have to the financial statement amounts and
footnote disclosures, if any.
9. SUBSEQUENT EVENTS
BORROWING ARRANGEMENTS
On May 18, 2010, Enhanced Municipal Value (NEV) entered into a $75 million
committed 364-day secured line of credit with its custodian bank to provide the
Fund with a source of liquidity to meet temporary demands of the Fund including
for temporary leveraging purposes.
Nuveen Investments 57
| Financial
| Highlights (Unaudited)
Selected data for a share outstanding throughout each period:
INVESTMENT OPERATIONS LESS DISTRIBUTIONS
------------------------------- ---------------------------
NET ENDING
BEGINNING NET REALIZED/ NET NET ENDING
NET ASSET INVESTMENT UNREALIZED INVESTMENT CAPITAL OFFERING ASSET MARKET
VALUE INCOME GAIN (LOSS) TOTAL INCOME GAINS TOTAL COSTS VALUE VALUE
-----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(f) $ 9.51 $.24 $ .19 $ .43 $(.23) $(.01) $(.24) $ -- $ 9.70 $ 9.95
2009 8.60 .49 .89 1.38 (.47) -- (.47) -- 9.51 9.91
2008 10.12 .47 (1.49) (1.02) (.47) (.03) (.50) -- 8.60 8.65
2007 10.39 .46 (.23) .23 (.47) (.03) (.50) -- 10.12 9.49
2006 10.15 .47 .26 .73 (.47) (.02) (.49) -- 10.39 10.16
2005 10.11 .47 .10 .57 (.47) (.06) (.53) -- 10.15 9.58
MUNICIPAL VALUE 2 (NUW)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(f) 16.20 .45 .27 .72 (.45) (.01) (.46) -- 16.46 16.49
2009(d) 14.33 .49 1.94 2.43 (.53) -- (.53) (.03) 16.20 15.84
MUNICIPAL INCOME (NMI)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(f) 10.38 .29 .25 .54 (.28) -- (.28) -- 10.64 11.29
2009 9.28 .57 1.06 1.63 (.53) -- (.53) -- 10.38 10.66
2008 10.77 .53 (1.52) (.99) (.50) -- (.50) -- 9.28 9.89
2007 11.04 .52 (.28) .24 (.51) -- (.51) -- 10.77 10.49
2006 10.86 .53 .16 .69 (.51) -- (.51) -- 11.04 10.50
2005 10.76 .54 .09 .63 (.53) -- (.53) -- 10.86 10.56
ENHANCED MUNICIPAL VALUE (NEV)
-----------------------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(f) 13.73 .46 .61 1.07 (.46) --** (.46) (--)** 14.34 14.04
2009(e) 14.33 .04 (.61) (.57) -- -- -- (.03) 13.73 15.00
===================================================================================================================================
58 Nuveen Investments
RATIOS/SUPPLEMENTAL DATA
------------------------------------------------------------
TOTAL RETURNS RATIOS TO AVERAGE NET ASSETS(B)
------------------- -----------------------------------
BASED
BASED ON ENDING
ON NET NET EXPENSES EXPENSES NET PORTFOLIO
MARKET ASSET ASSETS INCLUDING EXCLUDING INVESTMENT TURNOVER
VALUE(A) VALUE(A) (000) INTEREST(C) INTEREST INCOME RATE
-------------------------------------------------------------------------------------------------------------------
MUNICIPAL VALUE (NUV)
-------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(f) 2.94% 4.59% $1,914,527 .63%* .62%* 5.18%* 3%
2009 20.68 16.51 1,872,031 .66 .64 5.49 5
2008 (3.93) (10.51) 1,684,418 .65 .61 4.86 16
2007 (1.90) 2.22 1,974,535 .62 .59 4.53 10
2006 11.51 7.40 2,025,964 .59 .59 4.60 6
2005 8.25 5.73 1,979,396 .60 .60 4.64 8
MUNICIPAL VALUE 2 (NUW)
-------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(f) 7.11 4.52 209,797 .68* .68* 5.56* 2
2009(d) 9.27 16.92 205,709 .67* .67* 4.84* 2
MUNICIPAL INCOME (NMI)
-------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(f) 8.74 5.29 87,162 .78* .77* 5.54* 9
2009 13.72 18.06 84,883 .81 .78 5.85 10
2008 (1.01) (9.53) 75,553 .86 .76 5.08 8
2007 4.78 2.23 87,424 .86 .75 4.76 6
2006 4.42 6.50 89,605 .76 .76 4.83 6
2005 10.21 5.93 88,147 .78 .78 4.99 7
ENHANCED MUNICIPAL VALUE (NEV)
-------------------------------------------------------------------------------------------------------------------
Year Ended 10/31:
2010(f) (3.27) 7.90 275,738 1.11* 1.11* 6.68* 14
2009(e) -- (4.15) 244,558 1.02* 1.02* 3.25* 1
===================================================================================================================
* Annualized.
** Rounds to less than $.01 per share.
(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) Expense ratios do not reflect the reduction of custodian fee credits
earned on the Fund's net cash on deposit with the custodian bank and legal
fee refund, where applicable.
(c) The expense ratios reflect, among other things, the interest expense
deemed to have been paid by the Fund on the floating rate certificates
issued by the special purpose trusts for the self-deposited inverse
floaters held by the Fund, as described in Footnote 1 - Inverse Floating
Rate Securities.
(d) For the period February 25, 2009 (commencement of operations) through
October 31, 2009.
(e) For the period September 25, 2009 (commencement of operations) through
October 31, 2009.
(f) For the six months ended April 30, 2010.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
Nuveen Investments 59
Reinvest Automatically
Easily and Conveniently
NUVEEN MAKES REINVESTING EASY. A PHONE CALL IS ALL IT TAKES TO SET UP YOUR
REINVESTMENT ACCOUNT.
NUVEEN CLOSED-END FUNDS DIVIDEND REINVESTMENT PLAN
Your Nuveen Closed-End Fund allows you to conveniently reinvest dividends and/or
capital gains distributions in additional Fund shares.
By choosing to reinvest, you'll be able to invest money regularly and
automatically, and watch your investment grow through the power of tax-free
compounding. Just like dividends or distributions in cash, there may be times
when income or capital gains taxes may be payable on dividends or distributions
that are reinvested.
It is important to note that an automatic reinvestment plan does not ensure a
profit, nor does it protect you against loss in a declining market.
EASY AND CONVENIENT
To make recordkeeping easy and convenient, each month you'll receive a statement
showing your total dividends and distributions, the date of investment, the
shares acquired and the price per share, and the total number of shares you own.
HOW SHARES ARE PURCHASED
The shares you acquire by reinvesting will either be purchased on the open
market or newly issued by the Fund. If the shares are trading at or above net
asset value at the time of valuation, the Fund will issue new shares at the
greater of the net asset value or 95% of the then-current market price. If the
shares are trading at less than net asset value, shares for your account will be
purchased on the open market. If the Plan Agent begins purchasing Fund shares on
the open market while shares are trading below net asset value, but the Fund's
shares subsequently trade at or above their net asset value before the Plan
Agent is able to complete its purchases, the Plan Agent may cease open-market
purchases and may invest the uninvested portion of the distribution in
newly-issued Fund shares at a price equal to the greater of the shares' net
asset value or 95% of the shares' market value on the last business day
immediately prior to the purchase date. Dividends and distributions received to
purchase shares in the open market will normally be invested shortly after the
dividend payment date. No interest will be paid on dividends and distributions
awaiting reinvestment. Because the market price of the shares may increase
before purchases are completed, the average purchase price
60 Nuveen Investments
per share may exceed the market price at the time of valuation, resulting in the
acquisition of fewer shares than if the dividend or distribution had been paid
in shares issued by the Fund. A pro rata portion of any applicable brokerage
commissions on open market purchases will be paid by Plan participants. These
commissions usually will be lower than those charged on individual transactions.
FLEXIBLE
You may change your distribution option or withdraw from the Plan at any time,
should your needs or situation change. Should you withdraw, you can receive a
certificate for all whole shares credited to your reinvestment account and cash
payment for fractional shares, or cash payment for all reinvestment account
shares, less brokerage commissions and a $2.50 service fee.
You can reinvest whether your shares are registered in your name, or in the name
of a brokerage firm, bank, or other nominee. Ask your investment advisor if his
or her firm will participate on your behalf. Participants whose shares are
registered in the name of one firm may not be able to transfer the shares to
another firm and continue to participate in the Plan.
The Fund reserves the right to amend or terminate the Plan at any time. Although
the Fund reserves the right to amend the Plan to include a service charge
payable by the participants, there is no direct service charge to participants
in the Plan at this time.
CALL TODAY TO START REINVESTING DIVIDENDS AND/OR DISTRIBUTIONS
For more information on the Nuveen Automatic Reinvestment Plan or to enroll in
or withdraw from the Plan, speak with your financial advisor or call us at (800)
257-8787.
Nuveen Investments 61
Glossary of Terms
Used in this Report
o 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.
o 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.
o AVERAGE EFFECTIVE MATURITY: The average of the number of years to maturity
of the bonds in a Fund's portfolio, computed by weighting each bond's time
to maturity (the date the security comes due) by the market value of the
security. This figure does not account for the likelihood of prepayments
or the exercise of call provisions unless an escrow account has been
established to redeem the bond before maturity. The market value weighting
for an investment in an inverse floating rate security is the value of the
portfolio's residual interest in the inverse floating rate trust, and does
not include the value of the floating rate securities issued by the trust.
o 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.
o INVERSE FLOATERS: Inverse floating rate securities, also known as inverse
floaters, are created by depositing a municipal bond, typically with a
fixed interest rate, into a special purpose trust created by a
broker-dealer. This trust, in turn, (a) issues floating rate certificates
typically paying short-term tax-exempt interest rates to third parties in
amounts equal to some fraction of the deposited bond's par amount or
market value, and (b) issues an inverse floating rate certificate
(sometimes referred to as an "inverse floater") to an investor (such as a
Fund) interested in gaining investment exposure to a long-term municipal
bond. The income received by the holder of the inverse floater varies
inversely with the short-term rate paid to the floating rate certificates'
holders, and in most circumstances the holder of the inverse floater bears
substantially all of the underlying bond's downside investment risk. The
holder of the inverse floater typically also benefits disproportionately
from any potential appreciation of the underlying bond's value. Hence, an
inverse floater essentially represents an investment in the underlying
bond on a leveraged basis.
62 Nuveen Investments
o MARKET YIELD (ALSO KNOWN AS DIVIDEND YIELD OR CURRENT YIELD): An
investment's current annualized dividend divided by its current market
price.
o NET ASSET VALUE (NAV): A Fund's NAV per share is calculated by subtracting
the liabilities of the Fund from its total assets and then dividing the
remainder by the number of shares outstanding. Fund NAVs are calculated at
the end of each business day.
o 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.
o TAXABLE-EQUIVALENT YIELD: The yield necessary from a fully taxable
investment to equal, on an after-tax basis, the yield of a municipal bond
investment.
o ZERO COUPON BOND: A zero coupon bond does not pay a regular interest
coupon to its holders during the life of the bond. Tax-exempt income to
the holder of the bond comes from accretion of the difference between the
original purchase price of the bond at issuance and the par value of the
bond at maturity and is effectively paid at maturity. The market prices of
zero coupon bonds generally are more volatile than the market prices of
bonds that pay interest periodically.
Nuveen Investments 63
Notes
64 Nuveen Investments
Other Useful Information
BOARD OF DIRECTORS/TRUSTEES
John P. Amboian
Robert P. Bremner
Jack B. Evans
William C. Hunter
David J. Kundert
William J. Schneider
Judith M. Stockdale
Carole E. Stone
Terence J. Toth
FUND MANAGER
Nuveen Asset Management
333 West Wacker Drive
Chicago, IL 60606
CUSTODIAN
State Street Bank & Trust Company
Boston, MA
TRANSFER AGENT AND SHAREHOLDER SERVICES
State Street Bank & Trust Company
Nuveen Funds
P.O. Box 43071
Providence, RI 02940-3071
(800) 257-8787
LEGAL COUNSEL
Chapman and Cutler LLP
Chicago, IL
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Chicago, IL
QUARTERLY PORTFOLIO OF INVESTMENTS AND PROXY VOTING INFORMATION
You may obtain (i) each Fund's quarterly portfolio of investments, (ii)
information regarding how the Funds voted proxies relating to portfolio
securities held during the twelve-month period ended June 30, 2009, and (iii) a
description of the policies and procedures that the Funds used to determine how
to vote proxies relating to portfolio securities without charge, upon request,
by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen's website
at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities
and Exchange Commission ("SEC"). The SEC may charge a copying fee for this
information. Visit the SEC on-line at http://www.sec.gov or in person at the
SEC's Public Reference Room in Washington, D.C. Call the SEC at (202) 942-8090
for room hours and operation. You may also request Fund information by sending
an e-mail request to publicinfo@sec.gov or by writing to the SEC's Public
References Section at 100 F Street NE, Washington, D.C. 20549.
CEO CERTIFICATION DISCLOSURE
Each Fund's Chief Executive Officer 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 common stock in the future at
such times and in such amounts as is deemed advisable. During the period covered
by this report, the Funds did not repurchase any of their common shares.
Any future repurchases will be reported to shareholders in the next annual or
semi-annual report.
Nuveen Investments 65
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, longterm investing principles. Today, we offer a range of
high quality equity and fixed-income solutions designed to be integral
components of a well-diversified core portfolio.
FOCUSED ON MEETING INVESTOR NEEDS.
Nuveen Investments is a global investment management firm that seeks to help
secure the long-term goals of institutions and high net worth investors as well
as the consultants and financial advisors who serve them. We market our growing
range of specialized investment solutions under the high-quality brands of
HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital.
In total, Nuveen Investments managed approximately $150 billion of assets on
March 31, 2010.
FIND OUT HOW WE CAN HELP YOU.
To learn more about how the products and services of Nuveen Investments may be
able to help you meet your financial goals, talk to your financial advisor, or
call us at (800) 257-8787. Please read the information provided carefully before
you invest.
Investors should consider the investment objective and policies, risk
considerations, charges and expenses of any investment carefully. Where
applicable, be sure to obtain a prospectus, which contains this and other
relevant information. To obtain a prospectus, please contact your securities
representative or NUVEEN INVESTMENTS, 333 W. WACKER DR., CHICAGO, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: WWW.NUVEEN.COM/CEF
o Share prices
o Fund details
o Daily financial news
o Investor education
o Interactive planning tools
Distributed by
Nuveen Investments, LLC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-A-0410D
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 of Directors or Trustees
implemented after the registrant last provided disclosure in response to
this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of this report that includes the disclosure
required by this paragraph, based on their evaluation of the controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (the "Exchange Act")(17 CFR
240.13a-15(b) or 240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter
of the period covered by this report that has materially affected, or
is reasonably likely to materially affect, the registrant's internal
control over financial reporting.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit: Not applicable to
this filing.
(a)(2) A separate certification for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See
Ex-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under
the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons: Not applicable.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act,
provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR
270.30a-2(b)); Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR
240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of
the United States Code (18 U.S.C. 1350) as an exhibit. A certification furnished
pursuant to this paragraph will not be deemed "filed" for purposes of Section 18
of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of
that section. Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933 or the Exchange Act,
except to the extent that the registrant specifically incorporates it by
reference: See Ex-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Municipal Value Fund 2
-----------------------------------------------------------
By (Signature and Title) /s/ Kevin J. McCarthy
----------------------------------------------
Kevin J. McCarthy
(Vice President and Secretary)
Date: July 8, 2010
-------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title) /s/ Gifford R. Zimmerman
----------------------------------------------
Gifford R. Zimmerman
Chief Administrative Officer
(principal executive officer)
Date: July 8, 2010
-------------------------------------------------------------------
By (Signature and Title) /s/ Stephen D. Foy
----------------------------------------------
Stephen D. Foy
Vice President and Controller
(principal financial officer)
Date: July 8, 2010
-------------------------------------------------------------------